cryptocurrency bitcoin

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Paxful: The peer-to-peer network for normal people

Paxful is known as the “Uber Of Bitcoin” as it has simplified bitcoin transactions like Uber has simplified taxi rides in urban areas.

cryptocurrency bitcoin

Image via Adobe Stock

Paxful was founded in the Summer of 2015 by two visionaries Ray Youssef and Artur Schaback and is based in Delaware USA. The company is a peer-to-peer crypto buy-and-sell platform, that allows everyone in the world to transact.

Paxful has nearly 4.5 million users, meaning there are a lot of people on the portal to trade with. Setting up an account on the platform can be done easily online and merely requires that you verify your identity and provide a secure password.

Trading on Paxful – What you need to know

You can transact with Bitcoin and Tether on the platform. Bitcoin is a cryptocurrency, a form of digital money. Tether is also a cryptocurrency that is linked to a traditional fiat currency.

Tether is pegged to a fiat currency to prevent volatility as compared to the other tokens.

Buying and selling on Paxful

On Paxful, you can buy and sell cryptocurrency with 300+ payment methods including:

  • Bank Transfers
  • Digital Currency
  • Gift Cards
  • Online Wallets
  • Goods And Services.

You can make extra money by recruiting people to the platform and earn 50% of their escrow fees. You can also see how much you have earned.

User interface and experience

I simply love the graphical user interface of the platform; it is clean and adapts to any screen size. The platform is fairly easy to use even for non-bitcoin experts.

Staying safe

Bitcoin is money and Paxful takes safety and security on its platform very seriously. They verify user IDs, insist on 2-factor authentication, and employ a ton of risk, security, and customer service experts.

For beginners, Paxful top tips for staying safe in the bitcoin-economy are as follows: 

  1. Educate yourself about the bitcoin economy
    • The more you know about any financial system, the safer you will be.
  2. Steer of get-rich-quick-schemes
    • If it’s too good to be true, it often is.
  3. Transact on reputable platforms
    • Research the exchanges or marketplaces you use. You want to use a portal that has a solid user track record.
  4. Use 2FA to protect your crypto transaction account
    • We all have been asked to answer a security message or input a cell phone code to log in to an account. This additional, step beyond a username and password, is two-factor authentication (2FA). Multi-factor authentication is a stronger method of identity validation.
  5. Start small
    • If you’re new to the bitcoin-economy, keep your transactions modest. You can increase your spending when you become more au fait with the crypto sector.