Most altcoins recorded double digits losses today as Bitcoin (BTC) sell off continued to drag the crypocurrency market to an overall market cap of $346 Billion, down from $813 Billion in January. However, Steem (STEEM) stood out among other altcoins by holding ground. It recorded a meager 3% loss while most crypocurrencies fell by 10% or more. Steem (STEEM) is not the only cryptocurrency to exhibit such behavior. In the recent past, we have seen other utility coins with practical use cases do well even in bad times. A good example is Binance Coin (BNB) which usually holds ground even as Bitcoin (BTC) takes a hit. This explains that overall confidence in cryptocurrencies and the blockchain technology has increased significantly despite a falling overall market cap. Two years back, if Bitcoin (BTC) fell, most cryptocurrencies fell with it regardless of their use cases. Today, however that trend seems to be changing. Projects like Steem (STEEM) with actual work cases have shown investors that it will continue to be around no matter what happens to the rest of the market. Steem (STEEM) is currently joined by thousands of content creators who get rewarded more fairly for their work than they are on platforms like Google and Youtube. This is because Steem (STEEM) believes in fair compensation and ranking of content. Over the years, people have found ways to dominate platforms like Youtube and Google to get their content to rank higher and hence reap the most rewards. This created problems for good content creators who despite their excellent contribution found it difficult to rank on most of these platforms due to manipulation and ineffective ranking algorithms. Steem (STEEM) has set out to change all that by allowing anybody with an internet connection to join and start contributing from day one. The platform is very easy to use and users are rewarded for their content instantly. Payouts are made in Steem Dollars (SBD) which can be exchanged for Bitcoin (BTC) or even fiat currencies. In addition to quality content, Steem (STEEM) also takes into account the impact a contributor makes. If a contributor has more followers and frequently gets comments and likes on their content, they are likely to rank higher in future and will also be rewarded fairly. Steem is currently trading at $2.34 and eyes a target of $3 in the near future. It reached a high of $9 in January before correction as Bitcoin (BTC) dragged the market down. The project seems to be undervalued at its current valuation seeing as it has the potential to grow into the next Facebook or Youtube. However, the platform is still in its early phases and the team would require doing more to justify a higher market valuation. User adoption is currently on the rise and Steam (STEEM) community is eager to help new contributors. Steam (STEEM) has also continued to do well against Bitcoin (BTC) and currently trades in the lower segment of the pitchfork with the likelihood of future gains.

The EU’s safest and easiest way to send money, just became the safest and easiest way to buy bitcoin. 

SEPA (Single Euro Payments Area) refers to the secure transfer of funds between countries in the Eurozone (and some outside of it). SEPA payments were created so that different countries, with different banking systems, could more easily (and cheaply) share funds between one another. So, say you have someone who lives in France, but works in Germany. While not entirely uncommon, particularly in bordering countries, for years it was a nightmare to get different banks to accept cross-border payments as domestic. This wasn’t just an issue of paycheck, but also for goods transference, trade, and funds transfer between families. SEPA became the go to way to ensure that funds would be treated as domestic, even if they came from elsewhere in the Eurozone. 

This has also become an incredibly popular way to purchase bitcoin in Europe as well- largely because it presents a safer mode of transfer for buyers, and a more reliable guarantee of funds to sellers. Euro-minded, and user-simplified exchanges like Bitvavo, not only accept SEPA payments, but also waive all of the absolute and relative fees associated with funds transfer. In fact, at bitvavo, there is no cap on SEPA Bank Transfers either- so if you want to buy 100,000 euro of bitcoin, none of that investment will go towards exchange transaction fees.

What is a SEPA Transfer?

The European Union, unlike the United States, is an incredibly diverse area. The EU is made up of 27 different member countries, all with a distinctive and unique culture and even government. Largely the litigious relationship between these countries and the EU can be somewhat equated to the relationship that the federal government has with the United States, but regardless of this unifying legal structure, member countries are still quite individual. However, this doesn’t stop them from needing a simple and low-cost way to transfer money between member states. From an individual level to a corporate level. 

This is what SEPA payments do for EU member states. Often completely fee-less, these payments are non-transferrable and function similarly to cash or bitcoin transactions. They are unidirectional and cannot be cancelled or recalled. These payments can be processed as credit transfers, direct debit payments, and card payments. Each of these payments works just as smoothly in a cross-border scenario as they do in domestic payment processes. SEPA payments also work for some counties that are outside the Eurozone, such as Sweden and Romania. So, you can easily see why these particular payments are favorable to exchange platforms, but also to consumers. Limiting fees associated with other methods of buying bitcoin. 

Why Are They So Useful?

