A recent report says that being a lack of traditional financial of Africa makes it good for cryptocurrency adoption.
Per the report, cryptocurrencies such as Bitcoin (BTC) can potentially solve all the aforementioned challenges
Although it is a diverse region, African nations share some key similarities and trends. Economic problems, from high inflation rates and volatile currencies to financial issues such as capital controls and a lack of banking infrastructure, create a fertile ground for an alternative to germinate.
Source: https://cointelegraph.com/news/bitcoin-may-be-the-solution-to-africas-broken-financial-system/amp
Do you agree that bitcoin would be a good idea for Africa?for me, adoption of bitcoin from Africa is a good idea, Africa has a big problem in terms of financial, they should do something to overcome those problems, one of the suggested ways is the use of bitcoin which is a really good idea, there are already many countries which are accepting the use of cryptocurrency in some of their transactions, it is way good better for fast and secured transactions compared to fiat currency.
Africa is one of the most exploited areas in the world. This led its people to poverty. Poverty equates to lack of education, poor sources of income, malnutrition and so on and so on. If Africa would prioritize a technologically advanced mode of monetary exchange or making cryptocurrency as their national currency, wouldn’t the first question be, How? Solutions have to be inclusive. Yes, there are areas in Africa that are technologically capable and it can work in their country, but what about those who are not capable? Are we suggesting that this idea would close doors to the incapable and only cater to those who have the means? But does this also mean that capable countries stop in order to let the incapable keep up? No. What we need are inclusive solutions and I think bitcoins are not the solution to everything. It might be a solution for those who are capable, financially, technologically etc. etc.
First, Africa is barely getting by day-by-day. They only have enough for food and a little clothing. Their priority is to put food on the table and not to spend so much money on a phone or a table in order to use it to buy and sell their needs. They would instantly think “If I had that much money to buy a new phone, then why not spend it on food, education, clothing and rent?” They don’t need cryptocurrency to reestablish their economy. They need better work opportunities by maximizing their local natural resources and being able to trade them within their region or even better, outside.
Second, when using bitcoins or cryptocurrency in their everyday life, wouldn’t this expose them to the threats of piracy leading it’s people vulnerable. Let alone the possibility of terrorist attacks when they are able to use cryptocurrencies to buy illegal weapons.
Third, this could open doors to a more creative way to do business online. Being creative could mean both good and bad. By good would mean they could use the advancement of the technology to promote their products online, for a wider range of markets and do legal business across the globe. This is good because this provides Africa the needed proportion and trust of the people that, hey, it’s safe and good to do business in Africa. However, there is a bad way to do business creatively. As we all know, there is a compelling rise in the exchange of online pornography, mostly children. We have to have an open mind of the possibilities of the business for each individual who has access to this kind of technology. I am not saying that it is online prevalent in Africa because there are cases like this in Europe, Australia and Asia. What I am saying is, let us not open more doors to this kind of possibility. There are cases when the child’s own parents trade their children online for a certain amount and this could happen. Africa is just more vulnerable because they are not equipped with the proper knowledge regarding these matters.
To be able to fix Africa’s broken financial system, it has to start with it’s government, corrupt officials lead to a deteriorating nation. Corruption is one of the root causes of poverty, poor education , malnourishment, abuse and other domestic problems.
