Cryptocurrencies In South Africa: The Money Of The Future

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by Joanna Bruce
| 22/03/2021
About Cryptocurrency In South Africa

Bitcoin transactions are going at a rapid rate in South Africa. In a country that has already adopted mobile money, digital currencies such as Bitcoin provide benefits to technologically savvy people.

A huge economic revolution is going on in Africa and more young people are adapting ways to make things safer, quicker, and more secure.

The latest statistic has indicated the peak rise in the monthly cryptocurrency in June 2020. According to experts, these numbers will probably keep increasing. The African population is using cryptocurrency not only for financial trading but for commerce, such as real money online casinos, as well.

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Know About Cryptocurrency

In simple words, cryptocurrency is virtual money that anyone can use for purchasing goods and services. One can also send it to other people. Cryptocurrency is made of two words, crypto and currency where crypto signifies cryptography or encrypted codes, which work to record transactions.

Cryptocurrencies are a digital medium of exchange. They are decentralized as opposed to the usual centralized banking system. These currencies are transparent and let the users exchange money without the need of any third party.

The information for cryptocurrencies is stored in blockchain technology, which works like a cashbook. In general, it is a database of transactions done by users. The details about every bitcoin transaction can be found in the Bitcoin blockchain.

It is economical to make transactions with cryptocurrencies as they are directly sent from one wallet to another, without the need of any middleman. Besides, cryptocurrencies are not controlled by any central authority, and therefore, there is no intrusion by governments.

The Popularity Of Bitcoin In South Africa

Popularity Of Bitcoin In SABitcoin is one of the most popular and earliest types of digital currency, which was found in 2008 by Satoshi Nakamoto. Since the popularity of Bitcoin, more than thousands of cryptocurrencies have been created, such as Litecoin, Dogecoin, Luna, and Ethereum.

Because cryptocurrency works similar to mobile money, it is easier for African people to use it, unlike western people. The majority of Africans are using M-Pesa, which is mobile money for making transactions. 

Bitcoin and other cryptocurrencies become popular at South African online casinos, too. Casinos offer special online casino bonuses, such as crypto bonuses and bitcoin bonuses for players to encourage them to use this payment option. The popularity of cryptocurrencies on gambling websites is growing also because it is safe and players don't have to disclose their personal banking information to online casinos or online sportsbooks. 

The Boom Of Cryptocurrencies In Africa

Africa is in a good position to enjoy the benefits of digital currencies like Bitcoin, Litecoin, Ethereum, and Luno. The budding youths and businesspersons are adapting to the use of cryptocurrencies quickly. Many young minds in Africa are looking for quick ways to make money, and therefore ensure to explore new ideas to begin their new business.

Many individuals are working for big companies in other countries with the help of digital money and earning handsome money. 

One of the important reasons for the boom of digital currency in Africa is unreliable local currencies. The increased price of dollars in 2015 forced the investors to start trading in Bitcoin. Since then, the majority of Africans are trading in Bitcoin. Financial experts have predicted that the growth of cryptocurrencies might actually help in reviving the African economy in the future.

Africans who send money back home found it very costly through bank transfers. However, it is quite economical with some virtual currencies that let them send money without paying extra fees.

BitPesa is a reliable remittance company in Kenya, which makes use of cryptocurrencies to transfer money internationally. This saves money on exchange rates and skips bank charges.

Using Cryptocurrencies? Calculate Your Risks

Everything comes with a risk, and because these are virtual currencies, prices may fluctuate now and then. Also, cryptocurrencies are not controlled by any governing body and their associated laws are still blurred; there is a lack of security, especially for short-term investors.

Experts have issued a warning to cryptocurrency traders about the associated risks and advised them to keep themselves armed with the latest laws and rules linked to cryptocurrency trading. The lack of proper information about digital currency is allowing traders to make uninformed decisions. Since cryptocurrencies are a bit complicated to grasp, most people don’t take the time to understand them.

Traders with little knowledge about digital currencies are more likely to face failures and become prey to scams and frauds. People who are tech-savvy and knowledgeable about the latest trends find it easier to deal with cryptocurrencies compared to people who are not so comfortable with technology and the latest trends.

Fortunately, youth in Africa are quite skilled and up-to-date about the newest trends including cryptocurrency, so they are possibly fit to venture into the trading of cryptocurrency.

The Future of Cryptocurrency In Africa

Several African countries where the use of cryptocurrencies is on the rise are constantly working to create more stable and better laws on cryptocurrencies. The intention behind this step is to create a safer future for cryptocurrency users.

Nigeria has already started working in this regard and has recently made digital currency legal. They have also issued rules and guidelines for companies dealing in digital currencies. Countries like Kenya are also working to bring better crypto laws. The leading financial authorities of South Africa including the South African Reserve Bank have released a document with the demand to regulate cryptocurrencies.

Even though cryptocurrencies are still making their way in Africa, experts things that it is worth investing in them. The majority of financial organizations had brushed off the idea of cryptocurrency a few years back, but to the surprise of many, cryptocurrencies have continued to grow and are still growing.

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