P2P Exchange

A peer-to-peer exchange that matches individual buyers and sellers directly rather than custodying everyone's funds, using multisig escrow and reputation to keep trades honest. Examples: Bisq (decentralised desktop app over Tor) and Hodl Hodl (web-based, non-custodial). Removes central-custody risk but carries direct counterparty exposure, thinner liquidity, and fraud concentrated on the reversible fiat leg.