The stereotypical thought of an African revolution, one that breaks the chains of oppression and domination, sparks images of bloody battles of liberation. But now, with a new tool that does not discriminate or exclude, Bitcoin is helping African millennials free himself from financial repression.
Armed with only a smartphone everyday African citizens are able to tap into a growing ecosystem and profit from it. But it is more than that; businesses are looking to use Blockchain technology as a cheaper alternative in order to build a better business.
In order for an individual to enter the stock market or to invest in a company or idea, it requires more than just know how. The traditional money market has been for so long an elitist environment that subtle excludes those who are not of its ilk.
A thirty-something woman from the outskirts of Kampala, Uganda, does not exactly fit the bill of a savvy investor. However, Bitcoin is opening up that world to everyone and all.
Peace Akware, that every 30-something from Kampala, told the BBC:
“I check my Bitcoin every day and any chance I can get. Any minute, any hour, anytime, as often as I can.”
An active alternative
Merely making a living in a place like Uganda is a much harder task than on the streets of New York. Employment is a lottery even for graduates, like Peace, which leads people into looking for alternatives to make ends meet.
So-called ‘side hustles’ are daily bread for many in impoverished nations, but they are often unsuccessful, time-consuming, and difficult. However, Bitcoin offers an alternative which is not time-consuming, and while it comes with risks, it is accessible and manageable.
There are also businesses that are challenging the difficult and cutthroat workplace by using the power of Blockchain to cut costs and time…