Got Paxful... do I now need a wallet? Help please

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Nikkomama

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Nov 6, 2019
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Ok so I’ve set up Paxful but I’m a bit confused... I see I can buy btc through them but should I use them as a wallet or use them to buy btc? And if I’m using them to buy btc then what’s a good wallet to use? Is there a good Canadian one that works on my mobile device(IPhone) like paxful does? I can’t find an electrum app... I’m trying so hard to figure this out but my brain is about to explode... tried to transfer to SL Via $$ transfer but they won’t send it so I’m forced to learn btc... 

thanks so much to whomever takes the time to help me. Please keep it simple or my head will explode... Lol

PS: I’ve been reading on here for hours and am having a hard time not getting completely confused. I really need help. Sorry to be a bother...

 
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Sgrbr420 said:
@Nikkomama p.s. you do want a wallet to move the btc into and then donate or order from. You don't want to directly pay from pax
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Thank you very much for your response. I will try green wallet and see if it’s available in Canada. Will update to let you and any other newbies know. Pax looks great for purchasing btc as it accepts many different ways of payment so I’m looking forward to trying it. Also thanks for clarifying. I’ll use Paxful to buy btc then just need to find a working wallet 

 
If I’m paying someone in USD but am in Canada should I purchase btc in USD with my Canadian credit card? Or is an e transfer option better? Also.. how do I know which seller to choose on Paxful? Some say I get 80% others say 50% etc...

 
Nikkomama said:
If I’m paying someone in USD but am in Canada should I purchase btc in USD with my Canadian credit card? Or is an e transfer option better? Also.. how do I know which seller to choose on Paxful? Some say I get 80% others say 50% etc...
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I haven't purchased outside usd.. but essentially when you pay someone you are paying with btc in amount of BTC equivalent to the usd depending upon price of btc at the time. So for example 0.014 BTC  = $100 USD atm. To buy 0.014 BTC would cost you $135 loonies without fees.  Long story short no need to convert your money, you are converting it from Canadian to Btc and paying with btc. 

In terms of different rates for purchase it mostly has to do with speed of delivery. Because each crypto transaction requires validation by many computers it takes time, the faster you want it validated the more you pay for speed of processing and less btc you get in the end.

For me I found going to a libertyx btc atm was easy and only 8% in fees. So for my $100 I got $92 of btc in my wallet in about 10 minutes and it showed as a $100 atm withdrawal on my bank statement. Very convenient 

 
P.s. one thing to note is btc fluctuates wildly, you should therefore only buy what you plan to spend plus a little and spend it before it loses value. Otherwise the 0.014 BTC worth $100 usd could be worth only $90 usd next week. Of course it could go the otherway, if you watch it and buy at a low you might have gotten 0.0.145 btc the week before last for $100 and now it is worth $110.

It's a currency so unless you want to speculate you should convert and use it immediately 

 
@Sgrbr420 thank you very very much. You explain it so well and in terms my simple btc mind can understand. I’ll update how it goes as I figure this all out. 

 
It’s going to cost me almost $100 more then A money transfer.. the fees are pretty steep.... also how do I know which sellers to trust?...

 
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Nikkomama said:
It’s going to cost me almost $100 more then A money transfer.. the fees are pretty steep.... also how do I know which sellers to trust?...
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I know this thread is old but this may help someone....Paxful has its own wallet.  After you buy the Bitcoin it goes in that wallet.  No need to transfer to another wallet unless you are trying to be extremely discreet.

 
The minimum Bitcoin Order amount for the place I use changed from 60USD to 100USD and I last read Paxful being 50USD minimum Order, not sure if that's changed?

 
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scrtlvrby said:
I know this thread is old but this may help someone....Paxful has its own wallet.  After you buy the Bitcoin it goes in that wallet.  No need to transfer to another wallet unless you are trying to be extremely discreet.
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1st rule of using btc as we do...  get a separate wallet, one where you alone you have the keys to your account. I don't use paxful or blockstream wallets so not sure about them but if they didn't give you a seed phrase (usually 12 words), you don't really have control over your btc. That seed phrase allows you to access your btc from ANY wallet or wallet app that allows importing seeds. 
Personally I like Electrum Wallet but there are many others.

As for transferring out of paxful/coinbase/gemini or wherever to another wallet, it's not so much about being discreet as it is ensuring that no one can lock your account if they detect what they consider shady use of btc. BTC is easily traceable as every transaction is public by nature so some sellers seem to monitor customer usage of the btc they buy. Coinbase did this to me a few years ago when I ordered electronic parts from china. 

 
delawaredrew said:
1st rule of using btc as we do...  get a separate wallet, one where you alone you have the keys to your account. I don't use paxful or blockstream wallets so not sure about them but if they didn't give you a seed phrase (usually 12 words), you don't really have control over your btc. That seed phrase allows you to access your btc from ANY wallet or wallet app that allows importing seeds. 
Personally I like Electrum Wallet but there are many others.

As for transferring out of paxful/coinbase/gemini or wherever to another wallet, it's not so much about being discreet as it is ensuring that no one can lock your account if they detect what they consider shady use of btc. BTC is easily traceable as every transaction is public by nature so some sellers seem to monitor customer usage of the btc they buy. Coinbase did this to me a few years ago when I ordered electronic parts from china. 

I doubt most people are letting the Bitcoin sit in a wallet.  Most of us are buying it and using it immediately.  With that said, I don't disagree with anything you said.
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You're right for most users, however I'd still advise to buy and hold safely in a non-custodial wallet when BTC is low if they have the money, even if it's more BTC than strictly needed. If it's all spent that's fine, but any left may gain value and be a bonus next time. It may go down, it's a gamble; but it may gain. For instance I bought another $400 a while back and it rose to be worth  almost $600 when I needed it. After an order I still had $300 left, which I used for another order instead of paying out of pocket. 
Also if wherever it's bought does ban you and you've done kyc it's permanent. Start looking for a new source.
 

 
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Check out the Bitcoin advice part posted by me earlier in the year. If Coinmama is not working for you then use Shake Pay, it uses etransfers instead of credit cards. Both the transfer and bitcoin purchase took less then a minute. You have to send it to your electrum wallet via mobile app but it was so easy once you follow the steps and they charge the lowest fee I have ever seen. 

 
@vitruviusbeard hmm... I've been using Coinmama and they recently "partnered with Simplex" which takes a huge Fee on top of Coinmamas Fee. Every other alternative place I've checked is shady etc. maybe Shakepay could be an option.

 
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