Bitcoin, with its decentralized design, borderless transactions, permissionless nature and non-confiscatable abilities has made it extremely attractive throughout the African continent.
Emancipation and true growth can only come when there is freedom, peace and justice.
This is a global phenomenon which has been a core challenge for the human race to tackle and it can also be attributed to the daily affairs of human coexistence.
When a child is born, he or she solely depends on the parents for survival but as that same child grows up, they suddenly seek independence and freedom from the parents.
Freedom is assumed to come at a price and this is evident from the financial point of view where the centralised banking system has limited and frustrated the ease of doing business globally, in which Africa as a case study reflects the ideology behind this phenomenon.
Most of the African nations and their financial system are structured around servitude and restriction from financial independence.
At the same time, the very same governments and aligned institutions try to engage the citizenry to be financially free using various financial platforms such loans, treasury bills, bonds and other tools.
This has led to today’s statistics of unbanked Africans within the financial system as a result of poor advocacy and dissemination of how such financial instruments work. This is basically a ploy to impoverish the poor masses by the use of financial jargons backed by legal terminologies which are not properly expanciated for the understanding of the common man.
However with the advent of blockchain technology and cryptocurrency, the phenomenon of decentralized finance has brought about a change in the norm on how to manage finances.
Bitcoin, with its decentralized design, borderless transactions, permissionless nature and non-confiscatable abilities make it extremely attractive throughout the African continent, with prominent utility-oriented cryptocurrencies rising in popularity as a natural extension.
Bitcoin being the first cryptocurrency to be associated with decentralized financial transactions as far back as 2009, has gained a mass appeal and community utility acceptance to the extent whereby almost every sector of the African space now talks about the emergence and utility of Bitcoin and other cryptocurrencies as a means of payment. Not only as a store of value.
In the year 2017, when Bitcoin had one of its major bull runs, it received a global identity whereby people were more interested in the use of Bitcoin and major cryptocurrencies for remittances and other financial instrument purposes.
The spreading of the use of Bitcoin to emancipate both the young and old financially, found more of its essence when the value of most of the national currencies started plummeting as a result of poor governmental policies and financial recklessness on the part of leaders and financial experts.
The use of Bitcoin and other cryptocurrencies have given the masses the opportunity of becoming their own financial advisors and banks, clearly evident in the rise in popularity for crypto apps like Klever, which today has its 3rd and 4th largest user bases in Africa, namely Nigeria (3rd) and South Africa (4th) respectively.
The creation of more user-friendly technology platforms and avenues for the masses to access information has led to the proliferation of cryptocurrency knowledge programs for the teaming population in order for the people to be educated and also enable them to help spread adoption of Bitcoin and crypto.
As a matter of fact, the knowledge of cryptocurrency and blockchain technology has empowered the people more often than not on the part of the spread of adoption.
Bitcoin and other cryptocurrency projects have created more ideas and thinking capacity for people to unleash their potential of creating utility for which a token is produced for a specific purpose and localized economy. Because what is decentralization really but the empowerment and independent emergence of localized economies around utility tokens and coins, whether a payment system, specific game, NFT platform and more.
There are several startups created using Bitcoin and other cryptocurrency as a medium of payment which has brought about several millions of people into awareness of what cryptocurrencies are and by extension, help to spread adoption of crypto.
This technology, which is changing the manner of how businesses now transact over the internet in real time, has also brought deep concern on the part of the financial regulators and governments. These despots and legacy power players are seeing that they are losing their strong hold and grip of power over the masses since Bitcoin is so clearly allowing liberation and emancipation of the people into their status of freedom from financial shackles.