Definitions

  • Anti-money Laundering (AML)

    AML refers to laws and procedures intended to prevent people from disguising illegally obtained funds as legitimate income. Paxful takes AML protocol seriously, and we abide by all laws, regulations, and procedures.

  • Bitcoin (BTC)

    Bitcoin is a digital currency in which encryption methods are used to regulate the generation of units and transfer of funds, operating independently of a central bank.

  • Bitcoin address types

    There are three bitcoin address formats currently in use:

    1. P2PKH addresses start  with the number 1.
      Example: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2.
    2. P2SH addresses start with the number 3.
      Example: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy.
    3. Bech32 addresses also known as "bc1 addresses" start with bc1.
      Example: bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq. 
    4. QR Codes can also be used as a wallet address.

    Paxful allows withdrawals to P2PKH, P2SH, and Bech32 addresses.

     

  • Bitcoin wallet address

    A Bitcoin wallet address is a set of letters and numbers that is used to send and receive Bitcoin. It can be shared publicly if you want other people to send you Bitcoin.

    Here is an example of a Bitcoin wallet address:
    3F1tAaz5x1HUXrCNLbtMDqcw6o12Nn4xqX
    A wallet address can also be presented as a QR code.

  • Block chain, blockchain

     

    The Bitcoin blockchain is a public record of all Bitcoin transactions. You might also hear the term “public ledger” to describe it. The block chain shows every single record of bitcoin transactions in order, dating back to the very first one. The entire block chain can be downloaded and openly reviewed by anyone, or you can use a block explorer to review the block chain online.

  • Coin locking

    Coin locking/coinlock is when a buyer uses the escrow to hold onto the seller's cryptocurrency without the intention to send payment and complete the trade. This is a common case of cryptocurrency fraud.

See all 44 articles