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How Bitcoin Cash will succeed on the African continent

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Avatar for alberdioni8406
Written by   637
2 weeks ago

First of all, it is necessary to understand the economic and socio-cultural history of a continent with more than 1.2 billion inhabitants, most of them young entrepreneurs and without a bank account, also to note that the majority live on less than 10 dollars a day-so if it goes to adopting a decentralized currency would have to be one that was favorable to the living conditions of the majority of the people, obeying some basic criteria:

_it definitely has to be a currency that works with absurdly low rates (to absorb the vast majority of the continent that receives less than $100 a month), fast transactions (only then will it be able to supplant mobile wallets that function as banks for most of the continent), secure and completely easy to use - only then will it have a chance to be widely adopted, and Bitcoin Cash is better placed to win this race.

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...entering Africa

Despite the vastness of the continent, African soil is very rich in natural resources, such as gas, oil as well as minerals with more emphasis on diamonds and gold, the funny thing about it all is that Africa is the poorest continent in the world. This poverty results from colonial and neocolonialist exploitation.

... agriculture, the manufacturing and services industry, tourism, transport and communication sectors in most African countries are still handled poorly and with considerable limitations.

These branches of economic activity in most African nations directly suffer several impacts:

  • Food crisis, administrative deficiencies, excessive poverty, high level of monetary inflation, international debts and constant wars.

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The economy of the African continent.

The 21st century has been a great rematch for most African countries, and in the last twenty years it has had a noticeable trajectory, largely because of the demand for the continent's wealth, leading to an increase in oil, natural gas and food. very significant price. Not only that, many countries have benefited from external debt relief for humanitarian reasons, which has led to the positive effect of the economy in the region.

  1. Natural resources (oil and gas).

Africa has 12% of the world's oil reserves and 8% of gas, and with several regions still to be studied and explored and the countries that stand out in oil production are:

... Egypt, Libya, Algeria, Nigeria, Gabon, Equatorial Guinea, Angola and Congo-Brazzaville. These are not the only countries in the production of this important resource since recently other emerging nations such as Mauritania, Sudan, Chad and São Tomé and Príncipe have emerged.

  1. Mineral Resources (diamond and gold).

Diamond reserves in Botswana are one of the most important in the continent, in 2006 they registered a remarkable growth and the country directed all gains with the ore to the area of ​​education, with more focus on the primary study that is conducted free of charge.

Tanzania has also seen a remarkable growth in the commercialization of gold largely because of the appreciation of the price of it in the international market.

  1. Agriculture

This is the economic activity that occupies most of the population of the continent and has countries that are notable in organic production such as Kenya. Countries in the sub-Saharan zone are engaged in partnerships that enable them to have water so that they can practice agriculture and produce maize, cassava, bananas and beans.

Ethiopia is the world's fifth largest coffee exporting producer. In the south of the continent, as in Mozambique and Angola, countries like Brazil are investing to promote agriculture.

... make no mistake - despite all these developments to promote agriculture, the continent is still in serious danger of suffering hunger, as it is still not self-sufficient and cannot accommodate the majority of the people living on the continent.

  1. Tourism

The continent also has a large flow of visitors who help in the development of Tourism, and as it has been blessed, with beautiful landscapes, this economic activity is very important.

Countries like Cape Verde as well as the majority of those that are bathed by the African coast use tourism as their main source of income.

In South Africa and Kenya, its natural parks attract the attention of tourists who are interested in their wide variety of wild animals, and more, as these same countries support hunting, which is a strong source of economic income.

This economic activity, together with agriculture, constitutes one of the main sources of fundraising for governments in the main African countries.

  1. Foreign capital injection

China scenario.

Africa is a very attractive continent for many developed countries that wish to invest, and the biggest investor in the 21st century is the Asian giant China, the Chinese have partnered with several African countries in the field of oil, construction and telecommunications, being currently the largest investor in Africa with more than 10,000 companies.

And to ask yourself, but if China is a big investor then why does the standard of living and employment not change on the continent ?! Well, the Chinese, despite being the biggest investors, they bring with them a part of the workforce that will work in countries with partnerships and that number is not small, with more than 100,000 Chinese working here in Africa.

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China's goals in Africa

Many voices speak about the real Chinese interests in Africa, it is certain that the balance of trade is still smaller, but they want to counteract the American influence on the continent, thus being their economic objectives but also of a diplomatic nature. Not only the American influence is being fought, but also the Japanese presence on the continent, since this country has long sought support from countries in Africa to remain at the United Nations as a permanent member of the security council.

Among other objectives, he also wants to erase any official international recognition for Taiwan.

Problems on the African continent.

Africa is still plagued by a number of negative things, although in recent years it is developing, as the various unstable political regimes on the continent (terrorism conflicts in northern Mozambique, Chad, and elsewhere) lead many economies to sink. The continent also suffers from a precarious international raw material, leading many countries to an economic recession.

... the largest economies such as Nigeria and South Africa do not escape capital inflation, and in recent years Nigeria has lost its status as the largest economy and South Africa has escaped seeing its currency completely depreciate due to the 12-month appreciation. economies that use the CFA franc as the national currency.

