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Cryptocurrency is Gaining Ground in Africa



Bitcoin is one of the most popular cryptocurrencies in Africa and lots of people have been investing in it. For one, thing it is a cheaper and faster way for people to receive money in Africa. Considering the amount payment gateways such as Western Union charge for their services, cryptocurrencies offer a better option. Cryptocurrencies offer relief to countries who have been betrayed by their fiat such as Zimbabwe who are being affected by hyperinflation. Cryptocurrencies have being a saving grace to so many who are now currently spreading its gospel in Africa.
The amount of professionals trooping out of the continent daily seeking for greener pastures is increasing by the day. This affects the continent as it loses the needed manpower and human intelligence for its development. Also, the inflation the continent faces constantly leaves its entrepreneurs venerable and loans from banks doesn’t encourage them much either as the interest rates are somewhat on the high side. For Richard M. Bagorogo, a teacher in Uganda, he has a positive story to tell about cryptocurrencies. He sas, “What I have earned in one-and-a-half years from bitcoin is more than I earned in 10 years as a teacher. I am living on bitcoin because getting a job in this country is not easy.” While he worked as a teacher, Bagorogo couldn’t even enroll his children in the school he taught in. Like Bagorogo, lots of individuals involved in cryptocurrencies have positive stories to tell.
Crypto trading is easy for a lot of Africans to get involved in, armed with a smartphone, bitcoin wallet and internet connection more Africans are earning money through crypto trading. Zimbabwe already has a crypto exchange that is expanding to other parts of Africa and creating employment for its citizens. The country even had a bitcoin machine installed as the Zimbabwean dollar had fallen so low. Although countries such as South Africa, Uganda and Nigeria had earlier warned their citizens against investing in cryptocurrencies but that has not deterred their citizens from investing in the digital currencies. One Bitcoin is currently worth $6,710.00, as the gospel of cryptocurrency is spreading in Africa many more African entrepreneurs are exploring the option of trading or using cryptocurrencies to better their life.

What do you think about the impact of cryptocurrencies in Africa? Share your opinion with us in the comment section below.
Image credit: pixabay


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