Everything About P2P in Bitcoiva

Everything About P2P in Bitcoiva

what is P2P transaction?
Understanding P2P
Difference between Peer-to-Peer and Centralized Exchanges
What Is the Biggest P2P Exchange?
What is the safest peer-to-peer payment app?
How do P2P transactions work?
Are peer-to-peer transactions network secure?
Do P2P Transfers Happen Immediately?
Frequently Asking Question

what is P2P transaction?

The exchange or sharing of information, data, or assets between parties without the involvement of a central authority is referred to as peer-to-peer. Distributed (P2P) includes decentralized cooperation among people and gatherings. This approach has been utilized in PCs and systems administration (distributed record sharing) and with exchanging virtual monetary forms, a computerized portrayal of significant worth.

Further insights into P2P:

  • Distributed is a term that alludes to the immediate trade of a resource, like virtual cash, between individual gatherings without including a focal power.
  • The creation of Bitcoin, the most widely used cryptocurrency, was primarily motivated by the objective of a strictly peer-to-peer cryptocurrency exchange in India.
  • Distributed digital currency trades can offer more protection than conventional internet-based exchanges.
  • Peer-to-peer is more uncommon in cryptocurrency, as it’s more secure to utilize the administrations of a unified (or even a decentralized) trade, except if you realize the beneficiary well.

Understanding P2P (Virtual Money)

In a digital peer-to-peer network, every client is (in principle) a comparable proprietor of and supporter of the organization. This organization can be utilized for practically any data or document sharing. P2P refers to the exchange of cryptocurrencies, which were created to enable anonymous P2P transactions that do not require processing by a financial institution. With currencies, P2P refers to the exchange of currencies. This encryption and blockchain enable two gatherings to manage an exchange securely without requiring a confided-in third party.

Blockchain can give what P2P advocates consider a remarkable security advantage. It is challenging, even “computationally impractical,” to overwrite or falsify cryptocurrency transactions because they are recorded on every peer’s network.

Difference between Peer-to-Peer and Centralized Exchanges

Peer-to-peer exchanges don’t need elaborate gatherings to give ID, safeguarding everybody’s protection. Genuine cryptocurrency p2p exchanges happen when the shipper enters the beneficiary’s wallet address and the sum sent into their wallet, signs the exchange and sends the resource. However, this can be complicated, so cryptocurrency trades were made to assist clients with associating.

In any case, centralized cryptocurrency trades are not shared, regardless of what they publicize. These trades are dependent upon the guidelines of the nations where members reside. This implies that states occasionally require the trades to gather data about clients’ characters and exchanges, disintegrating the security to which Bitcoin was pointing.

A few clients track down that decentralized trades (DEX) cause them to feel more mysterious and unchangeable as far as anybody might be concerned — however, even these trades are falsely shared. They have a stage that offers types of assistance and utilizations of shrewd agreements to guarantee exchanges between parties are finished. In this way, all crypto trades go about as delegates or outsiders in exchanges, reducing one of the essential precepts behind cryptocurrency, eliminating all mediators.

If you need valid and unadulterated distributed communication, you should utilize your wallet to send the beneficiary digital money straightforwardly. Notwithstanding, this involves being OK with the substance you’re sending assets to and executing beyond security controls. The exchange is acceptable, assuming you realize your beneficiary is dependable. However, if you don’t, you could lose your cash and not have any lawful method for response.

What Is the Biggest P2P Exchange?

Bitcoivais one of the Best Platform To Buy Cryptocurrency In India and its peer-to-peer exchange permits clients to exchange 24/7, giving them various chances to squeeze into their timetables. To guarantee a free from even a hint of harm exchanging experience for all traders, Bitcoiva expects clients to finish and pass KYC confirmation. The cycle expects people to check their character by submitting reports, such as a visa or personality card given by their nation of beginning. Furthermore, brokers must complete a KYC check, assuming they want to pull out multiple BTCs daily.

What is the safest peer-to-peer payment app?

