There are few countries that haven't spread FUD around Bitcoin this year collectively accomplishing the task of driving down prices for Bitcoin. Uganda is no different in terms of its government, creating fear and discouragement around warnings of money laundering, instability, hacking and theft, and a lack of regulatory protections.
Regardless, there are many tech-savvy Africans that prefer the volatility in bitcoin trading, the most popular virtual currency, to their prospects in the continent's job market.
"What I have earned in one and a half years from bitcoin is more than I earned in 10 years as a teacher," Richard M Bagorogo of Uganda told his audience. "I am living on bitcoin because getting a job in this country is not easy."
Many bitcoin adoptees are professionals aiming to supplement their salaries, but others are jobless millennials hoping to make a living by trading the cryptocurrency, which isn't tied to any bank or government and, like cash, allows users to spend and receive money anonymously or mostly so.
The prospects of making a living year round from trading cryptocurrency are not as bright when facing a bear market but in bull market times I'm sure the savy trader can pull an African wage with a bit of training and experience behind them.
In Kampala, Uganda's capital, there are many community events where the technology behind Bitcoin is explained and the ways in which it can be bought or sold for fiat are instructed.
"When I tried to bring my cousins on board, they called my father in the village and said, 'Your son has gone mad,'" Bagorogo recalled. "For me, I was fascinated by the mathematics behind blockchain technology. But the local man is interested in money, not the mathematics, so I normally sit with them and show them how I get and withdraw my money. Once they see how easy it is, they also want bitcoin."
In Uganda, where per capita income was less than $700 in 2016, bitcoin enthusiasts are mostly unfazed by the volatility. At least one restaurant in Kampala now accepts bitcoin, with owner Jennifer Birungi saying she had to put it "on the menu" to get more comfortable with cryptocurrencies.
This is an extremely bold move for a restaurant and I think it will be a winning move in the long run. If people want to build the Bitcoin movement then leading by example seems to be a winning play indeed!
What do you think about using Bitcoin as an alternative to money? Will we see more developing countries ditching their local currencies for the king of digital currencies?
What risks do you think this presents to the poor if they invest what little they have into a currency as volatile as Bitcoin?
Please leave thoughts and opinions below and thanks for reading @techblogger!
Source:
Uganda's bitcoin enthusiasts - Aljazeera
Image Source:
CoinTelegraph
This post has received a 50.00 % upvote from @sharkbank thanks to: @justinashby.
The blockchain has a great opportunity to help the poorest countries, STEEM and STEEMIT represent this opportunity as good as Bitcoin or better.
the temptation to invest more than you have or can spare will always be very very high with a lower income population...that sounds like a dangerous possibility especially if we have long bearish trends like now
True crypto currencies will help the poor countries so much if properly adopted