Bitcoin is the cryptocurrency market where it is created, used, and distributed digitally without using actual currency. It can be considered as a computer file as a digital wallet.
Africa has seen a boom in the usage of bitcoin recently. The cryptocurrency is not limited geographically because it is on the internet, and the internet can be everywhere. Africa is said to be marching towards becoming a large cryptocurrency market.
In South Sudan, the inflation rate was high in 2016 and 2017, along with other countries that had double digit inflation rates. Today a lot of these countries have become the main centers for the bitcoin market. Some of these are:
- Zimbabwe to name a few.
There are also initiatives taken for Bitcoin Uganda by certain agencies. In 2014 countries such as Bolivia were restricted from using cryptocurrency. Currently, these countries are also moving towards bitcoin. Columbia is another country that has a poor banking sector. Although bitcoin is illegal here, citizens are still interested in investing in it, because of the lack of trust in the central bank system.
Nigeria, as mentioned above is one of the main markets of bitcoin in Africa. Most of the people here are interested in the investment of bitcoin for vehicles and other uses. Cross-national transactions are costly in Nigeria which is why they heavily rely on cryptocurrency. Other South African states also experience the heavy cost of sending money across international borders. This is why they consider it safer and more affordable to send money through cryptocurrency.
It is observed that these countries, whether legal or not have seen their citizens become interested in investing in bitcoin and using it for several purposes.
Other countries in the case of Bitcoin Uganda, Egypt are to name a few to see an increase in the usage of this currency. It also has been seen that the government that showed reluctance initially is forced to look at this alternate option of finance. They are continuously learning about bitcoin to come up with improvements in technology and use it for the benefit of Africa. The financial crisis here has led to the need to incorporate these alternate ways of finance and for citizens to invest in. Be sure to conduct a thorough research online in order to gain more information about this topic.