Bitcoin in Africa has shown an extremely staggering growth after the numerous serious financial crises this underdeveloped continent has faced.
The useful underlying blockchain technology that supports Bitcoin and other cryptocurrencies have remarkably helped the continent grow digitally and bring ease to their financial system.
From battling with hyper-inflation to making payments online, blockchain technology has surely been the backbone of African’s economic system throughout the years.
The immense use of cryptocurrency through amazing apps like the Yuan Pay in Africa has served a number of industries in the different countries of the continent. That is why today Africa tops the list when it comes to the rich crypto countries worldwide.
To simply put, blockchain technology is an extremely helpful decentralized database that is free from any central authority or organization.
The inevitable outcomes of blockchain technology have broken records in the continent because of the countless investors and their huge investments in cryptocurrency.
From the African’s tech-savvy generation who have adapted themselves to rapid technology implementation to the daily wagers who seek reliable and safe payment methods, blockchain has become a necessity.
Today, everyone in Africa is enthusiastically making the best use of blockchain technology. Whether in Zimbabwe, Kenya, Nigeria, or South Africa, blockchain has surpassed all other local mobile and e-payment platforms in Africa.
The high-surging prices of the trillion-dollar bitcoin and other cryptocurrencies have benefitted this highly underdeveloped country more than we could ever think of. To discuss in detail, here is the list of benefits that effective blockchain technology has done to the continent.
Africa has long remained in some serious economic circumstances that have automatically led to hyper-inflation and dependency on the bank and monetary authorities.
In this regard, blockchain technology not only frees its users from strict and terrible bank rules but it also provides the basic financial literacy through which the continent can stable its financial states and grow digitally.
There is a massive number of laborers employed in Africa. The method through which they receive payment is outdated and transacts the money after deducting numerous charges imposed by the government.
To make the African economy stable, blockchain technology allows its users to not only use the platform for sending and receiving payments. But, also to perform trades and change with local fiat or international currency anytime they want.
Being transparent, immutable, profitable, and secure crypto, bitcoin is the best example of a cryptocurrency that works on a distributed ledger.
Despite its ban in Africa, blockchain technology has made trading bitcoin accessible as it is an independent decentralized platform. From transferring funds locally to overseas and serving as a great store of value (assets), bitcoin can help Africa get out of the deep debt pool and save for its future.
The biggest benefit of Blockchain technology for African residents has been the myriad of financial services they can avail now.
Being a direct and transparent peer-to-peer system, it allows transactions without any bank association identity or personal details. Blockchain technology has also reduced the bank’s costs and other taxes to a minimal level yet serves as an effective alternative to send and receive payments for a negligible fee.
If the 70% unbanked population of Africa adopted blockchain technology to do digital transactions with lower transition costs, then there wouldbe absence of government identity and hassle-full paper works.
This cross-border decentralized platform carries all their financial duties through blockchain technology that has influenced people to prefer digital currency instead of traditional currency whose rule will end soon.
However, Africa is still an underdeveloped continent trying to progress every day with helpful innovations and technologies. Blockchain has been helping Africa in all social, cultural, economical, and other terms.
From skyrocketing Zimbabwe crypto use to the peak-reaching Nigeria turning completely digital, if you still do not use blockchain technology then it’s high time you read its benefits and benefit from this exceptional money-making asset.