Loading...

Follow Paxful Blog on Feedspot

Continue with Google
Continue with Facebook
or

Valid
Paxful Blog by Liina - 1y ago

It has been brought to our attention that there is a website operating in Nigeria that uses the domain:

paxful.com.ng

This has been reported to us by some unsuspecting users.
The website itself gives some info on trading and bitcoin + other cryptocurrencies. However some of the users have reported that this website offers buying and selling through WhatsApp. This is something they are doing on their own and there are no links between Paxful and this website. Some users have reported that after trying to buy or sell bitcoin, they never received their money.

There is no safe escrow option when trading through this site. As we are one of the leading bitcoin marketplaces, people will keep trying to use our brand for their own gains, most cases trying to scam people out of their money or get access to their login details. Please always have 2-FA enabled on paxful.com and make sure that you are in fact on https://paxful.com.

If you have fallen for fraud on this site, please let us know by email:
support@paxful.com

We are doing everything we can to get this site down as soon as possible.

The post Paxful.com.ng Scam appeared first on The Paxful Blog.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

The search volume for the term “bitcoin hack” is at an all time high on Google. Why might this be? Let’s have a look at what is going on in the bitcoin world. Recent events, what to look out for and how to avoid a bitcoin hack on your own accounts.

Nicehash – over $70 million stolen in bitcoin hack

Most of the publishers were writing about the unfortunate bitcoin hack on the 7th of December that occurred on the Nicehash platform. Let’s go over a few details that are known at this point.

Nicehash, a multi-mining pool for cryptocurrencies announced late last week that they had a security breach where roughly 4700 BTC was stolen from the site’s account.

NiceHash is a platform for mining various cryptocurrencies where you can get paid in bitcoin for your computing power. Their CEO Marko Kobal has said that they have paid out over $1 billion to their users since they started operating 4 years ago.

Since the bitcoin hack they have halted service and are working on getting the platform back and potentially reimbursing the users. It seems that the hackers entered their platform using the credentials of one of the company’s engineers. They have not announced whether the bitcoin was stolen from the users’ accounts as well at this point.

How to avoid a bitcoin hack?

As it seems that one of the NiceHash’s employees got their account details compromised, let’s have a look at a few ways we can prevent this from happening to ourselves. Cryptocurrencies are an amazing innovation, this tech can bring us many new opportunities however the safety of your money is in your hands. Bitcoin transactions are irreversible, this means if your account details are compromised and someone steals your bitcoin, there is no way of getting it back.

A bitcoin hack can happen in many different ways. For example:

Phishing attack

A phishing attack is when a users are tried to be lured in by fraudsters to click on a link and enter their credentials. Normally the website, creatives and copy is identical to the original website so if you are not paying attention it can be hard to spot the difference. The domain can look very similar. For example someone might try to trick you to click on pafxul.com.

The website it redirects you to can look identical at first glance. If you’re more technically advanced you could find out if a site is legit or not by inspecting the code. Fraudulent sites tend to have many errors in them as most people don’t look and it’s makes more sense for fraudsters to just get the cloned site up and running, collecting unsuspecting users’ login details.

When you enter your details through their site, they’ve got you. They now have your username and password to log in to your site.

How to prevent this? Always have 2 factor authentication set up. For extra security you should use either a Google Authenticator or Authy app for this because 2-FA via text is also hackable. The fraudster can call up your phone provider and take over your sim.

We work hard taking down the phishing sites as soon as they are brought to our attention however there is no way to completely stop this. Hackers have also started messaging our users directly via Facebook messenger pretending to be from our support team. They use clever tricks like using our logo in their profile picture. If you see any suspicious emails or texts, please do let us know so we can have these sites removed as soon as possible.

We will never contact you asking for your username and password. Always log in directly at https://paxful.com not through any links from emails or texts.

Social engineering

This is a tactic that hackers use quite often. Gathering as much personal info about a person as possible and through that gain access to their accounts. People nowadays are so active and vocal on social media, sometimes sharing info that they shouldn’t be, this makes it easy for hackers to get enough info about a person to take over their accounts.

How to avoid this? Be vigilant about what you post on social media and online. Don’t share details of what bitcoin wallet you have or how much cryptocurrencies you own. We wrote about an incident where an account got hacked through a mobile sim takeover following a tweet by Cody Brown. The hacker took $8000 worth of bitcoin at the time and there was nothing Cody could do to stop it. If he had 2-FA set up through an app, he may have escaped this bitcoin hack.

