Peer to Peer exchange facilitates transactions between two traders without routing the money through the exchange. Giottus lets a Buyer buy without sending INR to the Exchange.
GIOTTUS PEER TO PEER EXCHANGE
Sally the Seller.
Sally wants to sell her Bitcoins. She has a KYC verified account with Giottus.
Bob the Buyer.
Bob wants to buy Bitcoins. He has a KYC verified account with Giottus.
Seller Deposits Bitcoins.
|Sally wants to sell Bitcoins. She has transferred Bitcoins to her dedicated Bitcoin wallet address provided by Giottus.|
|Sally creates a new Sell Order mentioning Price
and Quantity. Now Sally has an active sell listing that other users can
view and create orders from.||Bob wants to buy bitcoins. He has found Sally’s
listing and likes the price. He wants to buy 0.01 bitcoin for INR4000.00
via cash deposit.|
|Sally receives an alert to let her know she has a
new order from Bob. She can also see Bob and his Buy order in the Open
Orders table.||Bob selects the Sally’s order and Sally’s Bank
Account Details are displayed. Bob makes his payment for 4000.00 INR to
Bank account mentioned in the table and sends payment confirmation.|
|4. Bitcoins released|
|Sally checks her Bank account and confirms the receipt of the payment as soon as her Account is credited with the correct sum.||Bob receives an alert once he has received the bitcoins from the order in his personal Giottus wallet.|
|Now Sally has Rs.4000||Bob has 0.01 Bitcoins|