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Do You Think Biticoin can Solve African Crisis Financially?

Naijaspicy(staff)
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                              07-09-2018, 11:08 AM
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Africa still remains one of the
regions where the major chunk of
the population doesn’t own bank
accounts. Banking system stays to
be in deplorable condition. People in
Africa believes more in cash or
barter system for the local
payments, which can drastically pull-
down any economy.

So, some
methodology needs to be devised in
order to address such a grave
concern.


As per World Bank’s report, nearly
2 billion people don’t own a bank
account which paralyzes them for
making any kind of online
transactions. According to another
report by Bill and Melinda Gates
Foundation, in developing countries,
only 41 percent of people hold a
bank account, leaving behind 60
percent of the population in dark.
And if we talk about the people
living in extreme poverty, the
number drops to 20 percent, which
certainly calls for some much-needed
attention.


There are many factors that roll the
possibility of cryptocurrencies
success chances in Africa.

The notion
of Cryptocurrency can very well
come into play here. In Africa, almost
40 percent of adults are active
through mobile banking and
payment systems which clearly
indicates that technology is not a
barrier.

The steep hike in phone
usage in Africa will only further
encourage the involvement of
cryptocurrency.

The sayings that
“Cryptocurrencies Will Make You
Super Rich” doesn’t sound weird
now because of the huge success it
garnered recently.


In many of the African countries,
Bitcoin and other cryptocurrencies
are already making huge strides.

By
far, Nigeria stays a substantial
explorer of virtual currency.

In 2017,
Nigeria’s P2P Bitcoin trading
jumped about 1,500 percent, the
figures stand second only to China.

Soon, Zimbabwe also moved towards
cryptocurrency to enhance their
economic value.

Zimbabwe has
already experienced economy
collapse due to its currency crisis
and after opting out for the same,
the country was able to record
highest Bitcoin currency in the
world.

Therefore, bringing Africa
under the cryptocurrency umbrella
wouldn’t be that tough and would
turn out to a wise decision. South
Africa is also doing fairly well in
uplifting the virtual currency
outlook.

Here, more than 1000
merchants have already opened up
the online transaction for Bitcoins.


The above-mentioned particulars
and figures certainly cement the
facts that cryptocurrencies will
survive in Africa.

The government
should come forward and infuse
some sense of conviction for the
cryptocurrency operations and why
not? If bridging the people with
online payment can be achieved by
playing the card of virtual currency,
then it should be pushed
immediately.

Coinbase, Crypto Trax,
Enjin Wallet, and BitWorth are some
of the impressive Bitcoin Mobile Apps
that can come handy for using
cryptocurrency.


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