Nigerians Avoid Bitcoin Scams through a Crypto Marketplace, PaxfulApril 13, 2018
Nigerians involved in crypto industry are now using Paxful, a peer-to-peer Bitcoin marketplace, to help them avoid scams and maintain safe and secured crypto transactions.
Bitcoin scams are prevalent in Nigeria.
With the increased popularity of Bitcoins in Africa, Nigerians are just among the people who have become victims into this cybercrime, leaving many of them prey to Bitcoin scams.
Fortunately, the P2P cryptocurrency exchange, Paxful has been introduced in the market to combat Bitcoin scams and protect investors. This marketplace is putting a lot of effort in order to clamp down on those scam attempts.
Bitcoin is a digital currency that has gained so much attraction from scammers. Because of its nature as a superior currency, as well as the irreversibility of the transactions, it becomes a safe haven for many scammers. Bitcoin sellers are becoming even more exposed to different attempts from people to scam them.
After many years of trading Bitcoins and dealing with scam after scam, professional traders have acquired a wealth of experience and knowledge to identify scammers and stop them. In an effort to avoid similar issues in Nigeria that involve the use of Bitcoin in digital transactions, Paxful has been introduced in the market and is now being used by many cryptocurrency users and Bitcoin sellers in the country.
Paxful recognizes the fact that the success of peer-to-peer finance is to keep those scammers at bay that is why they dedicate their resources and time to achieve that. The platform also knows that losing fifty to one-hundred dollars in a bad cryptocurrency trade may not mean so much to a person living in Japan or the United States, but it does mean a lot to people living in Nigeria.
“Proper cryptocurrency trading and security are advanced topic that require hands-on education,” says Elliot Hoffman, Paxful’s VP of Business Development. “Paxful helps out through establishing an incubator & educational center for cryptocurrency in Nigeria in an effort to end this.” The developers and makers of the platform also hoped that this will lead the country towards freedom it truly deserves.
The crypto marketplace is helping Nigerians to avoid Bitcoin scams using their escrow system. When an individual wants to purchase Bitcoin in the country, they browse through a list of sellers and choose one with the requirements they are able to fulfill, like the use of iTunes gift cards to purchase the digital currency. Then, the buyers decide on the amount of Bitcoin they want to purchase.
The escrow system work as the bitcoins are moved into an escrow account from the wallet of the sellers. The transaction concludes once the seller confirms that they’ve received the payment.
At this point, the bitcoins are transferred into the Bitcoin wallet of the buyer.
As the second largest trading volume on the exchange, following the U.S., it is crucial for Nigeria to protect its people against digital currency scams. Paxful ensures that all Nigerians on the platform experience safe and secured transactions all the time.