Cryptocurrency exchanges are portals where crypto users buy and sell cryptocurrencies in exchange for either fiat or other cryptocurrencies. The penultimate transaction for the crypto investor is fiat-to-crypto or vice versa. With the pace of innovation in the industry, it is sometimes difficult to classify these exchanges as capabilities often overlap.
In this series, you will learn to distinguish between common types of exchanges and their respective capabilities.
There are basically Five categories of cryptocurrency Exchange Viz:
Centralize Exchanges
Decentralize Exchanges ( DEX )
Automated Market Makers (AMMs)
Instant Exchanges
P2P Exchanges
P2P EXCHANGE
P2P exchanges allow their users to list how much cryptocurrency or tokens they want to buy or sell in exchange for fiat or another cryptocurrency. Other users can then negotiate with them. If the settlement is in fiat, it can be made via wire transfer, bank transfer or even in cash. These exchanges use escrow services to hold the seller’s cryptocurrency until the counterparty pays for it. Once the payment is confirmed, the cryptocurrency is released from the escrow. Timbuktu is one of the P2P exchanges. https://timbuktu.exchange
Timbuktu, a third party P2P marketplace built on the Bantu Blockchain Infrastructure a 100% non custodial and it is the first truely non custodial P2P platform in the world. The Bantu Blockchain with internal capability to accommodate KYC/AML and identity management. In other words, Bantu Blockchain Infrastruture make sure that users are genuine.
In Timbuktu, escrow deposit does not go to an individual. it goes to the escrow secure wallet no individual has access to it.
That is the reason for the BantuPay app button and the QR code you scan, it puts all the information and you cannot change it.
A trusted peer to peer marketplace where you can buy and sell Bantu Blockchain Tokens in minutes. Built to aligns with Regulators not just locally but also Regionally and Globally. With the rapidly developing nature of products and services in the industry, Timbuktu Exchange is redefining things whilst educating all sectors of the economy via what they’ve launched for ALL to enjoy.
@Krissrow Fiat currency ( a.k.a. ‘‘real money’’ or ‘‘national currency’’) The official currency of a country which is the coin and paper money of that country that is designed as its legal tender. E.g. US Dollar, British pound sterling, Nigeria naira etc.
How does Timbuktu exchange prevent scam merchants from operating in your platform? How do you vet merchants for the safety of users?
Will there be any form of regulations on crypto prices by users?
@Lerato To ensure the safety of users’ funds, the service provides a multi-level protection system, which includes:
24/7 technical support, automatic ban system, community chat with admins, webinars for educating users and guide on how to navigate around Timbuktu P2P exchange, Blog post so that you’ll be the first to know when there’s an important updates etc. We keep user funds on a secured wallet, escrow deposit does not go to an individual. it goes to the escrow secure wallet. no individual has access to it.
our secured wallets which ensure safety of your funds.
We have two levels of check ups. First is our automatic security system that detects all suspicious activity and blocks it. Secondly, it’s our 24/7 tech support.
Also, merchant get verified with valid government issued national ID that will be indicated in your profile. So people who prefer to trade only with verified users can set their preferences accordingly.
We trust in the laws of the market. We do not regulate prices our users regulate them. Everyone can create a better offer and compete with other traders.
This is a p2p platform, price is entirely your choice. You can look at what it is going and you can set your own price no one determines price for you but it is good for you to know what others are going for, and also consider your costs through the means, some methods of payment cost more than others…
Our task is to create an enabling environment and the best conditions for this.
