Little is known about the Bitcoin by many Africans. It is still a new concept and will take several years before many appreciate it. This our simplified version as we try to define it.
In the 80s they had type writers…how about now?
In the 70s and 80s they had vinyl records, then came cassettes…how about now?
In the past there were banks only for financial transactions…then came ATM and mobile money?
What is more? Selfless driving cars now on the roads, unmanned shops etc
Catch the drift?
Technology is changing at a blistering pace ….in Japan they noe have some robot receptionists! The future is tech, tech and more tech. Millions of new users are now being connected to the internet and the population is roughly 4 billion and rising.
So hapana anoita nharo….tech tech and more tech.
In comes the Bitcoin which is more like Ecocash in the sense that you cant see it and its digital.
Created in 2009, bitcoin is an all-digital “cryptocurrency” that doesn’t pay attention to banks, governments, or international borders. There’s a cap of 21 million bitcoins—so inflation is not possible.
Who created it? a mysterious person or group known only as Satoshi Nakamoto
System behind it: Research more about Block Chain Technology. By using blockchain technology, the inventor(s) of bitcoin () gave their currency the ability to exist without some sort regulatory oversight.
Every person who participates in the bitcoin network—everyone who buys with, sells in, or owns bitcoins—has their own copy of the bitcoin blockchain.
Since bitcoin is a purely person-to-person digital currency model, anyone using bitcoin can make fast, secure, low-fee transactions whenever they want, to anyone in the world.
Wherecan you use it? It’s a universal currency although still to get more acceptance in Africa. We always lag behind but in advanced economies such as SA, Egypt and Nigeria….there are more people aware and participating.
In other countries they have ATMs that dispense cash to assist bitcoin users who want to exchange it for cash. Folks are using bitcoins to buy houses, cars, pay fees etc
Bitcoin I mari yemumhepo se Ecocash…haibatike nemawoko.
Leading global accounting bodies such as CIMA and ACCA are talking about it and as for CIMA, there are block chain courses which cost GBP 460 for qualified members. Its also the buzz word for auditors and actuarial scientists. So no going back!
Like all new products, they start slow with fewer takers and the price is initially low but rises with time. When the first telephone had a few people connected, its value was less but as more people connected, its value shot up.
When Strive started Econet, it was a small network but with time it made the founder a billionaire, When Facebook had a few users, again the value was less and making Zuckerberg one of the richest men on earth in less than a decade.
In follow up posts we will cover its price, advantages and disadvantages. The scams around it and more importantly-the opportunities.
Advice? Invest in research, follow news, developments and discussions. Don’t put money yet in something you have not grasped-you will be scammed!
Bitcoin is the future, we have no option.
