If you sell some btc using a no-kyc p2p exchange, how do you avoid bank transfer payment reversals?
One of the best things about btc is that no one can reverse bitcoin transactions (unless some sort of smart contract is used I guess), however payment reversals are a problem with bank wire transfers.
Suggestions?
Note: Cash in person is not an option in this scenario.
however payment reversals are a problem with bank wire transfers.
"Different wire transfer systems and operators provide a variety of options relative to the immediacy and finality of settlement and the cost, value, and volume of transactions. Central bank wire transfer systems, such as the Federal Reserve's FedWire system in the United States, are more likely to be real-time gross settlement (RTGS) systems. RTGS systems provide the quickest availability of funds because they provide immediate "real-time" and final "irrevocable" settlement by posting the gross (complete) entry against electronic accounts of the wire transfer system operator."
Source: https://en.wikipedia.org/wiki/Wire_transfer
So you are probably not referring to a FedWire or SWIFT wire transfer (which are not reversible) but instead to something like ACH (U.S.), or other domestic national bank transfer method. When a seller's advertisement specifies "wire transfer", the seller is not referring to these non-RTGS electronic funds transfer networks.
One property of most P2P Trading exchanges is that they provide a trust history/reputation of your counterparty. While that doesn't guarantee that you won't be defrauded from a reversed payment, it is a tool in which you can use to significantly reduce the risk of fraud by not accepting a reversible payment method unless the counterparty has a great trust history.
One approach to lessen risk is to do several, smaller trades with multiple counterparties rather than a single large trade with one counterparty.
Additionally, having the buyer deposit cash into your account is a method with less risk (but not zero risk).
Otherwise, local, in-person cash trading is a safer method.
The usual way to do this is to use an escrow service that holds the crypto until the bank transfer or payment is deemed complete and irreversible - if the buying party attempts to reverse the payment, the escrow service would release the BTC back to you.
There are organized services that do this, such as LocalBitcoins, LocalEthereum, Paxful, Counter Network, and others (this is just a list, I am not endorsing any particular service - you should do your own due diligence before using one of them).
