Understanding of exaggerated bitcoin exchanges (OTC)
Bitcoin OTC exchanges (exaggeration) allow people to exchange bitcoins with other users without depending on centralized exchanges such as coinbase. This has gained popularity in recent years, especially among enthusiasts and merchants who prefer anonymity and direct access to the market.
How to start using Bitcoin OTC: A step by step guide
- Choose a negotiation platform : There are several Bitcoin OTC platforms available, such as Binance, Kraken and Bitmex. Each platform has its own rates, commissions and characteristics.
- Configure an account : Create an account on the chosen platform providing basic information, such as its name, email address and password.
- Deposite Bitcoins : Fince your account with Bitcoin through several methods, such as bank transfer, bank transfer or online payment services such as PayPal.
- Find a commercial partner : Look for other users who want to exchange bitcoins and find someone willing to buy you.
- Negotiate prices
: Use the platform messaging system to negotiate prices with your commercial partner.
What does the classification/qualification system mean?
The classification/qualification system in Bitcoin OTC exchanges is a way to evaluate the reliability, safety and reliability of users who trade on those platforms. The most used rating systems include:
* Tustpilot : A website that allows users to qualify and review companies, including commercial platforms.
* Google reviews : A platform where users can leave reviews for specific companies or services.
* Reference points : A system that assigns ratings based on user feedback, security measures and other factors.
How do exchanges become/report?
Bitcoin OTC exchanges work similar to centralized exchanges. Here is a general description of the process:
- Commercial proposal : A user presents a commercial proposal with its proposed price.
- Matchmaking : The platform coincides with the merchant with potential buyers based on their history and preferences.
- Commercial Execution : Once a coincidence is made, both parties agree on the terms of trade (price, quantity and other details).
- Payment processing
: The user pays the bitcoin using a payment method accepted by the platform.
Why can’t I see any user rating when using Bitcoin OTC?
There are several reasons why you do not see user classifications when you use Bitcoin Otc Exchange:
* Private commercial accounts : Some negotiation platforms offer private accounts, which do not show external qualifications.
* Low volume trade : If the platform is working with low volume, there may be fewer users to qualify and check.
* Limited feedback mechanism : Exchanges can have a limited feedback mechanism, which makes users to leave reviews.
Common problems when used bitcoin otc
Some common problems found by users when using Bitcoin OTC exchanges include:
* Lack of transparency : Some trade platforms cannot reveal their rates, commissions or other details.
* Security risks : Exchanges can be vulnerable to piracy and other security risks, especially if users are negotiated with unknown parts.
* Difficulty in obtaining support : Users may have difficulties in obtaining help from the customer service equipment, which can lead to frustration and dissatisfaction.
Conclusion
OTC Bitcoin exchanges offer a way for people to exchange bitcoins directly without depending on centralized platforms. However, it is essential to be aware of the potential risks and limitations associated with these markets. By understanding how to use Bitcoin OTC exchanges and what the classification/qualification system means, you can make informed decisions by participating in operations on these platforms.