PayFair Escrow website is finally out of Beta! : Escrow without KYC!

in #cryptocurrency3 years ago

The Time has Come!

After months of waiting, PayFair has finally released their escrow service! This is something I have been following for a while because of their Node system. PayFair actually uses 2 nodes one is passive income and the other you have to interact with. Their Trust node requires you to have a minimum of 10.000 PFR tokens. while their Escrow node requires 250$ worth of PFR tokens at any given time.

What is PayFair?

Payfair is an Escrow platform (think local bitcoin or eBay) it has been in beta for 3-5 months now and as of 01-05-2018, it has officially released its service. Currently, you are able to buy/sell crypto on the platform but in the future, you will be able to sell physical goods as well!.
No KYC is required on PayFair this is another reason a lot of people have been looking forward to the platform, after Localbitcoin started to required KYC PayFair got a lot of attention.
Only time will tell if PayFair will succeed but I believe it can do!

2 Type of nodes?

That's right! PayFair will be using a dual node system, they call their noes Escrow and Trust nodes.
An Escrow node requires 250$ worth of PFR tokens to be set up this is not a passive income node as you will be required to help PayFair solve disputes.

Escrow-nodes are awarded for their active participation
in the system. They receive a commission for each
successful trade they have participated in of which is
paid out in the currency that the trade was completed in.
-PayFair Whitepaper.

on the other hand, the Trust node is completely passive and it does not even require you to have your computer turned on! all you have to do is set up your PayFair trust node on their website if you have 10.000 PFR tokens or more!

Trust-nodes are awarded for their passive participation
in the system. They receive a commission for every
successful trade on the platform of which is paid out in
the currency that each trade was completed in.
-PayFair Whitepaper.

My Thoughts about this service!

I personally used Localbitcoin before their KYC requirements and had planned on using it again when I needed to buy or sell crypto for fiat. However, after their KYC requirement, I lost interest in their platform as I have never really been interested in handing out my ID to people over the internet. I have been waiting patiently for PayFair as I feel like this has a lot of opportunities! Not only is there passive income to be made, but you can also make money by trading on the site! if you can get trust early on these types of services/sites you can make quite a big margin on trades. if you look at eBay, if there are 2 sellers selling the same item the one with the most trust can either.

  1. Almost always sell it first.
  2. Charge a higher price.

I am really looking forward to this and I will 100% update everybody on steemit on how my adventure with PayFair is going!