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.”
Femi Pedro Replaces Late Kemi Nelson in GAC
A former Deputy Governor of Lagos State, Femi Pedro, has made a comeback from political oblivion and relegation. He is now back to political relevance and wielding enormous powers, at least at the state level.
At the time he was poached from the banking sector in the early 2000, where he was at that time, the Managing Director of defunct First Atlantic Bank, to be Bola Ahmed Tinubu’s deputy in Lagos, he wielded some degree of power and was naturally courted by many who requested one favour or the other from him. But that wasn’t for long as no sooner had he tasted power than he began to tussle with his benefactor over his choice of successor in the twilight of his boss’ administration.
Pedro wanted to succeed his boss but the latter didn’t think he was the right man for the job. In anger, he began to throw tantrums, resigned and moved to another party, hoping to fulfill his ambition. Unfortunately, things didn’t quite work out as he wanted and that was the beginning of his end.
The Lagos State House of Assembly naturally decided to impeach him for alleged gross misconduct and subsequent forfeiture of all his entitlements as Deputy Governor of Lagos State. He suffered badly for seven years for his political miscalculation. He became relegated in the scheme of things. After some soul searching, he swallowed his pride and went back to his boss when he couldn’t remedy his situation. He was accepted back albeit, warily. He had to prove his loyalty and after a few tests he passed.
First, he got a pardon from the State House of Assembly orchestrated by his former boss, for his impeachment. This was after the House considered his plea to be forgiven in a letter he wrote them in 2015. Then he was given a federal appointment, as the Chairman of the Board of Directors of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), courtesy of the influence of his former boss. To further restore his political relevance, he was recently appointed to the Council of the Governor’s Advisory Council, GAC, the highest decision-making body of the All Progressives Congress in Lagos State.
His appointment may likely be a replacement to the vacant position of the late former women leader in South West APC, Kemi Nelson who was a commissioner during Tinubu’s tenure as governor. Until her death weeks ago, she was the only female in GAC, a position she earned due to her closeness to Tinubu and her immense contributions to the party in Lagos State. With Pedro’s appointment, one can rightly say that he is back to political reckoning.
SIFAX Boss, Taiwo Afolabi’s Twin Brother Dies
Sifax and Marriot Hotel boss , Dr. Taiwo Afolabi is not a happy man at the moment. He has just lost his twin brother Kenny Afolabi to the cold hands of death.
Kenny, who was popularly known as Watari when he was alive we learnt died in his sleep. Though, many people around him beleive he was nursing an ailment that made him stop drinking some years back, but none could say what killed him eventually.
Taiwo Olayinka Afolabi is a Nigerian business magnate and lawyer. He is the founder and current C.E.O of SIFAX Group, a conglomerate that deals in Maritime, Aviation, Haulage, Hospitality, Financial Services and Oil and Gas, while Kenny Afolabi was known with his Hotel known as Ken Dallas that has its location somewhere in Ikotun, Lagos.The late Kenny pictured left above with his brother,Taiwo, was 60yrs old.
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