In Africa, bitcoin – the original and biggest cryptocurrency – is finding the practical use that it has largely failed to elsewhere.
Why a boom in Africa? Young, tech-savvy populations that have adapted quickly to bitcoin; weaker local currencies that make it harder to get dollars, the de facto currency of global trade; and complex bureaucracy that complicates money transfers.
The bitcoin users interviewed by Reuters, based in five countries from Nigeria to Botswana, said the cryptocurrency was helping people make their businesses nimbler and more profitable, and helping those working in places like Europe and North America hang on to more of the earnings they send home.
Yet risks abound.
Read More at Reuters
Read the rest at Reuters