Pierre
Privacy on Bitcoin4.7(140)
Intermediate
Understand and master the principles of privacy protection when using Bitcoin
Introduction
KYC-free peer-to-peer (P2P) exchanges are essential for preserving users' privacy and financial autonomy. They enable direct transactions between individuals without the need for identity verification, which is crucial for those who value privacy. For a more in-depth understanding of the theoretical concepts, take a look at the BTC204 course:
Buying and selling bitcoin peer-to-peer (P2P) is one of the most private methods of acquiring or disposing of bitcoins. LNP2PBot is an open source Telegram bot that facilitates P2P exchanges on the Lightning network, enabling fast, low-cost, KYC-free transactions.
Why use Lnp2pbot?
- No KYC required
- Fast transactions on the Lightning Network
- Low costs
- Simple interface via Telegram, a popular messaging application accessible from anywhere in the world
- Integrated reputation system
- Automatic escrow for secure trading
- Multi-currency support
- Active and growing community
Prerequisites
To use Lnp2pbot, you will need :
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Lightning Network wallet (Breez, Phoenix or Blixt recommended)
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Telegram application installed (https://telegram.org/)
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A Telegram account with a defined username
Installation and configuration
1. Configuring your Lightning wallet
Start by installing a compatible Lightning wallet. Here are our detailed recommendations:
Recommended wallets
- Breez:
- Excellent for beginners
- Intuitive, modern interface
- Non-custodial (you retain control of your funds)
- Perfectly compatible with Lnp2pbot
- Available on iOS and Android
Below is the link to the tutorial for this wallet:
- Phoenix :
- Simple and reliable
- Automatic channel configuration
- Native support for BOLT11 invoices
- Excellent for everyday transactions
- Available on iOS and Android
Below is the link to the tutorial for this wallet:
- Blixt :
- More technical but very complete
- Advanced configuration options
- Perfect for experienced users
- Open source
- Available on Android
Below is the link to the tutorial for this wallet:
Important notes on other wallets
⚠️ Important: Before selling sats, make sure your wallet supports "hold" invoices, which are used by the bot as an escrow system.
- Wallet of Satoshi: Works well for receiving sats, but can have delays in updating the balance if a sale is cancelled.
- Muun: Not recommended as payments may fail due to bot routing fee limits (maximum 0.2%).
- Aqua: Works to receive sats, but can have long delays (up to 48 hours) for balance updates in the event of a sale cancellation.
💡 Tip: For optimum experience, opt for recommended wallets (Breez, Phoenix or Blixt).
⚠️ Important: Don't forget to save your recovery phrases in a safe place.
2. Getting started with Lnp2pbot
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Click on this link to access the bot: @lnp2pBot
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Telegram will open automatically
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Click on "Start" or send the command "/start"
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The bot will ask you to create a username if you don't already have one
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The bot will guide you through the initial configuration
3. Join the community
- Join the main channel: @p2plightning
- Support: @lnp2pbotHelp
Buying and Selling Bitcoins
There are two main ways to exchange bitcoins on Lnp2pbot:
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Browse and respond to existing offers in the marketplace
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Create your own offer to buy or sell
In this guide, we'll take a detailed look at how :
- Buy bitcoins from an existing offer
- Sell bitcoins by creating your own offer
How to buy Bitcoins
1. Find and select an offer
Browse the offers in @p2plightning and click on the "Buy satoshis" button under the ad you're interested in.
2. Validate offer and amount
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Return to bot chat
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Confirm your choice of offer
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Enter the amount in fiat currency you wish to purchase
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The bot will ask you to provide a Lightning invoice for the amount in satoshis
3. Contact the seller
Once the invoice has been sent, the bot puts you in touch with the seller.
4. Communication with the seller
Click on the seller's nickname to open a private chat channel where you can exchange fiat payment details.
