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A P2P Exchange (Peer-to-Peer Exchange) is a decentralized platform that allows users to trade cryptocurrencies directly with each other, bypassing intermediaries like centralized exchanges. In a P2P exchange, buyers and sellers create offers, and transactions are facilitated through an escrow system, ensuring that both parties fulfill their obligations before funds are released. These exchanges typically offer lower fees, enhanced privacy, and greater control over transactions. Key features often include various payment methods, user reputation systems, dispute resolution mechanisms, and blockchain integration for security and transparency. P2P exchanges provide a more autonomous and cost-effective trading environment for cryptocurrency enthusiasts.