With an imminent period of trade between commodity supplier countries in crisis due to the COVID-19 effect, in which many traders can no longer travel to China, which is the largest supplier of goods and services on the continent, many traders have seen obliged to have to choose a suitable solution to solve the problem. Without much to do, traders entered into an agreement with suppliers and entered into an agreement that they would pay for the goods using cryptocurrencies, in the first stage this was paid by Bitcoin, which is the most popular asset and the first in the cryptocurrency market, but the asset has become unsustainable for small and medium-sized traders who trade with Chinese suppliers as this asset is very expensive, a transaction using BTC can cost a minimum wage on the continent or more which has led the two parties to sit down at the negotiating table and use a more favorable currency which in this case is without a doubt Bitcoin Cash.
Bitcoin Cash is gaining popularity among traders from Cairo to Cape in Africa, where many traders in Nigeria, South Africa, Kenya, Botswana, Uganda are buying from their suppliers in China by paying directly without having to buy US dollars, deposit in Bank and transfer to suppliers in this region, reducing payment time, providing more security and without much paperwork often required in commercial banks. Bitcoin Cash has not only made life easier for these traders, it has also opened their eyes to start accepting currency in their local businesses, so they earn Bitcoin Cash for products sold and also accumulate the same to pay suppliers in China without need to go to a broker to be able to buy it increasing their profits and popularizing the currency more.
And that's not all ...
Africa has become the cradle of many small and medium-sized companies supported by the new big projects carried out by China such as the big bridge that connects Maputo in Mozambique (my country of origin) and Catembe, a millionaire business that cost the Mozambican state more than 7 billion dollars, and also gave the opportunity to develop businesses associated with all components that involved the same bridge. They opened a lot of hardware, suppliers of electrical material, cement, overalls, power generators and everything needed to finish the big bridge and others that were supplied by local entrepreneurs but purchased in China, accordingly to local sources, many of these young africans paid for the goods using cryptocurrencies, and the Bitcoin Cash was widely used in these financial transactions as the use of Bitcoin (BTC) was expensive.
But also to note that the use of Bitcoin Cash is used for commercial exchanges because the suppliers are aware of the value of it, but the party that buys it only uses it because it facilitates their business, however there is a lack of effective adoption of the currency by most of the young population of the continent, but with the massive influx of foreign workers who bring their habits and customs to the continent, and the globalization that often influences the decisions of Africans Bitcoin Cash will prosper on the continent.
Many merchants who have set up their businesses in Africa from China, the United States, England and other parts of the world are accepting Bitcoin Cash in their businesses which also ensures that they send money to their distant family members much faster and more flexibly. The service of sending money out of the continent using Bitcoin Cash is much more efficient, secure, fast and with low transaction fees reducing the waiting time to zero for those who receive it and saving several dollars that the money sending companies charge to do the job.
Bitcoin Cash will maintain its status as the world's decentralized digital currency, each day the currency gains more supporters and users, its approval as a peer-to-peer currency is gaining more weight on the internet and without a doubt it will be higher than Bitcoin (BTC) one day, because its ability to process and receive transactions faster and a great gimmick for those who don't have to wait days to see their transaction approved on Blockchain.
And this is just the beginning ...
I love this ❤️