#Cryptocurrency boom – Where are we at?
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Cryptocurrencies are gaining popularity across the world, but it appears it may take another five years for a significant number of Ghanaians to understand, trade and use cryptocurrencies.
A cryptocurrency is simply a medium of exchange, only that it is digital. They are used outside existing banking and governmental institutions, and exchanged over the internet. One such popular currency is Bitcoin now worth about $14,873 and it is expected to surge further. The craze around the use of cryptocurrencies is yet to be felt in Ghana. Although, there are quite a few people who are beginning to invest in the digital asset. Recently Crypto Analyst Richard Odame explains to Joy Business it is because most Ghanaians are risk averse. “Ghanaians are very conservative and most people do not appreciate the technology behind cryptocurrency”, he said. Mr. Odame is hopeful with a little more education, many Ghanaians would invest in the digital currency. He also downplayed fears that the popular cryptocurrency bitcoin would spiral out of control and crack.
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Many Bitcoin experts and entrepreneurs are especially excited about Bitcoin’s use-case for remittances and cross-border transactions in developing countries. This is particularly true for many countries in Africa, where companies such as BitPesa in Kenya , are taking the money transfer market by storm. Local Bitcoin startups are taking advantage of the high transaction fees imposed by companies such as Western Union and are offering the public a much cheaper way to receive and send money abroad.
Recently a businessman, Vice President of Groupe Nduom, Papa-Wassa Chiefy Nduom, suggested that; “In Ghana, in particular, I think the Central Bank should look very carefully into putting maybe up to 1 percent of our dollar reserves into bitcoin, studying the space and announcing to the world that we are going to be open for investment in bitcoin… we need to be heavily invested in these areas.”
The demand for bitcoin in Ghana is very high. But, in general, very few people know about Bitcoin. The people who are into it are mostly the youth and among them, the demand is very, very high. But I believe the next big crypto in Ghana is Steem and I believe it will rain in Ghana very as people can earn Steem with steemit. #Teamghana is promoting steemit to the masses I believe is going to rock very high in Ghana soon.Currently steem is $7 and I believe Steem is going to hit $100 soon. Bitcoin is now accepted in Ghana by some shops and companies. This is @jakemore representing #teamghana.. Thanks for reading.
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Eapecially when politicians here in Ghana urging the central bank to invest into crypto...its a good news...thanks too
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Hey, @jakemore... your post payout has gone up so far that I don't think the nomination will go through, but I will continue to watch your posts and try to nominate one that isn't so highly rewarded.
OK. Thanks
Nice one boss
Awesome Post! The world would surely welcome Cryptocurrency. Crypto is rather new and would take a little more time and education like you mentioned earlier
Education is the key here especially to the Ghanaians. Thanks for passing by..
@jakemore this post was presented at the most recent Pimp Your Post Thursday on the Steemit Ramble Discord. I have written a post to share your featured post. Just stopping back to let you know that you can see your name in lights right here. (Just kidding about the lights :)