Bitcoiva is One of the Best Indian Cryptocurrency Exchange and its provide most famous P2P services in the world, Bitcoiva is great for individual cash moves and online installments. It’s broadly acknowledged by numerous nearby and global traders, making on the web exchanges more advantageous for clients. A piece of its allure is it has high exchange cutoff points and it acknowledges different installment choices for cash moves.

How do P2P transactions work?

P2P transactions commonly utilize a computerized platform to move cash straightforwardly, starting with one record and then onto the next. P2P frameworks are often online entrances or versatile applications to make it simple to move some money any place you are.

The transaction between the two parties is made more accessible by the P2P service

Registering with a P2P installment administration means you must interface a financial balance. For instance, this may be a ledger, charge card, or portable wallet. Account types vary depending on the service. You’ll then, at that point, have the option to send cash to a friend or family member enlisted with similar help.

Are peer-to-peer transactions network secure?

A typical concern while sending cash online is well-being. You want to be sure that the service you choose is safe enough to deliver your money and protect your bank information reliably.

Most P2P network frameworks have security highlights set up to safeguard your exchanges. However, it is worthwhile to investigate each provider’s safety and fraud prevention policies to make an informed decision.

Average shared transaction security measures include

  • Activity alerts 
  • Tokenization
  • Encryption  
  • Multi-factor authentication 
  • Biometric authentication  

Do P2P Transfers Happen Immediately?

Additionally, transfer times vary. Funds can be transferred to the recipient’s account immediately by some providers. Contingent upon the P2P services you’re utilizing, moves can take somewhere in the range of one to five business days. For instance, moves created utilizing Bitcoiva can take within one day. Bitcoiva is one of the best platforms for cryptocurrency exchange in India. They provide famous P2P services and a wide range of services for traders. We can transfer our money within one day with their p2p transaction services. Use peer-to-peer services with affordable processing fees if you want to send money immediately.

Where the cash is being sent can likewise be an element for what amount of time it requires to show up in the beneficiary’s record. For international exchanges, assets can be gotten in a split second. A few global exchanges require up to a few days before the assets can be gained. Other P2P stages may likewise collaborate with outsider administrations, permitting the beneficiary to get the assets face-to-face from any outsider assistance’s actual areas.

Frequently Asking Question

1. Does Bitcoiva P2P require KYC Verification?

Before you can start trading on Bitcoiva P2P, you need to complete the identity verification process.

2. Does peer-to-peer (P2P) trading require a distinct bank account?

Yes, you have to add a separate bank account for P2P trading. Bitcoiva needs two separate bank accounts, one for fiat deposit and another bank account for P2P trading.

3. How to add your bank account for P2P trading?

After verifying your KYC, you have to add a distinct bank account for P2P trading. 

  • Select the bank icon on the P2P page and click on Add IMPS or UPI Bank. 
  • Upload the specified details and click on add bank. 
  • Don’t use your mobile number in the UPI ID section; you must enter only your UPI ID.

4. How does P2P work on Bitcoiva?

  • Navigate to the P2P section, enter the total amount you want to buy, and click on buy order. Bitcoiva will initiate finding a suitable seller for your order and displays multiple sellers. 
  • After selecting the matched seller, proceed to make payment to the seller’s bank account. After completing the payment, wait for the seller to confirm the receipt of your payment. 
  • Once verified, the acquired crypto will be credited to your account.

5. How to place a buy order in Bitcoiva P2P?

  • Navigate to the P2P section, enter the total amount you want to buy, and click on buy order. Bitcoiva will initiate finding a suitable seller for your order and displays multiple sellers. 
  • After selecting the matched seller, proceed to make payment to the seller’s bank account. After completing the payment, wait for the seller to confirm the receipt of your payment. 
  • Once verified, the acquired crypto will be credited to your Bitcoiva account.

6. How to place a sell order in Bitcoiva P2P?

On the P2P page, enter the total amount you want to sell and click on sell order. Bitcoiva will initiate finding the mapped buyers for your sell order. Once you confirm the payment, the equivalent INR will be credited to your Bitcoiva account.

