Since the birth of Cryptocurrencies in 2009, traditional bitcoin exchanges (BTC) have been the most popular way of buying and selling cryptocurrencies. While still the most popular, peer-to-peer (P2P) platforms, such as Paxful, are paving the way for a more human-centric way of buying cryptocurrencies.
What is Paxful?
With maximum payment flexibility and a robust security system, Paxful has become the world’s leading people-powered marketplace.
Founded in 2015, Paxful has one goal: to provide everyone with equal access to finance. Since most traditional marketplaces require users to register with a bank account, those who are unbanked or have very little banking information are immediately excluded from participation. P2P platforms like Paxful solve this problem, allowing these populations to participate in transactions that were previously off limits to them.
As previously mentioned, the main advantages of Paxful are maximum payment flexibility and a robust security system.
If you want to buy , Paxful has almost 400 payment options available, so you can exchange almost anything you want for BTC. In addition, buyers pay no fees, which is a great experience for beginners.
On the other hand, if you want to sell bitcoin, you can make money by making an offer and determining your profit share. Bids can also be customized and designed to best suit your needs.
To ensure the safety of users on the platform, Paxful creates a secure trading environment with features such as a highly secure escrow service, two-factor authentication, and state-of-the-art blockchain analysis tools that help identify bad actors on the platform.
Disadvantages of Paxful
Since sellers on the platform can set their own profit amount, there is a high chance of finding cryptocurrencies at inflated prices. However, it’s worth noting that this goes both ways: if you want to sell BTC with a less popular payment option, you have the chance to earn more.
There is also a small chance of running into scammers. Although Paxful has significantly strengthened defenses, sometimes a scammer can slip through the cracks.
Finally, with Paxful you are limited to three fully integrated cryptocurrencies: Bitcoin, Etherium (ETH) and Tether (USDT). There are thousands of cryptocurrencies and limiting them to three is a point that Paxful misses.
In general, we can say that the pros outweigh the cons – especially since there are ways to get around Paxful’s major drawbacks.
How to buy BTC at Paxful
If you are interested in buying bitcoin, the process on Paxful can be simplified into three basic steps – provided you already have an account.
Step 1: Find an offer
On the homepage, enter your preferences and click Find Offers. Paxful will display a list of available offers. From there, you just need to select an offer – note the seller’s rating, the BTC price and whether the user is active. If you want to get more information, you can click the Buy button to see the full extent of the offer.
Step 2: Start trading
When you’re ready to trade, enter the amount you want to buy and click the Buy Now button. Follow the seller’s instructions carefully and mark the transaction as paid.
Step 3: Receive your BTC
Once you submit your payment and mark the transaction as paid, give the seller a few minutes to confirm the transaction. As soon as it’s confirmed, they’ll release the BTC from escrow and it’ll go straight into your wallet. From there, all you need to do is leave feedback and your transaction is complete.
Overall, Paxful is a great place to trade cryptocurrencies – whether you’re a seasoned veteran or an enthusiastic beginner. The clean interface makes trading easy, the list of payment options makes cryptocurrencies accessible, and you feel safe in the environment they have created.