Peer to peer Bitcoin exchange Paxful has announced that it’s starting off 2021 with a 20% discount. The crypto trading platform will be reducing external digital wallet send out fees by 20% beginning on Monday, January 11, 2021.
As noted by Paxful:
Send Out Amount Fee Change
$0 – $9.99 0.0001 BTC → 0.00008 BTC
$10 – $19.99 0.0002 BTC → 0.00016 BTC
$20+ 0.0005 BTC → 0.0004 BTC
Paxful confirmed that it charges “a small fee for every send out from a Paxful wallet to an external Bitcoin address.” The company explained that this fee “covers the miner fee and maintenance of our secure wallet.”
The Paxful team also mentioned that the “first five internal send outs to another Paxful user in a month are free of charge.” But after that, Paxful charges “a fee of 1 USD or 1% of the sending amount, whichever is greater, to each transaction.”
Paxful CEO Ray Youssef recently stated:
“Our wallet fees will be ZERO one day! We know this would help people so much. We are completely bootstrapped otherwise we would have done it already. We are working hard and will drop fees until it hits zero.”
As reported recently, Paxful now claims more than 5 million users globally, and may introduce support for more digital currencies and a crypto debit card.
In an October 2020 interview with Crowdfund Insider, Paxful Co-founder Ray Youssef had stated:
“Financial inclusion and giving back is what brought Paxful into existence, it drives our business to make sure everyone has access to finance and can take control of their money. Paxful fights for economic equality. People in struggling economies often lack access to traditional banking, and our platform allows them to take control of their finances by offering local payment methods that can be accessed through their local currency.”
While many crypto industry participants are really excited about the dramatic surge in Bitcoin (BTC) and Ethereum (ETH) prices, Youssef has expressed concerns regarding the recent price movements in the digital assets market.
Hmmm… lets be real about this folks… why did this just happen ? Does it seem natural? P2P volume says something very different. I hate seeing retail, aka the little guy, get hurt… pic.twitter.com/5pQILrRLZt
— Ray Youssef (@raypaxful) January 8, 2021
Bitcoin price reached around $42,000 after only recently breaking the $20,000 and $30,000 mark. Other analysts have also cautioned investors regarding the risks associated with these types of massive rallies.
#Bitcoin is entering dangerous territory with 2X+ from ATH. Fibonacci retracement levels have been extremely accurate for both #FX and #BTC meaning that if we manage to reach 50K USD, the average 38.2% correction would bring us to 22K USD support levels. #Risk #Management pic.twitter.com/1252ouhKMg
— alex_fazel (@alex_fazel) January 8, 2021