Kenya and Bitcoin: A Match Made in Heaven
Kenya, Africa’s tech hub, is no stranger to cryptocurrencies (Like Bitcoin). People put them to good use in day-to-day transactions. Indeed, the state of technological advancement is one of the things Kenya has going for it.
Today, we will be examining the source of the key driving factors in Kenya’s Bitcoin adoption. We’ll also see what makes the two such a great pair.
The Progressive Part of Africa
For starters, Kenya is the place to be for tech enthusiasts. So it’s no wonder why people living there are rather comfortable with using cryptocurrencies of all sorts. Bear in mind that blockchain technology, Bitcoin’s central framework, has not been around for much more than a decade and has only reached mass adoption in recent years.
Even before that, Kenyans found themselves in need of digital payment solutions along the lines of M-Pesa, so it’s no surprise that Bitcoin found its place there – Kenya is the perfect environment for it to thrive. You see, the more you do business using fiat currencies, the more potential there is for theft and fraud. Digital alternatives such as Bitcoin not only alleviate these issues but also make the process more convenient altogether.
Bitcoin and its Many Uses Across the Industries
While most of the world is mainly using Bitcoin as a store of value, Kenya has decided to put a practical spin on it by allowing it to become a part of daily transactions. Apart from that, the country also happens to be home to some of the world’s most prolific Bitcoin traders. With the right knowledge and a bit of capital, crypto trading is a good way to make money.
Imagine using Bitcoin to pay for your kids’ tuition. Or use it to pay the restaurant bill. In Kenya, not only is this happening at this very moment, it’s the locals’ preferred way of making a transaction. Given the state of the matter, it can be said that Bitcoin has effectively replaced the local currency. On top of it all, the sheer number of Bitcoin exchanges present in the country makes the transactions simple, safe, and straightforward.
Despite the fact that Bitcoin is gaining traction in Kenya, not everyone is happy about it. The banks, for instance, are giving Kenyan crypto holders a hard time by denying them the privilege of opening up an account. Reports have surfaced of Kenyan banks denying their services to anyone associated with dealing in digital currencies. As you can see, this makes it somewhat challenging to convert your coins into fiat currencies.
For those who have found themselves on the receiving end of this, life without a bank account is an unfortunate reality. But then again, Bitcoin seems to be the perfect workaround. Since it’s a decentralized system that is independent of traditional financial institutions.
To go beyond that, even those who have a bank account in Kenya may have a reason to pay with Bitcoin instead. A typical wire transfer may take days whereas Bitcoin can reach any corner of the world in just a few minutes. Sending money overseas is one example of this.
Then we have gambling. Since gambling is completely legal in Kenya and we all know how Kenyans love to gamble, it doesn’t take long to find a Bitcoin Casino in Kenya that supports Bitcoin as the main payment method. This allows you to play your favorite casino games whether you have a bank account or not. Besides, someone may have a valid motive to keep their favorite pastime activity to themselves for other reasons, and Bitcoin’s built-in privacy lends itself to the occasion nicely.
Bitcoin has found itself a home in Kenya. In the end, the ease and convenience of digital transactions is where the world is headed to. Other countries are expected to follow in its footsteps in due time.
Featured Photo: Bitcoin – the new way to pay by Vadim Artyukhin on Unsplash)
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