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How to Use Binance P2P to Buy Bitcoin, USDT in the Philippines

Check out the steps in buying USDT through Binance P2P as well as the risks and tips to make sure you trade safely.

The post How to Use Binance P2P to Buy Bitcoin, USDT in the Philippines appeared first on BitPinas.

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Binance, one of the largest cryptocurrency exchanges according to crypto price tracker CoinMarketCap, has launched peer-to-peer (p2p) trading, a form of trading where the buyer and seller exchange their crypto and fiat assets directly through an online marketplace or escrow platform. Separate to the Binance’s order book exchange, in P2P, the individual buyer and seller negotiate and trade cryptocurrency directly on the Binance marketplace.

Simply put, when you buy Bitcoin or USDT on the Binance P2P platform, you are directly buying from a seller —  an individual who could be anywhere in the world — who will exchange their cryptocurrency for your fiat. This is just as you would in any P2P marketplace today. The purpose of the platform, in this case Binance, is to provide escrow, meaning it protects both the seller and the buyer by keeping the crypto or the fiat and only release it once both parties have fulfilled their obligation to each other.

Register on Binance here.

Table of Contents.

P2P versus Spot Trading and Direct Exchanges

A P2P marketplace is different from spot exchanges, like Binance’s main cryptocurrency exchange, as well as direct exchanges like Coins.ph in the following ways:

In P2P,  the buyer negotiates directly with the seller. The platform acts as an escrow that keeps the funds until both the buyer and seller fulfilled their obligations with each other

In spot exchanges like Binance’s main exchange, the user’s “buy” order at a specific price is combined with other users buying on the same price and put in an order book where it will be matched with sellers looking to sell at that same price. This is done electronically and the user and buyer do not directly interact with each other.

In direct exchanges like Coins.ph, the user buys or sells the cryptocurrency based on the price set by the platform.

This article will focus on buyers, not the sellers, and also does not constitute investment advice, merely information on how the process of buying through the platform happens. BitPinas does not give investment advice and readers are highly encouraged to do their own research.

Things to Note

Before proceeding with buying through Binance P2P, take note of the following:

  • You must be registered and verified on Binance.
  • You have adequate funds to proceed with the transaction.
  • You  have sufficient knowledge of how trading works.
  • To manage the risks, read through the “Tips When Doing P2P Trading in Binance” at the latter portion of  this article.

Buying Through P2P

Users normally buy USDT through P2P to take advantage of the full Binance platform. Once USDT is bought, that cryptoasset is parked in the user’s P2P wallet, which can then be transferred to the user’s spot wallet. Because Binance is an order-book style exchange, USDT will be used to buy Bitcoin at the rate that the user can set.

For example, if the current price of 1 bitcoin is USDT 10,000, and the user has USDT 1,000, they can then set a buy order at a lower price, for example, USDT 8,000 instead of buying immediately at the current higher price of USDT 10,000. At the rate of 1 BTC = USDT 10,000, the user’s USDT 1,000 can purchase 0.1 BTC while at the rate of 1 BTC = USDT 8,000, the user’s funds can purchase 0.125 BTC. On steps on how to trade on cryptocurrency exchanges like Binance, click here.

Payment Methods Accepted

Sellers in BitPinas P2P offers to exchange their cryptocurrencies like USDT for PHP. These sellers normally accept these payment methods:

  1. GCash
  2. PayMaya
  3. Bank Transfer (normally through InstaPay)

There are other payment methods but these are the ones one would likely see that the sellers are offering. For bank transfers, I noticed many of the sellers use UnionBank.

Steps to Buy Using Binance P2P

1. On the Binance homepage, hover on “Buy Crypto” on the upper left then click “P2P Trading:

2. Click  “I want to Buy” then click “USDT”. (Note that you need to be on Fiat: PHP as seen below)

3. Browse through the offers

The offers vary depending on the seller. Take note of their prices as well as limitations and maximum available amount the seller can accommodate. For example, some sellers have a minimum of Php 1,000, meaning you cannot buy anything lower than that.

