Paxful selling bitcoins

[rajkkk]

Hi, I'm new to cryptocurrency world. I'm trying to sell my bitcoins but I don't understand how paxful works. At this very moment 1 btc = 3947439 INR.
I want to get best value and rates for my btc. Which one is good to go? Should I go with the offer which has highest INR value?


4102000 INR
Get an dollar 1.04%

4069103.63  INR
Get an dollar 1.03%

https://i.imgur.com/DdMzjsk.jpg



Thanks

[hugeblack]

Hi, I'm new to cryptocurrency world. I'm trying to sell my bitcoins but I don't understand how paxful works. At this very moment 1 btc = 3947439 INR.
I want to get best value and rates for my btc. Which one is good to go? Should I go with the offer which has highest INR value?

Paxful is not a central/bank/exchange site to buy cryptocurrencies. It is a site that provides a trusted escrow for people who want to buy and sell bitcoins.

Demand and supply are what make the price different from the average price that show on CMC or any other site.

Since you are a beginner, stay away from the deals that give you the highest price. Rather, look for reliable people. It is true that they give less money, but with time  you can improve your chance of getting better deal.

Remember to read the terms of use of the site, Paxful is full of scammers and the available escrow requires people to have basic information about Bitcoin & Paxful TOS

[rajkkk]

Hi, I'm new to cryptocurrency world. I'm trying to sell my bitcoins but I don't understand how paxful works. At this very moment 1 btc = 3947439 INR.
I want to get best value and rates for my btc. Which one is good to go? Should I go with the offer which has highest INR value?

Paxful is not a central/bank/exchange site to buy cryptocurrencies. It is a site that provides a trusted escrow for people who want to buy and sell bitcoins.

Demand and supply are what make the price different from the average price that show on CMC or any other site.

Since you are a beginner, stay away from the deals that give you the highest price. Rather, look for reliable people. It is true that they give less money, but with time  you can improve your chance of getting better deal.

Remember to read the terms of use of the site, Paxful is full of scammers and the available escrow requires people to have basic information about Bitcoin & Paxful TOS

Thanks for the information.
I was less worried about getting scammed since buyer bank me first and then I release btc. Can they still scam me?

[OmegaStarScream]

Thanks for the information.
I was less worried about getting scammed since buyer bank me first and then I release btc. Can they still scam me?

Yes. They can always withdraw the bitcoins you sent them and then chargeback the transaction with the bank.

If I were you though, I wouldn't be too paranoid. Just make sure to select someone with a good trust score, and who has been on the platform for quite some time.

[rajkkk]

Thanks for the information.
I was less worried about getting scammed since buyer bank me first and then I release btc. Can they still scam me?

Yes. They can always withdraw the bitcoins you sent them and then chargeback the transaction with the bank.

If I were you though, I wouldn't be too paranoid. Just make sure to select someone with a good trust score, and who has been on the platform for quite some time.

I thought bank transfer is the safest. Seems not.
Yeah, I already had couple of successful trades with the same guy. I'm hoping to continue my trades with him. Even though he changes that value every 15 min which is I don't understand. Now I'm more concentrate about the rate. Now I wait till bitcoin hits 60000. Are there any tips to follow?
Thank you.

[OmegaStarScream]

I don't think that the changing rates are something you should be cautious about because as far as I know, the value gets locked once you initiate a trade.

As for tips:

- If the bank transfers are local and assuming that trading cryptocurrencies are not an illegal thing in your country, it might be a good idea to ask the user for his ID. This can help you with law enforcement in case things ever go wrong in the future.

- Just because you're trading with the same person, doesn't necessarily mean he is trustworthy. It's all about the amount you're exchanging with him. In other words, don't trade 100$'s and then suddenly ask for a 5000$ deal and assume that things will go just fine.

- Proof of the bank transfer. Not sure if you're expecting him to deliver a receipt, or a screenshot, or whatever when he send you the funds but this can help you open a dispute later in case you get scammed. Paxful may not get your funds back, but at least, he'll get banned.

Some of the tips above depend on the amount. You shouldn't expect people to provide their IDs and personal details for small deals.

[rajkkk]

I don't think that the changing rates are something you should be cautious about because as far as I know, the value gets locked once you initiate a trade.

As for tips:

- If the bank transfers are local and assuming that trading cryptocurrencies are not an illegal thing in your country, it might be a good idea to ask the user for his ID. This can help you with law enforcement in case things ever go wrong in the future.

- Just because you're trading with the same person, doesn't necessarily mean he is trustworthy. It's all about the amount you're exchanging with him. In other words, don't trade 100$'s and then suddenly ask for a 5000$ deal and assume that things will go just fine.

- Proof of the bank transfer. Not sure if you're expecting him to deliver a receipt, or a screenshot, or whatever when he send you the funds but this can help you open a dispute later in case you get scammed. Paxful may not get your funds back, but at least, he'll get banned.

Some of the tips above depend on the amount. You shouldn't expect people to provide their IDs and personal details for small deals.

Thanks again. Means a lot for a beginner.

[sunsilk]

I thought bank transfer is the safest. Seems not.

They can contest to the bank that they've used to send you the payment and have it refund without you knowing it.

Yeah, I already had couple of successful trades with the same guy. I'm hoping to continue my trades with him. Even though he changes that value every 15 min which is I don't understand. Now I'm more concentrate about the rate. Now I wait till bitcoin hits 60000. Are there any tips to follow?
Thank you.

Rates vary from time to time because of bitcoin's volatility. It can stay as much as it can for just the same price but you have to expect that it won't stay for just one price. I agree with OmegaStarScream that even though you had multiple trades with that guy, you still have to be careful and always be cautious and alert when you deal.

[rajkkk]

I thought bank transfer is the safest. Seems not.

They can contest to the bank that they've used to send you the payment and have it refund without you knowing it.

Yeah, I already had couple of successful trades with the same guy. I'm hoping to continue my trades with him. Even though he changes that value every 15 min which is I don't understand. Now I'm more concentrate about the rate. Now I wait till bitcoin hits 60000. Are there any tips to follow?
Thank you.

Rates vary from time to time because of bitcoin's volatility. It can stay as much as it can for just the same price but you have to expect that it won't stay for just one price. I agree with OmegaStarScream that even though you had multiple trades with that guy, you still have to be careful and always be cautious and alert when you deal.

In that case, asap I'll have transfer money to another account or withdraw via ATM.
Thanks for the tips.

[OmegaStarScream]

In that case, asap I'll have transfer money to another account or withdraw via ATM.
Thanks for the tips.

Not sure if that would help though. I'm not sure how it works with banks, but I know that charging back with PayPal for instance gives you a negative balance.

So even if you transferred the whole amount to another account, and then the person you dealt with reversed the payment, your bank account balance will become negative until you deposit funds to the account.

[Lucius]

rajkkk, I don't want to scare you, but be careful with services like Paxful, especially if there is any possibility that they will freeze your funds for some reason. I've been following this case for a long time, and I have to admit that it's really weird for me that Paxful is behaving this way - someone did something good or bad, but it doesn't take anyone with common sense to figure it out for 1 year - and that even after that there is no end result.

Perhaps their service is best illustrated by the data that as many as 57% of users consider them bad or poor service.

https://www.trustpilot.com/review/paxful.com