Despite the popularity of Bitcoin, the complexity of acquisition and usage has remained a disadvantage for the cryptocurrency. In order to bring true mainstream sensibility to the Bitcoin ecosystem, accessibility of the cryptocurrency has to be simplified, especially for the unbanked.
Ready for the future
According to Ray Youssef, CEO of Paxful, the present complexity of acquiring and using Bitcoin by the average person needs to be eliminated. He says this can be achieved by employing a feedback mechanism that interacts with real people in the form of a useable application built on a peer-to-peer marketplace for money.
He continues by noting that it may seem like a given that things should be easy but this has yet to be attempted for the acquisition of Bitcoin by the unbanked. A situation which he describes as absolutely necessary in order to get Bitcoin into the mainstream.
Youssef tells Cointelegraph that his company is working on a foundation that will form the basis for numerous Fintech applications. He is certain:
“In the future, the applications built on this foundation will be numerous and solve problems for many industries and perhaps even in the geopolitical area.”
Bitcoin - a beacon of hope
For Youssef, Bitcoin is all about having options and hope. “I see Bitcoin as a huge beacon of hope,” he says.
He also explains that his company has launched a program which rewards individuals that participate in creating awareness about the easy accessibility of the cryptocurrency.
“Lottery is all about hope and while many have become a kind of tax on the people, this is quite different as you do not pay anything to partake you simply share among your network and help Bitcoin grow,” he concludes.
A viable alternative
Tim Frost, the Founder of Taurus vision, sees Bitcoin as a viable alternative which offers new possibilities to the unbanked people across the globe. Frost identifies the cryptocurrency as an option for those who wish to escape their local currencies.
“World currencies are unstable in much of the developing world where a high percentage of the unbanked live. Bitcoin is offering new possibilities for those people. It is not perfect, but it is giving options for those who wish to escape their local currencies and also control their money without cash. Bitcoin is growing in usability and availability.”