Instead of having tangible currencies controlled by central banks – digital money that is created in a process called mining, states a claim to be a better alternative. In this process, privately held computers build a publically available list of transactions called the blockchain.
The blockchain contains a record of all transactions made, which are verified between records kept by the individual computers that support the network, transactions cannot be faked and this digital money cannot be forged.
It is projected that cryptocurrency will surpass the current system of finance that dominates Africa’s economy and the world at large.
Cryptocurrencies have a decentralised system based on encryption and verification meaning that it can’t be manipulated to simply print new money to cover debts.
Cryptocurrencies enables timely transactions and reduces finance bulk
Digital money such as bitcoin, peercoin, dash and others have an electronic nature which ensures quick, cheap transactions and yet complementing the system due to the fact that it eliminates the bulk of money.
This is also a key factor that speaks for digital money as it is considered to be pseudo-anonymous because the owner of an account, called a wallet, can remain private.
Africa and cryptocurrency
Technological advancements have led to Africa catching up on various innovations with cryptocurrency being one of them. A number of countries such as South Africa have businesses that accept payments with bitcoin in particular.
Nonetheless, cryptocurrency awareness and usage could grow faster if some of these cryptocurrencies were traded in systems that many Africans are used to.
85% of Africa’s countries have mobile money that is the dominant pay alternative, surpassing banks by a mile. If cryptocurrency traders could tap into the mobile money dynamic – the purchase would be far more on the continent.
How can cryptocurrency traders tap into Africa’s mobile money
The ideal question for digital money traders would be how they can accept money for purchases of their cryptocurrency from Africa.
Well, Africa has a solution – Dusupay, a platform that comprehends the fact that the masses perceive mobile money as key to their livelihood, provide a unique service that enables cryptocurrency traders to efficiently receive money from Africa.
Dusupay enables digital money to be purchased using Africa’s various mobile money options therefore ensuring that crypto traders don’t have to directly engage with the numerous mobile payment services.