How does my wallet balance work?

2083 views April 29, 2017 May 8, 2017 ray 39

Your Balance

You Wallet always shows your current balance in bitcoins and your local currency, dollars for example.

Where is the bitcoin balance maintained?

When you buy bitcoin it automatically goes to your Paxful wallet. We hold the bitcoins for you but you can send them to your own wallet on your phone or computer anytime. We recommend you install a separate wallet on your phone, send your bitcoins to it from Paxful and then use your phone wallet to spend all your bitcoin. This is more secure for you as you hold and control your own bitcoin.

Why is my Wallet Balance negative

When you send bitcoin to someone there is a small fee of a few cents that goes to the bitcoin network, the more you pay the faster it travels. This fee does not go to Paxful but to the bitcoin “miners” that maintain the network and make bitcoin possible.

Paxful does not subtract this fee from the bitcoin you send to make certain you are sending exactly what you want to, instead we subtract it from your current balance and it may go negative. Paxful takes this loss to help new bitcoin buyers thought the experience of sending bitcoin without the technical challenges.

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