Paxful has released a new update allowing millions of its users to acquire Gold by selling Bitcoin.
As one of the most known and valuable precious metal globally, Gold has positioned itself as a good store of value for investors, businesses and nations of the world. Over time, the precious metal has grown in value and has been noted to be a safe haven.
The new update allows users of the peer-to-peer exchange platform to sell their bitcoin for the acquisition of Gold. This works by having users search for offers that can accept bitcoin as payment for gold.
Users can also create their own offer which allows them to determine the terms of the business arrangement and published.
When an offer is matched, and a buyer is expected to deliver the gold within a time frame of 21 days (three weeks) immediately the buyer marks the trade as Paid. Once a seller receives the gold, he is expected to release the bitcoin from the escrow to the seller.
Paxful encourage users to use trackable shipping methods delivery by mail and the use of public places for users who wish to trade in person. Users are expected to provide ID and Address verification before are able to trade with gold.
Giving reason for this Paxful said “This verification is important to protect our bitcoin sellers from any fraudulent activity. Therefore, it is not possible to trade bitcoin for gold or vice versa without being fully verified on Paxful.”
For the best of transactions, Paxful encourage users to ensure the quality of the gold before making payment and determining the means of delivery of the gold.
Users are to request for proof of purchase (a receipt), certificate of authenticity for the gold item, photo of ID and any other additional documentations.