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We often see Bitcoin and cryptocurrencies in general as assets for rich countries. But it is nothing. In fact, the adoption of cryptocurrencies is growing more in Africa than anywhere else in the world. There is a reason for this phenomenon, even if it is not exactly cheerful.
Bitcoin as an alternative payment method in war zones
Bitcoin is becoming more popular in African countries such as Nigeria, Ghana and Kenya. And that’s fine for trading reasons but also for a store of value. But in an article on Forbes, Pan-African activist Farida Bemba Nabourema informs us that it is useful for refugees. In his article, he is particularly concerned with Eritrean refugees. By trying to flee from the dictatorship of their country, the latter are often exposed to extortion. They may end up in prison camps in Libya. To regain their freedom, they get money in Bitcoin thanks to the Lightning network among others.
The Eritrean government itself tracks financial transactions. ” As an activist, I interact with a variety of people around the world, including sources, researchers, and the people I help. Receiving and sending money can be life-threatening, as transactions are recorded through the banking system and traditional money transfer services. said Eritrean journalist and human rights activist Meron Estefanos.
Have cryptocurrencies found their true livelihood?
In Ukraine, supermarkets and pharmacies already allow payment in cryptocurrencies. They seem like ideal means of payment when the normal system is down. They can be used to send money discreetly to very closed countries like Eritrea. Currently, almost 5,000 citizens of this country are seeking exile.
In Africa, initiatives to educate the masses about Bitcoin and Blockchain are growing. It seems that the continent cares less about price differences than about the practical utility of the thing. Perhaps it is also time that we are more interested in the West intrinsic resource of bitcoin.
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SEO web editor specializing in cryptocurrencies, decentralized finance and Web 3, I produce attractive and topical texts. My goal is to democratize the crypto world and inform readers of news in the sector.
The views and opinions expressed in this article are the sole responsibility of the author, and should not be considered investment advice. Do your own research before making any investment decision.