The ISO 20022 standard is reshaping how financial institutions exchange data, providing a standardized framework for banking transactions. However, for those seeking to trade in a decentralized manner, bypassing banks, this standard may not be relevant. Imagine you grow carrots and want to sell them directly to someone who pays with cryptocurrencies. Which networks and coins would allow you to do this securely, privately, and sustainably? In this blog, we explore the most promising options for peer-to-peer (P2P) commerce outside the banking system.

Initial Question

Why might someone want to avoid the banking system for trading? What advantages and challenges could they face when using cryptocurrencies for everyday transactions like selling agricultural products?

Why Seek Alternatives to ISO 20022?

ISO 20022 is a standard designed to enhance interoperability among financial institutions, but it’s inherently tied to centralized systems. For those prioritizing autonomy, this poses limitations:

• Centralization: It relies on banks and regulated entities, which may involve surveillance and control.

• Cost: Bank transactions can incur fees that don’t exist in decentralized networks.

• Access: Not everyone has access to banking services, but cryptocurrencies only require an internet connection.

Reflection

If you wanted to sell your carrots without going through a bank, what obstacles might you encounter? How could a cryptocurrency address those issues?

Criteria for Selecting Suitable Cryptocurrencies

For a cryptocurrency to be viable in P2P commerce outside ISO 20022, it must meet certain criteria. Let’s analyze them:

1. Decentralization: The network must not be controlled by a single entity, making it resistant to censorship or shutdown.

2. Privacy: Transactions should protect user identities and details, especially if avoiding surveillance is a goal.

3. Sustainability: The currency needs an active community, ongoing development, and a solid technical foundation.

4. Low Transaction Costs: For small transactions, like selling carrots, fees must be minimal or nonexistent.

5. Adoption: The currency should be accepted by enough people to be practical.

Question

Of these criteria, which do you think is the most important for your case? Would you be willing to sacrifice privacy for greater adoption, or vice versa?

Top Cryptocurrencies for Decentralized Commerce

Below, we present the cryptocurrencies that appear most promising for P2P commerce, based on the criteria above. Each has strengths and weaknesses, so consider which aligns best with your needs.

1. Bitcoin (BTC)

• Description: The first cryptocurrency, known for its decentralization and resistance to censorship.

• Advantages:

  • Widely accepted on P2P platforms like Bisq and LocalBitcoins.

  • Robust network with thousands of nodes and miners.

  • Global liquidity, ideal for converting to other currencies or fiat.

• Disadvantages:

  • Transactions are not private by default; they can be traced unless techniques like CoinJoin are used.

  • Transaction costs can be high during peak usage (~$1.76 per transaction in July 2025).

• Example: You could sell carrots for Bitcoin on Bisq, but the buyer would pay a network fee.

Reflection

Why do you think Bitcoin is so popular despite its privacy and cost limitations? Would you be willing to pay a fee to use a more widely accepted currency?

2. Monero (XMR)

• Description: A privacy-focused cryptocurrency with untraceable transactions thanks to ring signatures and stealth addresses.

• Advantages:

  • Mandatory privacy, ideal for avoiding surveillance.

  • Low transaction costs (~$0.001).

  • Active and regulation-resistant community.

• Disadvantages:

  • Lower adoption than Bitcoin, which may make finding buyers harder.

  • Heavier blockchain, requiring more storage.

• Example: You could accept Monero directly from a buyer who values privacy, using a wallet like Cake Wallet.

Reflection

If privacy is crucial for you, how important is it that the currency is widely accepted? How would you find buyers who use Monero?

3. Nano (XNO)

• Description: Designed for instant, fee-free transactions using a block-lattice structure.

• Advantages:

  • Free transactions, perfect for small payments.

  • Fast (under a second) and energy-efficient.

  • Decentralized, with community-run nodes.

• Disadvantages:

  • No privacy; transactions are public.

  • Limited adoption, though some businesses accept it (e.g., NOWPayments).

