Paxful is a Bitcoin peer-to-peer online marketplace which was founded in 2015. The team is headquartered in the U.S. but has multiple offices around the world, including one in the Philippines.
Being a partially-decentralized peer-to-peer marketplace, geographic and political restrictions do not affect Paxful, which makes it a great alternative site for buying bitcoin as opposed to centralized exchanges, which suffer a lot from regulatory restrictions.
The marketplace only allows users to buy and sell Bitcoin. However, many users accept different forms of payments. In fact, Paxful is one of the few platforms where you can buy bitcoins using so many different payment methods that are not available elsewhere. The list of accepted payments include: altcoins, cash, credit and debit cards, MoneyGram, National Bank Transfer, PayPal, Western Union, gift cards, etc.
The process of buying is so simple:
1) Choose how much Bitcoin you want to buy, 2) Choose the currency you want the exchange rate to be in 3) Select a payment method
In order to transfer Bitcoins throughout the network, the senders are charged, but not by Paxful itself, but by the miners in the bitcoin network. However, the platform charges 1% fee to the sellers, who in turn, sell the Bitcoins at a slightly higher price than the market value.
Different sellers have different fees. Also, the exchange rate varies depending on the payment method. Payments that have chargeback options (credit cards, Paypal) normally cost more as their risks are higher than those (cash, bank transfer) that do not. Gift cards are known to have the highest fees.
There are a number of security features and mechanisms that promote honest trading. For one thing, the moment a user registers to the site, a wallet is generated which automatically stores funds. The platform also employs Two-factor Authentication, which protects users in the event of a hack.
To protect traders from counterparty risk, Paxful provides an escrow service. Therefore, only when both buyers and sellers have confirmed the transaction, will the money be released to the buyer’s wallet. Furthermore, traders are also rated based on their activity and trading history.
Paxful is one of the easiest ways to acquire Bitcoin online. It is a splendid marketplace for people whose preferred modes of payments aren’t available in traditional crypto exchanges. However, the prices may be a bit higher with these alternative payment options.
Check out the website: https://Paxful.com
This article originally appeared on BitPinas: Paxful Crypto Exchange Review Philippines