4. Click “Buy USDT” on your selected offer

5. Indicate how much you will buy then click “Buy Now”

6. Follow the instructions from the seller

7. Once you transferred the amount, mark it “Paid” by clicking “Transferred, Next.”

8. Wait for the seller to confirm it on his end.

9. Once the seller confirms, the cryptocurrency will be transferred to your P2P wallet.

10. Go to your P2P Wallet, then transfer the funds to your spot account. The spot account is your main wallet inside Binance. If you trade on the Binance platform, it will be using the cryptocurrencies on your spot account.

Binance P2P Advantages

  1. You can make a purchase using bank transfer or mobile wallet transfer
  2. You can choose from different sellers who you think has the best rate
  3. Escrow means both the seller and buyer are protected in case of a dispute
  4. The agreement is between the buyer and seller and the platform only acts as an escrow
  5. Access to trade to Binance, a highly liquid cryptocurrency exchange

Binance P2P’s escrow service protects the seller and the buyer from each other and makes sure they both fulfill their obligations.

When a seller posts an offer (called an “Ad”,) the amount of cryptocurrency posted is automatically reserved from their fiat wallet. So just in case the seller chooses to run away with your money without releasing the cryptocurrencies the buyer purchased, Binance’s Customer Support can release it from the seller’s reserved funds.

Binance P2P Disadvantages

Sellers can set minimum amount and maximum amounts that you can purchase and it’s possible that either is outside your scope

For example, I have encountered an instance when I wanted to purchase worth Php 1,000 but there was no seller at that particular moment offering to sell at that minimum.

Tips When Doing P2P Trading in Binance

Here are some tips and things to watch out for when doing P2P trading on Binance.

Verify the person’s identity

Before starting any transaction with the seller, verify his identity by checking if the payment details they asked matches with their identity on Binance. This is to avoid any triangulation fraud, where the scammer might use another person’s payment account so that the scammer can claim that the buyer never sent any to their own account.

Transact with reputable sellers

Binance obviously requires every seller to verify their identities. Still, first time buyers are encouraged to transact with reputable sellers, or those who have the most number of successful transactions. These sellers have transacted with multiple buyers already in the past and their track record could give the first time buyer a peace of mind.

Always Check the Going Exchange Rate

USDT is pegged to the U.S. dollar. To make sure you are getting the most USDT out of your PHP, check the current global Peso-Dollar exchange rate and go to sellers whose offers are closer to the going rate you found online.

Make the Deal Only Inside Binance

There is a chat system within Binance P2P that allows the buyer and seller  to contact each other. That said, if either party tries to convince the other to make a deal outside  the platform, open an appeal immediately to report them.

Overall

While the on-ramp that the P2P facilitated made the transfer of funds as fast as possible, the buyer, who will eventually use the funds to trade cryptocurrencies, is ultimately responsible for their own trades and actions on the platform. Binance is a sophisticated platform that has not typically been designed for beginners in the cryptocurrency space. The user must make sure they have done their thorough research before considering to trade.

This article is first published on BitPinas: How to Use Binance P2P to Buy Bitcoin, USDT in the Philippines

Please share and grow the BitPinas community.

Source: https://bitpinas.com/feature/binance-p2p-philippines-buy-bitcoin-usdt/

Blockchain

Ethereum, Cosmos, VeChain Price Analysis: 05 December

Thanks to Bitcoin’s performance over the past 10 days, many of the market’s altcoins noted sharp upticks recently. However, that wasn’t to last as the world’s largest cryptocurrency continued to conso

The post Ethereum, Cosmos, VeChain Price Analysis: 05 December appeared first on AMBCrypto.

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Thanks to Bitcoin’s performance over the past 10 days, many of the market’s altcoins noted sharp upticks recently. However, that wasn’t to last as the world’s largest cryptocurrency continued to consolidate on the charts under the $19k-mark, many alts fell after a correction wave hit them. While some like VeChain continued to record gains over a weekly basis, other cryptos like Ethereum and Cosmos saw mixed fortunes.

Ethereum [ETH]

Source: ETH/USD on TradingView

Ethereum, the world’s largest altcoin, has been brimming with optimism lately. Not only did the cryptocurrency surge on the back of Bitcoin’s own hike, but the community also welcomed the launch of the Ethereum 2.0 Beacon Chain on the 1st of December. However, despite these updates, ETH’s price fortunes haven’t been the best lately.

