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What is the difference?

Exchange Paxos Standard to Bitcoin

What do you need to know?

  • ­ The average time of the exchange of PAX to BTC — from 1 to 2 minutes
  • ­ Only 4 confirmations of the Paxos Standard are needed to complete the exchange
  • ­ Do not send PAX through a third party contract! Such transactions are not automatically processed. We accept transactions from the original PAX contract
  • ­ The speed of confirmation of a Bitcoin transaction depends on the level of congestion of the Bitcoin blockchain network, read more in our article

What is Paxos Standard?

Paxos Standard Token is the token of the Paxos platform built on Ethereum blockchain technology (ERC-20 protocol) in 2018. Paxos Standard Token is fully backed 1:1 USD issued by the Paxos Trust Company and is approved and regulated by the NYS Department of Financial Services. PAX is also known as USD Digital.

Like other stablecoins such as USDT, PAX aims to combine the stability and reliability of the US dollar with the benefits of digital money. Namely, to make it so that it can be transmitted via the Internet to anyone on the planet, instantly, at any time and practically without commissions.

PAX smart contract

Do not submit PAX through a third party contract. Our exchanger does not accept transactions that are sent by third party smart contracts, except for the original PAX contract.

Network fee

To work with tokens, the wallet must have ETH. It is very difficult to calculate the exact amount of ETH to send a transaction. During periods of high load, it can change significantly. Each token can have a different transaction value. Therefore, it is better that the amount of ETH on the wallet is slightly higher than the average fee on the network at the moment. The average commission can be estimated using the Blockchair analytical service.

The system does not see the transaction, what should I do?

If you have sent funds, but there are no changes, check your transaction in an explorer (etherscan.io or blockchair.com) and make sure that the transaction was created.

If the transaction has already been added to the blockchain, and the system has not seen it, contact technical support, we will be able to help you promptly.

When will Bitcoin be credited to your wallet?

We send Bitcoin immediately after the exchange is completed, but the time before the first confirmation depends on several parameters:

  1. Commissions. In our exchanger miner fee is set so that the transaction was one of the first.
  2. Frequency of occurrence of blocks. Blocks in the Bitcoin network appear on average every 10 minutes, but it happens that a new block does not appear for an hour or more. In this case, the Commission may lose its relevance and the transaction may go a little longer than planned.

How to estimate the confirmation time of the transaction?

There are several ways to estimate the time of confirmation of the transaction, but you need to understand that it is impossible to calculate it accurately since many factors affect the passage of your transaction, you can read more in our article.

  • The easiest way to find out when the first confirmation of the network is to go in the service of collecting statistics from BitcoinFees Earn.com there you can see when your transaction gets into a block, depending on the fee which you sent it.

  • You can also use the Explorer Blockchair.com where you can see the priority of the transaction. The first number is what place in the queue is a transaction, the second how many transactions are pending (e.g. priority 1676/9495). Each block includes approximately 2500 transactions, we see that our transaction is in 1676 place in the queue, and therefore must pass in the next block.

It is important to note that to increase the number of confirmations, a new block must appear, blocks in bitcoin can go from 1 to 75 minutes. The average time of Bitcoin block appearance is 10 minutes.

You can read more in our article about the confirmation time in the Bitcoin network.

When can I spend the funds received?

  • If you request funds for a personal Bitcoin wallet, you can dispose of them immediately after one confirmation of the network.
  • If funds are sent to an exchange or other services where there is a need for multiple confirmations, then you will need to wait until the transaction receives the required number of confirmations.

How does the number of confirmations in the Bitcoin network increase?

After the first confirmation, they will only grow with newly mined blocks. If there is no next block for a long time, then the number of confirmations up to this point will remain unchanged.

exchange in 3 easy steps

  1. Enter the desired amount of Paxos Standard and write your wallet address to receive currency.
  2. Click the "Exchange now" button and you will be taken inside your order.
  3. Send Paxos Standard to the address from your order, after the required network confirmation, Bitcoin will be sent instantly.