Crypto was designed to replace the FIAT. But in real world this much purism is not going to help you. Though there are some maximalists who swear by the crypto and think one should strictly use crypto. But we are forced to use the FIAT by our circumstances.
In order to turn the crypto into FIAT we end up making the variety of the changes to our transactions like using escrow, middle banks and many other hoops along the way. And in such context it is kind of reasonable to say that we have no option than to use centralized exchanges and the P2P markets.
Making use of the p2p markets we save a lot on the tracking part. Though the exchange data can still keep records of how much crypto is being converted to fiat but we just get what we can here for taxation data.
Now barring that discussion, let's take a look at discussion on how to use p2p better.
When I was new to the p2p I made the transaction with the person of the completion rate of around 80. And turns out it took me an hour for that transaction. And also I had to call the person on the other end. Luckily I had the escow come in and solve this option. Which kind of was nasty experience and made things a bit more harder for me at the time of completion. So always check the seller completion rate of 90 to 100%. Not below this.
Here's one more thing. You have to do the transaction with the person who has done decent number of the orders. And you don't fall for the people who are starting their business the first time. So in this case you should consider making the order count as a one of the key things to look at in the account. Go for anyone who has completed atleast 100 orders. Anything lower than 10 orders and low completion rate is a high alert.
Some of the sellers allow you to call them. Some allow you to make use of the Whatsapp. And few of the others allow you to make use of the text or some other messaging service. So this way you can get in touch with them in case order has delayed or there is any escrow issues. A good direction for having some form of open communication. I suggest making use of the Whatsapp and Telegram if that works for both sides.
I usually go for the Bank Payments. However there are some people who have app based payments in their nation. Some have QR payments. And so on. It all depends on what you are comfortable with and what works for you in context of the quicker payments. I also think that there are some options to directly get the funds into banks with the invoice and GST, if that's good then you can even opt for that. Go for one with quicker notifications.
I have noticed that some of the sellers also have the range of the transactions. Like they have 5000 to 1000K as a range of the transaction limit. And they make sure to use that range for the payments. When it comes to the transaction limits like that you would be easily use those sellers which happen to be in range of your crypto conversion. Go with the one closer to that range for the payments.
P2P transactions are risky. Centralized exchanges make it easier for you to trust them using escrow system. If you consider the escrow as a means for the trust, then this would get you working without any issues. Make sure to not trust the person and rely on system for vetting out the seller and then work out with the escrow. That is least resistance path for most p2p market transactions.
I have been using p2p for years. And it has helped me convert larger sum for the conversion of the crypto into the FIAT. If you watch the variables explained above some of them would make it easier to choose a seller and from there your transaction would work smoothly.
