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Our Blog
Nov 08
2016

Crypto Currency: Bitcoin Merits for Africa

By zealousys

Sawubona SA!

Mobile/online wallet payment services are already thriving in Africa. This success is a result of cultural and structural factors such as:-

  1. Africans (about 30%) lack access to basic banking services
  2. Banking services available are mostly limited to cash transactions
  3. Tendency towards financial privacy

As a result, the continent with low landline telephony penetration directly made a leap to wireless telephony.

Likewise, Digital/Crypto Currencies show a great economic promise for the continent.

As per a recent report by PriceWaterhouseCoopers, bitcoin has achieved critical mass and hence, positioned to disrupt the payments market.

Crypto-currency-How-bitcoin-mining works?

[Courtesy: Hacker9  > How bitcoin works]

 

How can crypto-currencies benefit Africa?

One Stable Currency – Pan Africa

Image-bitcoins-pan-africa

Current state of affairs:-

-Each African nation has its own currency

-No unified currency like the euro

-Systems like Mpesa have cross-border transfer issues

Bitcoin is:-

-Decentralized / no single authority

-Cheaper as compared to mobile money

-Easy and swift for cross-border payments

Hence, a crypto-currency can be swift and stable. In a way, it can unify Africa.

 

Facilitate Global Trade

Mobile payment services rely on:-

-Currencies such as Euro and Dollar

-E-wallets like mpesa

As a result, this leads to a high currency exchange fee. Bitcoins on the other hand:-

-Have no exchange fee

-Are accepted worldwide (apart from some countries who have banned until a bitcoin regulation is formulated)

-Are again, decentralized

Hence, bitcoin can:-

-Help African businesses/freelancers to work with clients worldwide

-Promote cross-border trade

-Provide easy accessibility to finances anytime/anywhere

Bitcoin as An Alternative Currency

bitcoin-as-an-alternative-currency

-No personal information required

-Every user is given a unique address

-Anyone can view all the transactions in the bitcoin systems. (The Blockchain)

-Merchants cannot charge without consumer’s knowledge

-It cannot be seized or frozen

-Requires physical access to the computer containing the private key

Crypto-Currency Takeaways

To conclude, crypto-currencies can usher a new era of economic development in Africa. Henceforth, It is the answer to address problems such as unstable currencies, lack of banking facilities, cross-border trade, and theft.

Other than the benefits, crypto-currencies have a long way to go in terms of:-

  1. Public awareness
  2. Number of bitcoin ready enterprises
  3. Bitcoin demand and supply

For integrating bitcoin payment services for your business, connect with us at Info@zealousys.com

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