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A P2P bitcoin exchange is a smart contract-based network, where there is no involvement of any centralized authority. All the transactions are managed and issuance of the Bitcoins are done collectively through the network. Bitcoin is an open source, where its designs are public. Nobody owns or controls it, so anyone can take part in the trading process.
It includes the following process-
- User registration
- KYC/ AML validation
- Placement of the order
- Creation of wallet address
- Matchings of order between sellers and buyers
- Confirmation of orders from both the parties
- Smart contract-based escrow holds the assets that is to be sold
- Payment is made by the buyer for the purchase of orders
- Seller confirm the payment
- Escrow releases the asset and transfers it to the buyers wallet
- Buyers store the asset in the cold wallet
At a P2P bitcoin exchange platform, information is gathered after the product and installation is done with the legal framework. Matching engine, blockchain, liquidity, and Security integration is done. At the end, coins are listed on the exchange platform.
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