23 May 2020 14:47

  • Home   >
  • -banker/cryptocurrencies-in-africa-a-coming-money-revolution/ -global-crisis/ -exploring-digitized-national-currency-says-central-bank-exec Bitcoin was the very first cryptocurrency created, unveiled in 2008 and launched in 2009.

-banker/cryptocurrencies-in-africa-a-coming-money-revolution/ -global-crisis/ -exploring-digitized-national-currency-says-central-bank-exec Bitcoin was the very first cryptocurrency created, unveiled in 2008 and launched in 2009.

It is imperative to understand Distributed Ledger Technologies (DLT) like blockchain in order to understand cryptocurrency. Cryptocurrency, particularly Bitcoin, remains the currency of choice for hackers and criminals because of its anonymity and ability to convert into cash or wash in the dark net. In fact, the cryptocurrency market, particularly Bitcoin, did cool off after reaching peak hysteria in December of 2017. As of mid-April 2018, the price was close to $8,000, and volatility in the Bitcoin market had come down substantially from levels seen in 2017. It allows startups raise money by creating and selling tokens online for traditional fiat or mainstream cryptocurrency like Bitcoin or Ethereum.

Governments around the world have taken cautionary measures with regards to cryptocurrency, fearing the lack of central control and its effects on financial security. But perhaps, governments are cautious to dip their toes in the virtual currency world because imposing strict regulations may burst the bubble and see individuals lose money invested. People have invested in cryptocurrency, particularly Bitcoin. In January 2018, the Bank of Ghana issued a brief notice to banks and the general public advising against the use of virtual or digital currencies, also known as cryptocurrencies, mainly because such currencies and the entities that facilitate their transactions are not sanctioned by the government. Bitsika, another blockchain start-up launched in 2018, enables users deposit and remit money across borders in digital currencies at low or zero cost.

Even more exciting, Ghana is exploring the benefits of issuing a central bank digital currency (CBDC). The idea that digital currencies are being explored by the bank of Ghana is indicative of the disruptive nature of fintech and the willingness of Ghana to embrace technology. In Africa, the revolutionary way of money transfers has seen a race to capture the African cryptocurrency market. Some African countries are embracing cryptocurrencies and blockchain technologies. Kenya has no regulatory framework, but the government of Kenya welcomes the use of blockchains by agencies like the Lands Commission to increase transparency in land ownership, the health sector where nurses in rural areas can treat patients based on a doctor's advice obtained elsewhere.

Uganda determined that cryptocurrency did not fall under the definition of fiat currency in the terms of the Bank of Uganda Act, 2000. For instance, in 2017, the central bank of Nigeria warned financial institutions not to use, hold or trade virtual currencies pending substantive regulations. In 2011 and 2013, FinCEN issued guidance clarifying the applicability of bank secrecy act regulations to cryptocurrency. On October 22, 2015, the European Court of Justice (ECJ) held in its decision Hedqvist that transactions to exchange a traditional currency for bitcoin or other virtual currencies and vice versa constitute the supply of services for consideration, but fall under the exemption from value-added-tax (VAT). The FinTech Action Plan includes the recently launched EU Blockchain Observatory and Forum, which will report on the challenges and opportunities of crypto assets later in 2018 and is working on a comprehensive strategy on distributed ledger technology and blockchain addressing all sectors of the economy Bitcoin and blockchain technology are making waves and changing how we think of money.

It is also becoming apparent in the geopolitical tumult of the US-China trade war and Brexit, and alongside government failures such as those in Venezuela and Zimbabwe, that crypto is an important hedge against political risk, in providing a means to diversify assets externally and protect against a failing currency. But with most countries shifting towards recognizing and regulating them, with the view that due to the widespread use of the internet, virtual currencies are here to stay. -banker/cryptocurrencies-in-africa-a-coming-money-revolution/ -global-crisis/ -exploring-digitized-national-currency-says-central-bank-exec Bitcoin was the very first cryptocurrency created, unveiled in 2008 and launched in 2009. The goal is to show you how to use a robot to trade cryptocurrencies. The use of trading robots for Bitcoin is not only legal, but often welcomed. Online trading is very useful in the global crypto market, which operates 24 hours a day, 7 days a week. So use bitcoin trading online and get huge chances of profit in this new industry. Although a large number of businesses and private individuals are still apprehensive about adopting cryptocurrencies, the number of blockchain-dependent businesses and Bitcoin users is steadily rising — having more than quadrupled over the past three years. Since no physical banking institutions are involved, cryptocurrencies like Bitcoin have an advantage, particularly in developing countries where traditional banking is lacking or underdeveloped, like in some areas of Africa. Since it's easier to set up an internet connection than it is to create a physical banking network, Bitcoin is likely the currency of the future for many areas of the world. This limit effectively makes Bitcoin inflation-resistant, giving it a major advantage over traditional currencies, all of which are subject to losing value at certain times. The anti-inflationary measures mean that Bitcoin will always retain its value, and also make it a viable alternative to traditional currencies in countries where hyperinflation is rampant, such as Venezuela. The cryptocurrency's accompanying apps and software are compatible with existing technology — smartphones and computers — meaning that no additional investment is necessary to start using Bitcoin. Bitcoin is valued not only as a currency but also as an investment — not unlike gold or other precious metals. Since Bitcoin appeared on the market, investors have expressed widely different opinions on the cryptocurrency as a potential investment. It's a logical prediction, therefore, that as the use of Bitcoin as a currency becomes more widespread and understanding of the nature of cryptocurrency more common, investors will be increasingly comfortable with considering it a worthy investment over the coming years. One thing is certain: Bitcoin and digital currencies are here to stay.