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The Benefits of Cryptocurrencies On Africa’s Economy

The Benefits of Cryptocurrencies On Africa’s Economy
Societies today are seeing a progressive shift in the direction of a cashless system. This progress puts digital currencies as the imminent future of both commerce and banking. 
For African countries , such as Ghana, Nigeria, Kenya, Zimbabwe, and South Africa, there is starting to be a feel for digital currencies – mainly bitcoin – in society. Additionally, the blockchain is perceived as the eventual solution to Africa’s present issues and economic growth. Industries in Africa are gradually understanding the basics of blockchain and how it works .
In advanced environments, the rate of approval of cryptocurrency is relatively slow. This is because the financial sector is standing as an obstruction to its utilisation. However, in Africa, these digital currencies are gradually being tested and accepted.
A significant reason for this is because it allows the African community to rise above the typical monetary institutions and establishments. The banks located in cities are also difficult to access from secluded, provincial villages with ease. The increased cost for transaction also adds to the reasons why financial services are limited amongst the African community.
Right here is where cryptocurrency comes in.
Cryptocurrencies provide added opportunities to the economy of Africa. This is major because it is not being scrutinised or controlled by either the Government or financial institutions. 
Digital currencies have the ability of rendering assistance to people in under-developed areas. There is an authentic need for a much more protective method of making digital payments and even loans for little transactions.
What Do Cryptocurrencies Offer Africa’s Economy?
As a non-scrutinised digital currency, cryptocurrency provides flexibility in the economy and a chance to carry out transactions involving diverse monetary markets all over the world.
Cryptocurrency is greatly protected and provides alternatives to the typical banking and transactions. The benefits and opportunities for this technology in Africa include;

Alternative Banking for the Unbanked

Cryptocurrency is perfect for unbanked African citizens because it is easily accessible and secured compared to the typical currencies. Also, making use of cryptocurrency accounts allows easy payment for services rendered and utilities.
Approval of this computerised banking allows the building of a virtual financial history which is necessary for the receipt of loans. It can be used for investment in diverse business opportunities.

Privacy

Digital currencies are modelled to be decentralised with no central point of failure. They are not subject to management by the Government meaning that nobody can freeze your account at will maybe due to legal problems. Cryptocurrencies are immune to the ineffectiveness and disturbances of the Government.

Cross-Border Payments

Top international establishments believe that crypto trade between countries in Africa can act as a spur for an increase in the Economy. Even more, digital currency can now back both international cross-border trade.
Local businesses know the importance of cryptocurrencies and how fast and effective it is for cross-border payments. This includes some products and services rendered in the increasing market in Africa.
Additionally, the easy access to a tremendous customer base through cryptocurrency approval provides a possibility for rapid growth in sales. 
Wrapping It Up
It is worthy to note that cryptocurrency is gradually gaining traction in Africa. This is turning the continent into a leader in the current monetary revolution and has the potential to boost Africa forward in its economic development. 
This guest post was contributed by Ibe Emmanuel, CEO and co-founder of  BitBata .
The post The Benefits of Cryptocurrencies On Africa’s Economy appeared first on BitcoinAfrica.io .

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