Paxful a peer to peer, (P2P) bitcoin marketplace connecting buyers with sellers said Nigeria is occupying the position of its biggest partner in Africa.
Nigeria, which currently holds one-third share of Paxful global market, is said to be the toast of Paxful as far as Bitcoin is concern in the world because of the passionate embrace of the cryptocurrncy blockchain technology in the country, which said to be on increase yearly.
Chief Technology Officer of Paxful, Arthur Schaback who was in Lagos, South West Nigeria to deliver a paper titled: Building Fintech Application at the Nigerian Blockchain Alliance Conference organised by the Cryptography Development Initiative in Nigeria disclosed that Paxful experiences daily increase in its trading.
Schaback disclosed that Paxful is excited that Nigeria has the biggest trading volume despite other payment options like Paypal noting that there are more than 300 ways to buy bitcoin on Paxful while there are 100,000 users daily and 3,500 new sign ups.
While describing Nigeria as a very unique market for Paxful he noted that its trading portal is secured from hackers and that it has never experienced any form of attack saying that a lot of bank transfers goes on on Paxful from Nigeria.
According to him, the reason why Paxful is successful is that it has never been hacked adding that Paxful is highly committed to user education particularly educating them on how best to secure their transaction passwords.
He said that Paxful has heard a lot about how so many bitcoin traders get into phihising website but that there are security credentials that makes Paxful.com secure saying that its hosting provider is well secured.
Schaback advised traders to put up security questions that really have difficult answers to find that makes it hard to get through the support in the network, a phone verification number and file authentication system.
On the worth of the investment made by Paxful into its security architecture, he noted that security of its network is about the training that it has given to its staff and the fact that it goes for the best hands saying that presenting Paxful does not have any junior staff because there is no time to teach them.
He further 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 adding, “if you are a buyer, you are 100 percent 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.”
Also co-founder of Paxful, spoke about evolution of Paxful and how they have used bitcoin technology to solve a problem for vast amount of people that cannot transact online due to restrictions in place by their local government on foreign currencies and lack of access to cryptocurrencies
He educated the audience on how to develop a Fintech application from scratch noting 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 explained Paxful is not an exchange saying, “We are not an exchange, we are a market place for cryptocurrencies where we have 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 stating that 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, and that traders should challenge themselves, take risks and start building.
The Deputy Governor, Economic Policy of Central Bank of Nigeria (CBN) Dr, Okwu Joseph Nnanna who was represented by Dr, Adamgbe T. Emmanuel also speaking at the event 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”
Chief Information Security Officer of CBN, Mrs.Rakiya Mohammed, in her remark disclosed once enough is available to the apex bank, it would generate useful and implementable policies and strategies that would form the bases for regulating bitcoin market in Nigeria.
She further added that there is a need to educate regulators and Nigerians on bitcoin in order to avail them with relevant knowledge about what they do.
Isaiah Erhiawarien, West Africa
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