Bitcoin is a digital currency developed in 2008 by someone who used the pseudonym 'Satoshi Nakamoto' and bitcoin can be purchased using your own money or credit cards. (Photo Credit: Synerio Blog)
Bitcoin is a digital currency developed in 2008 by someone who used the pseudonym 'Satoshi Nakamoto' and bitcoin can be purchased using your own money or credit cards. (Photo Credit: Synerio Blog)

The need for investing in Cryptocurrency is steadily rising in East Africa; specifically Kenya as more and more people are gradually gaining trust/confidence in the use of Cryptocurrency. Though Cryptocurrency is relatively new and comes with a learning curve, the benefits are a plethora; thus it is good for both sellers and buyers. Cryptocurrency offers a massive wealth distribution globally as well and presents financial freedom to individuals.

In 2016, Citibank analysts estimated that Kenya’s bitcoin holdings were about 2.3% of the gross domestic product (GDP), making it among countries with the largest bitcoin holdings. This has created demand of peer-to-peer Cryptocurrency marketplaces in the East African market because more people are primed for the Cryptocurrency market.

In just 3 years, Paxful has become one of the world’s leading peer-to-peer Cryptocurrency marketplaces built on open source bitcoin and blockchain technology. Boasting USD$15 million in bitcoin global transactions per week, the rapidly expanding platform has solidified an enviable reputation for security and efficiency. Their entrance into the East African market comes at a time where Kenya’s M-PESA system recently announced a bitcoin device, with one in three Kenyans now owning a bitcoin wallet  thus making it more convenient for Kenyans looking into buying and selling bitcoin on peer to peer cryptocurrency marketplaces.

Paxful has helped to connect buyers and sellers to easily exchange bitcoin, accepting more than 300 different payment methods; Bank transfers, Cash deposit, Debit or credit cards, among others. As for businesses, Paxful provides a quick and easy way for online shoppers to pay using bitcoin with no buyer fee and 1% seller fee, no deposit fee, no withdrawal fee, ease of use & Speedy transfer deliveries.

Paxful has also just completed a project in Rwanda called Built With Bitcoin charitable initiative that begun in 2017 to promote philanthropy and charity within the Cryptocurrency industry. The project is a construction of a school in Rwanda for students aged 6-15, and the school supplement’s Paxful’s first bitcoin-funded school.

Ray Youssef, CEO of Paxful stated that, the Built With Bitcoin initiative is a testament to the power of cryptocurrency. Further adding that at Paxful they believe that it can improve lives and make the world a better place.

Since cryptocurrencies are so new, they are also very volatile. This is one of the main reasons mass adoption is taking longer than it should but the future appeal of cryptocurrencies lies in allowing you ultimate control over your money, with fast secure global transactions, and lower transaction fees when compared to all existing currencies. When used properly and fully understood it would be the initiator of many emerging systems that will fundamentally change the African economic system.