Africans Should Consider owning Bitcoin when the industry still young.
Cryptocurrencies such as Bitcoin have gained significant popularity worldwide, but what about in Africa? This article will explore six compelling reasons Africans should consider buying Bitcoin, Ethereum, and other cryptocurrencies. With Africa's unique demographic and economic landscape, embracing cryptocurrencies can offer numerous advantages, from protection against inflation to access to global markets, entrepreneurial opportunities, financial inclusion, and the potential for high returns. So, let's dive deep into the details and discover why Africans should join the Blockchain and cryptocurrency revolution.
Protection Against Inflation
Many African countries face high inflation rates, resulting in a devaluation of their local currencies. By investing in cryptocurrencies like Bitcoin and Ethereum, Africans can safeguard their wealth against inflation. Unlike traditional fiat currencies, digital currencies are not tied to any specific government or central bank and provide a hedge against economic instability. Owning Bitcoin, Ethereum, and other top-tier cryptocurrencies allows individuals to retain control over their assets, even during potential financial crises, bank failures, or if the government is overthrown.
Access to Global Markets
Cryptocurrencies enable Africans to participate in global markets without intermediaries or restrictions. By using Bitcoin or other digital currencies, individuals can easily invest in assets that may not be available in their local markets. The decentralized nature of cryptocurrencies allows Africans to engage in global transactions directly from their smartphones, which provides greater financial autonomy. With full ownership of their cryptocurrencies, Africans can freely send and receive money globally without being subjected to limitations imposed by traditional banking systems.
Government Entity Control
The government controls the limit of how much you can send and receive using fiat currency. However, cryptocurrencies such as Bitcoin, Ethereum, Cardano, Dogecoin, and others give you the power of ownership, meaning you can send and receive as much as you want. I don’t want anyone to get me wrong because I still believe there should be clear guidance on how cryptocurrency should be conducted to prevent scammers and other criminal activities. But I would also like to be free to run my business how I want and feel without being at the mercy of any government or entities.
As an African who lives abroad, it is hard to send more than $1000 through Western Union, World Remit, and other international payment services without being flagged—most of the time, you have to call customer service before they can clear your funds. One day, the Western Union deactivated my account, which was very frustrating. I couldn’t send money for at least two months. I had to call customer service, email them, and send in my bank statements for them to reactivate my account. If I was doing something illegal, I would understand. I was sending money to my relatives in Rwanda. With Bitcoin and other cryptocurrencies, you don’t have to explain to anyone why you are sending your money, and it’s less time-consuming. If you are an African in Diaspora, how hard is it to send a lot of money back home? I would like to hear your opinion in the comments.
Entrepreneurial Opportunities
Cryptocurrencies open up new entrepreneurial avenues for Africans. African businesses can tap into a global customer base by accepting Bitcoin and other cryptocurrencies as alternative payment options for goods and services. Existing payment services in Africa, such as M-PESA and MTN Momo, have revolutionized the financial landscape. However, embracing cryptocurrencies will further enhance financial accessibility and facilitate faster and more secure transactions, ultimately fostering more significant economic growth.
Financial Inclusion
A significant portion of the African population remains unbanked or underbanked, lacking access to traditional banking services. Cryptocurrencies allow these individuals to participate in the global economy and have access to financial services without the need for a traditional bank account. Anyone can start transacting with cryptocurrencies with a smartphone and an internet connection. By leveraging crypto wallets or exchanges, individuals can have complete control over their funds and bypass the limitations imposed by the traditional banking system.
Potential for High Returns
Cryptocurrencies, such as Bitcoin, have demonstrated substantial potential for high returns on investment. In 2019, I invested $1,832 in Dogecoin on Robinhood and Cashed out $151,000 in less than six months. This was the first time to see that kind of return for such a small investment. Cryptocurrency can be risky, but many early adopters have witnessed remarkable growth in the value of their cryptocurrency holdings. Africans and third-world citizens can take advantage of adopting the use of Cryptocurrency and the blockchain as they are still in the early stages of the web3 revolution technology. You must remember that investing in new innovations such as Bitcoin and Cryptocurrency comes with a high return but higher risk. Investing in cryptocurrencies requires thorough research and consideration, but those who believe in the potential future of blockchain technology and cryptocurrencies may reap life-changing rewards in the long run.
To conclude, Africans should consider embracing cryptocurrencies due to numerous benefits, such as protection against inflation, access to global markets, entrepreneurial opportunities, financial inclusion, and the potential for high returns. Cryptocurrencies can revolutionize the African economic landscape. Bitcoin and the cryptocurrency industry have the potential for a high reward in the long run. However, it is highly recommended to do your research or talk to a licensed financial advisor if needed.
The cryptocurrency industry is still evolving, and those who will start investing in it while it is still in its early stages have the potential to become wealthy. You can start investing in Bitcoin and other top-tier cryptocurrencies by Signing up to platforms like Webull, Coinbase, Crypto.com, and others and receive up to 12 free stocks and cryptocurrencies like Bitcoin and CRO and embark on your cryptocurrency journey today.
Remember, the cryptocurrency market involves risks, so always make informed decisions, and invest responsibly. If Africa embraces this disruptive technology, the continent can unlock its vast economic potential, play a significant role in shaping the future of cryptocurrencies and blockchain, and give power back to the African people. As you start investing in Bitcoin and blockchain, I challenge you to think long-term by investing for retirement. Click on this here to learn how to create a successful long-term balanced cryptocurrency portfolio for retirement.
Comments