@peachbitcoin is a peer-to-peer #Bitcoin trading app on mobile that requires no KYC.
How to use Peach and how is it different from other non-KYC ways of buying Bitcoin? 👇
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1/16
The option to trade BTC without KYC is a necessity for a free and censorship-resistant BTC ecosystem.
It strengthens individual sovereignty and the fungible properties of BTC.
KYC is expensive, inefficient and creates friction.
Your data becomes a honeypot for hackers.
2/16
There are many ways to buy Bitcoin without KYC, but the user interfaces of these applications are often not very intuitive.
Therefore, users often choose the low-hanging fruit of buying BTC from a centralized exchange.
3/16
Peach is trying to change that.
It presents a sleek mobile app that connects Bitcoin buyers and sellers.
It is directed towards European users, and supports trades in EUR, CHF, and GBP.
4/16
Peach is a company registered in Switzerland.
For this reason it can enable KYC-free trades up to 1,000 CHF/day or 100,000 CHF/year.
5/16
Peach doesn't store any personal information of its users.
It only uses hashes of that information in order to make sure that no user e.g. goes beyond the allowed trading limits.
6/16
After creating your account, you're prompted to create a backup and a password, and store them on your phone.
Your Peach account is a file that lives on your phone.
This files stores all your data: the keys to your Bitcoin wallet and your account information.
7/16
Backing up your account on another device is very important.
If you lose your phone, Peach cannot recover your account.
8/16
The trade process is familiar to those who have used other p2p Bitcoin trading platforms.
You create an offer to buy or sell Bitcoin, but instead of users having to browse through different offers, the app matches you with trading partners who fulfill your criteria.
9/16
Since the app is new and the user base is still small, you may have to wait until you get "matched".
You can increase your likelihood of a match by adding more payment methods or widening your trading amounts.
The app has a reputation system to rank trading partners.
10/16
The trade is secured by a multisig escrow between the buyer, seller and Peach.
The trading fee is 2% from the buyer.
Besides this, you can expect to pay around 5% premium.
That's the price you pay for not having to send a selfie holding your passport to a CEX.
11/16
For the fiat payments, you can choose between many different payment methods like SEPA, Revolut, Wise. etc.
Peach also supports Amazon gift cards.
When paying with fiat, it's important to leave the payment reference field empty for privacy reasons.
12/16
Cash trades are coming to the app later.
Peach has announced that it will work with local Bitcoin meetups to facilitate cash trades in a safe environment through its escrow.
13/16
Meetups will get 1% of the cash trading volume happening in their meetup.
With cash trades and gift cards the limit is 1000 CHF/month.
14/16
Overall, Peach makes buying non-KYC Bitcoin easier and more intuitive, especially for new users who might find something like Robosats too difficult to use at first sight.
You can learn more about Robosats in this thread:
twitter.com/teemupleb/status/1617604668414386177
15/16
Peach is also reviving cash trades, but in a setting that's more secure for traders.
This can minimize the likelihood of "$5 wrench attacks".
16/16
As a regulated company, Peach has to abide by trading limits.
The limits can't be increased with KYC because Peach doesn't KYC users at all.
For traders with large volumes, Bisq is still a better option.
You can learn more about Bisq here:
twitter.com/teemupleb/status/1625901286448308225
teemupleb
@teemupleb
I write threads about Bitcoin (#NaturalMoney) projects. ⚡️teemupleb@getalby.com #npub15vxdlmhftkh452a06vnr3mmks2dy8hqejeuxuv6sgy5rgtf0jllsccfzg7