... also has the problem of infrastructure insecurity that can collapse at any time.

  1. Illness

Recently the continent, as in many other parts of the world, suffers from the effects of COVID-19, but has already been suffering from AIDS and Ebola that have plagued African regions leaving a trail of deaths and with the aggravating factor of killing the continent's young and active population.

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How to use Bitcoin Cash as an emancipation and security currency

As we can see in the explanation above about the African continent, many of the countries that make up Greater Africa have natural resources, minerals, live off tourism and agriculture, but also suffer from several problems such as food insecurity and are plagued by various diseases. These riches have no weight in the life of the common person in Africa, a certain African elite benefits from them and foreign investments keep the vast majority of resources that in turn gains are used to develop their economies, relegating Africa behind and continue to be one of the "most impoverished continents in the world".

Its young and active population does not have a stable job and often lives in the informal sector and this is where the encounter with the world of cryptocurrencies meets.

We mentioned above that the great investing power in the continent is from China, which is also the country with the largest suppliers of goods to supply the informal African market, leading young entrepreneurs to travel to purchase products in the great country of China. It is here that the use of Bitcoin Cash has a great opportunity to maximize itself, since the micro and medium entrepreneur to obtain merchandise in the past had to go through a tortuous process that consisted of acquiring dollars in the square, then depositing them in the account banking (where many of them do not have or do not use frequently) for later transfer to suppliers of goods, incurring bank transaction fees, which are often high, not to mention the lack of security in acquiring dollars on the black market, as banks they only make them available to customers holding bank accounts at their branches.

The use of Bitcoin Cash has become a safe way in these purchases and sales by the trading parties, the process is fast, direct and secure. Not to mention that it is very cheap for buyers of goods and also guarantees the seller payment in real time, guaranteed that he receives the same practically instantly in his encrypted wallet.

... not only in the business field!

It should be noted that China detains many workers in African territory, many of whom have left relatives in their country of origin and need to send money for their maintenance, using Bitcoin Cash as a remittance solution, paying extremely low fees and meeting their needs in real time. Bitcoin Cash manages to fix many problems as its fundamentals-low rates, fast transfers on the network, safe and completely decentralized, give the feeling of power and maximum security to the user who does not depend on third parties to be able to move their funds in real time and with the necessary agility to take care of their loved ones or even pay for their merchandise instantly.

P.s: BCH is Bitcoin and BTC isn't no more, due to increments in fees and slowly transfers it's not sustainable to use BTC to send money abroad, that could be a slap in the face for a common citizen whom receive 56 dollars monthly in Africa meaning that he need to work a whole month just to pay his fees to send 10 dollars, insanely unpractical.

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Conclusion

The continent is large, wealth is abundant in almost every corner of Africa, the vast majority of the population lives on agriculture and tourism on a continent plagued by completely authoritarian governments, often anti-democracy (despite preaching the opposite), there are military conflicts very much for cause of political intolerance and natural and mineral resources.

Not everything is bad, in recent times the continent has been gaining strength with the arrival of investors, who directly or indirectly contribute to the reduction of the unemployed workforce and also bring innovative ideas and a different way of life helping the young African to not to depend on the government, but to open their own path with the various sources of income that exist today.

These new activities of the 21st century are also the ones that introduce into the market the need to have decentralized accounts to be able to obtain merchandise paying directly to its suppliers and to have it delivered on time to be able to supply the market without having to depend on third parties to obtain fiduciary money, the vast majority in dollars, all ending with decentralized open source digital money with low fees, secure and very fast transfers_ Bitcoin Cash.

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Written by   637
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Comments

I am using bch but it's really hard to find a source to earn bch these days

$ 0.00
1 week ago

I don't see that being a problem be more active on read.cash noise.cash and and am positive that you will earn some😎

$ 0.00
1 week ago

Africa already struggled alot in past and definitely need more hope & support 🙏 thanks for wonderful article

$ 0.00
2 weeks ago

I know that the future in the continent will be affordable it just need time and efforts from our part, at least jam doing something to make it happen, thanks for passing by 🙏

$ 0.00
2 weeks ago

Bitcoin cash is a great help for country which are economically backward. Like bangladesh. Africa is abundant with great natural resources specially those oils and fuels and it's a great asset for a country. Every country has some bad side but I don't know why people only focus on bad sides rather than good side. In the end I can say I am a person whose life is changed by bch and I think by spreading bch a country's infrustructure can be changed as well. It's a great opportunity for us

$ 0.00
2 weeks ago

I believe that most unfavorable continents only have to earn when adopt BCH mostly because the intermediary agents who used to come and collect fees from regular people won't be able to do that, of course the bad side who mostly talked in third world countries it's more like a call to attention for the leaders of this nations to start working to their people not for themselves. The world is better because of BCH and the possibility that anyone becomes financial free😎 thanks for passing by 🙏

$ 0.03
2 weeks ago

Agreed. You write good articles mate. Best of luck😉

$ 0.00
2 weeks ago

I try my best to research and write things that real hurts my feeling and basically write about my daily journeys concerning BCH in my location

$ 0.00
2 weeks ago