Bitcoin can have a positive impact on the finance sector. This effect is particularly visible in countries that are trying to solve financial problems. Companies like BitPesa are trying to disrupt the financial turmoil in Africa, which is providing the Bitcoin-based solutions.
African Bitcoin and similar cryptos need paralysis
Fighting financial troubles in Africa is not an easy task. Investment is very difficult and unemployment rates are a big problem in most of the countries in the short term. The population migrating to developed countries due to unemployment is sending money for the remaining families. On this count, Africa has become a big market for industry leaders like MoneyGram and Western Union.
Despite the convenience, some solutions are needed for these money providers. People need to travel for hours to get money. In addition, there are relatively high tariffs on private money transfers to Africa. Money transfer fees are deducted each year, but the interrupted transaction fees are still very high. Bitcoin and other crypto-currencies can be influenced by Africa. The fact that there is no intermediary in the unlimited nature and processing of the cryptos can provide a cheap and useful solution. Companies like BitPesa are taking a big distance in this regard.
Bitcoin can provide higher liquidity to African markets
As expected, BitPesa uses Bitcoin as a payment tool among different brokers. Unlike traditional currencies, Bitcoin can offset costs and provide a higher liquidity to African markets. In this context, BitPesa shows how useful Bitcoin can be in the long run. The unstable cryptographic money markets are turning Bitcoin into a risky currency. Nevertheless, when we think about African currencies, it has less volatility than crypto currencies.
BitPesa CEO Elizabeth Rossiello told us how quickly Bitcoin can be bought and sold at the moment of need. Based on this, he said that the loss of value in Bitkoin was not a big problem as predicted. BitPesa explained that he wanted to help local companies using Bitcoin. Solving unemployment problems in Africa will never be easy.
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