Paxful is a secure platform that acts as a global peer-to-peer (P2P) payment logistics platform.
Paxful offers over 300 ways to buy and sell Bitcoin. Some of the payment methods include bank transfer, mobile recharge, and even cash.
Buying gold with Bitcoin
Now the platform looking to increase the number of ways one can buy Bitcoin by offering Gold trading options. As a result, users can now use Bitcoin as an option to buy and sell Gold. Gold is always seen as a safe haven and the world’s most valuable asset. Especially in this time of the global pandemic, people are looking to buy Gold as a store of value.
Paxful’s offer of Gold trading could not have come at a better time. The cryptocurrency market is always known to be highly volatile and it still is. Many will choose to convert their cryptocurrencies to stablecoins or fiat when things go downhill. But now, the introduction of Gold trading will provide an additional safety net as well as confidence for new users to buy Bitcoin. Additionally, traders will see Gold as a better Bitcoin conversion investment alternative based on the global situation now.
Transacting Gold on Paxful works similarly to any other payment method on the platform. However, Paxful requires full identity and address verification once a user has reached an overall gold transaction volume of $50 or more. This is due to complying with the Anti-Money Laundering program.
In the words of Paxful CEO
Ray Youssef, CEO and co-founder of Paxful, says, “We assessed the demand for buying and selling Bitcoin with gold, and it’s surprisingly high. Vendors on the platform expressed a great interest in the addition of gold as a payment method. Gold has been used as a store of value for millenniums and its importance to the economy has rarely dwindled. We believe by adding a gold payment option to the platform we can continue to drive our mission of financial inclusion in places such as Africa, where high gold concentrations will grant them access to bitcoins they may have not have been able to purchase otherwise. ”
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