P2P BIT.TEAM exchange and security of traders

P2P BIT.TEAM exchange and security of traders

By bit.team

A peer-to-peer BIT.TEAM platform, that enables users to purchase/sell cryptocurrency directly between counterparties, does not require intermediaries and could operate in a fully autonomous mode.

The problem is that there are different people, and even if the absolute majority of users have an appropriate understanding of what business processes should be like, there will always be a handful of those who will seek to deceive a partner in an exchange operation. And each of such rare cases will be a blow to the reputation of the P2P platform, reducing the number of its active users.

Therefore, the BIT.TEAM team is forced to take a number of measures aimed at protecting the interests of its clients, the number of which has already exceeded 200 thousand and continues to increase. Let’s take a closer look at what the P2P platform offers to ensure the protection of the interests of its users.

The importance of secure transactions

Peer–to-peer networks are not a new invention and have long proven their usefulness. Take, for example, peer-to-peer torrent platforms that provide users with the ability to share content without having to store it on intermediate servers. They are used by hundreds of millions of PC users today. Yes, there is also a risk of downloading some virus instead of useful content, so it cannot do without an intermediary, a torrent tracker. This is a platform that stores links to all computers that downloaded this product, as well as the “correct” hash, which will not allow you to start downloading if the hashes do not match.

If we talk about a cryptocurrency peer-to-peer network, then security should be even higher here, since we are talking about money transactions directly. Surely, transactions themselves are protected reliably, at least the part of them that concerns the transfer of cryptocurrencies. But the human factor cannot be excluded. If two users agree on making a transaction without the involvement of intermediary, one of them may be tempted not to fulfill his obligations when his counterparty has already fulfilled his ones.

So the intermediary participation of BIT.TEAM is still necessary, but only in terms of protecting users from such deliberate fraudulent attempts and not only.

To this end, each merchant undergoes a verification procedure. An additional measure of protection in the implementation of exchanges is the use of an escrow service. Finally, for all participants of the P2P exchange, BIT.TEAM generates a rating that allows you to get a preliminary assessment of the reliability of the counterparty, and in case of problems, the customer support service is responsible for solving them.

Let’s look at how a secure environment is provided on the P2P exchange service in more detail.

Escrow service

This service is used by many platforms that practice money transactions. The essence of the service is that the money of the client who first made the money transfer, regardless of the currency used or the method of exchange, is reserved by the service until his counterparty fulfills his part of the obligations. Only upon this condition, the reserved amount is sent further, directly to its addressee. If the transaction fails, the P2P exchanger simply returns the money to the wallet from which the cryptocurrency was withdrawn. Such a simple but effective way is able to minimize fraud cases.

Rating system

Of course, attempts not to fulfill their part of the obligations do not go unnoticed. A rating is formed for each merchant, and the higher it is, the more reliable your future counterparty is. A low rating indicates that the merchant has a large number of operations completed with long delays. Those users who do not fulfill their obligations intentionally are blocked by the service administrators.

Arbitration disputes

If one of the participants of the transaction delays the transfer of funds, the other may open a dispute (on the BIT.TEAM P2P platform, you can open an arbitration dispute 60 minutes after the transfer of money by one of the parties). When the corresponding button is pressed, the support service operators come into play. Their task is to contact the culprit of the delay and find out its cause. If it is not intentional, but arose for technical reasons, the client will be asked to present a document confirming the transfer of money (for example, a bank check). In any case, the problem will be solved.

Support Service

Technical support operators work day and night, ensuring prompt resolution of all disputes that arise. However, you can ask for help in the chat or address your question directly to specialists not only in case of payment delays: in any case, you will be provided with advice on all issues related to exchange operations. And, believe me, novice users always have a lot of such questions, and they do not remain unanswered.

Constant work on improving security measures

The BIT.TEAM development team is making every effort to ensure a more stable and secure operation of the exchange platform. These efforts are implemented in the form of regular updates of the platform aimed at improving the algorithms used to minimize risks. Measures are also being taken regarding the optimization of ads.

Verified Merchants

Before choosing a seller, you can view the statistics of his operations by clicking on his nickname in the ad. Here are data such as the merchant’s rating, the number of operations performed, the average payment time, the number of reviews (you can view them on a separate page) and even the amount of transactions made on specific cryptocurrencies.

Finally, we practice verification of the service’s clients (by phone, e-mail, docks) and rank them according to their status (PRO or regular), so that you have a variety of tools for self-checking the counterparty for his reliability.

Summing up

As you can see, the security of transactions in the BIT.TEAM P2P platform is provided with a whole set of measures. In addition to everything, new users can use the FAQ section, where they can get answers to many questions and get acquainted with the operation principles of the platform.