India: P2P Exchanges Are Rising In Popularity!
Ever since RBI's ban on it's licensed banks providing banking services to cryptocurrency exchanges in India went into effect on 5th July, some of the exchanges in India started their P2P modules on their platforms to provide everyone with an option to enter and exit the crypto-market.
I've been looking out for feedback over different social media channels in the past month now and it seems as though in the past 2 weeks people have turned towards exchanges offering P2P services and using them to invest in cryptocurrencies.
I'm also on the telegram groups for some of these exchange service providers and it seems as though the number of people in the groups are rising everyday. There's certainly more enthusiasm for cryptocurrencies now than it was over a month ago as the dust continues to settle and people are more aware about transacting in this space legally.
2 weeks ago I wrote an article where I mentioned the following:
There's nothing RBI can do about it because no bank in the country has the judicial power to attribute any purpose or reason for a bank transfer in case of P2P or in general between individuals.
Banks aren't empowered with the right to exercise this judicial function which otherwise would allow them to ascertain the nature of each transaction and therefore further curbing any transactions between end-users.
This holds true and it will remain for the foreseeable future. Fact is that the bankers cannot stop the rise of cryptocurrencies and its adoption in the world.
Many users of spot exchanges have signed up on these P2P exchanges where liquidity seems to be improving considering the new users they are adding.
Some of the P2P exchanges worth trying are Instashift.io, Giottus.com, Wazir X, Koinex Loop, Coindelta Flux, Zecoex apart from Localbitcoins which has been around for a while!
One of my favourite exchanges in the past Coinome hasn't started any P2P service and at this point i'm unsure if they will be providing this mechanism for trading on their platform anytime soon.
However, the aforementioned exchanges will take care of your needs for a long time to come.
Zebpay has decided to stay out of this for now.
Overall, things are looking good in the Indian market and the only thing left to be done is to get the government to regulate all this via a pro-cryptocurrency legislation.
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I think every exchanges have idea there there is any possibilities for positive response from Supreme court on 11th September and there is chances that RBI ban will be continue after hearing..
So newly opened exchanges/start-ups don't want to lose their customers..
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I have always found that Blockchain movement is too big and so is crypto by that extension. Frankly there is no stopping it. I guess the government by its actions has probably given something to people that we wouldn't have appreciated otherwise.
We have always believed that crypto grows because of fiat gateways. This might be true to some extent but the truth is that crypto can truly grow only by adoption. P2P combined with the topic of your yesterdays post (https://steemit.com/india/@firepower/indian-government-considering-allowing-cryptocurrencies-for-financial-transactions) will make people understand that they don't need banks. It is the banks who need them and sooner or later they will come back crawling and if people hold strong then the banks will bow down to their demands.
I am from India but haven't used p2p yet as our crypto market is going down day by day . I really hope that bulls come fast so that we could earn some profit . I have been holding coins since an year .
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STOPCryptos have the most significant characteristics of unstoppable,uncontrollable and invisible one,so no govt of the world can turn its way .If you stop one way ,it will opens the others to blossom its flower.
Very good post dearest brother