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Wednesday, January 27, 2021

Cryptocurrency Revolution in Africa

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BT Correspondenthttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke

Crypto technology has made a mark across the world and now expanding. Since the launch in 2009, there have been many enhancements in the crypto world and people are diving into this world.

Especially during the corona pandemic, digital assets have been in demand. People have been transacting through these currencies while others have invested in bitcoins as an alternative source of income.

There are many people who opted for brilliant platforms and started earning. Many got help from the renowned bitcoin up trading platform which is the talk of town these days. The pandemic situation made people lose their jobs and so cryptocurrencies were the only solution.

A quiet revolution in Africa

Like other countries, Africa also had rapid growth of cryptocurrency among the tech-savvy and young population. Individuals in Africa are setting up their businesses and using these virtual currencies. The crypto world has triggered e-commerce in Africa.

This economic revolution has nothing to do with the outdated policies that Africa has. People now want more and are pursuing this crypto world. However, cryptocurrencies are more used by financial traders in the global market.

Fertile Ground for Virtual Currencies

People in Africa find cryptocurrencies easier because of the tiresome procedures in banks. In the West, however, the banking systems are quite feasible, whereas Africans look at cryptocurrencies as mobile money.

Unemployment in Africa has pushed many young individuals to explore different ways of earning a living. They want to get rid of the traditional sectors and make it in this digital world. There is a growing generation in Africa so this continent is well-positioned to take advantage of the cryptocurrency boom.

People believe that they can make big business deals outside their country too. This can happen with cryptocurrencies. Many have even started doing business with other parts of the world. They are sidestepping the old ways.

The Financial Instability

The hyperinflation and the unreliable local currencies are also fuelling the rise of the crypto world in Africa. Many people started trading in bitcoin when the Zimbabwe dollar skyrocketed.

Analysts predict that cryptocurrencies will level up African economics because of blockchain technology. This blockchain is a very organized and reliable technology system. It has even used around the world in health sectors during the pandemic.

The economics will have increased resilience when these currencies are used alongside domestic currencies. This combination has benefitted the country and will do more with more improvements.

The Alternate to Banking Fees

Banks have been an important part of the economics of many countries. But for the people who trade internationally, the bank is not a good option. International transfers require such fees and long procedures.

Such banking services have been replaced by digital money. People sitting anywhere can transact money and without any hustle. The transactions, even a minute one, is secured on the blockchains. There can be no manipulation.

What is next?

Such a secure system of cryptocurrencies has caused this rapid growth of cryptocurrencies in Africa. Many actions have been taken to make the services in this country to be easy. People are satisfied and want to achieve more.

See >> Africa Gets Its Own Cryptocurrency, Akoin

Many people got successful by using cryptocurrencies. So, others are trying to get into this competing age. However, there are some risks associated with these. There is nothing that is without risks.

The prices are volatile and may cause many to suffer as well. Such sufferings become worthwhile when investors learn from their mistakes and return with a boom. The market warns people to be vigilant. Easier ways to understand blockchain technology have also been devised to help.

With such a revolution, more people should consider this. When are you diving into the crypto world?

Next >> Cryptocurrency Struggles to Find Space in Kenya
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