With the growing demand for business in Africa, where more than half of the population on the continent lives on the informal business and also by the increase of more business population from various corners of the world like China, which in recent years has migrated much of its active mass for Africa the use of cryptocurrencies to facilitate transactions on the continent has been increasing since this is the most common way that these emigrants have to send value to their countries of origin. Cryptocurrencies are a much more effective, faster and safer vehicle for sending value inside and outside the continent without a lot of headaches and without having to have a bank account for that purpose, thus being highly sought after by new African entrepreneurs, many of them without account. corporate banking ends up accepting this means of payment, and with the growing demand it paved the way for the acceptance of Bitcoin Cash to the detriment of other cryptocurrencies more because of its fundamentals:
Bitcoin Cash has cheaper transactions than Bitcoin (BTC)
Bitcoin Cash charges much cheaper fees and also has the ability to process more transactions much faster than the Bitcoin (BTC) network
It is well known that in Africa the most popular asset is Bitcoin (BTC) but due to its network base condition it is practically unviable to use it as a means of payment for consumer goods and services due to its high network fees and it's takes time to confirm transactions on the blockchain, making it more viable to use Bitcoin Cash which is the improved Bitcoin capable of meeting the needs of merchants and customers across Africa. Bitcoin Cash is a fork of Bitcoin (BTC), has the same total number of coins, the same mining algorithm, the same type of reward in its system to compensate miners but its fundamentals are much more advanced compared to Bitcoin (BTC) requesting that it is more desired by merchants on the continent.
With the ability to process transactions faster, Bitcoin Cash reduces the waiting time of the customer gives more confidence to the merchant so does the reduced fees that are a draw for merchants that aim to conserve more of their value than spend with network transactions just to move your funds from one wallet to another, another fact that is no less important, ensures that sending money to families outside the guaranteed continent is instant so that entrepreneurs living on the continent can also support their families without needing to for going through bureaucratic processes carried out by banks.
Benefits for the adoption of Bitcoin Cash by merchants in Africa
Business in Africa is in a phase of change to adapt to new ways of life, not only on the continent, but also in the world, where in order not to be distant from business competitors, many are increasingly accepting decentralized digital payments making their merchandise easier be delivered on time and also that customers have it on time to meet their basic needs. The use of Bitcoin Cash is very efficient employed by merchants and also gives more payment flexibility thus increasing profits.
The use of Bitcoin Cash is convenient for a people who most do not have a bank account, reduces the risk of scams when they decide to trust an intermediary to facilitate their business to obtain the desired product to keep the market capable by buying dollars after sending to the suppliers, paying with Bitcoin Cash the wait reduces and the negotiation made directly with the supplier. Africa has grown a lot with Nigeria, South Africa, Morocco, Kenya, Botswana being some countries that stand out in this sense, these countries and more have Merchants that are no longer interested in buying fiat currency to keep their businesses running, the new This trend makes them use more decentralized digital media, making it easier for them to move their funds whenever necessary, purchasing consumer goods, making payments to suppliers, paying employees, sending money to distant family members, thus increasing the tendency to accept Bitcoin Cash by Merchants in the continent.
Another benefit, which I consider very important, is the fact that transactions via Bitcoin Cash are more attractive than conventional payments, due to their low transaction fees and much more convenient confirmations than Visa bank cards thus attracting many national customers and foreigners who trust in the speed of the Bitcoin Cash network's transaction, all done online only with a QR code scanner and in the blink of an eye. In a continent where the majority of the population is young and with absurd unemployment rates, with an acceptance of cryptocurrencies on the rise, merchants who accept Bitcoin Cash are not only innovating the means of payment but are also popularizing the same.
Bitcoin Cash is safe.
How merchants can accept Bitcoin Cash in their business
For that, every merchant will have to install a Bitcoin Cash wallet in which they will receive their payments in Bitcoin Cash, there are several secure Bitcoin Cash wallets such as Bitcoin.com, Electron Cash, blockchain.com, Badger, Zapit, Coinomi and many others , it should be noted that there is an application on Bitcoin.com that greatly facilitates the receipt of Bitcoin Cash in fractions of a second and also very easy to program.
Also to consider the various forms of third-party payment processors that accept to receive Bitcoin Cash such as Gocrypto, Bitpay, Coinbase, GoUrl, Coingate that can also be very useful in the acceptance of Bitcoin Cash by Merchants.
Summing Up
The African continent is constantly evolving and transforming, even though certain governments tend to ban services such as banning commercial banks from accepting any type of payment involving crypto assets, the movement will not stop and Africa will continue its development towards success. Merchants that accept and will accept Bitcoin Cash on the continent have continued to gain confidence from their customers and suppliers as well as will find it easier to meet the needs of their distant families. The use of Bitcoin Cash will continue to evolve, its low rates almost zero Are highly coveted and the speed of transaction another benefit of the currency.
Bitcoin Cash in Africa is a very important milestone towards currency adoption on the continent.
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