The RBI Deadline Has Crossed, Indian Banking Operations Have Stopped, But WazirX Started P2P Transaction.
Have no fear, WazirX P2P is here..
WazirX P2P is live from 10th July. With WazirX P2P, a buyer and seller can buy and sell cryptos for INR directly with each other. Here’s how it works:
Through WazirX P2P as the value of USDT is pegged to the US dollar and it’s very stable in day to day value.
For example, if we want to sell our BTC worth $5000 which is equivalent to approximately ₹3.4 Lakhs INR, here’s what to do:
Sell crypto (BTC, in this case) for 5000 USDT. our trades will execute instantly because USDT market has great liquidity! Now since USDT is a stable coin, its value will not fluctuate like volatile cryptos.
Put 5000 USDT for sale on WazirX P2P.
When someone comes to buy 5000 USDT on WazirX P2P, they will transfer ₹3.4 Lakhs to our bank account.
But will my funds be safe in WazirX
It keeps our fund security, and transaction legitimacy at the top of our priorities in WazirX P2P! WazirX P2P would be the safest and most legal way to cash in/cash out of cryptos in India.
What if I transfer the money but the seller doesn’t transfer the USDT to me?
Before they (Wazirx) ask you to transfer the money to a seller’s bank account, they lock the seller’s USDT on WazirX. This is called “escrow” where WazirX holds the USDT before you make a money transfer. When the seller confirms that they have received the money from you, WazirX will transfer this locked USDT to your WazirX wallet.
What if I transfer the money but the seller doesn’t acknowledge?
If the seller does not confirm receipt of money, then you can always mark such a transaction as disputed and they will quickly work on resolving this for you. Irrespective, you don’t have to worry about receiving the USDT as funds would be safely in the possession of WazirX and not the seller. WazirX will decide based on the dispute resolution whether to transfer the USDT to the buyer or the seller.
How do I know if I’m dealing with a legitimate person?
They verify the KYC details of every user before allowing them to trade on WazirX, and keep a record of each and every transaction that occurs on Wazirx exchange. This ensures that they have legitimate sellers and buyers on wazirx platform
It sounds good when i heard P2P,
Whats your opinion in regarding Wazirx and bitcoin regulation comment below...
Thanks in advance