By Contributing Author
Like many other countries in the world, Africa has been hit hard by the pandemic, COVID-19 harshly. Many of the countries have been hit so hard that the traditional finance or the traditional currency has failed to make up the vacancy. Many countries are looking for substitutes that can grossly pick up the fall in the economy. Not only is a country in fact the entire world going through some massive financial breakdown.
If you know about the bitcoin then very soon you will be able to understand how can the bitcoin be helpful in such a condition. A very recent report says that there is an acute lack of traditional currency in Africa and many other such countries in the world. Especially Africa lacks the traditional currency majorly compared to many other pandemic affected countries.
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In a very recent report, some experts have shown some light on Africa’s financial infrastructure which is merely far away from repairing very soon. These experts have also conducted a market analysis, but there is no surprise it we say that cryptocurrency can solve all such difficult problems and crises that arise. Bitcoins have all the potential to the maximum level to solve any such problems that arise. While bitcoin gives luxury to some people around the world, while on the other hand, Africa uses bitcoin as an asset which also forms a basic source of income for many houses in Africa who are lacking food in daily life.
Some reports also say that the payments within the states of Africa need to deal with high fees at very less speed. There is no much bank facility in the sub-Saharan region in fact it is like at least 56% less than that of the other countries. This also means the traditional national currency of Africa is not only less efficient, in fact, but it is also less accessible to various regions in Africa. People of Africa has to find out certain other options which they can avail to get back to their old set up lifestyle even if they do not expect anything better in return.
Will Africa Accept Bitcoins?
The adoption is on the process in bitcoins, so it will enable the African states to get back their lost status and gratitude. Bitcoin has the capacity to face all kinds of problems that already existed in Africa. There have been several problems in various states of Africa but with the arrival of bitcoin, they have been possibly solving to a large extent. This kind of bitcoin service has not only been noticed in and around Africa, but it is also famous all over the world.
Experts have mentioned that the use of cryptocurrency will gradually increase in Africa, and it will continue to rise higher and it is just some matter of time. This process will continue unless the cryptocurrency becomes ubiquitous money. As of now, or by now the way Africa has adopted the cryptocurrency, very soon the whole of Africa will become dependent on cryptocurrency and there will be a full transformation from traditional financial currency to cryptocurrency.
The outcome of Bitcoin Adoption in Africa
We can not say that it will be extremely good or extremely bad but all we can say is there is going to be some adverse changes in the life of the people and that is important. Africa might not be the biggest adopter of cryptocurrency, but it is definitely the early adopter of cryptocurrency. In Africa, the most amount of cryptocurrency has been adopted by Kenya and Ghana which we are trying to expand our reach. The best part about Africa is they do not just buy and sell using bitcoins, they study and also gain knowledge about it majorly.