It’s now safe to say that Bitcoin (BTC) has reached mainstream status. Although not many people are educated on the matter, the whole world is now aware of its existence. However, since many people don’t know much about it, not everyone knows how to get their hands on BTC. It may seem intimidating at first, but trust us, it really isn’t that hard.
Existing ways of buying Bitcoin
One of the most popular ways of buying BTC is through a traditional exchange. All you have to do on these types of platforms is sign up, link your bank account, and you’re ready to buy Bitcoin.
Although they’ve been around longer and are probably more popular, the downside to buying on a traditional exchange is that fees are often higher. A traditional exchange will often act as a middleman, and although that can seem enticing for new traders, the help they provide can come at a cost. Another downside is that most of these platforms require you to link a bank account, automatically disqualifying the unbanked population from ever participating.
This is where peer-to-peer (P2P) marketplaces come in. Although they’re relatively new, their popularity in the fintech space is rising. On these platforms, fees are often cheaper, trading is easier since they have hundreds of payment options, and with the right systems, you’re placed in a secure trading environment.
Paxful, for example, is the world’s leading people-powered marketplace and has nearly 400 payment methods, including bank transfers, gift cards, and even goods and services. The best part is that if you’re buying Bitcoin, there are zero fees and you can start with as little as 10 USD.
The beauty of P2P
P2P platforms personalize the whole cryptocurrency trading experience. Instead of the platform acting as a middleman, the buyer and seller complete the trade themselves. As a result, vendors can sell their BTC for anything they want in return, whether cash, a gift card, or even a service. This is where those 400+ payment methods come into play.
Additionally, platforms like Paxful have robust security systems in place—high-security escrow services, extra layers of protection like two-factor authentication (2FA), and state-of-the-art blockchain analysis tools to ensure users are trading in a safe space.
The best part about peer-to-peer platforms like Paxful is that they give people the ability to see Bitcoin as more than an investment tool. They allow people to actually spend their BTC in return for the things they want and need. In simple terms, it nullifies Bitcoin’s price volatility by emphasizing BTC’s real-use cases like making payments, wealth preservation, sending remittances, and more.
Buying Bitcoin on Paxful
Getting started on Paxful is extremely easy. Create an account, get your free Bitcoin wallet, and start trading right away. Additionally, you can verify your account for higher trading limits and attract better-quality trades.
Ready to buy Bitcoin? All you need to do is follow these three simple steps:
Step 1: Find an offer
The first step is to find an offer that best suits your needs. To do so, from the home page, input your preferences: select Bitcoin as your crypto, choose a payment method from our roster, and then click Find offers.
From there, you’ll be taken to the offer page. It may be a little overwhelming at first, but don’t worry, here’s what you need to look out for:
- Price – Every seller on Paxful adds their own profit percentage, allowing them to earn from selling crypto. The best way to gauge the price is by looking at the percentage—the lower it is, the cheaper the rate.
- Reputation score – Indicated by the number beside the green thumbs-up icon, the reputation score reflects the vendor’s reliability—the higher the score, the more reliable that user is. Another great indicator of a vendor’s reliability is the badge they carry—whether it be a Trusted badge, Power Trader badge, or Expert Trader badge—these badges make sure that you’re trading with a trusted user.
- Offer tags – These tags will give you an idea of what the vendor will need as payment. Before you choose an offer, make sure that you can comply with the seller’s payment terms.
- Trade limits – These limits indicate how much a vendor is willing to sell. Make sure that how much you want to buy lines up with their limits.
- Availability – Found an offer from a reputable vendor at a great price? Before you start that trade, make sure to check if they’re available. If you start a trade with an inactive vendor, it could expire on you.
If at any point you still feel overwhelmed with the number of offers, you can use the filter on the side to narrow down your options even further.
Once you’ve settled on an offer, click the Buy button. You’ll be taken to a page where you can review all the details of the trade. When you’re ready to start, input how much BTC you want to buy, and then click Buy now.
Step 2: Trade
Once the trade starts, you’ll once again receive a set of detailed instructions on how to pay. Make sure that you follow the directions carefully. If not, it could be used against you in the case of a dispute.
At this point, feel free to talk directly to your trade partner through the live chat. Feel free to say hi or ask for any clarifications on the payment instructions.
After you’ve sent/completed your payment, make sure to mark the trade as Paid. From there, give the seller a few minutes to verify the payment on their end.
Step 3: Receive BTC and leave feedback
Once verified, the vendor should release the BTC from escrow to be deposited to your Paxful Wallet and the trade will be complete. Congratulations! All that’s left to do is leave feedback for your trade partner.
Welcome to the future
As you can see, buying BTC isn’t that hard. Eventually, you’ll get the hang of it. Who knows? In the future, you may even be able to get the extra trading benefits of the Paxful Reward Program.
Good luck and happy trading!