Understanding Bitcoin this festive season

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.

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.

Bitcoin is decentralized and is controlled by its users

One of the most interesting bits 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, a global peer-to-peer bitcoin marketplace, 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 P2PFinance,” says Ray Youssef, CEO, and Co-founder of Paxful.

You can use bitcoins to buy things that matter

Bitcoin is digital cash that you can use to purchase products both at physical or at online stores. Gift cards account for 64% of Paxful’s trade. You can purchase gift cards and surprise someone with an “Ugly Sweater”.

Alternatively, Xbox fanatics can explore the existing products on Microsoft stores by getting discounted gift cards on the platform. Put a smile on someone’s face with bitcoins! There are more than 300 payment methods to buy and sell bitcoins in Paxful.

This means users can shop gifts for themselves and their loved ones at their convenience using bitcoins or the money acquired from the trade.

Bitcoin can be used for payment locally and globally

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.

According to Paxful COO and Co-Founder, Artur Schaback, “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.”

Give the gift that keeps on giving

Bitcoin is one of the best things that you can give your family and loved ones this holiday season. The mathematical algorithms on which they were founded should not be used to describe the transactions.

Also, 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 Mwananchi about bitcoins.

From peer-to-peer marketplaces like Paxful to bitcoin exchanges, everyone can enjoy the benefits bitcoins can bring. If researched properly and looked into with enough enthusiasm and open-mindedness, bitcoin can be the perfect gift and currency to send and spend through the festivities.

Source: Paxful