Bitcoins are gradually playing the role of a secure mode of transaction for online sellers. Unlike tangible bank notes bitcoins can be bought at an expense from the seller. The bitcoins are bought using debit card, net banking and gift cards. Similar to online shopping a specific number of sites are used to carry out this process.
Paxful versus Localbitcoins are two major online bitcoin buying and selling platforms. The online transactions taking place over paxful and localbitcoins allow credit and debit cards for which any person irrespective of his status or financial standing can decide to buy bitcoins. The peer to peer networking technology used to carry out the transfer leaves way for potential scams to occur.
Paxful and its Pitfalls
Although paxful boasts of its ingenuity paxful can itself be used as a medium to carry out false trades by fooling potential buyers into believing that the trading is taking place from an authentic seller. Paxful also has the great disadvantage of showing negative balance on a customer’s account. This causes excessive spending of funds without giving due attention to the balance present in the account.
Localbitcoins and its Pitfalls
Similar to the disadvantages of paxful, localbitcoins also possesses some negative aspects. Localbitcoins provides enough scope for scams and fraudulent schemes. The one very negative fact about localbitcoins is that unlike paxful it does not educate its sellers on how to do business by following ethical standards. Localbitcoins in itself is a necessary evil. For beginners who are willing to carry out transactions online a negative review is not entertained and localbitcoins does not allow that review to go public.
Which to Choose?
A few are of the opinion that paxful’s clever way of manipulating potential buyers into buying bitcoins have caused a lot of people to become penniless. Paxful uses Paypal to manage the transactions and Paypal it is not a safe payment platform.
Localbitcoins on the other hand has a better reputation among traders since it supports varied modes of payment. Sellers and buyers are not necessarily fooled by potential scams.
What to Infer?
After significant discussion over Paxful versus Localbitcoins it is essential to infer a few results about these two technology giants. If you wish to buy bitcoins online you require a clear understanding of the role of the seller, verify whether the person is actually the person whom he claims to be. For beginners paxful is better since paxful provides an easier mode of transaction.