Bitcoin 101: How Good Is Paxful Wallet?

Bitcoin is a digital currency, or more specifically a cryptocurrency that is being used in almost all parts of the world as an investment as well as a currency. In contrast to other physical currencies such as the Dollar and Pound, bitcoin exists solely in a digital format and doesn’t have a physical form. How you use bitcoin is not restricted now and it can be used as an investment opportunity as well as a currency to buy and sell goods just as would you do with other physical currencies that are in circulation.

The actual price of bitcoin again the US dollar has been growing phenomenally ever since the creation of this cryptocurrency back in the year 2009 and is gaining huge popularity with every passing day, that further fuels the frenzy surrounding it, increasing the value of bitcoin eventually. Bitcoin has become one of the most used, mainstream cryptocurrency, that is decentralized and is not sponsored by any government.

Bitcoin Wallet

One could consider a bitcoin wallet as a rough equivalent of a physical wallet, that exists solely on the Bitcoin network. A bitcoin wallet will be able to store your private key(s) that help you to use the bitcoin assigned to it in the blockchain. Each bitcoin wallet is capable of showing the total value of all bitcoin it controls and facilitate you to use the bitcoin it holds for transactions, very similar to that of a physical wallet. This can be differentiated from credit cards by the fact that you will be charged by the merchant for when you use a credit card for transactions.

Bitcoin is a digital currency and you require a bitcoin wallet in order to use it. In this article, we will look at the features offered by Paxful wallet and it’s functionalities.

Paxful wallet

#1 P2P marketplace

Put simple, Paxful is a bitcoin marketplace, which is very different from that of a bitcoin exchange. When you use a bitcoin marketplace like paxful, you will be buying your bitcoin from trusted vendors. At the moment of writing this article, Paxful has over 1,200 trusted vendors in their marketplace and the median waiting time to get yourself a bitcoin is a measly 5 minutes.

#2 Range of payment options

Paxful is known all around the world and in the cryptocurrency community for the huge variety of payment options that are accepted there. Their vendors can carry out transactions using more than 300 payment options. If you are looking to get some bitcoin using gift cards, cash deposits, online wallets or credit cards, you will be happy with Paxful. 

#3 Low commisions

Paxful only charges you the network miner fee for using bitcoin’s blockchain network, when you want to move your bitcoin out of your Paxful wallet and not for anything else, including holding it. 

#4 Easy, fast & safe

If you are using Paxful to buy bitcoin, you are safe and secure with their network. They carry out verification procedures for every seller, so that there is no scamming involved while selling stuff. They also provide added security features such as 2-factor authentication, escrow services and the industry standard encryption facilities and professionally audited security.

Paxful wallet is designed for the mainstream user in mind and even those who are new to bitcoin and cryptocurrency can use it without much fuzz. 

Conclusion: 

I hope this article was useful for you to learn more about how you can buy, sell or transfer bitcoin using a bitcoin wallet and the interesting new features provided by Paxful wallet. There are so many possibilities that are unlocked with the help of this. Make the most out of it. If you have any doubts with regards to this, let us know through the comments and we will be glad to help you out. If you have any suggestions regarding how we can improve the article, let us know them through the comments as well for us to improve.

Do you have any other reservations against getting yourself some bitcoin as an investment or for the novelty of it? Are you invested on any other cryptocurrencies apart from Bitcoin? What is your opinion on the recent dip that shook the bitcoin market and the subsequent recovery from it? Do you think it’s just a fad or is it just the tip of a larger iceberg?  Let us know through the comments.

Leave a Reply

Your email address will not be published. Required fields are marked *