Topic: Usability of cryptocurrency in Africa (Read 236 times)

You forgot to mention one of the most important uses of Bitcoin in Africa, namely : Remittance !

A lot of Africans are working abroad in first world countries and they need to send money back to their families. The remittance companies like MoneyGram and Western Union are very expensive and they take most of that money in the form of fees.

So more and more Africans are turning to Bitcoin for international money transfers, because it is a lot cheaper to send money home to their families. (The problem on the receiving side, is the lack of 2-way Bitcoin ATM's to convert it hack to Fiat currencies and also accessibility to Internet access) 

Thats why you dont used cryptocurrency only as a product or investment cause it cant be associated well with business. Its okay if you are planning to use crypto as payment gateway for your business to expand the scope of clients and customers but not like you are depending on it. Bitcoin made to be use as an ease foe transactions which can be used on business but not as a business itself like buy btc on us and youll earn later cause its going up. Something like tags of that arent really gonna work as framework for business.

the real state of things here is that the government knows that it's only in using other cryptocurrencies maybe through that they have have control over it except for bitcoin because they still maintain their stand that any system that does not got centralized through them is not recommended by them to go after, that's why you will discover some countries now introducing tokens and other coins aside bitcoin that can incentivise their plan.


this is one of the reasons why altcoins are discouraged sometimes because they are more sensitive to volatility than anything else, while times like these are the real exposer of those shitty coins among them to go down and never comes up.

The launch of e-Naira by the central bank of Nigeria was a total waste time and resources on the path of the federal government; I don't even know if any body in the country still remembers there a thing called e-Naira, and deep within me, I am glad this project was not successful.
 
You are absolutely right about this, but I guess this is why we have stable coins which are not prone to high volatility like bitcoin and several other coins and tokens, any business owner who is afraid of Bitcoin's volatility should simply convert to a stable coin while they wait for stability to return to the bitcoin market.

Due to the scarcity of foreign currencies especially dollars, most businesses in Africa a beginning to use Bitcoin as a means of international trade. This has become important because most governments are limiting the number of dollars they give to business owners and this has also affected their businesses negatively. One of the greatest challenges currently is that China which is one of the biggest trading partners with Africa is hostile to Bitcoin. But some businesses still have ways of invading the ban and making payments with Bitcoin.
 

Africa the most youthful continent has the highest rate of unemployment in the world. Although not on a very large scale, Bitcoin has contributed in the area of employment. Many youths have become self-employed by established exchange firms and other jobs Bitcoin offers. And the beauty of these jobs is that they can be done both part-time and full-time from anywhere.


The number of unbanked in Africa is massive but Bitcoin has given them the privilege of engaging in financial transactions. This citizens now can caaryout banking transactions without limitation.

Africa's major challenge now is illiteracy. Nigerian government couldn't stop the use of bItcoin because the literate population had to devise options on how to use Bitcoin for their good. But Africa has one of the highest numbers of adult illiterate and out-of-school children. The infrastructural deficit is another major challenge. Most Africans don't have access to basic amenities such as electricity or an internet connection. Other challenges include poverty, cultural problems, colonial ties and other external influence. 

I guess it would indeed be more feasible for Bitcoin to serve as a "means of money transfer" and as a store of value due to the fast devaluation of many African currencies than be used as an actual currency for day-to-day transactions. And it's probably good enough for now. Aside from ill-informed regulations, there is indeed the fact that Bitcoin is volatile. It may not necessarily mean massive loss to business owners, but there might indeed be a time when business owners will have to freeze a good portion of their capital so as not to incur losses. And it could affect their operation.

Thats a good way, but very few African countries have announced their legal status about cryptocurrency usage. By the time Exchanges to be registered within the country and letting them to operate won't give hands. Even in Nigeria and other African countries, there is big rise in the usage and number of holders. Most of them look like they're using and accepting into business on their own risk.

Africa do not just like development but I think crypto organizations are increasing in Africa, how about exchanges that can be developed, they will pay government tax and they will employ many workers. Not only that, anything related to bitcoin and other cryptocurrencies in which people are employed all contribute to economy.