The benefits of Bitcoin to a Mwananchi (local Kenyan)

NAIROBI, Kenya, 30th November 2018 – Kenya has a fast-growing economy even though the disparity between the rich and the poor is apparent.

Cryptocurrency, Bitcoin, in particular, can bring financial inclusion to the underbanked and unbanked and give opportunities to grow their wealth. Paxful has built a platform that enables Bitcoin trades between people to earn a second income. Entrepreneurial traders can take their trades further and transform it into a business which can create jobs for Mwananchi. Paxful’s peer-to-peer Bitcoin marketplace enables Bitcoin sellers and buyers to interact digitally while ensuring that the transaction is completed.

Extra capital and profit

The best thing about embracing the potential of cryptocurrency and using it in starting your business is it provides new opportunities for entrepreneurs. Bitcoin trades generate income. However, this depends on the Bitcoin buying and selling values. Paxful’s mission is to provide a platform where everyone can build their own business. Companies can use Bitcoin to easily receive and make payments because it is one of the fastest and most convenient ways to transfer money. Paxful is a platform that is easy to use, accessible around the world, and a simple way for anyone to buy and sell Bitcoin using more than 300 payment methods.

Bridging global boundaries

Bitcoin can help entrepreneurs to globalise their businesses, pushing their connections internationally and expanding their services to other countries. For example, business owners can build their online store and accept Bitcoin as one of the payment options. That way they can open their business to another set of possible customers worldwide who can pay instantly using bitcoin. Compared to a traditional bank account, you can easily own a Paxful wallet without an initial deposit.

“I was in Africa and I met a lady who was selling dresses through Instagram but did not own a bank account and cannot accept online payments directly. She told me that she asks her friend for his bank account and provide the details to her customers so that they can directly deposit their payment in her friend’s bank account. It shouldn’t be that way! If you are an entrepreneur, on this day and age, you should have your own online wallet, you can use it for your business. A wallet that you can directly share to your customers to avoid the hassle of going through the whole banking process. This is where Paxful comes in. We provide an online wallet where you can fully utilise for your business’ advantage for free.” says Ray Youssef, CEO, and Co-Founder of Paxful on meeting a woman selling clothes online.

Online trading nade safer

In a study conducted by Geert Hofstede concerning the impacts of cultures on the developments made by various regions, it became apparent that countries with low risk-taking standards are less likely to grow economically. Kenyans have been subjected to a virtual environment that demands high standards of protection, but Bitcoin provides the necessary levels of assurance.

While entrepreneurship entails a degree of risk for many, using an online financial platform can provide a level of security that traditional banking can’t. As an aspiring business owner, you can benefit from several security measures that come with using a Bitcoin wallet as Paxful provides.

“We encourage our users to enable 2-factor authentication as a security layer. Enabling 2FA can prevent other people from accessing your account. As a result, fraud risks are limited while your investments are protected. Our bonds and escrow system try to directly protect our users from scammers. We also have a dispute system that helps honest users when it comes to dealing with potential scammers.” says Artur Schaback, COO, and Co-Founder of Paxful.