The bitcoin community has continued to grow worldwide and Africa appears to be the new niche for cryptocurrency. Recently news about the Bitcoin’s market price spikes to over $ 60,000 has increased the risk taking of many Bitcoin enthusiasts and sympathizers.
People who have doubted the value of Bitcoin due to its high volatility are starting to rethink and are considering the option of venturing into the cryptocurrency space. Despite its birth as a means of payment over a decade ago, Bitcoin was mainly used by financial traders for speculation rather than trading.
Given the rapid pace of technological advances, tech savvy Africans have easily adapted to Bitcoin. Most African Bitcoin enthusiasts have argued that their weak local currencies make it difficult for them to get the dollar; recognized as a currency for international trade.
In addition, they complain of complex transaction procedures when transferring finances within and across national borders. With the advent of cryptocurrency in Ghana, most of the business people have confirmed that Bitcoin is helping them to make their businesses smoother and more profitable, as well as helping migrants with easy transfer.
Despite its high volatility, Bitcoin acceptance in Ghana is increasing daily.
Bitcoin Adoption: A Path to Financial Inclusion
Today everyone, employed or unemployed, young or old, male or female, expresses the desire to be in control of their finances. Decentralized financial systems try one way or another to fulfill such wishes.
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Regardless, many cryptocurrency companies argue that the introduction of Bitcoin can give everyone financial access. In this way, they can bypass the difficulties that have arisen in using the traditional financial system.
In Ghana, the population joins the global move towards Bitcoin adoption; is considered a universal currency.
The reasons behind the increase in bitcoin adoption in Ghana
Some of the most prominent booths responsible for the rise in bitcoin adoption in Ghana include;
Simple, fast and unlimited transaction service
The lack of a central authority that regulates Bitcoin transactions attracts many Ghanaians. Unlike traditional banking systems, which allow users to store their finances in savings or checking accounts and require prior notification before a substantial amount is paid out, owning a Bitcoin wallet has proven to be more efficient and seamless.
Bitcoin users have certified that they can send and receive huge sums of money in their wallets at any time and from anywhere in the world without interruption.
The idea of a fast, easy and limitless transaction service captured the hearts of many Ghanaians who today understand that the use of Bitcoin has become a new global habit that everyone should adapt to.
Low transaction costs
Anyone who is familiar with sending money inside and outside of Ghana can relate to the relatively high transaction rates that must be paid to each of the agencies that provide the service.
The fees are even higher for bank transfers. The low transaction rates that Bitcoin users have is nothing short of good news for Ghanaians and other Bitcoin enthusiasts. Therefore, Ghanaian migrants prefer to transfer with Bitcoin, so that the payout can be made in any local currency, depending on the recipient’s location.
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With Bitcoin it is possible to make temporary deposits and refund the amount without any fees. In other words, there are no fees for sending Bitcoin from one wallet to another. With such advantages, Bitcoin continues to grow steadily in Ghana.
Transactions without bank details
It is not news that the majority of Ghanaian citizens do not have a bank account. As such, they cannot use banking services.
This situation makes financial inclusion even more difficult. However, the introduction of Bitcoin has become the new trend and it automatically solves the problem. Bitcoin transactions do not require a bank account. Sooner or later it will be more common for people to ask for Bitcoin account numbers rather than bank account numbers.
The point is, with Bitcoin, nobody needs a banking institution to keep their money. As a result, having a bank account seems to be a burden.
The cryptocurrency space in Ghana
The Ghanaian economy is open to many cryptocurrency service providers. As the number of Bitcoin service providers continues to grow, so does the number of Bitcoin users. Therefore, when people perish due to lack of knowledge, it seems like a knowledge to know more about Bitcoin and its numerous benefits that everyone should benefit from.
The presence of companies in Ghana such as Crypto Bitz, BtcGhana, Binance and Kraken serves Bitcoin enthusiasts daily. Yellow Card Financial is the newest “baby” in Ghana’s cryptocurrency space.
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Yellow Card allows you to trade Bitcoin and other cryptocurrencies at minimal rates. That’s not all! Also, take the opportunity to educate yourself and understand the twists and turns of cryptocurrencies in the market Yellow card academy Platform. It is worth noting that just buying and selling bitcoin and other currencies is not enough. Knowing how they work is an added benefit as it will help you make informed decisions.
With the Yellow Card you can use mobile money to deposit into your Bitcoin wallet, convert your Bitcoins into Cedis and have them paid out at any time. All you need is to create a Yellow Card account with it Mobile app for the yellow card or the website www.yellowcard.io
The Yellow Card through its DeFi model aims to enable financial inclusion for all people in Ghana. As we continue to advocate financial inclusion, it is important to remember that in view of the rapid advancement of ICT and financial technologies that are shaping the 21st century, cryptocurrencies have been described as the future of money.