Paxful, a global peer-to-peer bitcoin marketplace, has encouraged Kenyan consumers to adopt the use of bitcoin.
According to the group, the Bitcoin concept was conceived barely a decade ago, and it remains as one of the most misunderstood yet widely known cryptocurrency.
“Reluctance to embrace this electronic financial transaction system locally is based on misinformation and controversies whose basis is ignorance about bitcoins,” Paxful said in a statement issued this month.
“This comfort is not new because the world had to overcome a financial system, which tied gold to the dollar. The festive season comes with a fair share of smiles and economic strain. This is an opportunity to enjoy while managing finances well. Bitcoins not only enable users to create this balance, but it is also an excellent moment to explore inexhaustible options this festive season,” the company added.
One of the most interesting things about bitcoins is that the digital currency is not controlled by any government or banking system. Transactions can be done over the internet anywhere in the world. The decentralized system gives users the freedom to control their finances.
Paxful boasts more than 6 million trades in Africa for 2018 and reports that African users are leading on the website’s activity.
“Overall Africa is still our fastest growing market and it’s amazing to see despite the challenges that the African people are going through politically and socially, they are still leading the adaption of peer to peer (P2P) Finance,” says Ray Youssef, CEO, and Co-founder of Paxful.
Bitcoin is digital cash that a person can use to purchase products both at physical or at online stores. Gift cards account for 64% of Paxful’s trade. The currency can be used for payment locally and globally.
Paxful argues that bitcoin should be treated as an emerging concept in e-commerce. The rationale is to showcase a transparent alternative to the traditional banking systems that have additional fees.
“We have a global user base which opens up the opportunity to our users to do business with anyone and anywhere. People buy bitcoin in order to facilitate commerce with it locally or globally. Our job is to make Paxful a platform where users can invest in bitcoin easily and securely wherever they are based,” explains Paxful COO and Co-Founder, Artur Schaback.
Paxful argues that terms such as blockchains, mining, bitcoin wallet and cryptocurrency should not scare anyone. A good sign is that financial literacy institutions are taking time to train people and organize workshops that will continue to enlighten the local population about bitcoins. The group says that if researched properly and looked into with enough enthusiasm and open-mindedness, millions of people can see the benefits that bitcoin has to offer.