Steemit Crypto Academy Season 2, Week 1 | Homework Task for Professor @sapwood | Peer - to - Peer (P2P) system || Homework post

Hey all,
Welcome to my steemit crypto academy homework series. Thanks for the lesson professor @sapwood I am here going to present my homework about peer-to-peer transactions. I am here using Binance exchange to demonstrate.

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P2P helped me to buy a cryptocurrency when the banks don't allow Indians to buy cryptocurrencies. In the wallet section, you can see the separate wallet to P2P move funds from spot wallet to P2P wallet. When you click P2P trading which is in yellow color the 2^nd screenshot user interface will be displayed.

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Here you can see the latest demanded price for buy and sell. Here we have Rs 81.60 was better to buy price and the buyer purchase rate was Rs 35000 - 98000. And also you can see the detailed accepted payment methods IMPS, UPI, and bank transfer.

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When I hit the buy button This interface will appear you can see here we can able to enter the amount which we like to purchase it should need to be in the seller's purchase quantity range. Here you can select your convenient payment method it will provide the info to transfer the fund.

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After transferring funds to the appropriate account we have to click here as Yes I transferred. When the seller confirms your transaction Binance will release your fund. The below screenshot is the order complete UI.

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The payments accepted available in the filter section we can able to choose according to our needs. I use mostly these red-circled payment methods.

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Have you ever transferred TRC-20 USDT?

Yeah, I tried it many times although I tried now to see what are other chains available to transfer USDT. BEP2 and BEP20 belong to the Binance chain. ERC 20 belongs to the Ethereum blockchain. TRC20 belongs to the Tron network. OMNI is USDT native chain. Among those, we are going to see the comparison between the ERC20 and TRC20.

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TRC20

I tried to transfer the money from Binance using TRC20 Here you can see the fee for 1 USDT. Seems low compared to the Etherum blockchain.

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ERC20

I tried to transfer the money from Binance using ERC20 Here you can see the fee for 20 USDT. When compared to the OMNI network this seems low but there were a lot of transaction fees going through the Ethereum network.

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Thank you for reading this blog up here. I really need to know how many peoples are reading my post completely so if you are reading this line. Just do the comment on what you think about my post and how I was presenting this post whether it is looking good or have to change some alignments so just let me know in the comment section.

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_{Note:- All images used above are edited using Canva which is copyright free and screenshots are taken from my Redmi note 9 pro.}

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Thank you

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