Cryptocurrency in Africa

Africa’s population currently sits at 1.216Billion people according to the Google Machine. According to a recent article, Africans only have 82.2 million smartphones, or less than 7% of the population currently possesses a smartphone. By 2025 Bloomberg predicts that 800 million more Africans, spread across 54 countries, will have access to mobile internet. Why is this Important for Africans? and how can cryptocurrencies help?

First, why is this important to Africans? Africans will now have access to 21st technlogy and be connected to the world wide web via internet for the very first time. This means communiacting with friends and reletives in nearby cities, closing the divide in digital development, improving health care, contributing to economic growth, increasing access to educational resources, and hopefully reducing poverty by gaining access to a luxury most of us take for granted. In “developed” countries (I hate that term), there is an estimated 82% of people who have access to smart phones and the internet. Closing this divide will hopefully bring prosperity to the continent and also bring life changing socio-economic opportunities that access to the internet provides. Improving health care saves lives. Access to educational resources can only advance society, and lessening poverty is essential. Next, we need to discuss cryptocurrencies role in this development.

What qualities of a cryptocurrency are needed in Africa to help maximize prosperity? First and foremost, speed and affordability. This counts Bitcoin (in its current form) out of the running. Africans will need a currency that they can send for fractions of a U.S. penny. When trying to become a major player in the world economy, every fraction that can be kept in the local economy, the better. Bitcoin currently does not offer Africans the affordability to make multiple small transfers back and forth and lead their economies into the future. They will also require their cryptocurrency to keep a record of not only sales, but also keep records of any and all assets. With crooked governments and greed already overtaking the exploding economies of multiple African countries (Thanks China!), don’t think for a second that this greed will not consume the lowest class as a whole and attempt to take every piece of property and asset that the African people rightfully have the claim to. Modern Imperialism has been using this tactic for greater than a century already and Africa is the main target of 2019 and beyond. To protect themselves, Africans need to make sure every asset that they own is recorded on a decentralized ledger, proving they own their property, house, vehicle, etc. Perhaps the most important part of any cryptocurrency for use in Africa is decentralization. This will prevent Governments and outside influencers from easily manipulating the currency and records of assets.

Bitcoin does not currently offer these neccesary functionalities to serve these people. It is too expensive, too slow, and IMO not decentralized enough (remember the Chinese). Litecoin is a huge step in the right direction. It is 4x faster than Bitcoin, insanely cheaper to transact (and the potential for even faster transactions expected with Lightning Network), and more decentralized. However, as great as Litecoin is, I see it serving a different purpose. I see Litecoin becoming a decentralized currency for most of the “developed” world. It will remain cheap and fast for the majority, but by the time Litecoin reaches $10,000 U.S. dollars, it will no longer be a viable option for on-chain transactions. Since Bitcoin is a hard no, and Litecoin’s popularity driving it out of contention, then which cryptocurrency arises to all of these needs? If you have read any of my previous posts, then you already know the answer to his question.

Digibyte! Is Digibyte fast and cheap? Absolutely. Even if Digibyte becomes the only currency used on the entire continent of Africa, there would still be nearly 20 Digibyte per person. With the ability to handle 280,000 TPS (transaction per second) by 2035, Digibyte will maintain its blazing fast speed while allowing 164x the transactions that Visa currently proccesses. Doing all of these transactions on chain ensures a 3rd party will never have to be relied upon, keeping the essential decentralization needed. To digitilaize all current assets,Digibyte already has “DigiAssets” live on the blockchain. Do you own property? A House? A vehicle? put all of your assets on the completely decentralized blockchain, Nobody can ever try to take what is rightfully yours, as there is now proof that will forever exist on the Digibyte Blockchain as proof of ownership.

If you hae any questions regarding Digibyte, please visit Digibyte.IO. The community is all volunteers and not a single one is paid (not even Jared Tate), but all are willing to answer any question you might have about setting up a wallet, DigiAssets, or anything Digibyte related. To quote a member of the Digbyte community “I came for the tech, but stayed for the community”. Cheers!

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