Crypto Academy / Season 3 / Week 1 - Homework Post for @sapwood | Non-custodial P2P Marketplace(Localcryptos)

Non-custodial P2P Marketplace(Localcryptos)
By Professor @sapwood

source

Localcryptos a decentralized exchange market, but more known as a P2P (Peer to Peer) cryptocurrency exchange market is a great place to trade or buy your cryptocurrencies in a safe, encrypted and decentralized way.

1, How do you set up an Exchange niche(non-custodial) in Localcryptos?

To set up your niche on local cryptos first you have to register.

Go to Localcryptos via the website www.localcryptos.com

Screen shot from Localcryptos,

Now I go to sign in through the site drawer:

Screen shot from Localcryptos,

I then create an account since I do not have one.

Screen shot from Localcryptos,

Screen shot from Localcryptos,

Screen shot from Localcryptos,

I do the necessary robot human verification.

Screen shot from Localcryptos,

I confirm my email for full account access:

Screen shot from Localcryptos,

Then I confirm I am not a citizen of Australia to avoid taxes.

Screen shot from Localcryptos,

Now I am good to go.

Screen shot from Localcryptos,

Local cryptos which makes wallets available to users and more a decentralized one can be accessed by:

2. Indicate your non-custodial wallets (BTC, ETH. LTC, DASH) in Localcryptos? How do you secure the keys?

Go to wallets under the site drawer:

Screen shot from Localcryptos,

Here I have access to a BTC, LTC Ethereum and Dash wallets.

Screen shot from Localcryptos,

I can now see my wallet address incase I need to transfer to it.

Screen shot from Localcryptos,

To secure my wallet keys first I have to view them by first clicking on the download.

Screen shot from Localcryptos,

Then I click on view keys which I can now copy and save in an external file.

Screen shot from Localcryptos,

2b. Can you re-import the wallet of Localcryptos in other wallets(of different services) For example, Can you re-import your Locaclcryptos wallet in Trustwallet?

You can re-import your Localcryptos wallet into your Trust wallet, to do so, first:

Open your trust wallet app on your mobile device and click on the settings icon.

Screen shot from Localcryptos,

Then click on wallets

Screen shot from Localcryptos,

Click on + (add wallets) Icon :

Screen shot from Localcryptos,

Now click on I already have a wallet, to link your local cryptos wallet.

Screen shot from Localcryptos,

Select the desired coin, and next. :

Screen shot from Localcryptos,

Put in the key phrase and enter.

Screen shot from Localcryptos,

Your Localcryptos wallet is set.

Screen shot from Localcryptos,

3, How many different fiat options available in Localcryptos?

Local cryptos has numerous fiat options, on counting it got upto about 40+. this which is a big number lets crypto trading easy across borders.

4, How secure is Localcryptos as a non-custodial P2P Market? How does escrow protection safeguard both buyers and sellers?

Local cryptos non custodial market place and wallet is super secure. I will be explaining under three headers:
• On chain Escrow service
• Customer Data Encryption
• Decentralization

On chain escrow service
On chain escrow service which works on a smart contract removes the idea of trust between sellers and buyers, making trade possible across borders.

The onchain escrow service which involves the buyer and seller agreeing on a certain price, usually the maker price, then the seller locks the coins on the service awaiting the buyer to make fiat transaction within a specific time. On confirmation of payment, the seller releases the crypto and transaction is successful.
On cases of an error, an adjudicator comes in to verify the transaction, and awarding the coins to the correct crypto owner.

Customer Data Encryption:
Localcryptos secures customer data such as chats letting them have the freedom of transaction. This which is only opened to localcryptos themselves if there is an error.

Decentralization:
Localcryptos allows full decentralization amongst traders, which is a beutiful thing, traders set their price and control their wallets all by them selves.

5, Create an offer as Market Maker or Perform a real trade as Market Taker to demonstrate your real experience of non-custodial P2P trade(Crypto-Fiat)?

To create a Market maker, Go to the app drawer and click on offer:

Screen shot from Localcryptos,

Click on create offer:

Screen shot from Localcryptos,

Select buy or sell and the crypto coin offered:

Screen shot from Localcryptos,

Select your location and currency:

Screen shot from Localcryptos,

Now select the Transfer method you want.

Screen shot from Localcryptos,

Now fix your rate:

Screen shot from Localcryptos,

Now you set your title, what you want Takers to see before taking your trade, to me more informed.

Screen shot from Localcryptos,

Then you set your limits, this is more information for intending takers to know how much you are williing to sell

Screen shot from Localcryptos,

Then you set the times of the day you will be available to trade.

Screen shot from Localcryptos,

Now you set it you want to see the location of intending takers.

Screen shot from Localcryptos,

Your maket Maker is set and Market takers are already viewing your offer, you can now edit and view it on the offer window.

Screen shot from Localcryptos,

Thanks

CC @sapwood