Buying Bitcoin remains one of the biggest hurdles to mainstream consumers. Luckily, it appears more and more platforms are coming to the market. Paxful is becoming a rather popular Bitcoin trading platform, as it allows users to instantly purchase cryptocurrency. Let’s take a closer look at what makes this platform so unique.
The business mission of Paxful is all about creating a secure and fair platform to trade cryptocurrencies. The company likes to portray itself as being the PayPal and Uber of Wall Street for the average person. That is a bold statement, but the Wilmington-based company feels they can become such a driving force in the future.
As one would come to expect from a platform such as Paxful, the main objective is to let users buy Bitcoin. This is made possible by accepting several hundred payment methods around the world. Some of their popular payment solutions include Amazon Gift Cards, PayPal, Credit and Debit Cards, and Western Union. On paper, the platform has all of the right tools to provide as a way to instantly purchase Bitcoin anywhere in the world. Do keep in mind there is a 1% fee for sellers, though.
However, Paxful is not just about buying Bitcoin, as users can also sell cryptocurrency through the platform. Vendors are more than welcome to join the platform, as there is always a growing demand for cryptocurrency. All traders are held in escrow until the payment is made and verified by the seller. Additionally, Paxful also has its own reputation system, which allows both buyers and sellers to make a name for themselves.
Paxful also has an affiliate program in place. This feature is known as the Bitcoin Virtual Kiosk offer. Any affiliate who refers people to Paxful to buy Bitcoin will earn 2% of their purchase. A similar program exists on LocalBitcoins, another popular peer-to-peer Bitcoin trading platform.
Unfortunately, it appears the platform has to deal with its fair share of scammers. That is not entirely surprising, considering buyers and sellers are directly dealing with other human beings when conducting a trade. This does not mean Paxful is not legitimate though, as the company does everything they can to prevent scammers from defrauding other users. Buyers and sellers always need to do their own research before agreeing to a trade with a stranger on the Internet, regardless of what payment method is used.
All things considered, Paxful is quite a powerful platform. There is no real reason to use it over LocalBitcoins necessarily, although their wide range of accepted payment methods gives Paxful a competitive edge. Users need to take the necessary precautions to ensure they are not scammed by another person. The secure escrow system by Paxful will help in this regard, yet it is not a perfect solution. In fact, no platform has a perfect solution when it comes to converting irreversible cryptocurrency to and from reversible payment methods.
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