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Bitcoin Cash the perfect currency for Africa

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Written by   792
5 months ago

Living in Africa specifically in Mozambique I realized how advantageous it is to use Bitcoin Cash for my daily transactions by spending little on fees and making secure and quick payments without needing to ask permission from any bank or financial entity to move my funds. This freedom to be able to spend my funds anytime and anywhere in the world is one of the great advantages of Bitcoin Cash where human beings become their own Bank.

The majority of the population in Africa does not have a bank account and moves their funds using mobile wallets like M-pesa, however these same e-wallets are not so favorable for what many entrepreneurs aspire to, A PAYMENT FORM THAT CAN BE SO MUCH NATIONAL AS INTERNATIONAL, which provides fast, cheap and completely secure payments. Using e-wallets for internal payments is good but not cheap because the financial companies behind them charge absurdly high fees for the pocket of ordinary people, they even charge more than the banks themselves, but as opening is simple and the people continue to subscribe to the services but continue to pay dearly for that membership.

In a continent with more than 1 billion inhabitants, where the majority are young, these means of payment (mobile wallets and e-wallets) are not suitable for what many aspire because we see:

Many people use it for the simplicity but it's very expensive and it's doesn't work for international payments, centralised and ruled by Government
  • Being a vast continent where many people do not work and one of the ways of survival is the informal market

  • In this informal market many of these young people have to pay for their goods in foreign currency at their suppliers, many make the exchange between China, Dubai, Thailand and need to buy dollars, then send them incurring the very high fees charged by traditional financial means

  • Not only for the reasons mentioned above, but also because mobile wallets are a product of a financial company, like banks, and are protected by the state, they follow state orders and rules and therefore are not free to be blocked at any time and the value in them confiscated.

So you are no longer in favor of mobile wallets for what the young and entrepreneurial strand of the continent longs for, also because of globalization and the "modus vivendi" towards which the world is heading. This exchange of business on the continent brings and causes many traders to start looking for secure means of payment and without much bureaucracy involved. These means of payment must be those that work best on the continent where minimum wages do not reach one hundred dollars, they must have cheap and confirmed transactions in the network very quickly, as this would prevent anxiety from taking part of the negotiating parties in a possible failure in transaction.

Many decentralized currencies may try to secure their space on the continent, but if the fundamentals are not favorable and traders are not prepared to accept it, the same currency or cryptocurrencies will fail in Africa.

Bitcoin Cash as a solution

The great advantage of Bitcoin Cash is that it is a currency with well-centered fundamentals and that by the way works in Africa, and it may well serve the aspirations of what the people are looking for. Bitcoin Cash has low rates, which favors a lot for its adoption, quick transactions_ allowing instant payments between the customer / merchant to not have to go through a possible failure or reversal of the value. Not to say that Bitcoin Cash is fully decentralized giving the power of freedom to those who own it, this freedom is confirmed by the presence of a peace of mind for those who use Bitcoin Cash for daily payments free from the stress of other traditional payment methods.

In the large and vast African territory Bitcoin Cash is accepted by several traders for its speed of transaction and low rates, the trader is willing to accept this currency a lot because it is favorable to the situation in a continent plagued by the inflation of its value (clear cases of Zimbabwe), unemployment, which continues to increase greatly due to the COVID-19 pandemic, and this same trader knows that using Bitcoin Cash he protects his business because Bitcoin Cash is immune to inflation and serves both as a means of payment but it can also be adopted as a store of value and helps keep money stable free from any inflationary movement

Bitcoin Cash works, unlike other decentralized currencies it was granted to the people and nobody and is discriminated against and works perfectly for underdeveloped as well as developed countries, but because it is programmable digital money its adoption in Africa will be an asset and will ensure that the people start using and see Bitcoin Cash as a solution for a continent plagued by several things.

Why use Bitcoin Cash in Africa

Firstly, because Bitcoin Cash gives freedom back to the user, secondly, it is convenient and thirdly, it is completely decentralized, without any interference from third parties, as is the case of government agencies that greatly harm ordinary people and see it as a source of wealth production for the people in power.

Having Bitcoin Cash in the portfolio is very positive for both new Africans and those of antiquity, as everyone can use Bitcoin Cash, as long as they can send a message then they can also manage Bitcoin Cash directly, decentralized and very secure.

Bitcoin Cash is the currency that every African aspires to have, free of inflation, cheap in transactions, safe and where the user is completely his own Bank.

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Written by   792
5 months ago
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Comments

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$ 0.00
5 months ago

Love your article, this helps me on how to understand bch and how to use it :)

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5 months ago

That's great and thanks for your feedback and to read it😎

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5 months ago