The Bitcoin ecosystem still has left a lot to be desired. As the adoption rate continues to grow at a slow pace, there is a genuine need to simplify the process of buying and selling of cryptocurrencies, both online and offline.
Paxful, a Delaware based cryptocurrency startup has recognized the challenges currently faced by people when it comes to Bitcoin adoption. In order to solve the problem, the company has created a peer-to-peer marketplace where people can buy and sell Bitcoin against a range of payment options. The company offers about 300 different payment options, using which customers can buy Bitcoin. These options range from cash, credit/debit cards, bank transfers, PayPal to a variety of gift cards from some of the well-known online and offline retailers across the world.
The virtually unlimited payment options play a significant role in enabling people to easily purchase Bitcoin without worrying about making bank transfers to traditional Bitcoin exchange platforms. For example, Paxful allows users to buy Bitcoin with iTunes gift card, which can be easily purchased online or picked up from a store in few cases. These alternative payment methods not only benefit the unbanked but even those with multiple bank accounts and a good credit score.
There have been instances where certain banks froze some of their customers’ accounts just because they made a transaction on one of the cryptocurrency exchanges. Such cases make people think twice before using any conventional banking or payment system to buy virtual assets.
Being a peer-to-peer platform, Paxful is also doing its part to encourage active participation in the cryptocurrency ecosystem. The platform allows people to sign up as vendors on the platform. And, for the same reasons, the platform also has a secure built-in escrow facility to minimize the risks when it comes to selling and buying Bitcoin from complete strangers. The reputation system also allows customers to choose a reliable vendor based on the feedback provided by those who have done business before.
Paxful also has an attractive affiliate program that encourages people to sign up as vendors or utilize Virtual Bitcoin Kiosk to spread the word and earn in return. Meanwhile, the company continues to add new features as it looks forward to expanding into other regions across the world.