Receiving and depositing bitcoin

When you sign up on Paxful, you get a free bitcoin wallet. With this free wallet, you also get a default bitcoin address. This address looks like a long complex password with numbers and letters (both uppercase and lowercase) in no apparent sequence. 

This address never expires, so just copy it and use it to receive bitcoin from other wallets or Bitcoin ATMs. You can also generate a new bitcoin address for extra privacy/security. You can create as many bitcoin addresses as you want and use them any number of times.

When other people send bitcoin to this address, it goes straight into your wallet. It’s not always instant. This is because bitcoin transactions are non-reversible and hence, the Bitcoin network needs to confirm the transaction three times before the bitcoin is released into your wallet. So be patient and give it some time. Once the bitcoin is sent, you should get a notification saying “incoming bitcoin at 0 confirmations” or "Unconfirmed". When that count reaches 3, you should see your bitcoin in your wallet. This can take anywhere from 20 minutes to a couple of hours depending on how congested the Bitcoin network is.

To deposit bitcoin to your Paxful wallet:

1. Log in to your Paxful account and click Wallet.
Deposit1.png

The Wallet page appears.
2. Copy the wallet address from the screen or click COPY ADDRESS.
If the app or ATM you are using to send bitcoin to your Paxful wallet has an option to scan  QR-code, simply scan the QR-code from your Paxful wallet.
Screenshot_2020-02-06_at_15.23.38.png

Note:

  • You can click Get a new address to generate a new additional address with a new QR-code.
  • Usually, after scanning the QR-code, apps or ATMs do not make an instant transfer but simply download the wallet address into their system. So if you scanned the wrong address, you still have the opportunity to cancel the transaction.

 3. Enter your Paxful wallet address into the app, website, or ATM. If you have scanned the QR-code, your wallet address appears on the screen of the app or ATM automatically.
4. Confirm sending bitcoin to your Paxful wallet.

Warning: Make sure that you are sending bitcoin and not any other cryptocurrency (Litecoin, Bitcoin Cash, Ethereum, etc.). Such transactions can result in a loss of your funds.

Note:

  • Make sure you have enough funds in the sending wallet or ATM. Be aware of the minimum BTC transaction amount.
  • Remember that the person sending the bitcoin will bear the transaction fee. Usually, the amount you send, the amount you will be charged as a network fee, the total amount deducted from your wallet are clearly shown to you before you confirm the bitcoin transfer.

Wait for your BTC to arrive and start trading as soon as you are ready. You can also always check your bitcoin transaction status.

Read more on bitcoin ATM topic or see how to send bitcoin from your Paxful wallet. If you want to start trading, check out the following guides: creating sell bitcoin offer and selling bitcoin.

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