Wondering what to do with those unwanted gift cards?
Panic is sweeping through corners of the crypto world as Bitcoin continues to plunge below $5,000. But that’s not stopping peer-to-peer (P2P) Bitcoin marketplace Paxful from gearing up for its busiest time of year.
Ray Youssef, Paxful’s CEO and co-founder, says for the past few years, the week right after Black Friday is when Paxful sees the most action. People are looking to trade in their unwanted gift cards for Bitcoin.
Bitcoin has been on a downward slope since its value shot up in December of 2017, knocking on the door of $20,000. At the time of writing, a single Bitcoin is trading at around $4,200– it’s lowest price in 2018. According to Bitcoin Magazine, Youssef says it’s unlikely Paxful’s business will be impacted, even if the price of Bitcoin continues to drop.
“The price doesn’t matter so long as there are people who use bitcoin to translate money,” he comments. “To those in developing countries and countries with declining currencies, bitcoin has been their alternative currency. It’s also good to note that since January 2018, the price of bitcoin has been declining, but Paxful’s volume is continuously rising. Bitcoin will always be the best financial alternative.”
According to Paxful, since the 2015 launch of its peer-to-peer marketplace, gift cards have been used more than any other method to purchase Bitcoin– accounting for almost 64 percent of the platform’s trades. Other methods like credit cards, debit cards, and Apple Pay make up about 36 percent of Bitcoin purchases.
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