Summary

This is a proposed workflow for a P2P trade in this community. A seller will post an advert to sell their HBD, with certain minimum information. A buyer will respond to the advertisement and proceed to purchase HBD using an agreed method. The trade will be carried out with native Hive escrow feature.

This post should be not be treated as a guide as of yet, it is only a starting point in experimenting with a P2P trading process. I invite readers to review the process and highlight concerns.

Participants

Primary actors

BUYER
SELLER.

Primary actors are the main participants in this scenario.

Secondary actors

ESCROWPROVIDER
MODERATOR

Secondary actors will only need to be actively involved if scenario does not proceed smoothly along IDEAL PATH.

Prerequisites

All participants should be subscribed to this community

IDEAL PATH

1. SELLER makes post in this community.
   a. Post Title Contains "WTS HBD"
   b. Post Title Contains asking price
   c. Final word in post title should be - OPEN
   d. Post body contains list of acceptable currencies, eg. USD, EUR, CNY, VES etc.
   e. Post body contains list of acceptable purchase methods, eg. cash in person, bank transfer, wechat pay etc.
   f. Post body contains list of acceptable escrow providers - this list should be a subset of escrow providers approved by community admins
   g. SELLER should add all selected escrow providers as beechat friends if they have not already
2. BUYER responds to top level post with comment agreeing to trade.
   a. Comment should contain the name of chosen escrow
3. BUYER logs into Peakd.com Beechat
   a. BUYER adds SELLER, ESCROWPROVIDER and community admin as beechat friends if they have not already
4. BUYER creates Beechat conversation - must include SELLER, ESCROWPROVIDER and community admin account
5. BUYER conveys choice of currency, amount of currency, expected amount of HBD based on price and purchase method in beechat conversation
6. SELLER responds to BUYER comment on chain - acknowledge agreement to trade
7. SELLER responds in Beechat conversation - again acknowledging agreement to trade and agreeing to the choice of currency, method etc.
8. SELLER provides details for transaction, ie. bank account number, wechat ID or QR code, etc.
9. SELLER creates Hive escrow transaction to BUYER using chosen ESCROWPROVIDER, with the chosen HBD amount. *
10. SELLER links escrow transaction ID in Beechat conversation
11. BUYER makes transaction using details from step 8.
12. BUYER shares evidence of transaction in Beechat conversation
13. SELLER signs off on escrow transaction. *
14. BUYER signs off on escrow transaction. *
15. BUYER creates comment on post acknowledging completion of trade and giving feedback.
16. SELLER creates comment on post acknowledging completion of trade and giving feedback.
    a. If SELLER has run out of funds for trade, they edit post from step 1. to end with "CLOSED"

* Note: The specific tool for escrow transactions in steps 9, 13 and 14 is not yet clear. It may require CLI wallet initially. We will see if a more user friendly tool is available, or if one needs to be developed.

Final comment

If you have made it this far, please comment and let me know your thoughts. Please let me know if you would be interested in participating in a Peer to Peer market community, as a buyer, seller, escrow provider and/or moderator. It would be especially helpful at the beginning to have some help testing out the process. I plan to initially test out the process myself using my own alt accounts and then proceed to testing with multiple actors.

In many ways HBD is an ideal currency for P2P money transfers, apart from the current limitation of low liquidity. Building a P2P market for HBD as well as Hive, should help in building up liquidity for HBD though, and save existing P2P traders an enormous amount of money on the fees they are currently paying in the Bitcoin and Ethereum P2P worlds.