Crypto Academy Season 3-Week 1 - Homework Post for professor @sapwood | Non-custodial P2P Marketplace(Localcryptos)
The world is getting decentralized, cryptocurrency markets volumes are growing exponentially, but decentralization in the crypto market industry has still not fully been decentralized.
Centralized crypto exchanges still hold majority of crypto asserts in their centralized wallet. Crypto market trades still have higher volumes in centralized exchanges. But well man is an adaptable being although a cautious one, we are still getting used to the full fledge decentralized system.
Localcryptos is one of those full fledge decentralized exchanges and decentralized wallet providers.
Good day beautiful steemians I am @hadassah26 welcome to my season3, week 1 homework for professor @sapwood on: Non-custodial P2P Marketplace(Localcryptos)
I appreciate the Steemitcrypto Academy for the new wonderful setup, creating a 3 phase system, more thanks to @sapwood for the wonderful idea.
Back to todays work:
"1. How do you set up an Exchange niche(non-custodial) in Localcryptos?"
To set up your niche on the Non custodial Local cryptos, one should first log on to the website, www.Localcryptos.com
Click on Sign In. Where you would now be taken to a new page where you then click on create account if you haven’t created one previously.
You fill in your needed email and create your password
You can now click on the email confirmation to confirm your mail.
Now you can view the markets and enter a trade
"2. Indicate your non-custodial wallets (BTC, ETH. LTC, DASH) in Localcryptos? How do you secure the keys?"
To indicate your non-custodial wallet in Local cryptos, first you go to wallets shown on page below:
With the new page you can now select the crypto coin and wallet assigned to it.
Selecting the wallet you get to see your address and you can also copy your keys for safe keeping.
To secure your keys on the non-custodial wallet, you can download the private keys which allows you to view them on screen, where you can now copy and save in your mail or some safe document.
Here I click download button to view my wallet keys
The new page is opened and I can now view my keys
I have covered the keys for security reasons.
Yes you most definitely can. To reimport the wallet into your trust wallet, open your trust wallet,
Click on I already have a wallet.
Here you will be taken to list of accepted crypto wallets under trust wallet, I will be selecting ethereum.
I click on private keys column and here I can put my private keys.
Now the wallet has been added successfully
"3. How many different fiat options available in Localcryptos?"
Localcryptos has a big volume of trades and spreads around numerous countries, looking at the currencies available I was able to count more then forty FIAT options on it.
"4. How secure is Localcryptos as a non-custodial P2P Market?"
Localcryptos is a very safe P2P market place since it defines decentralization as per cryptocurrency trading and wallet control.
The localcryptos which makes traders own their non-custodial wallets gives them the total control over it as they can now export it to other platforms and lock and release crypto funds on their own will.
This which is a sign of safety and trust amongst traders and the Localcryptos company.
The escrow protection is a smart process that lets market makers and Market takers need not trust each other but rather follow a set down regulations during trade.
The escrow protection which works by letting the crypto seller lock his crypto asserts when the crypto buyer makes an offer, the crypto buyer on the other hand seeing that the seller has locked the crypto can now go ahead and make FIAT transactions to the seller within a specific time. When the seller sees proof of payment on his end he can then release the crypto assert to the buyer.
In case of an appeal, an arbitrator comes in between the buyer and seller, unbiased and checks the transactions confirming proofs. On confirmation the crypto asserts are released to the rightful owner.
"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)?"
Making an offer on the Localcryptos as much as it is cheaper, it gives you the leverage of setting your own terms of trade under the selectable terms of Localcryptos.
To create a Market maker, first we go to Trade and select Create offer as shown below:
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Next you can now select the type of Offer you want if it is a buy or sell offer and also the crypto assert you wish to either sell or buy.
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Next you set your location and the local currency you want to receive in exchange then continue to step 2.
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Next you select the payment method you want, either locally or internationally, these which include from bank transfers to international wire.
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Then you set your rate, the rate which is the percentage of profit you want to add on the current price of the crypto is pretty easy to set unless you want to customize your rate which becomes complex.
You can also set the crypto exchange quote you want to use for your rate then move to step 3.
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Now you can set the title of your offer and also the terms of your trade, this makes the intending taker to know what exactly and how you want to make this trade.
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Then you set your limits, and the hours of the day your want to make the trade.
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Then you set who can open a trade with you and if you want their locations to be shown.
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Now your market Maker is set, you can view it on your offers.
Man though free has always been in chains. Decentralization is freedom, financial freedom. Localcryptos is one step ahead to making a more decentralized financial system.
Thanks