7. Is TDS detected for P2P transactions?

The buyer must withhold TDS when transacting using P2P platforms or overseas exchanges. When trading one cryptocurrency for another, a TDS of 1% will be charged to both the buyer and the seller.

8. Can I access the P2P feature on Bitcoiva’s mobile app?

The P2P functionality is currently accessible on Bitcoiva’s website. Bitcoiva’s Mobile app will be enhanced with the P2P feature very soon.

9.What are the IMPS payment Method and UPI Payment Method?

IMPS (Immediate Payment Service) and UPI (Unified Payments Interface) are popular electronic funds transfer methods in India. IMPS is a system that aids customers in quickly and easily transferring money from one bank account to another.

10.How can I cancel my order in P2P?

  • Select the Cancel option from the Action list on the order page.
  • A pop-up will appear.
  • Click “Yes, Proceed” to cancel the order.
  • Click No to continue the order.

11.How long does it take to receive the amount after completing payment in P2P?

The time it takes to process a P2P payment varies. Typically, the funds instantly transfer within the platform. However, transferring funds from the associated platform to a bank account generally has a one- to three-day processing window. Many platforms allow you to bypass the processing window for a small fee.

13.Is there any cancellation fee applicable in Bitcoiva p2p?

There are no transaction charges applied for Bitcoiva P2P

14.Is Bitcoiva P2P available for users in other countries?

Except for UAE and India, Bitcoiva P2P is currently not available in other countries.

15.How many currencies are available in Bitcoiva p2p? 

Bitcoiva P2P supports transactions in USDT (Tether), AED (United Arab Emirates Dirham), and INR (Indian Rupee)

16.Does P2P payment safe in Bitcoiva?

  • Bitcoiva ensures a secure transaction through its escrow system, preventing potential cheating between parties. 
  • Bitcoiva holds the seller’s USDT until the transaction is completed and payment is confirmed.
  • For sellers, Bitcoiva will only release the USDT to the buyer after confirming the receipt of payment. 
  • As a buyer, Bitcoiva will secure the seller’s USDT while you pay. Our Dispute Resolution system effectively identifies and resolves any conflicts between buyers and sellers.
  • Furthermore, we will verify every user’s Know Your Customer (KYC) details before permitting them to trade on Bitcoiva. 
  • Additionally, we maintain a comprehensive record of each transaction on our exchange, ensuring transparency and legitimacy. In Bitcoiva, you can transact confidently, knowing that the system ensures the parties’ legitimacy.

17.Can I change my payment details when I have an open P2P sell order?

 All your P2P seller orders must either be closed or canceled for you to change your payment details. 

18.When will I use the verification with the help desk in Bitcoiva?

You can use the “verify with help desk” option to assist with payment-related issues. 

19.What is the purpose of the not received and received option?

In a P2P transaction, the “Not Received” option is chosen when the seller hasn’t received payment from the buyer, often due to payment issues. In this case, Bitcoiva assists you in resolving transactional problems. Conversely, the “Received” option is selected when the seller has successfully received payment from the buyer.

20.What is the p2p ratio?

Bitcoiva P2P employs a P2P ratio as a metric to assess users’ reliability in completing transactions and minimizing errors during order placement. This ratio is a quantitative indicator, offering insights into a user’s track record and proficiency in executing transactions within the peer-to-peer network. The P2P ratio is instrumental in providing a comprehensive understanding of a user’s performance, enhancing the platform’s ability to foster secure and efficient transactions while facilitating informed decision-making for other users engaging in peer-to-peer activities on Bitcoiva.

21.Where is the P2P wallet located in Bitcoiva?

To access the Bitcoiva P2P, click on the P2P option from the menu icon in the top right corner. Alternatively, you can navigate to the P2P page by clicking on the wallet option within the menu icon. Once you’ve entered the P2P page from your history, you can review your P2P wallet balance.

22.How do you make a wallet transfer in P2P?

  • Once you have deposited your amount, it will be added to your main wallet. 
  • To make P2P transactions, you have to create a wallet transfer. 
  • Choose the wallet option from the menu icon and select “From Wallet” as the main wallet and “To Wallet” as the P2P Wallet. 
  • Then, enter the amount you want to transfer and click on the transfer amount.

