Peer to Peer Bitcoin Exchange Paxful is launching a Giveaway for its Indian users. Paxful has been around since 2015. In India, Paxful was the one of the only two exchanges that allowed PayTM transactions for buying and selling BTC back in 2017.
Today, Paxful’s volume in India is over $35 Million a week, according to analytics site Coin Dance and the exchange wants it to grow. India’s Billion+ population is the big pie all international exchanges, including Paxful is eyeing to get its hands on.
A giveaway is one way to interest users into trying the platform out. Paxful has partnered with youtuber Crypto India aka Ady for the Giveaway. Before we talk about the Giveaway, let us look at Paxful as a platform for trading Bitcoin.
Paxful is New, Since we saw it last
In the last year and half since we added Paxful to our list of Best P2P Exchanges to buy Crypto in India, it has changed tremendously. One of the key feature change that I noticed is they now say “Spend Bitcoin” instead of “Sell Bitcoin”. This is in line with Paxful’s vision to ultimately become a marketplace to buy and sell stuff with Bitcoin. You will see this message as soon as you log on to the platform.
The new version of Paxful is pretty slick with options to buy Bitcoin using IMPS, UPI, PayTM, PhonePe, Debit/Credit Cards, other wallets, and Altcoins too. You can even transact with Cash.
The exchange also has a mobile app for both Android and iOS which makes it easy for users to transact on the go.
The exchange secures the funds by holding them in escrow, until the INR transaction is complete. In simple terms, it means that the exchange will hold on to the Bitcoin amount from Seller, and only transfer it to the Buyer once seller has confirmed Payment is received. That way neither seller not buyer can access the BTC and defraud the other trader.
This is a well defined technique used by most P2P Exchanges for security of funds.
300+ Options to Buy/Sell Bitcoin
The exchange has several users and is growing rapidly. You can see that by looking at the offer list to buy BTC. There are a variety of users trying to sell bitcoin at various prices, hence the buyer has a choice to go with what works best for him or her.
If anonymity is priority – Pick “No verification required”.
Want Bitcoin ASAP? – Use UPI with “instant release”
Do you want to buy BTC with Cash? – Use “Cash Deposit”
Want to buy with a trusted user? – Pick the user with most number of successful trades.
Paxful claims to have over 300 ways to pay for Bitcoin, has revamped the platform and is working to expand in India with a bang. Not that it has any less volume right now.
Some official stats from Paxful based on IP addresses say, Indian users have already traded 25,000 Bitcoin and they have over 80,000 Indians registered on the exchange. Part of the reason for users to flock to Paxful could be the liquidity crunch on other exchanges and the lack of an easy INR based avenue.
The platform has partnered with one of India’s best Crypto Youtuber Ady or famously known as CryptoIndia and running a giveaway exclusively for CryptoIndia community. Here are the details to participate.
The GiveAway #BigBitcoinDays
The Giveaway from Paxful is called #BigBitcoinDays, I wonder if it is a word play with flipkart’s Big Billion Days. It surely is.
Under this giveaway, 20 users stand a chance to share the pool of giveaway which is INR 20000. The rules of the giveaway will be shared on the Telegram Group by Paxful and Ady will be driving it. The giveaway is planned between October 3-5.
Disclaimer: This is a partnered announcement. Both the Crypto assets and platforms to trade, carry a certain degree of risk which should be well understood by users before investing.