We often see Bitcoin and cryptocurrencies in general as assets for rich countries. But it is nothing. Indeed, the adoption of cryptocurrencies has been growing more in Africa than anywhere 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 increasingly popular in African countries such as Nigeria, Ghana and Kenya. And that’s fine for trading reasons but also for store of value. But in an article on Forbes, Pan-African activist Farida Bemba Nabourema informs us of its usefulness for refugees. In his article, it is particularly about Eritrean refugees. By trying to flee the dictatorship of their country, the latter are often exposed to extortion. They may end up in prison camps in Libya. In order for them to regain their freedom, they receive 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 individuals around the world, including sources, researchers, and the people I help. Receiving and sending money can be life-threatening, as transactions through the banking system and traditional money transfer services are recorded said Eritrean journalist and human rights activist Meron Estefanos.
Have cryptocurrencies found their true vocation?
In Ukraine, supermarkets and pharmacies already allow payment in cryptocurrencies. They seem to be ideal means of payment when the conventional system is down. They can be used to send money discreetly to very closed countries like Eritrea. Currently, nearly 5,000 citizens of this country are seeking exile.
In Africa, initiatives to educate the masses about Bitcoin and Blockchain are growing. The continent seems to care less about price variations than about the practical utility of the thing. Perhaps it is also time that in the West, we are more interested in intrinsic potential of bitcoin.
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