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Buyers and sellers can exchange cash in person, transfer bank funds online or can exchange funds for prepaid cards, gift cards or other cryptocurrencies. The need to launder money is omnipresent in the criminal world, and lately, a new way of doing it has come to the fore: peer-to-peer cryptocurrency exchanges.
These exchanges offer one-to-one relationships and transactions; buyers and sellers of virtual currency sign-up with their location information, IP address and other data to verify their identity, link to their wallets, and from there can swap and cash out currencies with other people who decide to trust them. Parties sometimes take the relationship offline too, meeting face-to-face to close out deals.
After striking a bargain, a buyer can exchange cash in person, transfer bank funds online or can exchange funds for prepaid cards, gift cards or other cryptocurrencies. These platforms offer an alternative to the marketplace methods represented by big Bitcoin exchanges such as Coinbase, and many users feel they can get better deals and a better service experience by using them. Read more from threatpost.com…
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