How Bitcoin is Building the Real World in South Africa

Abolaji Odunjo made a vital change to his business of selling handsets in the street in Lagos four months ago. He started paying the suppliers of mobile phones in the form of digital money. He said, for easy and faster payment of the supplies his Chinese suppliers ask him to pay in the form of cryptocurrency.

How Bitcoin is Building the Real World in South Africa
How Bitcoin is Building the Real World in South Africa. Photo by Pierre Borthiry

Shifting to paying in the form of digital money has increased his surplus as now he doesn’t have to buy dollars using the Nigerian naira or pay extra fees to the money-transfer agencies. This sets an example of how in South Africa the digital money which is the biggest and the original form of cryptocurrency is in use than other countries where it failed. If you want to invest in bitcoins you can visit https://cryptorevolt.app/

Odunjo said that from his shop of two by eight metre to Reuters, the digital money helped him to protect his enterprise from the devaluation of the currency and also helped him to expand his business. Odunjo by raising his sound says that by using the digital money you don’t need to pay any charges or buy any dollars for the payment. Odunjo is one among the people who raised the digital money boom in South Africa. Which was caused by the payment to the suppliers additionally the remittances sent home from the migrating employees, per the knowledge shared completely with Reuters and the interview with 20 digital money users and 5 crypto exchangers.

The information from U.S. blockchain research firm Chain lysis interprets that the monthly exchange of digital money by the single person and the small enterprises to and from Africa of under $10,000 raised over to 55% in 12 months to reach $316 million in June. The total number of digital money transfers increased nearly by half, striking 600,700, per China lysis, that says the analysis is the broad effort to figure out the global use of digital money and cryptocurrency. The continents biggest economy, Nigeria where most of the activities happened along with Africa and Kenya.

It shows the reverse of the digital money which came into use just as an option for payments over a decade ago but now it is used primarily for investment by the individuals engaged in money trading instead for commerce. Why did digital money boom in South Africa? The modern population has easily adapted the use of digital money as it was tougher to get dollars from the local currencies, which is the real currency for trading globally and also the complicated forms that made it difficult to transfer cash.

The digital money users who were based in the five countries from Nigeria to Botswana, were interviewed by the Reuters said that with the use of digital money they were able to expand their business and earn more surplus and serving to those operating in places like Europe and North America to additional of the earnings they send to their places.

In several countries digital money and cryptocurrencies are not regulated and do not even have a legal status thus if you lose your funds there is no such safety provided or any recourse to recover it. Many people are dependent on the informal brokers for changing local currencies to and from digital money. The prices are even not stable, and you need to have technical knowledge to exercise the buying and the selling process. In 2018, the cryptocurrencies were declared as non-legal tender by the Nigerian central bank and there was no protection provided to the investors.

Published by Emma Watson

, an Information Technology Engineer By qualification who loves to write about Windows, macOS and technical solutions for various error and problems. Coming from a solid background in PC building and software development, with complete expertise in touch-based devices, I am constantly keeping an eye out for the latest and greatest!