This is the era of the sharing economy as proved by giants like Uber and Airbnb. Users expect convenience and speed while prefer dealing directly with other people rather than a corporation.
Paxful, a bitcoin marketplace has recognised this trend and is growing rapidly. The volume on Paxful has quadrupled compared to the beginning of 2017 reaching over $40 million per month.
“There is a big change in consumer behaviour. Everything is moving back to the regular guy. People want to connect and transact with real people, just like them rather than a big business. Previously there was an issue of security there. How to do this in a way that both parties are protected? Blockchain technology solves this. We are moving back to marketplaces like in the old times, digitally.” – Ray Youssef, CEO of Paxful.
The leader of the sharing economy currently by far is Uber with a recent valuation of $62.5 billion in June after a run of funding. Airbnb is currently the second most valuable startup in the US is Airbnb, currently with a price tag of $31 billion. Similarly to Uber and Airbnb, Paxful is giving users a place to connect. This is a platform to swap different payment methods on with the safety net of an escrow service.
“Bitcoin has the potential to solve the problems in fintech globally. A decentralized payment method for the people without a middleman. Borderless transactions at a low cost that are significantly faster than bank transfers. This would be the case if everyone had bitcoin. The reality today however is this – to purchase bitcoin you need to go through a similar process like getting a bank account. Documents need to be sent for verification, on top of this, a credit card is required to buy bitcoin. This makes it difficult for people with restrictions to financial services to obtain bitcoin. Even for those users that do have a credit card, it takes time and is inconvenient. Paxful solves this problem by letting people transact with each other without the long waiting times, safely and securely.” Liina Laas-Billson, VP of Business Development.
To keep up with this rapid demand the Paxful team have gone on a world tour to educate new Paxful vendors how to sell bitcoin. To do this, they’ve started a series of bitcoin meetups. The Blocknight events will be held on a monthly basis all over the world. The aim of these meetups is to raise awareness and promote the use of cryptocurrencies. There have already been events in Tallinn, Estonia and Manila, Philippines. The next event will be on the 21st of October in Las Vegas. The first Blocknight in Tallinn sold out fast and was a fun filled evening with sharing ideas and networking.
“We started Blocknight to bring together crypto enthusiasts and people who want to learn more about the topic and also introduce this new era of change in fintech. We will be inviting guest speakers to find out about new awesome projects and tech. It’s a great atmosphere. The first few events have been a really good time, looking forward to continuing this trend.” Elliott Hoffman, Moderator of Blocknight events and Paxful School.