If you are in the EU however, SEPA payments should be your go-to method when it comes to buying bitcoin. Because of “chargebacks” or when a credit card or similar payment platform demands that a retailer refund, or replace the loss, on fraudulent, contested, or disputed transactions. So, should you not receive the goods or services that you paid for, you can file a claim with your payment platform, they will then reverse the funds transfer that they sent to the retailer, essentially returning your money. 

Chargebacks are a massive headache for bitcoin, as bitcoin transactions are unidirectional. They can’t ever be reversed or refunded- so essentially- transaction paid, transaction made. No ifs, ands, or buts. In the early days of crypto, it became a serious concern of payment platforms like PayPal and credit cards that clients would demand chargebacks should they transfer money for bitcoin, but not receive those bitcoins. To fight the likelihood of this, or to cover their losses should they be held liable for returning the initial funds- many different exchanges and institutions began to charge high fees on certain bitcoin purchases (such as those made with credit and debit cards). 

Possible Downfalls

As a SEPA transaction is similar to bitcoin in that it is non-refundable and unidirectional, exchange platforms and crypto retailers don’t have to worry about chargebacks, so many fees associated with purchasing bitcoin are waived when using SEPA payments. Of course, we say “most” and not “all” because exchange fees vary by platform. It’s always important to pay close attention to the T&Cs or trading fees that any platform uses- before you decide to start investing there. A good platform will have concise and transparent fee structures that are simple to navigate and understand. Especially when it comes to SEPA payments. 

Another thing to keep in mind is that sometimes, because of the way SEPA payments are processed, they can take a little bit longer to go through. Couple that with a busy bitcoin network and it could be days before you see the bitcoin sh*t your account. SEPA also will not work as a credit, so you’ll need to make sure that you have every cent of the cash you need before you begin the transfer. Really, other than this, SEPA payments are one of the safest, cheapest, and most reliable ways to send money from an EU account to purchase bitcoin, so check out your platform and see if they accept SEPA. If they don’t, it might be time for a new exchange. 

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Whether you want to use trading to increase your income or simply just to exchange your cryptocurrencies into fiat, choosing the right platform is vital. For both your safety and your success.

There are a lot of factors that you need to take into consideration before using a P2P crypto trading platform. Especially because you will work with people and not with computers. You need to know their preferences in terms of cryptos, payments, and so on – otherwise, your offers will be overlooked.

In this article, we gathered all the important information so that you could make a decision knowingly.

What factors should you consider?

Besides checking the authenticity of the platforms, you should read carefully all the information they provide to you. From our expertise, the attention should be directed to the following factors:

1.   What cryptocurrencies are accepted?

As you may know, there are over 7,000 cryptocurrencies in the world, some better than others. But even if there is great potential in a new crypto, you probably should wait before starting to use it.

That’s because in trading it is very important to work with a cryptocurrency demanded on the market. Otherwise it could take days or weeks until you sell your coins.

Now, it doesn’t really matter if they are stable coins or volatile ones, since it depends on your needs. But it’s important to choose a platform whose cryptocurrencies have a great market capitalization.

As an example, the platform should accept Bitcoin, Ethereum, Litecoin and so on. They’re demanded, they have great value, and they are a must for every P2P network.

2.   How can they detect scams?

When we talk about P2P trading, we need to take into consideration the possibility that the partner can set us up. He can lie about the amount of money received or sent. In that case, how would the team behind the platform solve the problem?

Usually, this information is listed on the website so read it carefully and see for yourself if it is worth it in the long term.

3.   In what countries are they available?

Now that we can easily trade internationally, the possibility of getting what we need is higher than ever – we are not limited by our borders anymore.

Plus, if you are used to working with a specific crypto trading platform and somehow you get to move to another country, wouldn’t it be convenient to keep using it?

This is why we recommend choosing a P2P trading platform that is available in as many countries as possible. Especially in countries where cryptocurrencies are highly popular, like the UK or Singapore.

4.   What payment options do they offer?

As we said at the beginning of the article, it is important to know your market. Knowing your partner’s favorite cryptocurrencies is good, but you should also look into how they prefer to pay.

It is pointless to trade on a platform that allows unpopular payment methods. Because very few people would use them. Your market will be too small to be worth it.

Where can I find such a platform?

We must say that it isn’t easy to find a good platform, even though there’s a lot of them on the market. Based on our research, a great deal would be Vertex Market.

It really covers all the points. First of all, it works with six of the best known cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, US Tether, and USD Coin. The platform is available in almost 200 countries and it has over 70,000 active users.

Its payment options include SEPA Bank Transfers, PayPal, or Credit Cards, known internationally. And as a scam defense, the Vertex team asks your partner to provide them with a video proof of payment.

Paying attention to those particularities would save you time and give you great results, so we hope you take them into consideration in order to find the perfect trading platform for you.