Wallet

How to use your Paxful bitcoin wallet FAQ

4576 views April 29, 2017 July 25, 2017 ray 68

When you create a Paxful account you automatically get a free bitcoin wallet. Access it here anytime

How to Receive and deposit funds to your wallet.

Every wallet starts off with a bitcoin address. You give this to people who want to send you bitcoin.

Frequently Asked Questions about deposits to your bitcoin wallet

  • Copy Address: You can easily copy your bitcoin address by clicking the “Copy address” button next to the long bitcoin address. This really helps on mobile, especially android where it is difficult to copy and paste.
  • New Address: You can create a new wallet address anytime by clicking the “copy address button” and selecting “get new address”. The address will be added to your bitcoin deposit addresses and you can check them in the “address” tab when you scroll down the wallet page.

    • You can make as many bitcoin deposit addresses as you want.
    • All your old addresses will always work. Any bitcoin sent to them you will still get!
    • Once someone sends you bitcoin it can take anywhere from 30 minutes to several hours depending on how congested the bitcoin network us.
    • You will see it tell you that the transaction is PENDING. You will get a notification about it instantly in your notifications tab.
  • Pending Transactions: To get more details about a pending incoming deposit refresh the wallet page and you will see it listed as a “pending” transaction.
  • Confirmations: It takes a total of 3 confirmations for the funds to be credited to you. This is the average and some wallets even demand 5 confirmations. A single confirmation can happen every 10 minutes, meaning that at the fastest you can be credited in 30 minutes. For more information about how bitcoin network confirmations work please see this advanced article. Please be aware that if the Bitcoin Mempool is overloaded confirmations can take MUCH longer. The number of waiting unconfirmed transactions in the bitcoin mempool is the key factor (check the bitcoin mempool here). Average is around 3000 but it has gone up to over 200,000 which is VERY SLOW. Paxful has no control over this. Please do not contact support about this as there is nothing we can do to speed it up!!!
  • Wrong Address: If you give someone a WRONG address and they send bitcoins to it then the bitcoins are LOST and we cannot EVER REVERSE them. It is IMPOSSIBLE for anyone to reverse bitcoin transactions so please give people the RIGHT address.
  • Deposit Successful: When the confirmations clear the bitcoins will be in your wallet and ready to spend. You will see a notification right away and once you refresh the balance and transaction will update as in the picture below.

How to Send Bitcoin from your wallet

Sending bitcoins is simple. You just need their bitcoin address and to know how much they need, preferably in bitcoin.

Frequently Asked Questions about sending bitcoins from your bitcoin wallet

  • Is everyone who takes bitcoin-compatible with your wallet?
    YES! All bitcoin wallets work with each other, web wallets or apps.  The bitcoin in your Paxful wallet can be used anywhere Bitcoin is accepted.
  • Can I spend a fraction of a bitcoin?
    Yes! You can send or spend any fraction of a bitcoin down to less than a penny. You can use your Paxful wallet or send to a wallet on your phone.
  • Once I buy bitcoin can I spend it anywhere?
    Yes. You can send bitcoin to any address or wallet. You can also install your own wallet on your computer or phone. We recommend AirBitz and Bread Wallet. You can buy using bitcoin at major sites like overstock.com and newegg.com etc..
  • Does Paxful sell bitcoins? Can I just link my bank account to you?
    No, We are a listing and escrow service for sellers to trade on. They list their ads to buy or sell and you or others can deal with them directly. For help adding money to your bitcoin wallet check our step by step guide here.
  • How exactly do I get the bitcoin into a “wallet”?
    When you create an account on Paxful you already have a free wallet set up. When you buy bitcoin on Paxful the bitcoins go straight to your Paxful wallet and are waiting to be used anywhere.

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