Learn all you need to know about P2P on VIBRA
This week, we had a special AMA session on Telegram. Paul Thomas, the Operations Manager at VIBRA was a guest on Crypto Bootcamp Group to elucidate about P2P Trading.
Date: 22nd Dec 2021
Time: 7 pm
Location: Crypto Bootcamp Community
The AMA session featured three segments; interview, Q&A, and the crypto giveaway. For the interview, the CBC host Yobanna Mildred interviewed the guest speaker Paul Thomas, a P2P Trading Expert.
Below is a full recap for everyone who couldn’t join us and would love to learn more about P2P trading on VIBRA. Enjoy!
Yobanna: How long have you been a crypto P2P trading specialist?
Paul: Good evening everyone, I ventured into crypto in 2016. I started carrying out my research on the possibility of earning in the space and discovered you can make a profit just by leveraging the international exchange rate. That was how I started my journey. From a WhatsApp group before creating my own community.
Y: Can you tell us what P2P entails?
P: P2P basically means peer-to-peer which means carrying out an exchange between peers without any central authority. For example, swapping a FIFA game with a PES game which both parties believe is valuable. Carrying out that exchange is an example of peer-to-peer. There is no merchant in between negotiating or selling on our behalf.
Y: What impact does the P2P system have in the crypto space, especially with the recent CBN ban?
P: First of all, blockchain technology is built on the P2P system which means it needs people in order to function. The Nigerian government did not actually ban crypto, they just have issues with people trading crypto directly with the Nigerian naira because they think the current Naira inflation is caused by crypto trading. You cannot be arrested for crypto trading, as long as you are not trading with naira. You can also choose to accept cash-in-person transactions to avoid the problem of bank transfers.
Y: What do you think an ideal p2p platform should look and feel like?
P: I look out for three things on a P2P platform or exchange; security, simplicity and speed. Firstly, I need to be sure the platform is secure and safe and that no matter how long my money is there, I can still come back to it. The team behind the project should also not be anonymous, and they must have a level of support, investors, backers, or top venture capital firms. For a product like VIBRA, Future hub and EVG are some of the investors backing the product which gives an assurance that the funds are safe and recoverable in the event of any issue.
For simplicity, there are a whole lot of newbies in the crypto space and a simple and easy-to-use platform is great for new people. You should be able to navigate the platform without any or little challenges. The VIBRA platform has a very simple interface and anyone who has used a smartphone should be able to interact on VIBRA.
When it comes to speed, I believe I should be able to receive funds immediately without any network congestion. For speed, security and simplicity, VIBRA ranks high on all three making it the best place to conduct your P2P activities. In addition, the platform is being built for the African market including Nigeria.
Y: What does the platform lack?
P: The app is seamless for now, as far as I’m concerned. I believe even my grandma should be able to use it.
Question 1: When will ERC be integrated into the platform?
Answer: We currently support ERC tokens.
Question 2: Does VIBRA have a native token?
A: At the moment, VIBRA does not have a native token, it’s simply an exchange wallet with social features now.
Question 3: What is the escrow service of VIBRA like?
A: Security is standard on the platform and the escrow system is a way to ensure that users transact successfully without any disagreements. We currently leverage a third-party company for our escrow service, one of the biggest. There is no need to pay transaction or gas fees. Also, P2P trading is totally free on VIBRA, there is no 1% fee or any such thing.
Question 4: Are arbitrage merchants available on VIBRA and what are the requirements?
A: For now we only have dedicated merchants who undergo screening before being onboarded as merchants. On other platforms, anyone can post ads, but on VIBRA, to become a merchant you need to go through a screening process. Merchants on VIBRA get to place buy and sell ads, which is an edge for our merchants to profit from the system. So for now there are no arbitrage merchants.
Question 5: Is the withdrawal of USDT on VIBRA only in ERC 20?
A: For now we only support ERC20 USDT, the platform is still new and we are working on integrating BEP20 and others soon.
Question 6: How will VIBRA wage war against scammers from exploiting the platform because I lost funds from another exchange platform in the past?
A: As I said, only merchants are allowed to place buy and sell ads. Our merchants are vetted and have gone through scrutiny before onboarding so it is highly unlikely they will scam you. We also have an escrow service which ensures your funds are locked up to ensure you’ve been paid before releasing your crypto. We also have a validator in our system that validates every transaction. If we find out there is any foul play by a user, we refund the merchant and ban the user from trying to pull the scam, permanently.
Question 7: What is the requirement to be a merchant?
A: Be an active trader and crypto enthusiast who is always ready to attend to our users. You can contact our customer support on how to become a merchant on VIBRA.
Question 8: When will the spot and futures interface be integrated on VIBRA?
A: Spot trading is already in development, we already have a trade option on the app where you can trade or swap cryptocurrency. We will add the order book and other features in the near future so be rest assured.
The third segment of the session is the giveaway where 100 USDT was given to 10 lucky winners. The giveaway was carried out in the form of a raffle draw which was done in a transparent manner.
The following are the 10 lucky winners who emerged:
Udeh Chinedu John
. . .
VIBRA organises AMA sessions regularly to keep you informed about our products, and the many opportunities to be had from the easiest and safest trading platform in Africa.
To join our next AMA, follow our social media channels and stay tuned for upcoming announcements!