Interest in virtual currencies is rising across the African continent especially in Kenya. Cryptocurrencies are popular all around the world and have hit many milestones in recent years.
Since the launch of the first cryptocurrency, the crypto world has been rising. Though every year many people enter and leave, these currencies keep on improving. People have started using several apps such as https://bitcoin-code.io/ to earn profits.
The feasibility and safety of these currencies are the main reason for their increased usage. You can easily transact coins without any hassle of those long procedures. Virtual currencies are speedier than traditional ones.
Crypto world being modish
Globally, the use of cryptocurrencies has become a kind of trend. It has become a norm for people to use these digital assets. This popularity came about because of the Coronavirus Pandemic.
Kenya has not been left behind. Even though these currencies are gaining popularity, warnings have been given by central banks on cryptocurrencies. These warnings were due to the volatility in the prices of bitcoin, which has already caused losses for many.
Bitcoin Payments
Many businesses in Nairobi and other areas are now accepting bitcoins as a means of payment. In recent years the number of transactions increased in Kenya and according to Blockchain Association in Kenya they are estimated at worth more than $1.5m.
Customers pay hotel bills through these coins. Moreover, the best part was during the pandemic when Kenyans did online shopping and used cryptocurrencies to pay.
Blockchain Technology
Blockchain technology is highly organized and secure. It has blocked the interference of any bank or external institution. Even the government cannot interfere. This made Kenyans more attracted to cryptocurrencies.
Blockchain technology is also being implemented by many start-ups and tech conglomerates in Kenya to solve many problems. It is also being used in health sectors to keep records of the Coronavirus patients.
This innovative technology even helped many platforms to support small businesses that wanted to prove their creditworthiness for loans.
Preventing the thefts
Many people wanted to make their business secure and this became possible with cryptocurrencies. The purchases are now easier. The organized system prevented theft and so people incorporated these currencies in their business.
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If we look at the overall usage of cryptocurrencies in Kenya there are many people who are not using this technology. This is because of the restrictions by Kenya’s central bank. Central Bank of Kenya has barred banks from using virtual currencies. But that doesn’t mean it is declining.
The Future
Analysts predict that the upcoming years will attract more Kenyans into the crypto world. The future will be of cryptocurrencies because globally they have become popular. People give more preference to digital coins rather than traditional money.
Kenya is actively working to create awareness of blockchain technology so more and more people can get to know the benefits. Kenyans have devised new ways to pay across the countries using cryptocurrencies.
They have started to pay school fees with these currencies. Merchants in other countries are paid through crypto money. Even the young freelancers are getting paid by the coins.
The cryptocurrency has grown in popularity and is attracting more people. The tech-savvy generation wants to explore more and earn through these currencies. The future is the crypto world.
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