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Paxful, a Peer to Peer Bitcoin marketplace played host to Blockchain and Tech experts, on

Wednesday, October 9, 2019, at Maryland to discuss the status of BlockChain technology and number of factors that play roles in influencing Bitcoin penetration and acceptance, both at business and individual level, such as trust, perceived risk, security threat, perceived benefit, perceived ease of use, as well as macro-technological and socioeconomic factors.

Bitcoin analyst, Femi Daramola highlights the possible reasons why some businessmen might still be reluctant to accept bitcoin as a means of transaction in the money market. He identifies the high volatility of bitcoin as a challenge to itself.

“Volatility in Bitcoin does not yet have a generally accepted index since cryptocurrency as an asset class is still in its nascent stages, but we do know that Bitcoin is capable of volatility in the form of 10x changes in price versus the U.S. dollar, in a relatively short period of time.”

Femi stated that the main challenged in the use of Bitcoin is the class of uses who sees Krypto currency as a means of storage of value rather than means of transaction.

“These people buy bitcoins, hoard them with the intention of gaining a huge exchange return in my years to come.”

No doubt that bitcoin is the safest and most reliable conversion of physical currency
According to Femi, most bitcoin users are wary of merchants who exchange the coin for money.
One of the best things about paying with bitcoin is that you don’t need to give up as much personal information as other online credit merchants.
On the issue of security, he said that the issue of security has been a fundamental one for bitcoin since its development.
“On one hand, bitcoin itself is very difficult to hack, and that is largely due to the blockchain technology which supports it. As blockchain is constantly being reviewed by bitcoin users, hacks are unlikely.”, he said.
Anthony Oneya, Google expert who also graced the session speaks on the need to use bitcoin as a means to get designated services.
He proposed the use of bitcoin as a means of exchange to some online services or transaction that is patronized by the demography of online users that engage in digital or online payment.
Blockchain expert, Uri speaks on the need to simplify the information and use, so as to give prospective users a sense of confidence and reliability.
According to her, “this will build the required trust for the blockchain system. If you use bitcoin, you are trusting your money to a complex system you don’t understand, people you know nothing about, and an environment where you have no legal recourse. Consistent campaign and information dissemination will help quell the apprehension.”

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GTBank suffers mass staff resignation

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The  IT division at GTBank has suffered a continual decrease in personnel within the last six months. It has caused a significant technical lacuna and work overload for current employees. Reports reaching 1st News have it that GTBank has been slow in promoting its staff; inadvertently triggering a wave of exits into the labour market which had attractive offers for their talent.

The shortage in manpower is bringing about increased workload; and mounting pressure on the remaining IT employees.

One staff said, “I was handling one application then it doubled as a result.”

Another one also: “There’s a particular team where three members left in the space of one month. Now, four people’s responsibilities are being juggled by one person.”

Also Read: Banking tech is all about digital disruptions, financial services

And yet another staff said, “The pressure is crazy. One person is doing three people’s jobs all in the name of efficiency. That’s why our cost to income ratio will always be the lowest in the industry.”

An undisclosed source said the frequent loss of experienced workers without commensurate hiring resulted in gaps in technical capabilities.

He said: “The application I am managing was handled by two people; but my partner has gone to join another team. If I’m leaving now, a new person can’t cram; and get a good grip of everything in my handover note within 3 weeks. We simply need more people on the team!”

This gap is often reflected when there is a service downtime towards the end of the month caused by server overload. During this period, transaction volume increases due to salary payments; and other month-end payments; leading to more pressure on existing resources.

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Pyramids’ Road Trip Video to Aba Stadium, a Wake up Call, Says Egbe

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The Chief Executive Officer of Monimichelle Group, Ebi Egbe, has called on the federal government to do something on the state of the roads in the country, declaring that the state of the Port-Harcourt Aba Road has become a bad advertisement for the country.

The poor state of the federal highway came to the fore over the weekend when Egyptian side, Pyramids Football Club who flew in the club’s private jet landed

at the Port Harcourt Airport and made a video of the horrible road trip to Aba and posted it on the social media, calling it a shame.

Pyramids held Enyimba 1-1 in Aba yesterday but qualified 5-2 aggregate for the semi final of the CAF Confederation Cup.

But Egbe whose outfit constructed the Enyimba Stadium turf noted that the Egyptians deliberately wanted to paint the country in bad light by showing the video to the world.

Egbe was however quick to add that government on its part also need to avoid the country being embarrassed by her international visitors by fixing our roads.

“That video by Pyramids is to me, a wake up call for us to not only fix our stadiums but also fix our roads.

“Teams that come to Aba to play have always commended the playing turf. We need to get it right on all fronts. This is why I am appealing to the federal government to get our roads fixed.

“Our teams would return to the continent next term and it would be a shame if teams from other countries that are far less endowed come in and mock us that we ve got no good roads in the country,” Egbe stressed

He further charged the various state governments to also upgrade their stadium facilities just like other countries are doing.

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