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2.5 Peer-to-peer exchanges
The digital peer-to-peer exchange is a system that allows the movement of digital currencies from one account to another without utilizing the services of a financial institution. It can also involve the decentralized exchange of data or assets between parties. There is no central authority that censors P2P exchanges. The P2P exchanges depend on an internet connection before they can be processed. This required the use of encryption and the creation of blockchain technology to enable two parties to safely conduct a transaction without the need for a trusted third party. Peer-to-peer cryptocurrency transactions generally do not require the involved parties to provide identification, thus protecting everyone's privacy. P2P exchanges allow the purchase of cryptocurrencies to be made with cash or other forms of exchange that support the protection of privacy.