How to keep your bitcoin safe

As bitcoin transactions are irreversible you need to keep in mind these few things.

Never share your passwords with anyone.

Set up 2-FA via an authenticator app

If holding large amounts of bitcoin, it is also recommended to either have it on a paper wallet in a safe place, hardware wallet or on a computer that has never been online.

We make it our mission to keep our platform as safe as possible, however when it comes to someone gaining access to your account by stealing your passwords and login details, there is not much we can do. Please always be suspicious of links and emails sent that appear to be from us and always have 2 factor authentication set up both for logging in and sending bitcoin out from your wallet. Set up 2-FA now

The post Bitcoin Hack Reaches 100 in Google Trends appeared first on The Paxful Blog.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

The crypto space is booming. Bitcoin reached $15 000 today. Times are great right? Well, not for all. Bitcoin can and will solve problems for people that need it most and we want to give our part back as well.

And that is why we started the initiative #builtwithbitcoin. The goal is to build 100 schools all over Africa, funded by bitcoin. We teamed up with Zam Zam Water and helped the first school become a reality. Our team went to Rwanda, Kasebigege village to help out. Here are our experiences and some images from the beautiful place.

Want to help us build schools? This is the donation address:

3Q5CESP85hhXTLSy2HDbSyNchb5Bi8D7ku

This is what was done:

Nursery Education Center

  • 3 Classrooms
  • 4 Restrooms with potable irrigation system
  • 15,000 L water tank and water-catchment system

Project location:

Kasebigege Village – Bugesera District, Rwanda

Beneficiaries:

7,500 people (children between ages 3-6)

Sustainability

  • Building over 20 community gardens for sustainable agriculture
  • Providing dozens of goats and chickens for grazing, meat, milk and poultry.

As a team it has brought us all together, working towards a bigger goal. This experience has indeed been enlightening and this is why we want to bring more people into it. Together we can really make a difference. Also, this is a great way to show people that bitcoin is not just used as an investment or for purchasing drugs and guns.

Here are some more images from our trip:

How Rwanda Made Us Feel

Rwanda and Kigali is the Africa i didn’t expect to see. It was like disneyland and paradise – extremely clean, nice people. A place that I would always like to come back to. – Artur

They are some of the kindest people I have ever met. Almost every single person I met there had one of their family members brutally slaughtered in the genocide in 1994, yet they completely forgave the people that attacked them in order to build something better, and now from that destruction they have created one of the most thriving and stable economies in Africa. It is literally the cleanest place I have ever been to. – Elliott

Rwanda was something totally new for me, the nature , the people and also the gorillaz. Really makes you respect the nature more. Also about the history, just gives a good example how people can forgive and move forward. Also taught me how we should respect what we have and we are SUPER lucky to have clean water. – Jan

Rwanda is a model for Africa and all the world. Clean, safe and cheerful. The people of Rwanda have shown us how we can forgive, heal and build a better world no matter how horrific the past. People that had their entire families killed by their own neighbors now live side by side again in peace. The western media only shows us an Africa of poverty and disease, Rwanda has shown us the exact opposite. This is why we chose the first Paxful school to be built there. – Ray

The post The First School Built with Bitcoin is Ready! appeared first on The Paxful Blog.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Over the last few months, cryptocurrency has seen a real boom regarding public awareness, investment interest and… controversies. Nowadays, there are over 900 different cryptocurrencies that can be invested in, and each one of them has various features.

Bitcoin, as the original cryptocurrency, always gets the most attention and thanks to its continuously growing price – it is also the most popular investment choice. Bitcoin has reached a stratospheric price mark of over $8,000. Hence, investing in the mother of all cryptocurrencies usually means a hefty amount of fiat currency that has to be put out. Or, buying just a small friction of one Bitcoin. Unless you have thousands on your bank account ready to be spent on just one Bitcoin, you will only afford a small part of Bitcoin, called Satoshi. But would you want to do that, if you can afford a cheaper currency that can potentially bring more profits in the future?

So which other currencies are worth investing – your time and money? Mainly, if you are at the beginning of your cryptocurrency journey, the choice might be overwhelming.

Choosing a cryptocurrency investment

There a lot of various factors you should be looking at while trying to pick the one. However, it’s crucial to remember, that the price should be the least one of these factors to consider.

