Africa provides favorable conditions for the spurring of cryptocurrencies. Over the years, since it’s launching in 2009, we have seen Bitcoin, the world’s biggest crypto, being adopted in Africa. Many countries within the borders of Africa are now investing and trading in bitcoin.
The high inflation rates, political instabilities, poor banking infrastructure are some of the major factors that continues to create more and more room for the growth of cryptocurrency amidst Africa. We cannot fail to discuss the high inflation rates facing the African countries whenever we are discussing about her economic status. This tops the major reason as to why many Africans are now turning to the virtual currency. This is because for starters it is not bound to any geographical approaches.
The decentralized nature of cryptocurrencies continues to attract more and more individuals from across the vast land of Africa. This prominent feature prohibits governments from regulating cryptocurrency. However, it is not guaranteed that the governments will not later amend their regulations. Crypto continues to be safe to invest and trade in, carrying the potential to eradicate poverty in Africa.
With cryptocurrency, there aren’t any intermediaries, the likes of government influences, corrupt officials, well-meaning yet ill-advised contributors and supervisors who can alter or influence any charitable aid for their own selfish gains. Therefore, if Africa could embrace this direct transfer of capital, it would in turn promote direct charities. Charity organizations will in turn transfer their crypto without any fear of alterations. This aid would reach the digital wallets of the needy persons safely without any discrimination or biasness.
One type of cryptocurrency that has its mission to eliminating poverty in Africa, is the newly launched World Causecoin. World Causecoin is focused on providing abundances to the less fortune in the society. This is achieved through Cause Capitalism, where a for-profit company partners with a non-profit company not as a gimmick but as a true sustainable partner.
With the World Causecoin, the non-profit company will receive 2% of every crypto bought or traded. The 2% will aid in funding charitable projects that are aiming in eradicating poverty within Africa.
In Kenya, the World Causecoin, through cause capitalism, and through the Financially Fit for Africa project, several widows from the reserves, have been aided with a pair of goats. The families of the widows will feed on the nutritious milk from the goat therefore boosting their immunity and once the goats bear a young one, they can resell to generate some income for the families. The main goal of this project is to provide households with a way of become self-sufficient and not to constantly rely on financial assistance. Through the very same charitable project, Financially Fit for Africa, several households have also been equipped with financial literacy skill so as to meet the Sustainable Development Goal 1 (no poverty). In some other parts of the country still Kenya, two old aged women were facilitated with wheelchairs to aid in their movements. It’s through the same project, Financially Fit for Africa, where the founder and CEO, who is still the founder of the World Causecoin, will facilitate the construction of several maternity and children hospitals across Africa.
World Causecoin and cryptocurrencies of its own kind, provide a very safe and transparent platform for transfers. They offer complete security to investments, they are very fast, highly portable as they can be saved in flash discs and stored online.
Crypto will eventually skyrocket within Africa as its growth is very tremendous. This will help people grow from the poverty line and be independent. Digital charities are very competitive and very reliable as they provide ease in transfers of capital. They also eliminate the issues of unreliable and corrupt middlemen. Recommendations; crypto especially World Causecoin should be implemented.
