Bitcoin is notably a form of digital currency that is designed and held electronically for the purpose of transaction.
Bitcoins as electronically produced – are not printed, like dollars, pounds or euros! They are the primary specimen of an emergent classification of money acknowledged as cryptocurrency.
Bitcoins are unlike conventional money, since they are decentralized – as no sole institution controls the bitcoin system.
Bitcoins’ Opportunity in Africa
Bitcoin for transactions and payments have been a direction for digital currency merchants and dealers on the continent for some time now. Several business owners and individuals in Africa are beginning to count on bitcoin for electronic payments and it is indeed presently starting to prove its worth among Africans.
With this upsurge of bitcoin users in Africa, we are starting to also witness growing number of bitcoin exchange service providers in the continent such as NairaEx.com, that’s based in Nigeria – Africa’s largest market.
Nonetheless – the only barriers to Bitcoin adoption in Africa includes regulation uncertainties, lack of internet & banking infrastructure – amongst others.
Our basis for bitcoin finding its natural ground in Africa is based on certain point. To begin with, global interest in bitcoin is on the rise, with a huge percentage of this interest evident in Africa.
While it remains one of the best for Africans for remittance purposes, bitcoin is still so new that as yet it stays unpopular as a means of transferring money. The major encounter the digital currency faces is enlightening people that bitcoin is safe and dependable for money transfers.
Bitcoin is much cheaper and quicker than sending regular currencies, and helps to tackle the fact that Africans are paying the highest money transfer remittance charges in the world due to absence of market competition.
There is a huge place for bitcoin usage in Africa, both in remittances and other applications and it has a great place for future business transactions in almost all quarters – in the continent!