Bitcoin, this is a word and a commodity that many people across the globe are now familiar with In the original white paper by Satoshi Nakamoto, there is a continual reference to a “peer to peer network” which is the true and pure if you like point of developing and implementing this digital currency
The idea with a peer to peer network is you do not need a government or a bank to interfere or get in the way of any transactions However, for buyers and sellers to find each other, it is still very helpful to have a common marketplace where you can meet and trade In this video we are going to look at one of the world’s biggest peer to peer bitcoin exchanges Let’s take a deep dive into Paxful We are going to discuss all the great bits and pieces about Paxful, and also where they have room for improvement, but before we get into that, we will first have a play around with the actual platform, and see how it functions
First up, like any platform you have to create an account, this part is pretty standard Then after you enter your particulars, you will go on to enter your security questions, which is a good way to protect your identity Once you have picked your currency of choice, then you enter into the platform From there, there are a number of ways you can transfer funds onto the actual platform This is a very good thing, as it makes it easy for most people across the world to find a payment method that suits them
This includes bank transfers, crypto wallets, gift cards – which we will circle back to in a moment, cash, debit and credit cards and other digital currencies With the gift cards, there are many – and this is a pretty amazing thing to have on an exchange What this does is allows people to buy cryptocurrency as a gift, and also, will more than likely bring in a lot of new people into the crypto space Just consider for a moment you want to get your mother a gift, and for the last year or two, she has been saying, what is that Bitcoin thing you are into Can you explain it to me, can you get some for me
Well now, it is very easy to say, for sure momma, happy birthday, and you can buy your beloved mother some Bitcoin So, let’s assume you want to sell some Bitcoin – you just head to the top of the page, click on “Sell bitcoin” choose from the 300 plus payment methods we have already mentioned Chose how much you want to spend Pick the currency you wish to transact in Select which country you are in
Then, you jump into the peer to peer marketplace when you click the button – search for offers Once you are into this part of the platform – You can click on a user to open his profile for more details on your potential trade partner Note the user’s reputation, activity, verification level, BTC volume, amount of trusted by or blocked by, when the user joined Paxful You will then proceed to terms and conditions part of the deal, and once you and the buyer agree on terms, then you select the amount you want to actually trade Now trade is open with the instructions and the chatbox
Your bitcoins are in the secured escrow connected to the trade Follow all instructions of the offer owner: send the required files and documents, provide necessary information for the payment Make sure you receive funds from the buyer The buyer must confirm within the trade that he has paid you Click “Release bitcoins”
Bitcoins will go from trade escrow to the buyer’s Paxful wallet Once a trade has started the amount of BTC in escrow is fixed It will not change according to fluctuations! When it comes to selling Bitcoin, there are 14 key rules on the platform: “It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own self-interest We address ourselves not to their humanity but to their self-love, and never talk to them of our own necessities, but of their advantages” This immortal quote comes from Adam Smith’s book The Wealth of Nations The reason this quote rings so true nearly 300 years on, is the drivers in markets and economies tend not to change a great deal
With Paxful, this is not a charity, this is a business set out to make money, but this is a good thing, as their customers can choose from scores of other exchanges if they feel the Paxful platform is not up to scratch Also, because Paxful is providing the peer to peer platform and not doing a million other things like some other exchanges out there, you only pay a small fee, and you can then buy and sell your bitcoin as you see fit This makes it clean, easy to use, and cost effective How will Paxful do in the future? Well, know one knows for sure – but as the world of cryptocurrency continues to move into more and more parts of the culture and more and more people are brought on board, the average person will look for lower fees and ease of use, like they do now with banks And because of this, Paxful may have a very bright future
For Crypto Global News I’m Edward, until next time you take it easy
