Paxful, a Peer to Peer Bitcoin marketplace played host to Blockchain and Tech experts, on Wednesday, October 9, 2019, at Maryland to discuss the status of BlockChain 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 a 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 a means of storage of value rather than means of transaction.
“These people buy bitcoins, hoard them with the intention of gaining a 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 blockchain technology which supports it. As blockchain 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 bitcoin as a means to get designated services.
He proposed the use of bitcoin as a 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.”