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Thursday, 17 November 2016

Africa and Bitcoin have a bright transactional future

About a year ago, I first learned of a digital currency called Bitcoin. I was still in Eastern Europe as a student at that time and now as I am back in Africa, I have taken an interest in knowing how it can be applicable here. Energized by my curiosity to read, I was surprised to learn that it is actually making a significant move on the continent. In simplest terms by NDTV Profit  "Bitcoin is a form of virtual currency". No hard copy transactional exchange is present. With the rise of mobile money transfer on the African continent due to the significant development of adequate telecommunications infrastructure, business transactions have really been made easy as one does not require the sometimes complex process of opening a bank account. Bearing this in mind  THE GUARDIAN in one article noted that "Africa hosts several established bitcoin exchange services, such as ICE3X and BitX in SouthAfrica and BitPesa in several countries of East and West Africa, where users can trade between bitcoin and traditional currencies." This clears shows that this digital revolution is slowly gaining ground and will soon be a number one financial resort. The opportunities are just endless especially for people living in rural and remote areas who lack adequate financial services and infrastructure. I also got to learn in Bitcoin Magazine about a Startup in SouthAfrica called Custos media technologies situated in stellenbosch which is using Bitcoin to fight digital piracy. Just imagine how the film industry which has been crippled by piracy will be able to rise up and thrive once again. However, the bitcoin has also been met with criticism. According to the Association of certified Compliance professionals in Africa (ACC-PA) "Bitcoin is a decentralized currency with no central governing body". I know this makes us all a bit hesitant to adopt because regulations always act as a form of security for ones finances. However, we can still try it out just to see how it will fair in a financial environment such as ours. Despite all this the ACC-PA still acknowledges that Bitcoin "will prove far more beneficial and useful to Africa than to the U.S. and Europe because consumers in U.S. and European markets already have many mainstream options for making payments electronically".



Courtesy towards https://s3.amazonaws.com, http://www.industrysa.co.za/, http://gettoknowbitcoin.com/, https://www.acc-pa.org/bitcoin, https://www.theguardian.com/world/2016/aug03, https://bitcoinmagazine.com, https:// profit.ndtv.com for the insights, quotations and amazing images.

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