11 Jan

Africa: How Africa Can Ride On the Cryptocurrency Wave

ANALYSIS

Nairobi — Cryptocurrency to most people and institutions in Africa is a very big, and daunting word. Like all new technologies, the concept of digital currencies remains an abstract idea to a lot of people, ushering in change and attempts to alter the status quo.

But the truth is change happens, whether we are ready or not. Those who take advantage of the change wave, stand to benefit as early adopters.

The opportunity to once again take charge of our own destiny has been presented to us as Africans. The question now is not about cryptocurrency, the question is what are we going to do to harness the full power of this opportunity?

In the beginning of trade in Africa, we travelled across lands, and water to trade amongst ourselves. The farmers from the west had cocoa; the nomads from the north had camels and other resources. Each measured the value of their goods or service and agreed on the exchange. “Trade by batter was born”

Then gold came, and other valuable resources so people started using this as a form of trading, then we had promissory notes, which were convertible based on the value of gold, or silver the issuer of the gold had in their vault. All these evolved into what we now call money today, and the unit of that money we derive from either the dollar, euro, pound even yen at the minute.

Cryptocurrency has landed at our doorstep and it’s a scary thought. Let me first define cryptocurrency.

Cryptocurrency is defined as a digital asset designed to work as a medium of exchange, using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.

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