Understanding P2P and how it works in Klever Wallet
A peer-to-peer (P2P) service is a decentralized methodology whereby two individuals interact directly with each other.
Using cryptocurrency for payment and purchase of goods and services in this decentralized world requires swift transactions. As a result of the inefficient fiat system of payment, a lot of people face challenges in carrying out their daily transactions. Peer-to-peer services don't always require users to pay for them, but instead allow people to collaborate on projects, share information, or communicate without direct intermediaries.
Users who have to deal with the rigors of transferring funds from person to person and business to business have been adversely affected by this. It is evident that Satoshi Nakamoto's intention behind creating Bitcoin is being fulfilled by users who carry out their payments in a peer-to-peer fashion on a daily basis. This will eliminate the challenges associated with bank transactions, such as high fees and unnecessary bottlenecks.
However, if we fail to teach users what peer-to-peer methodology is, then we may miss the mark. In this article, we will present a simple analogy of the p2p methodology and how to apply it to the Klever Wallet.
What is P2P?
A peer-to-peer (P2P) service is a decentralized methodology whereby two individuals interact directly with each other, without intermediation by a third party. Blockchain and cryptocurrencies are products of Satoshi Nakamoto's vision of a world where users can directly interact with each other without having to pass through an intermediary.
This can basically be applied to all forms of communication, business, finance, and life in general. Since the advent of blockchain technology and cryptocurrencies, individuals have gained some insight into what this methodology can be used for on a global scale.
Apart from the fact that the p2p methodology actually takes away the middlemen or custodians in the financial system like banks, it creates the opportunity to execute transactions at a minimal cost to both parties involved in the transaction at a very fast rate. Thereby making the transaction cheaper.
Klever Wallet, which is a decentralized, peer-to-peer, self-custody wallet, stands out by putting users' keys in their hands. In addition, users can purchase cryptocurrency from anywhere in the world with a credit, debit card, or bank transfer, and will receive the coins in their Klever Wallet within minutes, with full security integrated into the Klever Wallet app. This was made possible through our partnership with Simplex.
The Klever team is also in partnership with other platforms to ensure that crypto is delivered to users in a seamless and efficient way. The Klever Wallet allows users to buy, stake, send and receive cryptocurrencies globally into their wallets directly by this simple principle of p2p methodology.
The wallet also boasts of a high-level encryption technology that helps to prevent theft that can come in form of hacking, mobile SIM number swapping, and other techniques used in defrauding users. As long as the user does not share their private keys or seed phrase with anyone, regardless of who they are, their wallets are not at risk of theft.
As far as where to keep coins and tokens, Klever wallets are obviously a better choice.
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