It is possible to buy bitcoin with digital currencies (altcoins) on Paxful. This article gives you an overview of buying bitcoin using any of the supported digital currencies.
Before buying bitcoin with digital currencies, make sure you have enough coins on your wallet. Also, make sure you have studied all specifics related to the cryptocurrency you chose and be aware of any possible transaction limitations or specialties.
Searching for an offer
The first step to buying bitcoin with digital currencies is to look for an offer that accepts that specific cryptocurrency you’re looking for. You’ll also need to enter the amount you wish to purchase and the currency you prefer.
Note: You still have to choose preferred fiat currency as it will be used as a reference point to the market price of bitcoin. However, it is advised to choose USD as bitcoin worldwide price is set in this currency.
After you find a suitable offer, be sure to read the offer terms before opening the trade. This will show you a brief summary of what the seller will be requiring from you in regards to payment.
Once you have started the trade, a more detailed set of instructions will appear. These are called trade instructions. What the seller will require from you will vary depending on which specific online payment you’ll be using.
Note: The seller is responsible for providing you with a correct wallet address. Do not rush into making the transaction but double-check with the seller if the wallet address is final and 100% correct.
Creating an offer
To buy bitcoin with digital currencies, you can also create your own offer.
Here are a couple of tips for your offer:
- Set a margin you find profitable as no negotiations during the trade are allowed.
- Write clear offer terms and instructions.
- Make it clear which side is baring the transaction fee if any.
After creating and publishing your personalized offer, you have to wait for a seller to start a trade with you. Once a trade has started, you will receive a notification. Feel free to discuss all the necessary details with your trade partner and transfer funds to the wallet address provided.
Completing a trade
Once you have paid the seller and uploaded proof of your payment (transaction number), click Paid. If you don’t click it, the trade will eventually expire and the bitcoin will go back from the trade escrow to the seller.
The last step is for the seller to confirm the payment. Please be patient because this may take some time. Once the seller has confirmed the payment, they should release the bitcoin to you and complete the trade.
After a trade
Once the trade is completed, you can leave appropriate feedback for your trade partner. Also, if you like trading with the user, you can add them to your trusted list.