Cryptocurrencies continues to gain a large part of the ground in places where the payment method is more useful in the daily lives of the people and also for those who hardly have access to a bank account to store their finances. Africa as well as other parts of the world in which these two realities mentioned above are predominant has everything to be a paradise for the development of cryptocurrencies.
But not everything is easy, since Africa is a very vast continent and as a huge population whom still lacks access to a secure internet or even a knowledge of navigation or even cryptocurrencies, there are problems to solve first before believing in a possible revolution in cryptocurrencies in the 'cradle of humanity'. Despite these difficulties mentioned, the good and which can even lead Africa to become a 'hotspot' in Crypto, lies a lot in the social composition of the age pyramid of the population on the continent.
This layer is the most prevalent in almost all African territory and is also the most active, both in the industrial and informal sector or even in the area of enterprise. However, despite the vast majority the problems in the employment, education, health and culture sectors, they still affect this layer. It is a fact that they are the vast majority but they are also the most marginalized, the most unemployed and the most vulnerable due to the fact that they cannot access a secure livelihood.
An interesting fact is that the great brute force is located in large urban centers, causing a rural exodus of young people to big cities in search of better living conditions and, consequently, in search of knowledge to be able to thrive in society. Today, large urban centers are full of young people who are developing their capacity for self-employment. Many use the internet as a marketing source for their informal businesses or even use social networks to create a nest to be able to expand and reach more people interested in what they offer.
Young Africans come to demystify preconceived ideas that Africa is only a consumer , no production at all comes from the continent, many young people are developing activities in areas of fashion, tourism, graphic design and information technology, creating startups aimed at teaching technology for use of the population. The big problem remains in accessing these technologies despite the effort undertaken by young people in self-education literacy, many people are still light years of using or even understanding what is, for example, an online business.
Many of these young people ended up entering the world of informal business and entrepreneurship largely because of the lack of formal work and, nowadays, this branch efficiently contributes to the government's hierarchical fund through payment of taxes. Interestingly, this young men struggles to create something and when the finally gets it, the government is already in place (which contributes very little) to grab a large part of what profits in the form of taxes.
The lack of jobs in society makes room for many people to start venturing into areas where it was previously impossible to get on, the Internet. As I mentioned above, the internet is used a lot but not with that content of 'looking for work' and making real use of it, but to promote local business, expand brand names or even connect with customers looking for their services.
With the awareness that cryptocurrencies are also valued goods, the young entrepreneurs and those in the informal field find a form of payment that benefits them: circumventing the tax payment, when purchasing their merchandise abroad and also in conservation of your money in a decentralized way. These advantages are not trivial, they are important, young entrepreneurs often suffer a lot of reprisals and arbitrary payments such as payment of taxes on importing products for goods and consumption.
Paying using cryptocurrencies for products, won't charge taxes amount because as it is not classified as 'purchase but rather donation', it enters the country and shipped in this category, saving money, time and security. This of course, taking the legislation of my country in particular, but I am absolutely sure that in many countries also works like this, as everything that is quoted has to be framed in its own law for possible debt.
It's a smart way to 'escape' from the tax authorities by paying using cryptocurrencies, and honestly a freedom to say 'I finally got it, so many years of paying taxes now I'm going to use the legislation so I don't get ripped off by it'.
It has another advantage of using cryptocurrencies, the power to use money at any time and to store money in a decentralized way, free from the state's intrusion into the others affairs. As I mentioned at the beginning of the article, many people do not use or do not have a bank account in most parts of Africa, but daily use the money to feed their informal business and their specific family, using mobile wallet services such as M-pesa which is quite popular on the mainland.
But as almost all means of payment regulated by the state, it is extremely centralized and access can be withdrawn at any time, not to mention the very high fees and also its limitation in terms of payments, only working internally for defined payments or services .
Many decentralized currencies entered the African continent largely because of globalization and at the moment the most famous [as in most of the world] is Bitcoin Core (BTC) but it is not the most favorable for use in a continent where the vast majority have a salary or even earnings based on less than $60 a month.
Currencies that work both for payment and 'reserve of value' and also have a payment network very strong or used directly for purchasing goods and services are surely will have more market dominance in almost every part of the continent.
Bitcoin Cash is well positioned to continue to gain ground against many decentralized currencies in Africa, largely because of the fundamentals that make it so attractive on the continent and beyond, the large network of merchants who accept cryptocurrency is growing by leaps and bounds . Bitcoin Cash fills gaps left by traditional methods such as banking and mobile wallets that are highly controlled and usability restricted, working only within territories.
Bitcoin Cash has no borders and its use provides financial freedom as well as ensuring that everyone who uses it will pay extremely low fees for using peer-to-peer payment services. Nowadays it is possible to demand from traders spread across South Africa, Nigeria, Ghana, Sudan etc. and with an impressive speed.
But why this growth will only continue?!
The answer is clear, Bitcoin Cash works for daily payments where fees related to it are low, there is transparency in the network and, most importantly, it serves as reserve of value and means of exchange and can be used anywhere in the world, reducing each time plus the need to carry money with and make digital payments easily.
In conclusion, the growth of cryptocurrencies will continue to gain ground in great the 'mother Africa' and in the near future become a major hotspot. Bitcoin Cash in turn will continue its safer journey as young people living and working on the continent have long yearned for a means of payment that does not need government authorization to be issued.
'If there is an acceptance chain for Bitcoin Cash and people can benefit from it it will always be used' - this maxim works and with the spread of the internet and penetration in more blind spots on the continent more and more people will enter the market, always the search for a way to get around poverty or even to guarantee a promising future stored their capital in decentralized currency.
Bitcoin Cash works and Africa knows that.
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