5 ways in which Bitcoin is Revolutionizing the African Economy

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Africa is maintaining a fast paced momentum in Bitcoin adoption across economic and financial sectors. Because of the underdeveloped banking system on the continent, Africans are steering towards Bitcoin to overcome transfer and trade restrictions.

The cryptocurrency is bringing economical accessibility and freedom to millions of Africans by streamlining transfer processes and overriding the use of traditional banking instruments.

Here are five ways in which Bitcoin is Revolutionizing the African economy.

1. African Millennials are Racing towards Bitcoin

The enticing appeal of Bitcoin is offsetting any fear that it's a bubble waiting to burst.Trading bitcoins has become a frequent side hustle adopted by Africans under 30 who find it as a simple way to increase their earnings.

2. Fintech Startups

Fintech start-ups such as Bitpesa use Bitcoin to remove the friction between brokers. It's supporting local companies who prefer to rely on bitcoins for higher liquidity and trade.

3. E-commerce platforms
Various e-commerce platforms use Bitcoin as a method of payment in Africa. For example, MAMAMIKES offers a range of household and clothing products which can be paid for via Bitcoin.

You can also book different tours throughout Africa through Ashworth Africa and pay through Bitcoin. Another online merchant which accepts Bitcoin payment is BidorBuy which trades different products through online auctions or fixed prices.

TakeAlot which is one of the leaders of e-commerce markets in South Africa began accepting Bitcoin payments. It adopted the alternative payment solution as a form of being more customer centric and to simplify the payment processes.

4. Online Payment Platforms

Bitcoin Nordic, headquartered in Denmark, introduced CashU in North Africa. It's an online payment platform which allows users to make online Bitcoin payments using their credit cards.

5. Investment, Loans and Crowdsourcing

Institutions such as BitLendingClub and BTC Jam offer investment and loan facilities using Bitcoin. Interest rates are adjusted according to the borrower's requirements.

Bankymoon launched Usizo in South Africa. It's an online Crowdsourcing platform which facilitates donors to transfer money to the nominated Bitcoin address of various schools.

Conclusion.

Despite the economic and political instability in Africa, Bitcoin trading is continuing it's growth. More and more Africans are turning to Bitcoin to overcome the limitations of restrictive banking options. Also, various e-commerce platforms have adopted Bitcoin as a form of payment.

Although the cryptocurrency market is highy volatile, Bitcoin remains an exciting investment opportunity for both individuals and companies in Africa.