How to Cash out Your Bitcoin in the Philippines?

Regular and Peer-to-Peer are the two kinds of bitcoin exchanges. In regular bitcoin exchanges, you can have the order book used so you can match the people’s buy and sell orders. Yet, the seller nor the buyer may not have an idea of who is the other party. Because of that, users are privately protected with a specific anonymity level.

Peer-to-peer exchanges are marketplaces wherein people are directly trading crypto with each other. These are technical platforms where sellers and buyers work on settling trades in their preferred terms. Fiat payments are not similar to traditional exchanges as they don’t get processed and users’ funds are not held in custody. In short, P2P is a gateway to buy crypto without fees or at lower fees.

When it comes to the form of exchange that people used in exchanging bitcoin to and from the local currency, this is what people commonly use.

Yet, bitcoin originally began to allow transactions that are peer-to-peer. It is not similar to other technologies in peer-to-peer that people know like torrent applications. That is because the peer-to-peer domain of bitcoin is a relationship that is one-on-one.

Transactions involving peer-to-peer means that you possess the data that relates to the entity or person that you frequently interact with. It is not like torrents that interact with various peers. Whatever information you get on that person may vary from their username in the forum or bitcoin wallet address. You may also know their IP address and location. It may even involve meeting face-to-face.

Instead of having an order book used in matching orders to buy and sell, you can go for peer-to-peer exchanges. Using the order book controls the funds used on the platform of exchange. Peer-to-peer exchanges allow sellers and buyers to get matched without having to hold funds when trading.

As an example, you may say that you want to purchase bitcoin from a person who lives nearby. Instead of hoping that you will encounter that person, you may have a peer-to-peer transfer initiated with him instead.

Right now there are some existing bitcoin platforms that let people have an account registered so they can look for other bitcoin sellers in your area. For the American market, one of the popular platforms is Gemini. If you are in the international market, you can check out Kraken, Bitstamp, and Binance. These businesses provide their customers with facilities so they can trade internationally. Trading can be subject to their individual restrictions and policies.

Because of that, people may not be willing to meet each other personally. There may be those that want to get paid traditionally like PayPal or bank transfer. This is what people would prefer instead of setting up meetings.

It may depend on your chosen trading experience. It can be better for you to choose peer-to-peer trading compared to the ordinary exchange. Peer-to-peer trades may generally be better as they don’t require documentation on your identity. They even have a reputation system that you can track your and other users’ trading history. Because of this, you can increase your success in completing trades.

Peer-to-peer bitcoin exchanges are highly interesting because they have a built-in system for their reputation. Since you directly deal with other traders, the owners of other platforms don’t oversee these funds. Now, the trust element is highly vital. Because of this, it would be best to know more about the past trading history of traders before getting into a transaction with them.

Buy Crypto without Fees with Binance

The prominent cryptocurrency exchange in terms of users and trading volume is Binance. It announced the launch of a P2P (peer-to-peer) trading platform in PHP or Philippine Peso. The company aims to provide Filipinos access to cryptocurrency in their local currency.

It can now be possible for Filipino Binance users to sell and buy ETH, BTC, BNB, USDT, EOS, and BUSD using the Philippine Peso. Binance has a P2P platform that allows Filipinos to do this without any transaction fees. Having this integrated will enable the user to trade crypto in their preferred prices and modes of payment. They can even have their crypto assets transferred to a Binance wallet without an added cost.

Because you can buy crypto without fees on this platform, it offers an escrow service. It aims to make sure that all of the cryptos will go to the wallets of the users. Binance has a P2P platform that lets users gain more access to various financial services. Included here are spot, margin, lending, and futures trading of Binance.com.

Since its launch in October 2019, Binance’s P2P platform has supported approximately 31 fiat currencies. It was also able to process trades of more than $1 billion. For their Global P2P Merchants Program, the company now actively searches for local merchants with reliable crypto and fiat access. Here, verified merchants enjoy a lot of benefits. It includes exclusive support for customers, VIP discounts, ad transactions and postings, and security deposits without any fees.

Start learning about Binance P2P trading by downloading the Binance mobile app now.