Cryptocurrency

Buying and selling Coins Online

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.

Online Marketplace

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.

Coinjar or Bitstamp?

Over the years the use of digitalized money has replaced tangible cash for transactions in business and corporate sectors. It is worthwhile to know which of the online trading organization is most suitable to your business.

Variety of use and advantages

The online transactions carried out using Bitstamp and Coinjar is associated with a transaction ID that helps to identify whether a potential seller or buyer has transferred his payment. Bitcoins unlike tangible cash cannot be counterfeited and are non-refundable involving little investment.

Coinjar or Bistamp

Coinjar based in Australia allows users from all over the world to proceed with transactions whereas Bitstamp is more beneficial for people in the European nations.

Location and Versatility

Coinjar is based in Australia whereas Bitstamp is based in Europe. The use of Bitstamp is restricted to Europe and any of the EU 28 countries. Coinjar therefore allows users, irrespective of their location to set up the online trading platform.

Fiat Money

Coinjar supports the trading of British Pound, Australian dollar, Euro and US dollar. Bitstamp on the other hand is more appropriate for the transactions involving Euro and US dollar. Other currencies are not allowed at the present moment.

Ease of Use and User Friendliness

The usage of Coinjar and Bitstamp both depend on the familiarity of the user with the online trading system. For a novice, Coinjar is more appropriate as it allows a simple mechanism to transact money online. Bitstamp however expects a professional to be handling the trading as it incurs significant fees for trades.

Customer Support using Feedback ensuring Safety

Bitstamp’s team of representatives has given their customers with solutions to their issues within little time. Unfortunately for a few people Bitstamp has not responded on time.  Coinjar is quicker in their response to client issues.

Safety of Use and Fees

Bitstamp keeps their customer’s funds in cold storage vaults that drive out the threat of data leakage. The files uploaded to the Bitstamp website are encrypted to ensure security. Coinjar on the other hand lets user’s data to be available to its employees.

What should you go for?

If you are a beginner in the field of bitcoin trading Coinjar is a better choice for you as maintenance fees and transfer fees are nominal. Being an intermediate user it is wiser to opt for Bitstamp as it is faster in response to Coinjar. Thus to sum it all up this debate is open to all willing to participate in bitcoin transactions.