Days after ETH surged to levels unseen since June 2018, ETH fell by 8.6% on the charts as corrections ensued. Despite these corrections though, the larger market sentiment remained on the bullish side, at press time.

This was evidenced by Ethereum’s technical indicators as while the Parabolic SAR’s dotted markers were well below the price candles the Relative Strength Index was hovering near the overbought zone.

Cosmos [ATOM]

Source: ATOM/USD on TradingView

Cosmos [ATOM], the cryptocurrency ranked 26th on CoinMarketCap’s charts, has seen topsy-turvy movement over the past few months. Despite such volatility, however, ATOM has been unable to hit the highs it last saw back in August. While ATOM’s investors did hope to see the cryptocurrency surge when the rest of the market did, the crypto disappointed. In fact, ATOM was down by almost 15% in the last 10 days alone.

ATOM’s movement on the charts was underlined by the findings of its technical indicators. While the Bollinger Bands were dropping slightly south, the MACD line crept under the Signal line following a bearish crossover.

Cosmos was in the news a few weeks ago after Celo gave Chorus One a grant to build a bridge to facilitate interoperability between Celo and Cosmos.

VeChain [VET]

Source: VET/USD on TradingView

Popular altcoin VeChain, like ATOM, has seen a lot of sideways movement in the months gone by, despite a host of updates on the developmental side. Thanks to the general bullishness in the market triggered by Bitcoin’s movement over the past week, VET finally surged on the charts, with the crypto up by over 20% on the weekly timeframe. This was a healthy hike, especially since most of the market soon saw corrections after the aforementioned bullishness had passed.

While the Awesome Oscillator underlined the momentum in the market, the Chaikin Money Flow was holding steady under 0.20, a sign of capital inflows being greater than capital outflows.

VeChain’s development of a blockchain-based medical solution was recently adopted by a service provider based in Cyprus.

Source: https://eng.ambcrypto.com/ethereum-cosmos-vechain-price-analysis-05-december

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Legalise Bitcoin and scrap the IRS – Former US Presidential candidate

Former presidential candidate Ron Paul, advises the government to legalise Bitcoin  Some states have strict crypto regulations guarding the operations of the industry  Ron Paul, former presidential candidate has called on the government to legalise Bitcoin. According to him, the best way to be able to deal with cryptocurencies like Bitcoin would be to legalise […]

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  • Former presidential candidate Ron Paul, advises the government to legalise Bitcoin 
  • Some states have strict crypto regulations guarding the operations of the industry 

Ron Paul, former presidential candidate has called on the government to legalise Bitcoin. According to him, the best way to be able to deal with cryptocurencies like Bitcoin would be to legalise it.

The former Texas congressman went on to state that Bitcoin interests him because the crypto asset was not a creation of the government. He made this statement on the Stephan Livera podcast where he also added that the government was, however, paying a close attention to the crypto asset.

Paul noted that the government should give people the liberty to make their choices. And to do that, the right thing would be for them to legalise Bitcoin. 

The libertarian also said that he had no believe in the Internal Revenue Service (IRS). So, because of that Bitcoin shouldn’t be taxed. This view of his is not entirely surprising as libertarians are generally against taxes. 

Paul used gold as an example of government dalliance to press home his points. The government did not legalise ownership of gold until 1975. His current call to legalise Bitcoin is to avoid a similar situation that happened back then.

Libertarians believe that people should have freedom of choice over everything. This includes the kind of financial system and the monetary currencies used in such systems.

United States yet to legalise Bitcoin 

The government of the United States is yet to legalise Bitcoin nationwide. 

Different states in the country have strict regulations guarding the operations of cryptocurrency. New York, for instance, is an example of one of such states with strict crypto regulations.

While in some other states, there is little to no regulations guarding the use of cryptocurrency. 

However, players in the crypto industry can expect the input of more regulation into the US crypto market. The Securities and Exchange Commission (SEC) have, at different times, released different regulation to guard the operation of the industry. 

Source: https://www.cryptopolitan.com/legalise-bitcoin-and-scrap-the-irs-former/

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Editorial: Is “Digital Yuan” China’s Weapon to Rule Global Markets?

