Why P2P series - Chapter 4, Chains of trust
Dear peaches, as you may already know, our app allows users to buy Bitcoin P2P (peer to peer, or peach to peach as we prefer). But, even if many people have heard those words before, have you ever stopped to think what that even means?
The basic definition is pretty obvious, but in the bitcoin space, many people are still buying Bitcoin using services that require verification of personal information, aka VEXs, thus tying the Bitcoin bought to your identity. Which makes us wonder: have we (bitcoiners) really understood what this is all about?
In this series of blog posts we will dive a little bit deeper into what it means to use bitcoin P2P, and some of its advantages.
In today's chapter, we talk about the importance of building strong relationships in a world where the most common advice is DON'T TRUST, VERIFY. We are big fans of that motto, but we also believe in the power of good and strong relationships between humans, and the great outcomes that can come from that.
As bitcoiners, we are huge fans of the mantra “Don’t trust, verify”. However, trust is an important part in anyone’s life. To establish good connections and be able to improve our quality of life, we must create trust with other human beings.
When humans want to perform an action or activity, they may need help from another human. Of course, we would rather get help from someone we trust than from some random stranger.
One of the most valuable lessons bitcoin teaches us is to (re)learn how to manage our own money, and that brings responsibility and risks to us. While self-responsibility and independence are important values, they also make us more wary of the intentions of others. However, being able to trust others can make things a lot more efficient, and life more pleasant.
That's why we've come up with the term CHAIN OF TRUST, simply meaning the relationships you build with more than 1 peer who you can trust. That does not even mean knowing the government identity of that peer, simply knowing that you can keep performing actions (trading bitcoin in this case) securely. Our app makes it easier for people to be able to be trusted between them without the need to know them beforehand.
With our Peach reputation system, we’re making it easy to judge if a peer can be trusted, without even having to know his or her real world identity. While the reputation system helps in detecting who can be a good new trading partner, the chain of trust method allows users to punctuate if a trade went well with a certain user, and be able to recognize if the opportunity of a new trade appears with the same one. When you can apply this same method with more than 1 user, you start building a chain of trust with other peers, which allows you to stack sats in a P2P fashion with a greater peach of mind. (See what we did there? )
Reputation in this digital era may end up being even more important than identity, so in case you are using Peach, don't hesitate to be friendly with your trading partners, cause they can decide wether they liked trading with you or not, and that can have an impact in your future trades!
Actually, don't hesitate in being friendly with everyone who crosses your life path. Bitcoin brought us a tool to do good. Let's spread abundance around us instead of the hate mindset that fiat and this high consumerism model brought into our world. Let's make trusting each other worth it again.
Well, dear peaches, thank you for reading this far, this was the fourth chapter of a full series of blog posts where we'll fall down the rabbit hole of P2P. If you want to receive updates about the next posts, feel free to subscribe to our mailing list.
If you want to know more about Peach features, or read some of our other articles, you can find them here!
Keep spreading the Peach word, who knows when you'll find the match of your life!
July 26th, 2023