What is P2P?
When it comes to transactions, P2P refers to electronic money transfers made from one person to another person without an intermediary; as a result, such transactions are faster, and the cost is much lower. From now on, with P2P capability you can send any of the currencies available at SpectroCoin with a locked exchange rate directly to another user.
What does a locked exchange rate mean?
As cryptocurrencies are extremely volatile, we offer the option to send P2P transactions at locked (fixed) exchange rate. This means the value of bitcoins sent is guaranteed to stay constant during a transfer (you will know the exact value in fiat currency to be received by a counterparty).
For example, if you want to send a P2P transaction worth 150 EUR, euros will be auto-exchanged to bitcoins (given the bitcoin exchange rate of 15,000 EUR, 0.01 BTC will be bought), then this 0.01 BTC will be sent to the receiver, auto-exchanged back to 150 EUR, and included in the receivers euro wallet. As a result, the transaction is not impacted by bitcoin volatility.
On top of that, P2P transactions are instant and free. No need to stay in bank queues nor to pay high fees! All you need is your friend’s SpectroCoin email address, and you will be able to send him/her funds right away.
How can I make P2P transactions on SpectroCoin?
We have prepared a video tutorial showing you how to use the “Fixed send” function at SpectroCoin. We will demonstrate how to send Euros, but if you want to send another currency available at SpectroCoin, follow the same steps:
If you prefer reading, we have also prepared a written tutorial for you. First of all, log in to your account and click on “Withdraw” in the top menu:
In the “Withdraw options” window, click on “Fixed send”:
Now, you will be forwarded to the “Fixed send” page. In the “Send account” field, you must select the currency wallet from which you want to send funds. Next, insert the amount of this currency you want to send. Then, you must enter the SpectroCoin email address of the person to which you want to send money. Any additional information you want the receiver to see about the transaction can be added in the “Memo” field (it is optional). Once you fill in all the information, click on “Submit”:
Next, you will be asked to input a second-factor authentication key. You will receive it via SMS, email, or the Google Authenticator app, depending on which method you have chosen in your SpectroCoin profile options. After inputting the authentication key, press “Submit”:
Congratulations, you have sent funds to another SpectroCoin user!
If you have questions about the P2P fixed send transfer capability at SpectroCoin, please contact our support at [email protected].
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Blockchain – Crypto – Currency infomation