As cryptocurrency adoption grows across developing nations, the need for peer-to-peer exchanges is becoming more apparent in order to ease the buying and selling of Bitcoin, Ethereum, and Litecoin, etc. Paxful, one of the world’s largest P2P crypto exchanges, aims at providing the best services to users in a bid to boost adoption of crypto in developing states in the world in Latin America, Africa, and Asia.
Paxful is a leading peer to peer Bitcoin exchange, launched in 2014 as EasyBitz, allowing users to buy and sell BTC using various payment methods including bank and wire transfers, Paypal, Venmo, MPESA, Apple gift cards, etc.
Paxful crypto exchange in developing nations
Cryptocurrency assets are becoming the go-to assets for several investors as either safe-haven assets or a diversification asset in their portfolio. Moreover, investors in developing countries are buying Bitcoin (BTC) and similar assets to reduce the cost of sending remittances abroad and as a hedge on hyperinflating currencies across the world.
P2P crypto exchanges led by Paxful, and one of its competitors LocalBitcoins, mainly focus on the developed world enabling non-banked citizens to buy and sell BTC easily and efficiently from peers locally. India in particular is seeing massive growth in cryptocurrency and blockchain interest as its total weekly volumes traded on Paxful hit an all-time high last week.
Growth of cryptocurrency adoption in India
The overall growth of cryptocurrency and blockchain technology in India has been nothing but remarkable from the regulation, technological, and market aspects.
Back in 2018, the world’s largest democracy’s central bank, Reserve Bank of India (RBI), instituted a blanket ban on cryptocurrencies with draconian punishments set in place. The callous laws set on crypto purchases using bank debit or credit cards and wire transfers set many users in India towards P2P exchanges.
Despite the Supreme Court of India ruling the move as unconstitutional and a lift on the RBI ban, which opened the country to the rise of centralized exchanges Bitcoin marketplaces, P2P exchanges continue to thrive in the country.
Total weekly volumes traded on Paxful in 2020 so far.
Paxful currently leads the charge having completed over $18.81 million in BTC trades on the platform since the start of 2020.
Paxful sets a record high in weekly volumes traded in India
According to charts provided by UsefulTulips.org, Paxful is now the largest peer to peer crypto exchange in India after a magisterial rise in 2020. In just the last nine months, the P2P exchange has grown from a single-digit market share to a leader in the industry-beating dominant competitor, LocalBitcoins, and other market leaders in India.
India is the second-largest Bitcoin P2P market in the Asia/Pacific region, only trailing China, as Paxful’s quick market penetration in the country sets it on a path to challenge China.
Local Bitcoins vs Paxful growth since 2015
In the first 21 weeks of 2020, the exchange has recorded at least $1 million in weekly volumes 34 percent of the time. Since the start of May, the weekly traded Bitcoin volumes have ballooned setting three consecutive all-time highs – the week ending May, 17 – recording a total of $1.521 million (ATH).
The exchange offers users a quick way to exchange their Indian Rupees to Bitcoin and vice versa by connecting different buyers and sellers in a liquid marketplace. So how can you join the Paxful movement and easily buy and sell BTC to INR?
How to buy and sell BTC on Paxful
If you do not have an account on Paxful, you will need to “Create an Account” and then log in to your account. Follow the instructions below.
- Go to the official Paxful website.
- Select “Buy Bitcoin” or “Sell Bitcoin” on the buttons provided on the top tab.
- Choose “Indian Rupee” option and search through the best offers and payment options provided by users on the resulting page.
NB: Remember to closely check on the seller’s or buyer’s reputation before beginning the trade, look at each detail carefully and make sure your vendor is available.
- Select your preferred offer and set the amount you would like to purchase.
- If satisfied with the terms provided, click the “Agree to Terms and Buy Bitcoins Now” button.
- The resulting page will provide a chat box between the buyer and seller to share details.
- Once you’ve sent payment click the “PAID” button to receive the Bitcoins.
The exchange however places a limit to the volumes you can trade if unverified. Verify your email and ID to increase the trading limits.
Paxful’s growth in the Indian crypto community and its hundreds of payment options offers the exchange a wild competitive advantage over its competition. The quick and cheap buy and sell features to make Paxful the ideal P2P exchange to get a piece of Bitcoin in India!