CRYPTOCURRENIES AND IT'S BENEFITS AND CHALLENGES FOR GHANA AND AFRICA IN WHOLE.

What is Cryptocrrency?
Cryptocurrency can be defined as a Digital Asset designed to work as a medium of exchange the uses cryptography to secure it's transaction, to control the creation of additional units and to verify the transferred assets. We can also call it Digital Currencies, Alternative currencies, Virtual currencies. Further more, this currencies can also be explained as a currency that can not be seen physically but are used to purchase and do many transactions in our daily activities which worked through a channel called Blockchain which is a public transaction database.

Digital Asset:

This can also be defined as anything that exists in a Binary Format( Binary is an IT word relating to a system of counting, used in computer in which only the numbers 0 and 1 are used) and comes with the right to use. In the year 2009, Bitcoin was been introduced and was the first of Cryptocurrency before the others.

Blockchain:

When we talk about Blockchain, it is a digitized, decentralized public ledger of all cryptocurrency transactions, constantly growing as list of records, known as completed blocks which are linked to each other.

Decentralized:

This means not subjected to the Government regulation and Government do not have access to a citizens acquired cryptocurrency.

Over the years, payments for goods and services in Africa has been done with physical cash which is slow and poor way running a business. If the money too becomes too much, it is been taken to the bank for safe keeping and most of the time, people spend too much time in queue just to deposit or withdraw which is bad for business.
To solve this problem, in Ghana, Mobile Money was introduced. About 75% of the Ghanaian has found it useful, safe and convenient. Aside this, a new one has been introduced as well. But with this, you have the opportunity to transact even in both foreign and local currencies without problem. it is safer, faster and more convenient. And it is called Yensesa.

To conclude, Cryptocurrency is the best for Ghana and Africa in whole. With cryptocurrency, you cut down cost that means more profit, you save time and prevent you from moving around with so much money in your pockets which you can loose at anytime or even get robed.
Thank you.