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How Fastbit automates P2P crypto transactions without the need for bank transfers or communication between customers

November 29, 2021 · 1 min read
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Imagine instant P2P crypto trading, where buyer and seller need no communication or payment confirmation. It’s called automated P2P by Fastbit.

After the Central Bank Nigeria (CBN) directed all banks and non-bank financial institutions not to facilitate crypto-related transactions, the response by most crypto exchanges has been peer-to-peer (P2P). 

P2P works, in fact, Nigeria shocked the world, recording $99.1 million worth of Bitcoin P2P trading between January and March 2021. 

But P2P isn’t without its risks and difficulties. 

Although some crypto exchanges have tried to minimize risks with escrow services among other innovations, nothing beats being able to buy and sell crypto instantly without having to wait for credit alerts or someone to come online to confirm payments. 

Sadly, you can’t get that with P2P until now — the creation of automated P2P by Fastbit. 

What is automated P2P by Fastbit?

Fastbit, a crypto exchange by Codepoint Technologies, has created automated P2P. 

Automated P2P is still the regular P2P but way faster. It doesn’t require payment confirmations. To buy crypto from another individual, all you have to do is click buy and it’s yours!

To sell,  you simply place an ad with your preferred rate and an interested buyer will purchase. 

The interesting part is, you don’t even have to be online. The process is completely automated, the buyer gets the crypto you’ve put up for sale and you get your fiat instantly. 

Bank transfers directly from Fastbit.

On Fastbit you get a Naira wallet that allows you to transfer funds from the app straight to any bank account with just a ₦3 charge!

Because sometimes things don’t go as planned there’s a 24/7 customer service feature on the app where you can lay complaints. 

Multiple wallets on Fastbit

Fastbit currently supports 11 assets including; Bitcoin, Ethereum, Solana, Dogecoin and Shiba Inu. 

With new and exciting tokens being announced, you can be sure Fastbit will support plenty more tokens as time goes on. 

Download the Fastbit app here, leave a review, let the team know how you feel about it. 

Fastbit is one of the platforms geared towards making crypto easily accessible to Nigerians and Africans because crypto is the future. 

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