Bitcoin in Africa

The uptake of Bitcoin (BTC) for the longest time has largely tilted towards the developed economies, but things are slowly beginning to take a turn. African nations are becoming more vigilant to the use of BTC as an alternative to their crippled fiat currencies.

Many see it as an instrument for bringing real economic growth, financial democracy, and autonomy in how businesses operate. Spearheading the movement are Nigeria and Ghana to the west, Kenya and Uganda to the east, Zimbabwe and South Africa to the South and Egypt to the North.

Though skeptics throughout the continent view this cryptocurrency as a floating bubble, a particular demography seem to embrace Bitcoin (BTC). African millennials are aggressive Bitcoin investors and contribute to almost half of the Bitcoin population.

Interest in cryptocurrency, a form of digital currency, is growing steadily in Africa. Some economists say it is a disruptive innovation that will blossom on the continent. Africa is rarely mentioned among the largest markets for cryptocurrency, but it may be set to steal a march over other markets,”

Africa could be the next frontier for cryptocurrency. Experts say conditions on the continent are great for virtual currency. As Africa wakes to this reality, Bitcoin (BTC) users across the continent are steadily increasing in numbers. They are also leveraging the benefits of blockchain technology in the effective running of their businesses.

Bitcoin (BTC) is undoubtedly becoming a mainstream currency as seen in its recent increase in value in 2017, dip in 2018 and recovering in 2019.

Everybody speaks about bitcoins and cryptocurrencies. There are many good reasons to apply it in your life or to use it as investment.But how is the situation for bitcoin users in African countries? What are the risks and restrictions and what are the opportunities generated by cryptocurrencies?

Do you want to invest in bitcoin and you live in Africa? If you are new to investing in cryptocurrencies and want to make your first bitcoin purchase, you've come to the right place! In this article, you will learn how to gainfully invest in bitcoin in Africa.[color=#006600][/color]

The Genesis of Bitcoin (BTC)
For deep insights on BTC and a better understanding as to why it’s the most sorted cryptocurrency in Africa and at large, it’s best to start with the genesis of online transactions, sighting how it has evolved to include the use of cryptocurrencies such as Bitcoin (BTC).

Flat Money
Flat money has always been the primary medium of exchange for goods and services. However, with the advancement in technology, new and better ways of making financial transactions are arising. Cryptocurrency is one that has taken the world by storm. Flat money is a form of payment whose value is determined solely by the governing state or by parties included in the transaction. However, its value is neither fixed nor is it necessarily backed by a commodity.

As a legal tender, if outlawed by the government, the currency loses its value unlike precious metals such as gold which have a lifetime’s worth. In the case of high inflation, the value of flat money may increase or decrease depending on the stock market. If a recession occurs, we may see the end of certain government-sponsored currencies
Flat currency thus suffers significant setbacks in its use and is vulnerable to manipulation by both the government and interested parties such as banks. This makes it quite unsafe for high-risk investments.

Cryptocurrency
Cryptocurrency tries to address all the pitfalls associated with fiat money in its three main agenda. To safeguard financial transactions through the use of strong cryptography, govern the creation of additional crypto-units, and validate the transfer of assets.

In other words, cryptocurrencies are a digital form of money that is boundless to any jurisdiction laws but traversing borderlines with instantaneous transactions safeguarded by high cryptography.

Cryptocurrencies act as a complementary currency to the nationally accepted money. As a virtual currency, they are not controlled by a single entity making them digitally decentralized.
Examples of cryptocurrencies are: Bitcoin, Ethereum, Tron, Cardano, Ripple, Bitcoin Cash, Litecoin, Dash, and many others.