Paxful To Become The Leading In P2P BTC Marketplace As It Surpasses LocalBitcoins Trading Volume
The Peer-to-Peer (P2P) Bitcoin (BTC) marketplace Paxful has only recently reached its highest volume when it comes to the weekly traded volume.
On December 2, Paxful has been reported to have seen up to $30 million in P2P Bitcoin trades, in the November 23 week. It has continued an upgoing trend ever since its inception.
Paxful to Outrank LocalBitcoins?
Paxful is a decentralized, P2P over-the-counter non-custodial services platform that allows users buying and selling Bitcoin gift cards, PayPal and those who are using bank transfers or other payment options to connect. It sees Bitcoin trades in more than 70 different fiat currencies from all over the world.
During 2019, it has had between $20 and $25 million in weekly trades. Ever since 2015, Paxful has continued to go up and to get closer to LocalBitcoins, the P2P crypto trading veteran, not to mention it had increased volumes during the 2017 crypto bull run.
LocalBitcoins has remained at a $40 to $60 million weekly trading volume for most of the 2018 and 2019, even if in the last months, it has been going under $40 million, in October and November. The niche market of Paxful is the one of exchanging retail gift cards for Bitcoin, especially on Amazon, eBay, iTunes and Steam.
Who’s Challenging LocalBitcoins?
LocalBitcoins has had its market share rivaled by formerly known LocalEthereum, now LocalCryptos.
More than this, it has been criticized for registering as an official provider for crypto currency in Finland, when it has disappointed users who want to make transactions under a pseudonym. In July 2019, many centralized cryptocurrency wallet providers in the US and the exchange Coinbase have also entered the crypto market for gift cards, allowing their customers in some countries to exchange coins for e-certificates.
Also, the largest platform for gift cards in Japan, Amaten, has announced in August that it’s going to issue tokenized gift cards after partnering with Aelf, the blockchain network provider.