5. Confirmation of payment
After making the fiat payment, use the
/fiatsent command in the bot chat. Once the transaction is complete, you'll be able to rate the seller and the transaction will be closed.How to sell Bitcoins
1. Create a sales offer
To create a sales offer, simply use the command :
/sellThe bot will then guide you step by step:
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Choose your currency
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Indicate the amount of satoshis to sell
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For the price, you have two options:
- Set a fixed price for the quantity of satoshis
- Use the market price with the option of applying a premium (positive or negative)
💡 Tip: The premium allows you to adjust your price in relation to the market price. For example, a premium of -1% means you're selling for 1% less than the market price.
2. Confirmation of order creation
Once the order has been created, you'll see a confirmation with the option to cancel the order using the
/cancel command.3. Manage sales
- When a buyer responds to your offer, you'll receive a notification with a QR code and an invoice to pay.
- Check the buyer's profile and reputation.
- Click on the buyer's nickname to open a private discussion channel.
- Communicate fiat payment details to the buyer.
- Wait for confirmation of fiat payment from the buyer.
- Check that payment has been received on your account.
- Confirm the transaction with
/releaseand complete the order. You will have the opportunity to rate the buyer.
Good Practices and Safety
Safety tips
- Start with small amounts
- Always check users' reputations
- Use only the suggested payment methods
- Keep all communications in bot chat
- Never share sensitive information
Reputation system
- Each user has a reputation score
- Successful transactions increase your score
- Choose users with a good reputation
- Report any suspicious behavior to the moderators
Dispute resolution
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When problems arise, stay calm and professional
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Use the
/disputecommand to open a ticket -
Provide all necessary proof
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Wait for a moderator
Comparison with other solutions
Lnp2pbot has several advantages and disadvantages over other P2P exchange solutions such as Peach, Bisq, HodlHodl, and Robosat:
Advantages of Lnp2pbot
- No KYC required: Unlike some platforms, Lnp2pbot does not require identity verification, thus preserving user privacy.
- Fast transactions: Thanks to the Lightning network, transactions are almost instantaneous.
- Low fees: Transaction costs are lower than for traditional exchanges.
- Mobile availability: LNP2PBot is accessible via Telegram, making it easy to use on mobile devices.
- Easy to use: Lnp2pbot's intuitive interface makes it easy to use, even for less experienced users.
Disadvantages of Lnp2pbot
- Telegram dependency: Using Lnp2pbot requires a Telegram account, which may not be suitable for all users.
- Less liquidity: Compared to more established platforms like Bisq, liquidity can be more limited.
In comparison, solutions such as Bisq offer greater liquidity and a desktop interface, but may involve higher fees and longer transaction times. HodlHodl and Robosat, meanwhile, also offer KYC-free trading, but with different fee structures and interfaces.
Useful resources
- Official website: https://lnp2pbot.com/
- Documentation: https://lnp2pbot.com/learn/
- GitHub: https://github.com/lnp2pBot/bot
- Support: @lnp2pbotHelp
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Author
This tutorial has been written by Pierre
You can say thanks by tipping the professor.
Passionate about Bitcoin and convinced that education is the key, I wish to share with you the little knowledge I have and thus contribute to the adoption of Bitcoin. Otherwise, I'm a big fan of Pink Floyd, I'm learning to code, and I make memes. Looking forward to meeting you at the next meet-up! I am the creator of the training course BTC 205 - Non-KYC Purchase Solution.
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Credits
This tutorial has not been proofread yet
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The original content has been translated by AI, but human review is necessary to ensure its accuracy.
1 918 sats959 sats480 satsEvery content on the platform is the result of a collaborative effort: each lesson, translation, and revision is made possible by the work of contributors. For this reason, we are always looking for proofreaders who can review our content in many languages. If you want to participate in the proofreading process, please reach out in our Telegram group and read our tutorial. We remind you that this content is open-source - licensed under CC BY-SA - so it can be freely shared and used, as long as the original source is credited.