cryptocurrencies
cryptocurrency

The poorest continent on the planet is Africa, but its willingness to embrace the new in the form of blockchain technology and cryptocurrencies could help to improve matters. There may be several negatives which come with cryptocurrencies, but the positives far outweigh these drawbacks. Thus benefitting developing nations within the continent and the people who live there, immeasurably.

Banking For The Masses

With so many opportunities available for counties in Africa to make use of blockchain and cryptocurrencies, it can see improvements made in multiple areas and industries. Cryptos such as Bitcoin will give individuals, as well as businesses, access to their finances on demand. Traditional banking services in Africa are limited or take hours of travel to access. However, as many people living on the continent or operating a business has access to a smartphone and the internet, payments are processed quickly and easily via companies like Luno. These guys offer various crypto services which include a Bitcoin wallet on iOS / Android / web.

Kenyan Finance

Kenya is a prime example of a country in Africa, leading the charge when it comes to implementing cryptocurrencies and blockchain technology. Businesses in the country, for example, especially those that are small to medium in size, can now build up credit scores thanks to cryptos. Therefore, in the future, they will be able to obtain finance, and this could be used to scale their business further, taking it from local to national and beyond.

The Red Cross

The Red Cross in Kenya is also implementing blockchain, which will help those who suffer from a lack of funds. Those operating in the most rural parts of Kenya struggle to earn a living as residents themselves don’t have the finances to allow them to buy products and services. This harms everyone, especially the economy.

The Red Cross project aims to boost income and economy by distributing vouchers totalling a million dollars each year. These credits will be issued and transferred via smartphones, while immediately being entered onto the blockchain. Businesses would then receive a fair price for their products and services, which would help to boost the economy, resulting in there being more money to spend and ultimately better living conditions further down the line.

Crypto Mining

Entrepreneurs, as well as businesses in Africa, are also involved in crypto mining and are seriously committed to it in many ways. They put as much finance, time and effort into mining as possible, and this allows them to mine top cryptos such as Bitcoin and Ether using a powerful combination of hardware and software.

Crypto mining is beneficial in multiple ways, especially in Africa, as it allows businesses to receive funding, for example. It can also benefit other helpful services such as to fund crowdsourcing too, which again will have a positive impact on businesses and the way they go about things.

Huge Potential

As you can see, Africa, as a continent, is still an emerging crypto market and could become the planet’s number one. It’s embraced cryptocurrencies and blockchain technology from the off. And its impact is generally a positive one across multiple areas and industries; benefiting businesses, entrepreneurs and locals.

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