10 Reasons Every African Must Be Excited About Cryptocurrency
1. Cryptocurrency will be the great leveler, creating equal opportunities for all
Cryptocurrency, Blockchain technology and all its associated benefits eventually will become global. As a continent that appears highly segregated and disconnected from each other, Africa stands to benefit from a common denominator type of cryptocurrency.
Cryptocurrency adoption will boost intra-African trade and policy deals bridging the gaps that led to abysmal Africa trade volumes that has existed over the years.
2. Cryptocurrency as a hedge against inflation and currency depreciation
African currencies constantly run the risk of instability and depreciation which emanates from inflation further worsened by trade imbalances.
At any point in time, more of African currencies are chasing foreign currencies to import items resulting in currency depreciation. Cryptocurrency provides a solution to this challenge by addressing the issues raised in point one and checking depreciation and inflation when adopted by Africans.
3. Blockchain technology will be instrumental in record keeping
Record keeping is not the forte of many Africans. Writing things down for future reference is not something we do well. Proper referencing is an important part of the growth process for any state or continent.
Having records and using computer codes to vary the authenticity of these records is the core essence of Blockchain technology. Africa stands to benefit by iterating on this technology to set up systems that ensure records are being updated accurately.
4. Cryptocurrency will create more jobs
Cryptocurrency will pave the way for more Africans to work remotely and for them to showcase their skills to be hired as freelancers. This is imperative as many African countries battle with youth and graduate unemployment.
In the new economy, cryptocurrency is opening doors for people to paid instantly without hustle by selling their skills online. I have received NANO and Bitcoin for some content development work done in the past. The payment was hustle-free, no commissions paid to a middle man and was secured. Imagine the millions of unemployed Africans that can be paid this way
5. Africa gets to pilot her own native cryptocurrency
The growth and adoption of cryptocurrency on the African Continent will lead to Africans creating our own native cryptocurrency for trade and business purposes.
cryptocurrency adoption will liven the African fintech space which is still lagging behind.
6. Blockchain technology holds the key to creating more opportunities
Blockchain technology as a platform when adopted will further lead to more job creation opportunities in all sectors and all fields. Sectors such as Finance, Education, Healthcare, Public Policy and NGOs are in dire need of a shakeup and need a more technology advanced outlook.
In the space of healthcare, medical practitioners having access to a patients health history using her private key on the blockchain network is a good use case for the opportunities that the technology holds.
7. Blockchain as a means of checking corruption
As a follow up to point 3 above, the lack of records leads to weaker systems of checking corruption due to the lack of evidence. Information flow regarding public funds on Blockchain and how its being allocated can reduce the syphoning of public funds.
Knowing how those funds are being allocated to and to what sectors of the economy will help curb corruption because individual can be held liable.
8. Cryptocurrency is a stepping stone to a decentralized Africa
Having a decentralized system of finance in Africa will seep through to the very grassroots of the social fabric. It is important Africans know the world is at an age where the power to change things and to move a country forward does not lie only with political leader and public official but to the general masses.
9. The use cases for cryptocurrency grows everyday
The growth of cryptocurrency and decentralized finance keeps pushing the barriers on the various use cases and what can be done in the world of cryptocurrency. From DAOs to NFTs, blockchain and cryptocurrency is leading a quite revolution on how we view Non-Governmental Organisations to Property rights ownership as well as peer-to-peer financing.
Africa must adopt creative solutions using blockchain to tackle the challenges on our continent.
10. Africa must not play catch-up
As a continent we lost out on the some key economic revolutions that moved certain continents forward.
Blockchain and cryptocurrency is a fresh start and is still young. The time to catch on is now!!!
