African Youth who are using Bitcoin are thankful to Satoshi Nakamoto for creating Bitcoin. This is because Africa has the most fragmented Banking, Currency, and Payment system in the whole world. Due to the fragmented banking system, the payment of a bill or sending money or accepting money is extremely hard.
More than half of Africa does not have access to any form of bank account. As a result, people hold and save everything in cash, which is frequently stolen, and the value of the savings is eroded by inflation. Also, it is very difficult to get money in to and out of many African Currencies. Because only 40% of people have active internet access. Therefore, they must rely on financial institutions to receive money from abroad. There is no financial freedom.
But here is a silent revolution, which is creating an alternative. A new form of money is resolving all those issues. And it is known as Bitcoin.
Bitcoin Economy is getting built in South Africa. While Bitcoin is primarily used as an investment tool, BTC is used differently in Africa. Bitcoin has contributed to building a South African Education Center, thus giving children from underdeveloped areas the opportunity for education. There are Children in African who learn what is Bitcoin and why it is so important.
Most of the workers are getting paid in fiat. Several people in South Africa do not have access to internet or smart phone which makes it difficult from the perspective of a digital economy. The good thing is that people are learning how to send Bitcoin even if they do not have access to internet or smartphone.
One African kid expressed that when he had fiat his family would take all the money from him. To prevent his he states he has converted his money to Bitcoin and now it is only he can decide how he wants to spend and his family cannot forcefully take money away from him. Bitcoin makes it possible to send money across the world.
Thus, the claim is that the unprivileged kids have been able to have access to services which they never had before. This obviously gives a lot of hope.
Whether Money in Fiat form or Bitcoin the value factor comes from liquidity. The justifications of preferring to use Bitcoin over Fiat is that it is not possible to cheat and steal and that it is easy to transfer across borders. However, both bitcoin and fiat are not backed by anything. If people accept it both fiat and bitcoin have value. If people do not accept it both lose value. What is the real silver lining?
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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