You should always first and foremost look at the ‘revolutionary’ aspect of the coin. Regardless of how much the coin is worth, it should bring a particular innovation the market. If a currency is repeating what others have done before, the chances it will ever survive the $1 mark are quite low. If you look at IOTA, for example, it will entirely change the machine-to-machine system for the Internet of Things – it introduces a new solution to technology and identifies a significant gap in the market.

Another vital factor to look at is the engagement with the community around the coin. In particular, during many ICO scams, the founders and developers of the currency are what sets the coin apart. If you are planning to invest in a specific coin, you have to become an active member of the community to understand its future and be the first one to find out about the upcoming improvements.

If you are intending on investing in ICO than you should ‘stalk’ the developers behind the coin. In most cases, a good project also has an experienced and successful team behind it. Someone who has a history of working with cryptocurrency and blockchain technology, will not be a newbie on the market and would have probably worked on other crypto-related projects in the past. Make sure to check it before investing.

Last, but not least, you should think about the ways of buying your chosen cryptocurrency and means of storing it. Legitimate and promising cryptocurrencies will have an intention of getting into some of the most prominent cryptocurrency exchanges and will either designed a native wallet or be very clear where the coins can be stored. If you are not a rookie, then you will know that storing cryptocurrency on an exchange is never a good idea. Hence, before you invest, do your research on when can it be safely stored.

These are just the basics of investing in cryptocurrency, but if you are looking into a lesser-known, just released coin, there are many other factors to consider in order not be become a victim of a scam. If you are up for a challenge, you should read in detail on how to choose a cryptocurrency to invest and what to watch out for.

But if you’re up for a shortcut, here’s a quick guide to the most famous cryptocurrencies on the market

The post How to Choose Your Favourite Cryptocurrency appeared first on The Paxful Blog.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

at Dream World Africana in Lagos

https://www.eventbrite.com/myevent?eid=39591097037

  1. Live trade workshop
  2. KeyNote Speech
  3. Profit and Risk Agent Chat.
  4. Nigeria opportunities and Challenges Rundown.
Dream World Africana is a big bright space for 400 + people. Very safe.

 

The post BlockNight in Lagos is Saturday Nov 17th at 5pm appeared first on The Paxful Blog.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Is Bitcoin Gold a good thing or a bad thing for BTC?

Bitcoin recently experienced a fork as the newly-created Bitcoin gold emerged. It has plunged to a low of $5,374.60 weeks ago then recovered nearly $300. Anyone who owns Bitcoin at the time of the split should get the equivalent in Bitcoin Gold for free.

So how did “Gold” enter the picture? A “fork” happens whenever a cryptocurrency undergoes a split and paves the way to another cryptocurrency. The most recent Bitcoin fork happened back in August when Bitcoin Cash was created to meet the demands of BTC’s scaling issues. As for the new Bitcoin Gold, it seems that it is keen to re-decentralize the mining of Bitcoin.

How is Bitcoin Gold Trading So Far?

In a nutshell, people who own Bitcoin will receive Bitcoin Gold. It’s being issued at the rate of 1 Bitcoin Gold to Bitcoin. According to Coinmarketcap Data, the price of Bitcoin Gold has dropped to over 66 percent and trading at $161 per coin. Investors had a lack of faith in the new cryptocurrency which resulted to a sell-off.

Cryptocurrencies Bitcoin and Ethereum took a hit when Bitcoin Gold trended but recovered after Wednesday. The newly-created Bitcoin Gold has experienced teething issues in the first few hours when it started to surface. Bitcoin Gold’s website has encountered a distributed denial-of-service attack due to an overload of requests. Major cryptocurrency exchanges have also yet to start trading Bitcoin Gold.

Will We Reap the Benefits of Bitcoin Gold?

The BTC system is fueled by the blockchain technology. User transactions are compiled into “blocks” which are converted into complex math solutions. Miners enter the picture to work on these solutions and check if the transaction is valid or feasible. The miners ascertain if the puzzle or solution is correct. Miners are rewarded with Bitcoin once a transaction is approved. However, mining work isn’t a stroll in the park, miners use high-powered computers to determine the validity of transactions.

There is a need for advanced machinery to mine Bitcoin. Today, only a handful of people own these powerful mining computers – It’s why Jack Liao came up with Bitcoin Gold. Liao owns LightningASIC which sells mining equipment. Jack Liao could be right if he thinks that btc gold is a gamechanger in the cryptocurrency world.

