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The Paxful Platform: A Peer-to-Peer Bitcoin Marketplace

Paxful Incorporated (formerly known as EasyBitz) is a US-based peer-to-peer Bitcoin marketplace that connects buyers with sellers all over the world. The paxful platform operates as a mediator between interested parties who wishes to trade in bitcoin and provides a space for its users to interact. It was founded in 2015 by a group of developers led by Ray Youssef and Artur Schaback who sought to create a peer-to-peer platform that provides buyers and sellers with the opportunity to interact after posting trade offers.

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Initially, the company focused on handling payment processing for businesses with physical presence, they quickly expanded by integrating online and virtual presence following a surge in demand. It has traded over 40,000 bitcoins since it was founded and serves over 55,000 customers. The Paxful platform is among the biggest USD peer-to-peer bitcoin marketplaces by volume, and boosted a revenue of over $20,703,199 as of December 1, 2018.

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The paxful platform allows an internal messaging system through which traders transact and communicate with each other. The platform platform also allows users who is looking for where to store their bitcoin to create a free online bitcoin wallet. The platform also supports more than 300 ways to pay for bitcoin ranging from gift cards (which accounts for over 64% of total trades on the platform) to bank transfers.

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Paxful is a popular online bitcoin trading platform and the site is user friendly and offers the most diverse range of payment methods available online. Payment options include cash deposit, bank transfer, credit or debit card, PayPal, Skrill and MoneyGram. In addition to these payment methods, paxful users can also choose to make purchases by using any of a higher denominations gift cards such as Amazon and iTunes. These options make Paxful a handy location for buying and selling Bitcoin.

Interestingly, paxful users are entitled to zero transaction fee on every bitcoin transaction carried out on the platform. What do I mean by this? Those who use paxful are exempted from paying bitcoin transaction fee when they initiate withdrawal or bitcoin transfer if and only if the transaction is carried out between two users on the platform. Any other bitcoin transaction that is carried out from paxful to a different platform (say Crypto exchanges, Luno, Localbitcoins etc.) are not exempted from network fees. Also, any bitcoin transaction between paxful users (from one paxful wallet to another) is facilitated instantly at a lightning speed without requiring confirmation from the network.

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To get started with paxful and enjoy all its beneficial features click here. Also, after creating your account visit here to generate your affiliate link which you can use in inviting others to the platform and 2% commission on all their transactions and help spreading the awareness of blockchain technology.

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Written by Russell


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