It might interest you to know that Bitcoin scammers are on the rise, and the internet has become their major prey ground, of which Paxful an online bitcoin marketplace is not left out. There have been many records of fraudulent transactions among traders, leaving victims with very bad experiences from using the platform.
So whether you are hearing about Paxful for the first time or not, in this article you will get to learn the secret of how to boycott scammers and carry out successful bitcoin and gift card transactions on Paxful, so i strongly advice that you read till the end.
Paxful is a peer-to-peer Bitcoin marketplace that enables users to buy and sell Bitcoin, Tether, and Gift cards with their choice of over 300 payment options among themselves, completely without any form of limitation. Credits to it's founder Ray and Artur who took it upon themselves to this Avenue for Bitcoin adopters in the year 2015 till date.
The platform connects over 4.8 million users all over the world. All users are protected by the Paxful Escrow system, which means they can safely transact knowing their funds are safe.
Related: Learn How To Accelerate Bitcoin Transaction
Paxful enables people to interface with the advertisements of other people offering to trade for Bitcoin using online wallets like Paypal, gift cards, domestic bank transfers, and others.
Paxful acts as a supervising authority over users who use these wallets, accounts, or instruments to trade amongst themselves. As such, Paxful does not need to officially connect to the banking or regulatory infrastructure of many of the countries which it operates in.
This model of operation enables Paxful to engage people who are financially disconnected citizens of developing countries such as west African countries to carry out monetary transactions with people who are in developed countries, such as the European countries without experiencing any form of barriers associated with cross country commerce.
This services is made available in more than 100 countries, ie. almost all over the world without limitations, due to its accessibility in over 300+ mode of payment acceptable among users across the globe. This have made the company to be standing tall among it's competitors in the cryptocurrency space.
Now you can as well start generating passive income with Paxful in two major ways, either by signing up on Paxful to become a vendor or signing up to become an affiliate marketer.
Vendor: A Paxful vendor is a user on the platform that is know for the instant buying of Bitcoin from a user who visits Paxful to sell Bitcoin, and selling of Bitcoin to a user who visits Paxful to buy Bitcoin. This process of transaction is called peer to peer trading, which is safely controlled by a mode of conduct known as Escrow.
Escrow in this case is responsible for the safeguarding of the transaction between traders to avoid fraudulent transactions. To become a successful and profits driven vendor on Paxful there is utmost need that you have your account properly verified and also reasonable amount of capital to kick start with.
Affiliate: This term identifies with a Paxful user who is signed up to the platform for the purpose of introducing the services of Paxful to new user and in return getting rewards of Bitcoins for doing so. Such user is open to unlimited earning of Bitcoins as there is no limit to as the amount of new users he can introduce into the platform.
Affiliate users are opportune to earn from two level of referral, which are direct referrals, and the first tier referrals of his direct referral.
How to Buy/Sell your Bitcoin/Gift cards Securely on Paxful
As a user who just want a place to sell or buy his/herself bitcoin as well as Gift card, these are the things you need to know, mostly as a first timer.
To do this, first thing is you are required to register an account by visiting the website Here fill up the registration form and proceed to verify your email.
Now to buy or sell Bitcoin, first step is to choose the currency you will either pay with or get paid with and then the amount of Bitcoin you want.
Note. the minimum you can buy is $10 and maximum you can buy is $10,000 this limit applies to users who have not undergo complete account verification, like I earlier said there are over 300 options of payment either to buy or sell bitcoins and two of the most reliable options are Bank Transfer and Cash in Person.
Let's say you’ve chosen USD as your preferred currency, and Bank transfer as the payment method, then you will be shown a list of Vendors and they will all have a Positive reputation count and Negative Reputation Count based on reviews from satisfied and unsatisfied individual customers respectively.
Doing so will enable you to know which among the listed vendors will be good and safe for you to transact with, then click on your preferred vendor profile to acces more information about the vendor, so you can decide if the vendor is good to go.
However you should look out for the status of the following informations on a vendor's profile, such as if the Email is verified, Phone is verified, ID is verified, Address is verified, other informations to look out for are the Vendor's Trade partner count, Trades, Trusted by, blocked by, and the vendor's joining date.
Finally read the vendor's Terms before initiating a trade, make sure you are okay with the vendor's Terms. Next step is to click Buy Now, a chat will be open between the both of you so you can chat, or probably ask the vendor or seller what to do in order to make the trade go smoothly, and check the Time Limit as well, as this will tell you how long before the trade will be automatically cancelled, so make sure to complete the trade in a timely manner.
Immediately input the amount of Bitcoin you want to buy or sell as the case may be, click Confirm, that imputed amount will be locked inside Escrow System to keep the bitcoin away from both parties involved in the transaction, then proceed to payment, after payment pressed the Paid Button the vendor on the other side will be notified and the trade timer will be stopped so the trade won’t be tagged invalid.
At this stage you are to wait for the seller or buyer response once your payment is verified he/she will then press the Release Bitcoin button which will release the bitcoin from the Escrow System automatically and directly to your Wallet.
At this point you have now successfully completed a trade, you can further go ahead to give the Vendor a good comment review if you were satisfied and this applies to the vendor also if satisfied having a transaction with you , so both of you will earn each other a good reputation and it will add to your profile.
Important Notification
I strongly advise you not to transact using PayPal because it’s easy mostly use by scammers. After transaction they can easily report to PayPal claiming to have been defrauded by whom they transact with, and PayPal will ignorantly refund back their money leaving you at loses.
Also Gift Cards are loved by scammers they can easily open a trade and send you either a stolen gift card or a used gift card so make sure to always video record your screen, while dealing with suspicious users. A screen recorded video of your transaction with a scammer will help retrieve your money back.
If you want to buy Bitcoin in exchange for gift card, like amazon gift card or apple gift card. Be wise and make sure to stay right inside the shop that you have bought the gift card, and also screen record as you start a trade with a vendor and send the gift card to the vendor via chat and then press the Paid Button, let the vendor do what he has to do like checking the gift card if it is valid or not, once a genuine vendor verified your gift card to be valid and have successfully transferred the balance to his account he/she will release your Bitcoin.
Now doing the recording will protect you from vendors who are fund of lieing that your gift card is invalid but your recorded video will serve as a raw proof, which will do all the talking for you, when submitted to Paxful support service which will save you from losses as well.
How To Report A Dispute
In a scenario whereby you are trying to sell or buy Bitcoin but there has been a problem which could be either the buyer or seller is trying to scam you then you have the option of disputing the trade by pressing the Dispute trade button and then you can tell the Moderators the issue and they will help you out. You can only initiate a dispute after 2 hours.
There is a floating live chat icon on the bottom right side on the Paxful website which you can use to get answers as fast as possible.
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