One of the most asked questions in most of the forum we attend is Why should I Bitcoin? This is such a very deep question and can be varies from person to person, your earning power, the currency you earn and spend in and even the country/continent you live in. In this blog post, we will try as much as possible to simplify and generalize the reasons why you should Bitcoin and not Shitcoin especially as an African.
Why should I Bitcoin? We will try as much as we can to itemize reasons why we believe you should Bitcoin as as African, we need the asset the most cos most of the problems it solves affects us the most as Africans.
- Financial Inclusion: Africa has a large unbanked population, with millions lacking access to traditional banking services. Bitcoin enables these individuals to participate in the global economy with just a smartphone and internet connection, making it widely accessible. Cashwyre makes it a lot more easier, by just registering on Cashwyre, you automatically have a Bitcoin account created for you amongst other juicy services provides.
Having a Bitcoin account/address is as easy as creating an email account. By merely downloading and registering on Cashwyre, you have access to as many Bitcoin addresses as you want.
2. Inflation Hedge: Many African countries face high inflation, eroding local currencies’ value and complicating saving and investing. Bitcoin, with its fixed supply and decentralized nature, offers a hedge against inflation. Unlike unlimited fiat currencies, only 21 million Bitcoins will ever exist, making it scarce and valuable. As the saying goes, the lower the supply, the higher the demand which in turn drives prizes upwards.
In Nigeria alone, the inflation is seriously on the rise with food inflation over 100% in less than 1 year. See official rate for March 2024
What is inflation? Inflation is a general increase in prices and a fall in the purchasing value of money.
This means that if you had your savings in Bitcoin in January when it the prize of Bitcoin USD 29,000+, your asset would have appreciated by at least 80% with current prize at USD 67,000.
Bitcoin is a savings technology, you appreciate the prize increase in Bitcoin when you have a 3–5 years savings plan on this asset. Having a long term perspective is a better strategy when it comes to saving in Bitcoin.
3. Security and Privacy: Bitcoin transactions are secure and private due to its blockchain technology. This is crucial in regions with prevalent government surveillance and censorship. Bitcoin allows individuals to transact freely and securely, peer-to-peer, without third-party interference.
4. Investment Opportunity: For many Africans, Bitcoin offers a chance to invest in a rapidly growing asset class. Despite its volatility, Bitcoin has shown resilience and provided significant returns to early adopters. As its value becomes more recognized, adoption and acceptance are expected to increase, potentially leading to further price appreciation.
The Bitcoin slogan goes, the best time to buy Bitcoin was yesterday, the next to best is NOW. We are still very early. Invest now.
5. Ease of trade to local currency. Bitcoin currently has a market capitalization of $1.3 trillion, holding the №1 spot since its inception, with an average daily trade volume of $26 billion - $30 billion. It dominates over 52% of the entire crypto market, with the second largest at around 18%, ensuring high liquidity. Numerous marketplaces allow conversion to local currencies, including Cashwyre, which supports over 12 currencies. Our Crypto4Cash product makes it easy to convert Bitcoin to fiat instantly with just a few clicks.
How then can we acquire some Bitcoin you may ask? There are several ways to get Bitcoin even using your local currencies e.g. NGN, KES, GHS, USD e.t.c. One of the simplest way is Cashwyre. Download Cashwyre to get started now.
- Cryptocurrency Exchanges/Platforms: One of the most popular ways to acquire Bitcoin is through cryptocurrency exchanges such as Cashwyre. You can easily use your fiat currency (NGN, KES, GHS e.t.c) to buy Bitcoin easily on Cashwyre.
- Peer-to-Peer (P2P) Platforms: P2P platforms like LocalBitcoins and Paxful connect buyers and sellers directly. You can purchase Bitcoin from sellers using various payment methods, including bank transfers, PayPal, and cash.
3. Bitcoin ATMs: Bitcoin ATMs are machines that allow you to buy Bitcoin using cash or debit/credit cards. This is not yet popular within the continent but is coming.
4. Mining: Mining is the process of validating transactions on the Bitcoin network and adding them to the blockchain. Miners are rewarded with newly minted Bitcoins for their efforts. However, mining requires specialized hardware and consumes a lot of electricity, making it less practical for individual users.
5. Bitcoin Rewards: Some platforms and apps offer Bitcoin rewards for completing tasks, #CashwyreSATSDay is one of such way to earn Bitcoin rewards by answering Bitcoin-related questions.
6. Earning In Bitcoin: You can also earn Bitcoin by providing goods or services in exchange for Bitcoin. Many freelancers and businesses accept Bitcoin as payment for their products or services.
With Cashwyre, you can easily Send & Receive Bitcoin and Stablecoin and convert it to your local currencies in seconds.
In summary, Bitcoin offers various benefits that make it appealing for Africans seeking financial stability and independence. Its decentralized nature, low transaction costs, and potential for significant returns make it a compelling choice in a digital and interconnected world. As more people in Africa and globally adopt Bitcoin, its role as a safe haven asset is expected to grow.
