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In the 14th Century, money was introduced to pre-colonial Africa as a means to trade. It was quickly adopted and became a turning point in history. Marketing became more accessible, and various countries had flourishing economies. Eventually, taxes, deflation, and asset bubbles started making fiat money look like a mistake that only Bitcoin can fix.
We’re now in the 21st Century, and literally, everything in the world has changed, and we can’t expect money and finance to remain the same. Suppose your ancestors used a horse to get around a hundred years ago, and in modern times, man utilizes a car that charges itself. In that case, you can’t imagine paper money being the medium of exchange after centuries.
Africa’s developing countries have the most unstable economy globally, with various factors causing enormous setbacks daily. Corruption eats at the very base of our nations because of the unlimited access leaders have to the country’s money. Even in your bank account, your money is not yours and can be frozen.
Bitcoin and the blockchain rectify this by enabling citizens to overcome issues like lack of inadequate access to financial services and helping with social trust. More than a third of Africa’s population does not have access to essential banking services that can help them out in cases of a financial crisis.
Most of these people have capitalistic ideas that can immensely assist the growth of any developing country. Bitcoin fixes this issue by “having rules but no rulers,” You don’t need to wait in line and sign documents before getting a loan and implementing your plan.
Because Bitcoin doesn’t need an actual brick-and-mortar structure, the costs associated with transacting money are minimal. This is because there is no need for employee wages or utility bills, and so these savings naturally morph into low transaction fees, sometimes as little as $0.02.
Young Entrepreneurs have access to funding for various projects as Bitcoin has no age, race, or nationality requirements, and it is an asset that is free for all. Bitcoin is also transparent and can significantly assist in solving Africa’s most significant problems; Corruption, fraud, and money laundering. These problems would be things of the past because every Bitcoin transaction is recorded on the blockchain and can be tracked. If all African nations can adopt Bitcoin as a legal currency, our economy will undoubtedly be as fit as a fiddle in a few years.