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From Remittance to Startups, How Bitcoin Is Used in Africa

From Remittance to Startups, How Bitcoin Is Used in Africa

With the high mobile phone penetration already in place, #Africa is set to enable more users to download a #Bitcoin wallet on their devices. 

In an email last year, Werner van Rooyen from Bitx, one of Africa’s biggest Bitcoin exchange firms, wrote that Africa has been waiting for something like Bitcoin for a long time.

Why? He said the continent of over a billion people has been underserved by #financialinstitutions for such a long time.....

Factors for Bitcoin use growth in Africa
Some of the factors he cited in this regard are the high cost of financial infrastructure, high fees compared to the average earnings, high cost of having a physical presence like ATMs, bank branches and remittance offices....

...Today, Africa has continued to wake up to some of the reality of using the #digitalcurrency particularly with the high mobile phone penetration already in place to enable more users in Africa to download a Bitcoin wallet on their devices.

......Africans are reaching out to Bitcoin, particularly for its low value payments since there isn't a fixed minimum fee which gets charged to send money for a transaction either to the person sitting next to them, to a business or to a peer-to-peer on the other side of the world........

Due to its anonymous nature the next main use of Bitcoin in Africa is to source funds to support #humanitarianefforts .

To help ensure that safe and reliable water is provided across Kenya, for example, The Water Project launched a new initiative which last year sought Bitcoin donations to fund new sensor-enabled water projects in the country.  An appeal was launched for Bitcoin donations to Botswana's SOS Children's Villages in 2014.

Globally, the charity sector has been touted to be one of the biggest beneficiaries of the financial services sector’s investigation into the new #technology .........

#TechStartups adaptation
In the tech sector in #Kenya , coupled with East Africa's powerhouse economy and a developed ICT hub for the region, the digital currency #BitPesa startup has cashed in on the growing success of the mobile money sector in the country.

............This integration eases #ecommerce platforms’ burden of having to store sensitive financial data on their local servers and reduces the risk of a data breach which could leak personal user information and breed mistrust.......

 Improved #financialeducation
Learning to buy and sell Bitcoin in parts of Africa is no longer new today.

More people are coming to realize the potential of making money and the liberty to learn about money issues at their own pace by trading in Bitcoin.......

..........Bitcoin has triggered many people’s interest to gain more financial insight and improve their understanding of the money market as well as the creation of #BitcoinAcademy .......

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