7.1 Acquiring and Exchanging Bitcoin

Both parties mutually determine the exchange amount and rate. The buyer provides the cash, the seller transfers the bitcoins, and the transaction concludes. While it’s easier to do P2P exchanges physically by meeting with the other individual directly in the real world, you can also do so from virtually anywhere thanks to the internet. Additionally, exchanging bitcoins for fiat currency follows a similar process in reverse.

Engaging in peer-to-peer (P2P) transactions for acquiring and selling bitcoins involves directly exchanging your fiat currency (or any other goods or services) for bitcoins with another individual, eliminating the need for a bank or other party to be involved in the transaction.