Bitcoin is an immensely popular cryptocurrency. It rose to fame to such an extent that many times people often interchange both the terms. The market of cryptocurrency, especially bitcoins, is growing slowly and steadily in Africa. In Africa, Ghana projects the most interest in the digicoins (Particularly bitcoin).
If you are someone who wants to buy bitcoin in Ghana (or any other African country), you should know the digital currency’s uses before making the big call. Here are the three most popular ways Africans use bitcoins in 2020.
Currently, bitcoin investment is probably the most prominent use of the digi-coin globally. Today, Africans have adopted buying and holding strategy to invest in bitcoins. This strategy includes buying the digicoin when its price is low and holding it in digital wallets until the price is high. Later on, one can sell the coin when the tide is high, or lend it to someone.
Bitcoin investment in startups is also gaining momentum. The uprise of this currency has allowed anyone with a stable internet to do so. Innovative startups, especially the early-stage technological ones, are mostly preferred for the investment.
It is yet another way of bitcoin investment popular all over the world. Africans also share the same craze with the whole world. Anyone can get any services by paying with bitcoins. Many bitcoin startups offer Africans gift cards and vouchers of many hotshot online brands. Many online retailers and restaurants have also accepted this approach. Some websites and blogging platforms in Africa (along with the world) offer writers bitcoins in exchange for high-quality content.
The act of paying remittances in the form of bitcoins is also quite popular in Africa. Many blockchain startups take advantage of this non-cash payment. For the uninitiated, we are talking about money transfer here.
Another way of online bitcoin payment in Africa is in the form of donations. Nowadays, many NGOs and charities in Africa accept bitcoins as donations.
Gambling in Africa is a large market, probably the most profitable one in the whole world. Around 3% of Sub-Saharan African youth spend some part of their earnings on gambling-online or offline. With the rise of smartphone ownership, online gambling has found a hub in Africa. Bitcoin gambling also became quite popular as it is a new and low-cost option. Many online casinos have started accepting bitcoins along with conventional money, whereas few solely accept bitcoins as betting payment for a variety of casino games and lotteries.