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Sunday, February 5, 2023
HomeCoinsBitcoinPaxful co-founder Ray Youssef warns of Ponzi altcoins at Africa Bitcoin Convention

Paxful co-founder Ray Youssef warns of Ponzi altcoins at Africa Bitcoin Convention

The co-founder of peer-to-peer buying and selling platform Paxful, Ray Youssef, reiterated his BTC-only stance throughout a section at Africa Bitcoin Convention.

Within the wake of quite a few scandals which have rocked the crypto trade this 12 months, investor sentiment towards digital property is at a low level.

Nevertheless, Youssef took the stage to level out not one of the scandals relate on to Bitcoin, and, not like FTX and Celsius, to call a number of, Paxful shouldn’t be engaged in “hanky panky or dodginess.”

Africa Bitcoin Convention

Africa Bitcoin Convention is hosted in Ghana’s capital Accra and marks the primary occasion of its sort on the continent. It opened immediately on Dec. 5 and can run till the seventh. The convention units out to advertise Bitcoin for Africans in a bid to hasten mass adoption.

“We’re Africans from numerous components of the continent who consider within the Bitcoin revolution and are constructing a motion to bolster its adoption.”

Over 60 audio system are scheduled to take the stage within the three-day occasion, Notable audio system embody former Twitter CEO Jack Dorsey and Strike CEO Jack Mallers, amongst many others.

Reporting from the occasion, CNBC’s Expertise Reporter MacKenzie Sigalos identified {that a} key speaking level is the FTX scandal, and the way it highlights how Bitcoin is completely different from altcoins.

“We’re going to be listening to from among the greatest names in Bitcoin, who truly see the latest implosion of FTX as one other instance that units Bitcoin aside from the hundreds of different altcoin tasks and crucially from these centralized crypto platforms.”

Because of the rising realization that Bitcoin is safer, dependable, and decentralized than different choices, Sigalos stated sentiment in the direction of it stays optimistic, regardless of the dominance of unfavorable headlines within the media.

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Youssef warns of Ponzi altcoins

Talking at Africa Bitcoin Convention, Youssef sought to spotlight the advantages of Paxful, saying the platform solely facilitates real peer-to-peer transactions with no involvement in dangerous and unethical practices resembling margin buying and selling and front-running clients.

“The attractive factor is, there’s no front-running, there’s no back-running, there’s no margin buying and selling, there’s no leverage, there’s no hanky panky or dodginess occurring. That is actual commerce between folks.”

He additionally identified that Paxful takes Bitcoin schooling critically, including that he “is sick and drained” of coping with the aftermath of rugs and scams. Youssef sees schooling on the matter as an offensive technique to counter the Ponzis.

“We’ve invested in schooling closely, it’s essential, why? As a result of we don’t need folks’s first publicity to Bitcoin being “oh man, did you hear about this newest crypto? let’s get in.” These are all Ponzis.”

Submit-FTX, on-chain evaluation revealed that Bitcoin hodling, particularly within the cohort of traders who purchased between one and two years in the past, has trended upwards, suggesting BTC traders proceed to consider regardless of wider market pressures.

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