The advent of cryptocurrencies like Bitcoin as a mainstream investment market and a reliable payment gateway has forced governments around the globe to take notice of the nascent technology. The ongoing bitcoin bull run driven by the mainstream financial giants such as PayPal and MicroStrategy & rising global trade tensions has only made the contention

The post Editorial: Is “Digital Yuan” China’s Weapon to Rule Global Markets? appeared first on Coingape.

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The advent of cryptocurrencies like Bitcoin as a mainstream investment market and a reliable payment gateway has forced governments around the globe to take notice of the nascent technology. The ongoing bitcoin bull run driven by the mainstream financial giants such as PayPal and MicroStrategy & rising global trade tensions has only made the contention of digital currencies stronger as the future of money.

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Rise of State Owned Digital Currencies

Governments around the globe have shown interest in developing their own sovereign digital currency pegged against the national fiat issued by their respective central banks. However, the large institutional interest combined with multi-billion dollar companies planning to use bitcoin as a hedging asset has made governments realize that the time for digital currencies has arrived.

Many countries have been either planning to develop a sovereign digital currency or they have it under development. If we look at the progress made by these countries, China is definitely at the top with their digital yuan or DCEP which is already under several pilot programs in different provinces of the country.

The US is currently working on the research aspect while the UK is already ready with a model and seeking feedback. Apart from these Russia, Canada, South Korea, and a few European countries have also laid out plans for a digital currency.

Source: China Briefing

China’s Growing Footprint in Digital Currency Space- Digital Yuan

China is one of the most progressive countries when it comes to digital payment where more than 80% of the population uses some form of digital payment in their daily lives. China started its research towards a sovereign national digital currency in 2014 itself and they have already developed their digital payment system called DCEP or digital yuan which is currently under trial in different parts of the country. The pilot programs for digital yuan started almost a year ago and it has already grown from few cities to several provinces. In fact, there were rumors of a possible launch by the end of 2019 itself.

The pilot for digital yuan started as a traveling subsidy for government employees and was later expanded to be used at restaurants, hotels, and many other service providers. The digital yuan transactions have already exceeded above 2 billion yuan which is about $300 million.

Looking at different use cases of digital yuan combined with a nationwide launch would give China an unfair advantage in the digital currency race and most of the countries have started to realize it especially the US.

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The US and China do not really hold very cordial diplomatic ties and are not good allies as both countries are looking to stamp their authority as world power where the US holds an upper hand. The US Dollar is seen as a default currency of trade giving them a monopoly in the trade market and China is looking to end that dominance. The US is very much aware of the threat which is evident from the recent letter from the director of National Intelligence to the chief of SEC, in which he deemed digital yuan has a security threat.

The growing dominance of China in the digital currency space has sparked speculations about its impact on the dominance of the US Dollar, where many fear that China would try to bypass the US Dollar for trade with other countries.

Can Digital Yuan Become Global Currency of Trade?

The US Dollar is currently used for over 88% of the international trade followed by the Euro at 32.3%, while the Chinese yuan is only used for 4.3% of the trade which is almost negligible compared to the USD. This brutal dominance of the Dollar gives the US an unfair advantage which allows them to put sanctions on other countries with whom they don’t share a good relation, barring them to use or make a trade-in USD.

Source: CNN

Chinese currency’s influence in the international trade market is too little to challenge the US Dollar’s dominance. Also, China does not hold a good relation and confidence in the rest of the world, especially after the COVID-19 pandemic. At present the best China can hope for is to increase its influence with the digital yuan in the international trade market.

One other aspect being discussed about the possible use of digital yuan is for trade with sanctioned countries. Sanctions have become quite cruel for the countries affected by it such as Iran which suffered dearly during the pandemic and its national fiat also lost almost 50% of its value in the past decade. The emergence of China as an alternative trade corridor could prove fatal for the US but only if it manages to flourish and create an impact of that level.

Final Thoughts

China has been eyeing to dominate as the world power for quite some time now and the emergence of digital currency as a possible future of money could well serve them right. China’s presence in the international trade market is large enough to challenge the US, however, its progress with the sovereign digital currency could give it a fair advantage in the growing fintech world.


To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Author: Prashant k Jha




An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Source: https://coingape.com/china-masterplan-digital-yuan/

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