byt-Miner

Selling Cryptocurrency

This escrow amount is deducted from your Paxful Wallet at the beginning of the trade. Upon successful completion of the trade, Paxful receives the escrow fee. If the trade is not completed, i.e cryptocurrency is released from escrow back to the cryptocurrency seller, Paxful takes no fee.

Sending and Receiving Bitcoin

Wallet Type

Send

Receive

External Wallet

$0 - $9.99 = 0.00008 BTC fee

$10 - $19.99 = 0.00016 BTC fee

$20+ = 0.0004 BTC fee

no fee

Internal Wallet

Up to 1,000 USD per month for free (between all cryptocurrencies)

After 1,000 USD is reached, a fee of 1 USD or 1% of the amount being sent, whichever is greater, is applied

no fee

Introduction

Coinbase Commerce allows you to be your own bank with all the benefits of a hosted service. It's no longer necessary to build and maintain infrastructure to monitor the blockchain; stay focused on running your business and leave the rest to us. Using public keys created on signup for each cryptocurrency, we're able to generate payment addresses on your behalf and continuously monitor the blockchain to detect when payments are made.

Customers can now pay you directly from their computer or mobile device using the blockchain as the settlement network. With cryptocurrencies you no longer need to collect and store payment credentials or sensitive customer information.

Cryptocurrency Payments

Payments today rely on customers populating forms with credit card information. This information is then used to pull payments directly from the customer. Cryptocurrencies are different. Instead, a wallet is used to push payments directly to the merchant. A customer specifies the amount of cryptocurrency along with an address before sending funds. In this way, cryptocurrency payments are push payments.

When a customer requests to pay with cryptocurrency, we create a charge representing the expected payment. A charge can be thought of as a request for payment in one or more cryptocurrencies. Since cryptocurrency payments are made over a separate network, a unique payment address per cryptocurrency is generated on charge creation so we can associate customers to their payments. When a customer makes a cryptocurrency payment, they generate a transaction that is then broadcast to the cryptocurrency network for validation/confirmation.

Once a charge is created we start monitoring these unique addresses on the respective networks to detect any inbound payments. Each charge has an associated payment status.

When we detect the customer’s transaction on the blockchain, the payment status changes to Pending. This means the payment has been detected but it has not yet been validated by the network. When the transaction is fully validated and confirmed by the blockchain network, the payment status changes to Completed. These unique payment addresses are monitored for up to 60 minutes. If no payment is detected after 60 minutes then the payment status changes to Expired.

In some cases, a customer may make a payment after the 60 minutes has passed. In this case the payment status changes to Unresolved with a reason of Delayed.

In other cases a customer may overpay, underpay, or pay more than once. When this happens the payment status changes to Unresolved with reasons Overpaid, Underpaid, or Multiple respectively. The Unresolved payment status can be manually updated to Resolved by the merchant to indicate that the payment issue has been resolved.

Payment Statuses

A list of all payment statuses can be found below:

Payment Status	Description
New	The payment has been created
Pending	The transaction has been detected
Completed	The transaction has been confirmed by the blockchain network
Expired	The payment request has expired (requests expire after 60 minutes if no payment has been detected)
Unresolved	The transaction has been confirmed but the payment diverged from what was expected
Unresolved (Underpaid)	The amount received was less than the amount requested
Unresolved (Overpaid)	The amount received was more than the amount requested
Unresolved (Delayed)	The amount received arrived after the payment request expired
Unresolved (Multiple)	Multiple payments were made to the same address
Unresolved (Other)	The transaction is of an unknown type
Resolved	The merchant has marked the payment as resolved
Cancelled	The request has been cancelled. Only new charges can be cancelled. Once a payment has been detected a charge cannot be cancelled.
Pending Refund	A refund has been initiated for this charge. Once a payment has been refunded it cannot be undone.
Refunded	A refund has been broadcasted and confirmed by the blockchain network

Here's a visual representation of how all this works:

payment_statuses_diagram