The idea here is that it can be mined by more people using less advanced and expensive computers. Bitcoin Gold is set to go live this weekend. The repercussion would be a network decentralization which will open it to a broader user base.

Do we benefit from this decentralization? Let’s wait and see.

The post What You Need to Know About Bitcoin Gold appeared first on The Paxful Blog.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

A total of over 1,2 billion people live in Africa, 77% of them people do not have a bank account. Financial inclusion or the lack of it is a huge problem. According to a study by the African Development Bank (AfDB) the most frequently cited reason for not having a bank account in Africa is the lack of funds to use one for. Over 80% of unbanked people surveyed gave this as a reason. Cost, distance and documentation needed were also cited as reasons. For example, if you would want to maintain a checking account in Uganda the cost of it is an equivalent of 25% of GDP per capita annually.

Bitcoin can solve a lot of problems in Africa. Although bitcoin is used as an investment mainly in the west, Africa is truly using it for what it was made for. Their financial passport. Anyone that has an internet connection has access. No need to travel far and pay high fees to set up a basic bank account. As 85% of the African population own a mobile phone, they can easily and quickly conduct their business with the digital currency.

The use of bitcoin has skyrocketed in Africa in the past few years. Here’s an overview of African countries with the highest growth in bitcoin use and why they are doing this.

Nigeria

Nigeria is currently experiencing economic and political hardship. This is seen as the biggest economic turmoil in 25 years. Nigeria depends on petrodollars for 70% of their revenues and 90% of earnings on exports. As the oil sector fell 14% and on top of this their economic troubles have been exacerbated by a severe foreign currency shortage, this affects all the other sectors as well, not just the oil economy.

Due to this manufacturers are having trouble importing goods and are having to lay workers off. Business analysts complain that the government has been too slow to react to the crisis, particularly with the management of the Naira. Nigerian Central Bank said in June it was moving to a “purely market-driven” currency system. However they continue to restrict access to dollars for importers of items that it considers non-essential such as rice and toothpicks. This has driven up demand for dollars in the black market, where it is traded at over a 30 per cent premium.

On top of the economic turmoil, Nigerians are also faced with Boko Haram. Across the region, the war against Boko Haram has forced over  2.6 million people from their homes

Zimbabwe

The source of the economic woes of Zimbabwe extend back to almost 10 years back. In the same year as bitcoin was created – 2009, Zimbabwe replaced its national currency with the US dollar. This was after a rampant hyperinflation that had forced their national bank to start issuing 100 trillion dollar notes. Although they were hoping to solve this issue by using the US dollar instead, they are now faced with a huge lack of the currency. Banks have started rationing US dollars and Zimbabweans need to wait in line for hours just to withdraw $50 from their accounts.

This is why Zimbabwean people are turning to bitcoin. They can obtain it without cash and also they can spend it easily outside the country.

Ghana

Although Ghana was not so long ago seen as a model for African growth things have taken a big turn for the worse since 2013. Their economy has endured a growing public deficit, high inflation and a weakening currency.

A recent World Bank Study revealed that there are 26 universal banks and more than 110 rural banks nationwide in Ghana, however still over 70% of the adult population in Ghana have no bank accounts. Similarly to many other African countries, opening a bank account in Ghana is a cumbersome and expensive process.

Ghana’s National Communication Authority reports that smartphone penetration has grown 128% compared to the previous year. If the adoption of internet use keeps growing at this rate and services like 4g are introduced, Ghana is a serious contender in the race for bitcoin adoption in Africa. People in Ghana purchase bitcoin to pay for goods online and also for trading purposes.

Egypt

Like many other countries mentioned above, Egypt is also struggling with a rapidly declining national currency. The Egyptian pound has dropped more than 50% in the past year. Things are now looking up though. Egypt launched a reform program when its economy faced rising imbalances that led to high public debt, a widening current account deficit, and declining official reserves. The government embarked on an IMF-supported program in November 2016 to restore the stability of its finances, promote growth and employment, while shielding the poor from the adverse effects of the changes.

That all said, bitcoin use has gained popularity rapidly. Volumes on bitcoin marketplaces in Egypt are growing fast. The Egypt Central Bank official issued a statement following the opening of the first bitcoin exchange. He stated that the bank has no intention of issuing legislation or passing a special law that allows the trading of digital currency, including bitcoin. In addition, the cryptocurrency is not recognized in financial and banking transactions.

