Bitcoin, being the most widely recognized cryptocurrency in the world is gaining in popularity. As the popularity growth takes place, we’re seeing new and innovative ways to go about buying and selling the cryptocurrency. This is where Paxful come in. The company is a peer to peer Bitcoin service allowing users to buy and sell the cryptocurrency to other users on the platform.
Of course, with the cryptocurrency-environment being largely unregulated, before working with any cryptcurrency-related service, it’s important to dig to make sure that the service is not a scam. After a thorough review, Scout the Crypto Scam Sniffer is confident in saying that Paxful is definitely not a scam. In today’s review, we’ll talk about:
- What Paxful is;
- payment methods accepted through the service;
- how money is made with Paxful;
- and Scout’s final thoughts.
What Is Paxful?
As mentioned above, Paxful is a peer to peer system for bitcoin enthusiasts. Essentially, the system allows people to buy or sell bitcoin from other users. It also has the added advantage of transactions being instant. Due to the nature of the blockchain, bitcoin transactions often take time to complete, which means that the price of the purchase at the time of the purchase may be wildly different from the price that you thought you were going to get at the time the order was placed.
Payment Methods And Fees
One thing that caught our attention when we started to dig into Paxful was how many different payment methods that can be used to buy bitcoin through the system. While it’s normal to see wire transfers and even credit cards as a method of payment, there are far more options available with Paxful. In fact, on the platform, users can purchase bitcoin using credit and debit cards, Western Union, Moneygram, Bank of America, cash deposits with other banks, online wallets and even gift cards!
Unlike many other exchanges and wallets, Paxful doesn’t charge any fee to deposit or withdrawal your money. However, there are fees associated with the purchase of bitcoin from other users that range in small single digit percentages dependent on the specifics of each transaction. Nonetheless, the fees charged by Paxful are more than competitive.
Another factor that we were greatly pleased with when reviewing the services provided by Paxful was customer service. So far, we have not reviewed another cryptocurrency service that has had a customer service system that was quite as good as this one. The company offers service by phone, email or live chat. When using each option, you’ll find that the person on the other end of the conversation is well-qualified to answer just about any question you throw at them about their services and walk you through every step of the process of buying and selling bitcoin on their platform.
How Money Is Made With Paxful
Paxful was ultimately designed as a way for the community to earn money through the sale of bitcoin. Essentially, the idea is to buy bitcoin, either from Paxful or from any other exchange online, then sell it through the Paxful peer to peer sales system for a higher price than what you purchased it for, thus earning a profit. So, once you have the bitcoin, you simply create an offer to sell it on the Paxful system. Then, taking advantage of the communication tools offered through the platform, you have the ability to negotiate with buyers and close deals.
Scout’s Final Thoughts
As is always the case, Scout the Scam Sniffer started his investigation into Paxful without bias and with an attempt to uncover a scam. Therefore, he dug as deep as he could, looking for any red flags that would suggest that the company was out there making promises that they weren’t planning on keeping. However, each time the paw hit the dirt, another sign of legitimacy proved to be the result. So, the investigation is closed, Paxful is indeed a legitimate service and a fair player in the cryptocurrency community!