• Example: You could sell carrots for Nano without worrying about fees, but you’d need to find buyers familiar with this currency.

Reflection

If there are no fees, what might limit Nano’s use? How could you convince someone to use Nano instead of Bitcoin?

4. Litecoin (LTC)

• Description: Similar to Bitcoin but with faster transaction times and lower costs.

• Advantages:

  • Fast and cheap transactions (~$0.01).

  • Optional privacy with MimbleWimble Extension Block (MWEB).

  • Widely accepted by merchants and P2P platforms.

• Disadvantages:

  • Less privacy-focused than Monero.

  • Relative mining centralization.

• Example: You could use Litecoin for quick transactions on platforms like Paxful.

Reflection

If Litecoin offers a balance between speed and cost, why isn’t it as popular as Bitcoin? What factors influence the choice of a currency?

5. Decred (DCR)

• Description: A cryptocurrency with a hybrid proof-of-work and proof-of-stake system, focused on governance.

• Advantages:

  • Attack-resistant due to its hybrid model.

  • Self-funded through a treasury system.

  • Emphasis on economic freedom.

• Disadvantages:

  • Lower adoption and recognition.

  • Complexity for everyday transactions.

• Example: You could use Decred in niche communities that value decentralized governance.

Reflection

Why do you think governance is important for a cryptocurrency’s sustainability? Would you be willing to learn about a lesser-known currency if it offers unique advantages?

Networks and Platforms for P2P Commerce

Beyond cryptocurrencies, platforms that facilitate P2P commerce are essential. Here are some options:

• Bisq: A decentralized exchange for trading Bitcoin, Monero, and other cryptocurrencies without intermediaries. Uses Tor for added privacy.

• LocalBitcoins and Paxful: P2P platforms for Bitcoin, though some cases require verification.

• Haveno: A Monero-based decentralized marketplace, ideal for private transactions.

• Atomic Swaps: Technology for direct cross-blockchain cryptocurrency exchanges without intermediaries.

• Origin Protocol: A platform for creating P2P markets, though adoption is limited.

Question

If you had to choose a platform to sell your carrots, would you prefer a fully decentralized one like Bisq or a more well-known one like LocalBitcoins? Why?

Practical Examples

Imagine you want to sell your carrots for cryptocurrencies. Here’s a step-by-step scenario:

1. Set up a wallet: Download a wallet like Cake Wallet (for Monero) or Trust Wallet (for Bitcoin, Nano, etc.).

2. Find a buyer: Use platforms like Bisq, cryptocurrency forums, or local social media groups.

3. Agree on a price: Set the value in cryptocurrencies (e.g., 1 kg of carrots = 0.0001 BTC or 0.01 XMR).

4. Complete the transaction: The buyer sends the cryptocurrency to your wallet, and you deliver the carrots.

5. Verify the transaction: Use a blockchain explorer to confirm the payment is complete.

Reflection

How would you ensure the buyer pays before delivering the carrots? What tools or platforms could assist you?

Future Outlook: Which Cryptocurrencies Might Not Survive?

Some cryptocurrencies may not be viable long-term outside ISO 20022:

• Centralized Stablecoins (USDT, USDC): Tied to banks and regulations, making them less independent.

• Central Bank Digital Currencies (CBDCs): Government-controlled, the opposite of decentralization.

• Institutional Tokens: Lack value in a P2P ecosystem.

Question

Why do you think centralized stablecoins might not be suitable for P2P commerce? What advantages might they have despite their limitations?

Conclusion

For trading carrots (or any goods) without banks, cryptocurrencies like Bitcoin, Monero, and Nano offer promising solutions. Bitcoin stands out for its adoption, Monero for its privacy, and Nano for its fee-free transactions. However, sustainability depends on community support, development, and regulatory resistance. To maximize impact, consider running your own node to strengthen the network and educate yourself about available P2P platforms.

Final Reflection

What steps would you take today to start using one of these cryptocurrencies? What motivates you to explore decentralized commerce, and what challenges do you anticipate?