Since its creation, bitcoin is the first digital asset to enter in the current ecosystem of cryptos speculative investment. Recently, El Salvador became the first country in the world to make Bitcoin legal tender, and other countries look to follow suit.
Again, bitcoin believers anticipate that the value of bitcoin can rise much and much higher, to a million dollars and even more. Though this is possible, it is also arguably true that the value of bitcoin could suddenly crash, even to zero. Both possibilities rely entirely on the value that enthusiasts of bitcoin attach to it. Hypes about bitcoin can go very far, thus attracting more believers who, by extension, give the currency more value.
Bitcoin’s growing adoption
As it stands, the hype surrounding bitcoin is not so bad considering its international reach. Besides, the divided opinions on the future of bitcoin seem to arise from its basic purpose. Initially, bitcoin was designed to be a payment method, but more and more people have come to view it mainly as a new investment category. As such, the worrisome question which remains unanswered is whether bitcoin will replace the existing system, or will it eventually become “just” another new financial product that exists alongside the ones we already know. It will be very pretentious to give a clear-cut response to these interrogations. But it is realistic to mention that cryptocurrencies, bitcoin especially, are never far from the headlines.
If it is not news that the value of bitcoin reached a record high of over $64,000 for the first time, it’s news that Tesla founder, Elon Musk is investing billions in it. These days most companies are approving bitcoin transactions. Within this framework, we can for example talk of the latest company to permit crypto transactions, the Hong Kong-based Pavilion Hotels & Resorts group that has also become the first international hotel chain to embrace virtual currency payments. The group which owns properties in Amsterdam, Madrid, Lisbon, and Rome as well as Bali and Phuket, started accepting bookings using 40 different tokens, including Bitcoin and Ethereum in July 2021.
Moreover, AXA Insurance - the insurance broker behemoth as of the start of April, allowed customers in Switzerland to use Bitcoin as a payment option for their bills. We can end here but another example will not be too much as bitcoin promoters have become even more enthusiastic since one of the largest software companies in the world, Microsoft Corporation, accepts bitcoin payments. Other enterprises are joining every single day. This goes some way to instill a degree of confidence in using crypto and some insurance for a future.
Bitcoin in Africa
Without a doubt, a good number of African countries have surprisingly been at the forefront of adopting and using cryptocurrencies. And the UN recognises South Africa, Nigeria, Ghana, Zimbabwe, Kenya and Botswana as “bitcoin countries” as the wide adoption in these places has been impressive.
One need not look very far to understand why: African countries have a large population of the underbanked and unbanked as well as challenges with financial institutions that often leaves many unsatisfied with the services offered by centralised institutions. Often, tariffs and fees are exorbitant that the average person is discouraged from using these channels. Furthermore, with inflation and unemployment rates steadily rising, many people are left without a means to cater to their basic needs. But, with bitcoin as an option to turn to, both to ease financial processes, as well as a means to earn more by speculating on prices, many have been given a boost to make their lives simpler and perhaps, even set them on a path to financial independence.
While bitcoin and many other new cryptocurrencies may pose a risk because of the recency of the technology on which they are built as well as the largely unregulated space they currently operate within, it is safe to say that current trends indicate that interest in adopting cryptocurrency may very well continue rising till the future imagined when bitcoin was created finally becomes a reality.
Yellow Card aids Bitcoin Use in Botswana
With the rapid evolution of events in the crypto world, Yellow Card is positioned as an Exchange Platform to buy and sell bitcoin instantly within and across national borders. The steam surrounding bitcoin-talk might still be cold in African countries, but early believers are benefiting and will continue to benefit, insofar as the bitcoin community continues to grow. In sum, supporters see limitless potential, while critics see nothing but risk. However, recent history has shown that more people are beginning to see the utility of using cryptocurrencies, especially in Africa.
Yellow Card makes it easy for Botswanans to access bitcoin with Pula at the cheapest possible way and also learn more about its usefulness. This creates an environment for bitcoin to thrive and get into the hands of more people which, ultimately, will help realise the future that supporters imagine.
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