How Africa Got Bitcoin all Wrong
Will Africa embrace this new “digital money,” tell that to Bitcoin Magazine. Its recent study found out that Africa is the next frontier in adopting cryptocurrency. Nigeria and South Africa are at the forefront as they record the highest searches in Google.
But amidst all these, it seems that Africa hasn’t got the real meaning of Bitcoin. What is it? Who makes them? Is it run by people you can trust? And will it help my business?
These are a few of the questions people ask themselves. In this post, we’ll try to shed light on some light to avoid getting swayed by the many myths circulating in the media.
Bitcoin isn’t a whole Big Scam (But depends)
The bitcoin value maybe $755 in the morning only to crash to $378 in the evening. Unfortunately, this is what happened on 19 Nov 2013, and it caused quite a stir in the cryptocurrency community. As a novice, this may be demeaning and look like a potential scam.
Bitcoin’s graph is uncertain, and that’s its nature. Sometimes the value may shoot higher than expected and vice versa.
The real scam is not there but underlies in the numerous bitcoin exchanges. These companies present themselves as large trading platforms only to run away with your hard-earned cash. But most of the trades are legit. It means that you have to be careful when choosing a company for your bitcoin transactions.
Everything Recorded on BlockChain is there to stay forever
It's no doubt that Bitcoin is growing significantly. The graph below shows how Bitcoin transactions increased in 2017 alone.
Studies say that Bitcoin has achieved over 100GB history data, and more transactions happen daily. And as more people get introduced to the platform, the faster the size grows.
Apart from the large chunks of data that need to be stored, you need to download the data too. The entire process of receiving or making a payment from a local crypto wallet may be intricate than you think. With this rate, the blockchain is on a limit if things don’t change soon.
The Government Will Shut Bitcoin Down
The Governments in Africa are a bit autocratic, unlike those in the western world. If they don’t see the value of something, they shut it down even if the real plan was to help the public.
Unfortunately, a few African governments have not yet come into terms with digital platforms. Therefore, Bitcoin is still something strange, and they only give a dime of their time and resources to invest in it. But does this mean they will do away with it?
Not necessarily. Most Governments have shown an interest in Bitcoin. According to studies, Africa may be the next hub for crypto preneurs. A few of the African countries have embraced the shift, and others have followed suit.
Cryptocurrency is one of the most misunderstood topics online today. There's so much information, and you may never know what is true and what is not. However, with online platforms like Blockchain in Africa, you’ll get the information that will help you separate the wheat from the chaff.