Bitcoin India: WazirX Introduces Peer 2 Peer Transfers For Sale/Purchase Of Bitcoin!
WazirX is a bitcoin exchange in India and just now it has announced on it's blog on medium that it will begin peer to peer transfers Bitcoin sale and purchase in India.
This service will be started when RBI's ban on banking services to cryptocurrency exchanges comes into effect from the 5th of July onwards. This service will allow people to continue trading in cryptocurrencies such as Bitcoin in the country without any issues from the central bank.
How does this P2P service work?
In a trade, there’s always a buyer and a seller involved. In P2P, the buyer and seller can deal with each other directly while WazirX acts as an escrow account for holding the cryptos during the transaction so that neither party cheats the other. Here’s how it works:
- WazirX connects the person looking to buy crypto for INR with someone who’s looking to sell crypto for INR
- The seller deposits the crypto with WazirX
- WazirX escrows the crypto for safekeeping during the transaction
- The buyer pays INR to the seller
- WazirX releases the crypto to the buyer as soon we get a confirmation from the seller
P2P is a 'safe' way of transacting in and out of the world of cryptocurrencies anywhere in the world including India. As long as the seller and buyer are both cooperating and keep their end of the bargain.
To ensure safety of people using this channel via WazirX they will implement KYC and ensure they have details of any individual using their service.
I'm sure they will extend this service to include other crypto-tokens once the service is online. Overall this is great news for everyone from India.
Their service will be available soon. Stay tuned as I keep your informed on the latest developments in the cryptocurrency ecosystem in India.
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Great innovation.
Life on steemit has become so hard that quitting seems to be the only option for most of us. The wealth no longer flows to the masses, many are wary. Most whales, investors or stake holders not longer care for content creators. We have tried so many things yet here we still are.
Sad mood.
It's a bumper news dear sir, you wins my heart and gives me some hope for giving another localbitcoin maybe this will help everyone and encourage other exchanges to follow the same path.
Sir you are my inspiration for traveling few days back I started and yesterday I was on Kanpur and shared my visit experience. I had a wish to visit Himalayan hills like you with my bike, maybe it will take some time to buy a new bike like you. But one day it will happens for sure.
Thank you for your true efforts making this community great, and interesting for us.
That is signifigant.
@firepower If WazirX starts a bitcoin exchange in India, then it will be beneficial to us, especially, Indians, we think that, after July 5, a revulsion of bitcoin will start in India, the Reserve Bank of India will start trading, then more WazirX It's a very good day, a bright future,
upvoted pls upvote my post
You really made my day, this is a great news for all of us.
wow! This is really great news. We need credible exchanges of India that people are already using to introduce these type of P2P solutions because that will bring about a great deal of relief and consumer confidence that they might not have about other sites that have been offering the same for a long time.
I really hope we will see some relief from the government's side as well, though that seems a long shot. We'll see what happens. Great news this, though :)
And here I am.. just surfing the blockchain. HELLO FUTURE BLOCKCHAIN ARCHAEOLOGISTS!!