Paxful CEO Ray Youssef, and his colleague, Artur Schaback, COO and co-founder, present their company and talk about peer-to-peer finance. They also talk about the conditions that make the peer-to-peer revolution in finance possible. They claim that Bitcoin in particular and peer-to-peer technology, in general, is about the people who use it, and that is what makes cryptocurrencies so different.
According to Ray Youssef, Paxful is just like Uber for money. He believes that people are the drivers who power the network. It is the human layer on top of the Bitcoin blockchain that becomes the second layer, which he thinks is a miracle just as big as Bitcoin itself.
In this presentation Ray and Artur reveal the seven critical use cases for Bitcoin and peer-to-peer technology, which are as follows:
- The grey markets or the darknet within which many new technologies tend to start;
- Speculation and trading, by which people tend to speculate and trade their bitcoins for altcoins;
- Payments, a simple payment method for international transactions, so that Bitcoin can help restore the power of a nation;
- E-commerce made much more convenient via peer-to-peer technology;
- Remittance made easy via peer-to-peer finance for those who might not have access to western credit cards;
- Wealth preservation, especially in countries which are suffering from high inflation like Venezuela. Bitcoin or stable coins can act like a stable currency to store value; and
- Social good, especially considering the high level of philanthropy and charity within the crypto industry.
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