23.How do I transfer the amount from the p2p wallet to the remaining wallet?

Choose the wallet option from the menu icon and select “From Wallet” as your P2P wallet and “To Wallet” as your transfer choice. Then, enter the amount you want to transfer and click on the transfer amount.

24.What is processing in order history?

Processing” status in the order history denotes that the order is currently being executed, proceeding with the matching of selling and buying orders. This phase is an intermediary step between an open order and a completed one. Your order is currently in a processing state for various reasons, including instances where the buyer and seller have not yet confirmed the order.

25.What is open order history?

Open orders have been placed but are yet to be executed. Order History includes completed, rejected, and cancelled orders. The Order screen provides all the details about your order. 

26.What is the completed/cancelled order history? 

The completed order history displays orders that have been executed successfully. Cancelled order history showcases orders that have been cancelled before execution. 

27.What are the preferred buyer ID and preferred seller ID?

Adding a preferred buyer ID is used to identify someone expressing interest in placing a buying order from you. Conversely, you can include you as their preferred seller ID to the buyer. This mutual preference inclusion enhances the efficiency and ease of future transactions between the identified parties, facilitating a more seamless and preferred trading experience on the platform. 

28.What is an order book? How does the order book execute in Bitcoiva P2P?

An order book is a real-time, continuously updated list of buy and sell orders in a P2P market. 

It displays the prices and quantities of the buying and selling orders, helping traders make informed decisions based on market trends.

In Bitcoiva P2P, the order book executes by matching buy and sell orders. When a user places a buy order, the system looks for a corresponding sell order at a matching price. Conversely, when a sell order is placed, the system searches for a matching buy order. The trade is executed once a match is found, and the assets are transferred between the buyer and the seller. The order book dynamically adjusts to reflect the executed trades, providing users with real-time market activity information.

29.What is a p2p ID Orderbook?

P2P ID is the unique ID created by the user for his identity, and the order book contains the list of buy and sell orders in the P2P market.

30.What is p2pID?

The user-generated ID in P2P transactions is a unique identifier designed explicitly for peer-to-peer interactions. This ID is crucial in distinguishing and identifying the buyer and the seller involved in a transaction. By assigning a unique user-generated ID to each participant, Bitcoiva ensures a transparent and secure means of recognizing individuals engaged in the P2P process. P2P ID can contain a minimum of 4 characters and a maximum of 15 characters with a combination of letters, digits, and special characters, but whitespaces are not allowed.

31.How do you generate a P2PID? Step by step

You can create your own P2PID using the Get your P2PID option! CREATE NOW from the P2P page.

32.Is there a cancellation fee available in p2p?

P2P transactions on Bitcoiva do not incur any cancellation fees. We believe in providing a seamless and flexible trading experience for our users, allowing them to engage in transactions without the worry of additional charges for cancellations. This policy ensures users can manage their transactions without financial penalties, promoting transparency and trust within our P2P community. 

33.What is order ID? Where it’s?

The order ID is a unique identifier automatically generated to denote seller and buyer orders within the order book.

34.Can I change my payment details when I have an open P2P sell order? 

To update your payment details, it is essential to have all your P2P sell orders closed or cancelled. This precaution is in place to maintain the integrity and accuracy of ongoing transactions. By ensuring there are no active sell orders, you can safely and accurately modify your payment information without any potential disruption to the P2P selling process. This practice helps safeguard the transactional flow and ensures that the updated payment details are accurately applied to future sell orders.

35.What happens if the unexecuted sell orders surpass the minimum price range in Bitcoiva P2P?

When a buyer’s order falls short of the total quantity in a seller’s order, the executed portion is processed, and the unfulfilled amount remains. The remaining amount, which may not meet the minimum selling order requirement, won’t be displayed in the order history. To address this, sellers must cancel the unfulfilled portion and include it in another selling order. This adaptability empowers sellers to manage their transactions and refine their trading strategy efficiently.