Paxful, a Peer to Peer Bitcoin
marketplace played host to Block chain and Tech experts, on Wednesday, October
9, 2019, at Maryland to discuss the status of Block Chain technology and number
of factors that play roles in influencing Bitcoin penetration and acceptance,
both at business and individual level, such as trust, perceived risk, security
threat, perceived benefit, perceived ease of use, as well as
macro-technological and socioeconomic factors.
Bitcoin analyst, Femi Daramola highlights
the possible reasons why some businessmen might still be reluctant to accept
bitcoin as means of transaction in the money market. He identifies the high
volatility of bitcoin as a challenge to itself.
“Volatility in Bitcoin does not
yet have a generally accepted index since cryptocurrency as an asset class is
still in its nascent stages, but we do know that Bitcoin is capable of
volatility in the form of 10x changes in price versus the U.S. dollar, in a
relatively short period of time.”
Femi stated that the main challenged
in the use of Bitcoin is the class of uses who sees Krypto currency as means of
storage of value rather than means of transaction.
“These people buy bitcoins, hoard
them with the intention of gaining huge exchange return in my years to come.”
No doubt that bitcoin is the
safest and most reliable conversion of physical currency
According to Femi, most bitcoin
users are wary of merchants who exchange the coin for money.
One of the best things about
paying with bitcoin is that you don’t need to give up as much personal information
as other online credit merchants.
On the issue of security, he said
that the issue of security has been a fundamental one for bitcoin since its
development.
“On one hand, bitcoin itself is
very difficult to hack, and that is largely due to the block chain technology
which supports it. As block chain is constantly being reviewed by bitcoin
users, hacks are unlikely.”, he said.
Anthony Oneya, Google expert who
also graced the session speaks on the need to use the bitcoin as a means to get
designated services.
He proposed the use of bitcoin as
means of exchange to some online services or transaction that is patronized by
the demography of online users that engage in digital or online payment.
Blockchain expert, Uri speaks on
the need to simplify the information and use, so as to give prospective users a
sense of confidence and reliability.
According to her, “this will build
the required trust for the blockchain system. If you use bitcoin, you are
trusting your money to a complex system you don’t understand, people you know
nothing about, and an environment where you have no legal recourse. Consistent campaign
and information dissemination will help quell the apprehension.”
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