India’s crypto ecosystem is prospering in the number of exchanges available, crypto holders, the volumes traded, and other developments in the field. Bitcoin, too, has seen an increase in demand in India with the surge of the new peer-to-peer (P2P) exchanges in the past few months.
Recently peer-to-peer exchanges have been noticed challenging centralized exchanges by offering users a direct marketplace for buying and turning Bitcoin into INR with little KYC necessities as well as non-custodial services.
In the developing nations like India, the P2P industry is picking up traction so much so that centralized exchanges, for example, OKEX began offering a peer marketplace.
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The Significance of P2P Exchanges
Why P2P exchanges are of such importance and how they work?
Peer-to-peer Bitcoin exchanges are different from any normal centralized Bitcoin Exchange. Here, you buy Bitcoin (BTC) directly from a person who sets the price rather than an order book. Peer-to-peer exchanges allow users to explore the best price for the Bitcoin and provide them with the list of different payment options.
Some of the merits of P2P Bitcoin exchanges incorporate low trading charges, privacy and non-custodial wallets to diminish single-point-of-failure attacks. In order to make sure that the hacks and scams are minimized, Bitcoin peer-to-peer services provide escrow services amid the trades.
P2P BTC Exchanges Gaining Traction in India
Ever since The Honourable Supreme Court of India overturned the central bank’s – Reserve Bank of India (RBI) – banking restriction on cryptocurrency, the Bitcoin P2P trading volume has been growing rapidly in India, hitting new all-time highs in the country. As per UsefulTulips, weekly trades across two of the top peer-to-peer BTC exchanges, Paxful and LocalBitcoins, together amounted a record high of $4.4 million in the first week of August. Besides, India’s cryptocurrency sector has been growing altogether amid the rising COVID-19 threat and economic crisis.
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How Indians Are Buying Bitcoins?
As of late, Paxful led a survey of about 500 adults between the ages of 18 and 55 in India to evaluate their knowledge and comprehension of digital currency. As per the results of the survey, 93.8% of respondents said that they invested in digital currencies before the supreme court lifting the ban by the central bank of India – RBI. The Reserve Bank of India issued a circular in April 2018, prohibiting banks from offering services to the crypto industry. Right after two years, the Supreme Court finally lifted the ban.
The results of the survey done by Paxful also show that 64.8% of the participants believe that digital currency paves the path towards financial freedom. Many of them even call for regulation; respondents say KYC (75.6%) and crypto regulatory structure (58.6%) are the most significant elements for the success of the cryptosphere in India.
Moreover, 90.67% of respondents invested in Bitcoin (BTC) while 44.27% of them invested in Ethereum (ETH), and 1.6% went for other digital currencies.
A lot of respondents (56.8%) invested amid 2018-2019. With respect to what benefits, they think digital currencies offer, 75.8% said the primary advantage of digital currency is the simplicity of transferring funds, while 65.8% said better privacy and security.
Paxful, a week ago, remarked subsequent to delivering the survey results –
The ability to freely trade digital currencies in India has brought the immense potential to the ecosystem and the country itself with the bulk of survey respondents believing heavily in the benefits of crypto.
As Bitcoin keeps on tearing through new resistance levels, the P2P Bitcoin exchanges too are giving way to developing nations’ users to onboard onto the digital assets.
The established P2P marketplaces, such as Paxful and LocalBitcoins, show that interest in cryptocurrency has been rising in India. They currently provide profound liquidity for users in India while giving a secure platform to complete peer-to-peer Bitcoin exchange.