Operator Lists Gains of Digital Currency

• Operator Lists Gains of Digital Currency

Paxful Chief Technology Officer, Artur Schaback has listed the gains of digital currency to the economy.

Speaking at the Lagos Blocknight 2017 edition of the Nigerian Blockchain Alliance Conference , he explained how the coming of the company has helped to ensure that bitcoin technology is used to help people that cannot carry out online transactions.

He disclosed that 35 per cent traffic on his company platform comes from Nigeria. He described Africa as its biggest market with the highest numbers coming from Nigeria and Ethopia.

“We are proud to say one-third of Paxful community is from Nigeria which is our number one country by volume, which is why we would be opening a technology space here soon,” he said.

Schaback spoke on the theme: Building Successful Blockchain and Fintech Product. He educated the audience on how to develop a Fintech application from the scratch. He also noted that building a successful Blockchain and Fintech Product is not for the weak as there would be challenges and only those willing to take the challenges can build a successful Fintech product.

He attributed the success of Paxful to a safe and secure platform where people can trade for the value of their work without fear or panic. He added that “if you are a buyer, you are 100 per cent protected. We verify and check all our sellers for safety, you can pay with confidence with 2-factor authentication, escrow, highest level encryption and professional audited security.”

He said Paxful is not an exchange company, but is a marketplace for cryptocurrencies where there are sellers and buyers on the platform. “Paxful was able to build a global peer to peer payment platform of the future by simply unlocking the power of people”. He further took the attendees on how to find problems that need to be solved in Nigeria through the use of Blockchain and Fintech applications.

Schaback gave various insights on building a successful peer2peer bitcoin marketplace. He mentioned some successful and failed peer-to-peer (P2P) bitcoin marketplace and advised attendees to pick important lessons from the stories they have heard at the conference. He further advised the attendees to challenge themselves, take risks and start building.

The Central Bank of Nigeria (CBN) Deputy Governor, Financial System Stability, Joseph Nnanna said the theme of the conference offers a unique opportunity to reflect once again on the impact of financial technologies and digital currency on financial system stability and economic development”

CBN Chief Information Security Officer, Mrs.Rakiya Mohammed said the apex bank would generate useful and implementable policies and strategies that would form the bases for regulating bitcoin market in Nigeria.

She said there was need to educate regulators and Nigerians on bitcoin in order to avail them with relevant knowledge about what they do. The two-day conference themed: National Development in the Era of Distributed Ledger Technology & Digital Currency, was attended by industry experts, regulators, national institutions, professionals and private establishments.