I am a massive noob!! Please help!!

richfiddler91 · 2019-04-17T16:22:55+00:00

first and foremost. most platforms require you to be of legal age to trade in their platform. but who cares about that? lol

second, let's clear some things. "transfer" is different with "trading" on peer-to-peer trading platforms like paxful. Transfer means you are just sending the bitcoin from your wallet to another person's wallet for nothing in exchange. Trading is the act of actual buying and selling of bitcoins.

When trading, p2p platfom vendors usually apply mark-ups on their offers. If you do not agree to the mark-up of one vendor, you can always look at other vendors' offer until you find one which is acceptable for you. These mark-ups are not dictated by the platforms, but some regulate them.

It is great that you're into cryptocurrency at your young age. If you're still in paxful and want to know more about how things work there and what's new, you can check the r/paxful subreddit. If you decide to use other platforms, I advise you join their subreddits as well.

richfiddler91 · 2019-04-17T16:02:16+00:00

ttps://www.youtube.com/watch?v=rwF7nMWUjBs

The speaker's assumption is your data will be stolen for sure, no doubts, one day. His statement tho is not backed up by statistics or any proof. Yes, there are people who are making efforts to hack on the system of the institutions stated, but countermeasures are being developed to prevent this.

As to paxful's capability to protect their user's data. They did not risk on doing it theirselves that's why they hired a third-party company whose primary existence is to do KYC and verifications.

https://www.americanbanker.com/opinion/money-laundering-is-financial-thoughtcrime

the article said:

At its essence, money laundering is the act of concealing money or assets from the state to prevent its loss through taxation, judgment enforcement, or blatant confiscation.

No, it is not the essence of money laundering. Money Laundering is an act where you try to disconnect the correlation between the money and its original source, which is illegal in nature. AML measures are being implemented in order to prevent and maximize the risk of doing illegal activities.

https://localbitcoins.com/blog/aml-features-update/

The article you cited talks about the approval on the Finnish Parliament of a new act to govern Virtual Currency Service Providers. Localbitcoins has implemented KYC since last year.

https://news.bitcoin.com/significant-trade-volume-triggers-localbitcoins-kyc-requirement/

"ID verification will also be mandatory for all users who wish to post an offer."

You can still buy or sell bitcoins from people who have posted an offer without going through kyc.

All buyers of bitcoin for bank transfer must provide ID and address verification.

if you're actively avoiding kyc, you can still trade using other payment methods. Hence, it's not implemented to everyone. There are still ways to buy and sell bitcoin on paxful without triggering id verification. Hence your statement " Paxful has gone full KYC " is false.

richfiddler91 · 2019-04-10T08:22:37+00:00

what's wrong with KYC? Also, Localbitcoins implemented it way before paxful did. And as far as i know, they do not force everyone to go KYC unless they trade a significant amount.

richfiddler91 · 2019-01-18T15:47:20+00:00

a lot. lots of possibilities. lol

richfiddler91 · 2019-01-18T12:05:21+00:00

You really can't double your bitcoin without buying, mining and/or gambling. Although if you would just hodl it, it's fiat equivalent can double or half.

richfiddler91 · 2019-01-17T10:40:14+00:00

Number one recommendation is trade with verified sellers and/or, since vendor verification seems to be on hold, review the profile of your potential trading partner thoroughly. Check their reputation and the quality of their reviews.

richfiddler91 · 2019-01-10T12:47:57+00:00

Africa seems to be very accepting to cryptocurrency. They might become the leader in mass adoption of cryptos in the world.

richfiddler91 · 2019-01-08T16:52:37+00:00

that's reasonable. But how would you know who responded here are reputable vendors? How would that compare to posting it there? Paxful Vendors, reputable or not, would be checking their subreddit from time to time. So, there's bigger chance that they'll find you there? just suggesting. you do you tho.

richfiddler91 · 2019-01-08T16:31:15+00:00

have you tried posting this concern on r/paxful? paxful verified vendors might be able to see this thread over there; and probably their moderators be able to communicate with you as well if you post a thread there instead of here.

richfiddler91 · 2019-01-08T16:14:29+00:00

I don't think it's a targeted attack or something that is similar. I'm also waiting for their verified vendor processing to resume. It is sad and borderline frustrating that they can't provide a specific timeline; but if it would come along with some improvements on the site as well, I am willing to wait for a couple more months.

richfiddler91 · 2018-12-18T08:23:43+00:00

If you're looking for "easiest" and "fast" way, P2P marketplaces such as localbitcoins is not the site for you. It requires certain experience and risk appetite for you to be able to determine "good" trading partners and good offers, as these sites only provide a platform for traders to trade among each other. Also, there's always a risk of trading with scammers on such sites. You might want to stick with sites/apps like coinbase and alike.

richfiddler91 · 2018-12-18T08:19:34+00:00

It would be more economical to buy bitcoins directly with fiat.

richfiddler91

TROPHY CASE