New APP release !
What's 🆕 ?!
1. as you know, we tried to go all in with the free market principle and we completely removed the capped premium of 21%.
https://peachbitcoin.com/blog/premium-cap-removal/
As expected, crazy offers got published with crazy premium. While we are personally not bothered (free market FTW) this led to confusion for new users. There is a fine line to find between Peach core principles and protecting/guiding the users for a smooth exchange.
Hence, the capped premium is back.. at 35% this time. Why 35%?
It seems reasonable (other platforms have their premium is capped at 30%) and it is still a fair incentive to provide liquidity to new users.
« 35% on a 20 euro trade is a meal ». 😋
The arbitrage playbook with new users: small trade but high premium -> sellers make money, new buyers build up their reputation
READ 👇
https://peachbitcoin.com/blog/sell-bitcoin-new-user-arbitrage/
2. Only experienced users (= 3 successful trades) can now create buy offers!
As there is no skin in the game to create buy offers (while sellers fund the escrow before publishing the offer), there is a lot of fakes or dormants buy offers. It’s noise. And we are here to provide the Bitcoin P2P marketplace with the best signal ratio.
Of course, new buyers can still buy by TAKING a sell offer like Peach has always worked.
3. The Payment Details are now completely synced with the Peach Server as an encrypted backup. Peach cannot read your payment details, only you can! this is very useful for users that have the same peach account on 2 phones: no need to update the payment details on both phones. also, if you lose your phone and have your peach seed backed up, just insert the peach seed on a new phone and your payment details will be available! (because they are encrypted using your "seed")
as always, the Peach App is available on Apple TestFlight, Google Play, Github and www.peachbitcoin.com ! soon on zapstore.
happy trading! 😀
How well a trade proceeds mostly depends on your trade counterpart behavior.
Answering fast ? Good
Speaking clearly ? Good
Staying predictable ? Great !
Now while these traits are not particularly difficult to adopt, new users may need a little bit of practice to integrate these. Therefore the trade is more likely to be prolonged, or not go through at all.
Its more risky!
Which means trading with a new user may require a different kind of approach.
Typically :
- lower amounts
- higher premiums
- an adjusted level of patience
Quite different that what one would set with the expectations of "good" behavior from experienced counterparts. For arbitrageurs, it would be easier to clearly separate the two kinds of offers. This why we're introducing the possibility to craft offers only for specific experience levels.
This will allow three things :
- arbitrageurs can organize their offers more thoroughly
- new users may find offers more easily
- create offers for experienced users only without needing the "instant" feature
Right now, the scale is binary. Less than 4 trades ? New user. More that 3 trades ? Congratulation, you've been promoted to "experienced user". You have gained access to more liquidity. More is expected of you so be careful, the mediators may not be so tolerant on bad behavior.
This is what the new cards will look like.
How to set it up : in the offer creation process, toggle the experience level on. Then chose your target.
If needed, check-out Alex's short explanatory video : 
exactly what's new:
1 - new accounts will generate a PGP Keypair based on their Seed Phrase.
2 - Payment Details are encrypted and backed up to the Peach Server
Why we're doing this:
We are starting the process of moving away from the file backup. We want to make the peach account fully recoverable with the seed alone. It will be much more practical than keeping a file.
This will also address the problem of having the same Peach account on 2 different phones but have different payment methods on each phone, which leads to errors. Your PGP key will be derived from your seed (if you are creating a new account) and your Payment Details will be encrypted by you and stored in the Peach Server (as always, we can't decrypt them, only you can).
If you are an existing user, stay tuned to know how to take advantage of this.
3 - Transaction IDs are copiable (thanks Anton for the suggestion!)
4 - Buyers are informed they will enter a trade with MPesa (Revolut & Wise) Sellers
Since we enabled M-Pesa as a version of Revolut and Wise, we added some extra warnings for Buyers to be aware that the Seller is expecting the M-Pesa version of the payment, plus a very clear indication: the Buyer *only* pays the amount shown on the Peach App. Nothing more, nothing less. Extra fees from the transfer are on the seller to bare.
Thanks for using Peach everyone !
