Bitcoin economy new hope maybe is Africa
Freetown City, the capital of Sierra Leone, called Bureh fashion accessories company in December last year through the payment processing company BitPay accept bitcoin, to create the first rung of bitcoin economic region of South africa. Although since accept bitcoin since the total trade accounted for a very small, the company’s co-founder Daniel Hyman still said bitcoin is full of opportunity.
Bitcoin success potential has been widely recognized by the industry in africa. Bitcoin because of no need to open bank accounts to fast, free money remittance to you want to transfer for any place, it is an alternative currency for the African region bitcoin is particularly useful, and it can also reduce the cost of cross-border trade.
Across the continent, the possibility of bitcoin change is very large, South Africa and Kenya bitcoin economy is growing, but so far, bitcoin development in West Africa has been unable to accomplish something.
Hayman said that the peace and stability of the entire western region has reached the highest level in history, the Bureh and the bitcoin ecosystem will be a good chance. He said: “I personally believe that bitcoin has beyond the existing financial infrastructure across South Africa’s potential. I don’t know when it will happen, but in five years I can see will bind a bitcoin account in the world every one on the mobile phone. I can order from New York and pay, yes, we can do.”
Global remittances industry currently valued at over $500 billion per year, in 2012, alone in Africa the remittance is about $60 billion, while providing bitcoin remittance service BitPesa and providing mobile remittance service M-Pesa is particularly valuable, because they eliminate the risk of fraud, cost uncertainty, and improve the transaction speed and conversion rate.
Hayman said, if you want to catch up with the Kenya mobile phone bitcoin bank’s footsteps, it is still a long way to go, but in the entire region, this progress is on the rise, he added:
“I don’t know whether Bureh can become a major competitor in the field of bitcoin, but one thing can be sure of is that we believe bitcoin can flourish in the banking system in underdeveloped regions.”