Two Factor Authentication (2FA) is an additional layer of security where the user provides two different authentication factors to verify themselves. This is often used to protect the user's credentials and any resources the user is trying to access (such as the Paxful platform). Only the user can access their specific 2FA alert, and these alerts are sent as an SMS to the user’s phone or Google Authenticator (GA).
Anti-money Laundering (AML)
AML refers to a set of laws, regulations, 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.
Block chain, blockchain
The Bitcoin block chain is a public record of all Bitcoin transactions. You might also hear the term used as a “public ledger.” 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 or a coinlock is when a buyer holds onto a seller's cryptocurrency in a trade escrow without an intention to make payment and complete the trade. This is a common case of cryptocurrency fraud.
A cold wallet is a Bitcoin wallet that is in cold storage. It is considered hardware that is not connected to the internet. When you are not connected to the internet, your Paxful wallet becomes a cold wallet.