Peer-to-Peer Trading Launched in India
As you might be aware that The Reserve Bank of India had directed all the banks to stop dealing with crypto currencies whose deadline was on 5th of July. Now there had been a lot of panic selling happened over the last one month and people have sold their bitcoins for loses because of the uncertainity.
Now some of the Indian Exchanges have already have announced that they will be introducing peer-to-peer model to continue the trade. WazirX CEO Nischal Shetty said that
In P2P model, the buyer and seller can deal with each other directly while WazirX acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other,
Now after 6 days of RBI ban WaxirX has started the P2P transfer and it is the first Indian Exchange to do it. The trading pair is USDT/INR where you can cash in 24/7.
An Example how WaxirX P2P works
Lets say you want to sell 1 BTC worth $6000 which is approximately ₹4 Lakhs INR.
- At first sell your BTC for 6000 USDT.
- Then put your 6000 USDT for sale on WazirX P2P.
- Now once WaxirX finds a buyer to buy 6000 USDT on WazirX P2P, they will transfer ₹4 Lakhs to your bank account.
This is as simple and there is no way of cheating because WazirX acts as an escrow account. You can read more at https://medium.com/wazirx/wazirx-p2p-arrives-today-135d928a0d72
Any idea how long does it take before a seller picks up? Can vary I am sure, but roughly an average?
It depends on how many sellers are there, it will be less for sure but it will be based on queue :)
Sounds good to trade in future, thanks for the info about P2P
Thank you :)
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Thanks for updating us all. it is indeed a huge reassurance
Thanks for updating
Us all. it is indeed a
Huge reassurance
- sayee
I'm a bot. I detect haiku.
Yeah it is, would love to see others too follow the course.
thanks for sharing information
Thank you :)
Recently I used p2p platform of instashift to trade BTC and it was nice experience.
Ohh, was it a Buy or Sell?
Hi , @codingdefined , this is a nice way of cashing out , but i am little bit confused of how to do it with steem - like convert steem to usdt and then cashout , if you have an experience please let us all know through a blog.
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