Paxful has seen a very fast and steep growth from above mentioned African countries. From getting feedback from the users they’ve gathered that in fact the users are purchasing bitcoin for gift cards and spending them online as normally they would have restraints in doing so. People are not speculating on the price of bitcoin but mainly using it for day to day use purposes. Africa has figured out how to solve their financial issues through bitcoin.

The post Why is Africa Using Bitcoin appeared first on The Paxful Blog.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

We have teamed up with Zam Zam Water – a wonderful group of people.

Their mission is

To create a better quality of life by bringing water to those in need, one well at a time.

They have already completed so many projects and we are truly glad to be part of the next one. Here’s what they’ve done so far

To help this inspiring team to bring education to those who need it most, we’ve sponsored a nursery in Rwanda. The first school built entirely with bitcoin. The project is coming up nicely and we’ve had heartwarming video chats. Our team will be flying over there in a few weeks to get our hands dirty and help out as much as we can.

Here’s what is happening:

Nursery Education Center

  • 3 Classrooms
  • 4 Restrooms with potable irrigation system
  • 15,000 L water tank and water-catchment system

Project location:

Kasebigege Village – Bugesera District, Rwanda

Beneficiaries:

7,500 people (children between ages 3-6)

Duration:

2 months

Sustainability

  • Building over 20 community gardens for sustainable agriculture
  • Providing dozens of goats and chickens for grazing, meat, milk and poultry.

April 7th marks the 22nd anniversary of the Rwandan Genocide. From April to July 1994, between 800,000 and one million ethnic Tutsis and moderate Hutus were killed during a 100-day killing spree planned and perpetrated by ethnic Hutus, also known as genocidaires. Despite the presence of United Nations Peacekeeping Troops, the international community did very little to intervene or quell the violence, which has left lasting social, economic, and political scars on the small African nation.

Paul Kagame, now President of Rwanda, led a Tutsi intervention force, the Rwanda Patriotic Front (RPF), comprised of Tutsi refugees, to defeat the Rwandan Army and Hutu militias. Kagame ultimately established a unity government led by the Tutsi RPF political party. Hundreds of thousands of Hutus fled the country for fear of retribution, many fleeing to neighboring countries, including Zaire (now the Democratic Republic of Congo). Many of the Hutus who fled were then, in turn, targeted by DRC militias, including M23, a militia backed until 2013 by Kagame’s government.

After the genocide, Rwanda was on the brink of total collapse. Of the survivors, women comprised 70 percent of the population, entire villages were destroyed, and social cohesion was in utter disrepair. This small African country of 12 million inhabitants, encompassing a geographic area roughly the size of Maryland, has made a remarkable economic turnaround over the course of the past two decades. The country now boasts intra-regional trade and service delivery, urban design innovation, and efficient transport links. It has positioned itself as an attractive destination for foreign investment and business ventures. Remarkably, there is free wifi on city buses in Kigali, the country’s capital!

We are truly happy that Rwanda is recovering from the gruesome events in the early 90’s however it is by no means fixed. There are many areas of Rwanda that still lack basic infrastructure, water, electricity and education. Like the Bugesera District where our nursery is being built. There is a need for education to give these kids a chance to make it in life.

Here are some pictures from the progress so far

We would also like to share this heartwarming story.

This is Margaret an Yusuf. Yusuf is leading the project and Margaret is a local mother from Kasibege. Margaret came up to Yusuf and the team and brought with her a basket that was wrapped with a ribbon with the Rwandan flag colours.She said it was a valuable gift on behalf of her and the villagers for Zam Zam and Paxful coming together to build a school for their children. At this point, Yusuf was nervous, He doesn’t do well with gifts. She unwrapped the ribbon and lies there two chickens: one female one male. She said: “The female chicken represents Rwanda and the male chicken represents America. When the two chickens come together to mate, it will bring a baby into this world from both countries, build a family from both places.”  

We are going to continue this initiative and are aiming to have 100 schools built with bitcoin.

If you want to help out, donate to this address: 3Q5CESP85hhXTLSy2HDbSyNchb5Bi8D7ku

The post School Built with Bitcoin Update appeared first on The Paxful Blog.

Read Full Article
  • Show original
  • .
  • Share
  • .
  • Favorite
  • .
  • Email
  • .
  • Add Tags 

Separate tags by commas
To access this feature, please upgrade your account.
Start your free month
Free Preview