Paxful Highlights Security and User Education Can Boost Trust in Crypto

3rd November 2020, India- In acknowledging Cybersecurity Awareness Month in October this year, leading peer-to-peer (P2P) cryptocurrency marketplace, Paxful, has highlighted the importance of security awareness amongst users when trading in digital currency. In India, Paxful has seen over 270% user growth in 2020, while the transaction volume also increased by 140% since the beginning of this year. Internal data shows that 56% of the transactions on the platform are made via bank transfer, with online wallets and gift cards being the next preferred methods. This active trading volume demonstrates the trust in crypto in India and establishes Paxful as one of the safest cryptocurrency platforms available.

The cryptocurrency sphere is not immune to opportunists with illicit intent. “In our experience, the majority of cryptocurrency transactions are safe. Despite this, risk management is top-of-mind for us to protect our customers and we have a dedicated team that focuses on risk assessment and security to keep our platform safe,” says Ray Youssef, co-founder, and CEO of Paxful.

Understanding the risks involved with trading in crypto

Contrary to many theories about bitcoin, it is a safe asset that is traceable, trackable, and less anonymous than cash. As the first decentralized digital currency, it continues to change the way people manage their finances and with bitcoin being open and borderless, it makes entry to the global economy more accessible.

“The crypto-sector has come a long way to protect consumers, while continuously developing processes to advance adoption. What has played an integral role in the emergence of the crypto-economy is the human layer, the peer-to-peer finance powered by people. In essence, that means that we all have a role to play in making and keeping the economy safe as responsible participants,” says Youssef.

He adds, “Like with any other type of investment, there are certain risks involved and as crypto-market players, we have a responsibility to work with users to increase awareness about all the risks that come with trading crypto.”