Bitcoin is the currency of the future

With evolving financial options, cryptocurrency has emerged by leaps and bounds as a financial avenue. Digital currencies and exchanges have grown in popularity among millennials and Gen Z, and have emerged as a method of trade rather than just an asset in a disruptive world. The number of bitcoin users in India has increased by hundreds of percentage points. With the growing relevance of peer-to-peer bitcoin trading, peer-to-peer platforms such as Paxful have gained in popularity.

Founded by an immigrant from Egypt raised in New York, Ray Youssef, Paxful has emerged as a leading Bitcoin marketplace. He gives us key insights into the future of bitcoins over time and the future of the financial currency in country like India. In this exclusive Q&A with ET Insights, he shares an in-depth assessment of the fintech platform and what sets it apart from other cryptocurrencies.

How has the public’s perception of cryptocurrencies and bitcoin evolved over time?

People have become more aware of Bitcoin, but the narrative needs to shift: less about Bitcoin as an investment asset and more about Bitcoin as a means of exchange. For example, Bitcoin can be used as a fast and efficient remittance tool to send or receive money. For families with relatives living abroad, this can be a game-changer–and why education around Bitcoin use cases is so important. I’m hopeful that the industry can take its recognition and fuel it to drive adoption, especially in regions like India where there’s a clear need.

Give an overview of what you think is the future of bitcoin exchanges and cryptocurrencies?

Bitcoin is all about self-sovereignty, the right to control one’s finances. That is why the future of Bitcoin is peer-to-peer: it gives users the most control and freedom of choice. It is also made for real people with real problems. You don’t need to understand complex trading views. It’s simple to interact with other users, ask questions, and learn as you trade. For the industry to advance, peer-to-peer platforms and Bitcoin exchanges must prioritize the people. That’s the only way we’ll reach mass adoption–which will be driven by regions like India where Bitcoin can make a massive impact.

How has India fared in the global cryptocurrency market? Give us an overview of the future of digital currency in India, as you see it.

On the regulatory side, Bitcoin was acknowledged within India’s budget announcement–this is a win. There are still some grey areas, but the door has been opened and I’m optimistic that the government is starting to see the value of Bitcoin. We’re seeing this on a global level. Governments are beginning to understand they need to make room for Bitcoin and it’s encouraging to see India make forward progress.

As for the future, it’s now up to the industry to drive forward adoption. Bitcoin adoption starts with education and we’re seeing promising growth in India. For example, nearly 30% of 25-44 year-olds are participating in financial literacy programs. There’s clearly an appetite, but more work needs to be done.

What are the primary features of your peer-to-peer fintech platform that set it apart from the competition?

Peer-to-peer platforms open up access to the global economy by using Bitcoin as a universal clearing layer. On platforms like Paxful, everyone has the freedom to choose how they send and receive money.  For example, users are able to access nearly 400 different ways to buy and sell Bitcoin. This connects people to practically any financial network in the world and opens up Bitcoin’s use cases–such as remittance and wealth preservation. For many, the peer-to-peer model also more closely resembles doing business in real life, which can be less intimidating for the everyday user.

Only a few industries have embraced cryptocurrencies thus far. How will the use of cryptocurrencies assist industries?

There are nearly 200 million unbanked and underbanked people in India. Centralized systems have failed these people and that is why we need to scale Bitcoin efforts. If even a small fraction of this number becomes banked through Bitcoin, just think of their buying power and how they could grow the economy. Additionally, this offers a new payment system for international companies coming into India, who may have issues paying an unbanked workforce.

What according to you is the future of money? What are the evolving trends?

The future of money is Bitcoin and peer-to-peer. Through these financial systems, financial borders will come down and regions like Asia, Africa, and Latin America will have access to the global economy. This will increase free trade and create a new generation of wealth.

 

Disclaimer: The views expressed in this article are those of the author and do not necessarily reflect the views of ET Edge Insights, its management, or its members

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top