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AMHVoices: Why Cryptocurrencies Can Help Africa



During last year's SingularityU South Africa Summit, the former CEO of Google Africa, Staffi Massie, talked about the importance of cryptocurrencies (especially bitcoin). He mentioned emerging economies, but given the context of the summit and where it was held, we can assume that Massie is mainly about Africa: "The third economy is an economy where people do not have access to electronic forms of value distribution or cash … Think of people who live two hours outside of Shanghai, the main coast of China. They will use bitcoin to trade and unlock international transactions outside the existing frameworks in a way that you and I cannot imagine. "

The use of cryptocurrencies, as Massey says, is very important for people living far from the main region of the country and can be very important in countries where transport is difficult and cities / villages are somewhat isolated from each other .

In late October, just a few weeks ago, Bitcoin saw a huge jump in its price. With this huge jump, there was a lot of speculation about the stability of the new price and whether or not it represented a market equilibrium. It turns out that contrary to what many people think is the result of a huge Chinese investment in Blockchain technology, it is really nothing but fraud.

In fact, China is investing millions in Blockchain technology, but the reason for the price increase was much more than the customer reaction to the Chinese investment. Fear of another collapse in the cryptocurrency market has led to an increase of over 1

000% in the amount and number of transactions made between October 23 and 24. A few percent drop may be inevitable, but given the elasticity of bitcoin, investors need to be aware of the risks involved in trading large amounts.


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