Peer-to-peer transactions are one of the factors that are playing a vital role in increasing cryptocurrency adoption. It is a mechanism that enables users to transfer cryptocurrencies to one another, without interference. Some of the roles it plays in cryptocurrency adoption include: It builds trust between cryptocurrency investors at different levels It reduces cost It builds security It ensures that data are not shared with government agencies It promotes liberty to set prices It gives room for a variety of choices Trust Building Between Cryptocurrency Investors at Different Levels Trust is one of the reasons why people with little knowledge of how cryptocurrency works discourage others from adopting it. Most people think that it is a scam. They do not know that transactions on cryptocurrencies are registered on the blockchain. This is unlike what is obtainable with networking groups where data are available on the platforms and can be wiped out. With peer-to-peer transactions, a user ensures that the transaction has been completed before the centralized exchange will release the fund, thereby, bolstering cryptocurrency adoption. Centralized exchanges act as escrow service providers to ensure transparency and trust. Through this, both old and new cryptocurrency investors trust the system. It Reduces Cost Peer-to-peer cryptocurrency transactions are cost-effective. Excluding the exchange charges for transfers or withdrawal as...
