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Bitcoin: The "Golden" of African Millennials

Although people are worried about the cracked crypto-currency bubble, the price of bitcoin has broken the sky over the past year. BBC Catherine Byaruhanga, a BBC, writes that a very attractive group of cryptocurrencies holders is the millennial generation in Africa ...
Peace Akware, 30, of Kampala recently joined the cryptocurrency spree. Like those middle-class members of the typical millennial family, digital pucks are downloaded to her smartphone and never leave. She rented room in the outskirts of Kampala told me:

"Every day I look at Bitcoin wallets, and every minute I can see, I can not miss it."
Peace Akware wants to buy a car with money earned from Bitcoin investments.

For graduates here, the probability of finding a job is as low as that of a lottery. Peace Akware sold clothes and even loans, but failed. Due to the time-consuming, no-prepayment costs, buying Bitcoin- like cryptocurrencies is even more appealing to her.

Peace Akware bought more than a thousand dollars worth of bitcoin. So far, the "gamble" is making a return because the market value of Bitcoin has risen. She said:

"It has the potential to rise, you know, I want to use my money to buy a car, buy it, and build a new house."

Bitcoin cross-border transfer, convenient beyond your imagination
It is not just those who want to get rich quickly. More and more people in some parts of the continent, especially those in Lagos, Nairobi and Johannesburg, find it cheaper to cipher money for a cheaper solution by transposing funds across borders .

Bitpesa, a provider of bitcoin media, provides a platform for cross-border transfer of funds, similar to remittance companies.

Traditional remittance companies, such as Western Union Western Union, first convert remittances from local currency into U.S. dollars and then convert U.S. dollars into local currency at the other end. In this conversion process, you will lose a lot of money.

Bitpesa uses Bitcoin instead of the U.S. dollar, which is not only cheaper but faster, especially in the face of dollar or dollar constraints, because you do not have to wait for lengthy and complicated bank approvals.

Elizabeth Rossiello is the chief executive of Bitpesa. Even in the financial industry, she is frustrated with traditional banking:

"I had three things in Nairobi in the past month and I had three things that I needed to do through my bank. The three Kenyan banks involved were all canceled for different reasons, either with delays or with additional information, OK, but it took almost two and a half weeks for each deal to get done. "
Bitpesa has been operating for four years and has more than 6,000 customers in Africa. Its main business is large-value transfer, such as payment to Chinese suppliers or employees in other countries.

During the financial crisis in Nigeria, when the government exercised foreign exchange controls over the U.S. dollar, it became easier for businesses to operate cross-border transfers of bitcoin, which kept the country's interest in cryptocurrencies up. Bitcoin, like the political and economic instability in Zimbabwe, has become a reserve asset and is needed for foreign purchases of goods and services and is the main form of remittances to foreign countries.

Many central banks are skeptical. The central banks in Nigeria, Kenya and Uganda have all warned that the new unregulated investment market should be treated with caution. The governor of Kenya's Central Bank even said that digital currency is a Ponzi scheme because of the large fluctuations in their value.

Bitcoin classes
Martin Serugga, currency trader in Kampala suits, warned people to be cautious about buying cryptocurrencies. He said he is not familiar with new financial instruments and is easily used by criminals, causing financial losses.

However, he teaches in the cryptocurrency class and has more than 50 classes. The course content is a definition of cryptocurrency, and how to trade with traditional currencies (such as USD, GBP). He said Uganda's unemployment rate is high and the younger generation is paying more attention to Bitcoin and cryptocurrencies than any other currency.

Martin Serugga's class is composed of men and women, most of whom are young. Came to the upscale coffee shop, learn flashing numbers on the screen and colorful graphics, they are injecting new vitality into the local financial markets.

Joachim Ndhokero, a graduate student in economics, has just lost his job after graduation. His father encouraged him to go to school to earn some money, but that was not easy. In a transaction, he lost more than 900 U.S. dollars. Before he lost all his savings, he only made a profit of 200 U.S. dollars. Then he went to the cinema and lost everything in two hours.

Here, expert advice is: "The size of the transaction must be controlled within the scope of the loss you can afford."

Magic new technology: blockchain

Change this continent is not only cryptocurrency, but also behind the technology that supports it - the blockchain. Neil Blazevic, a digital security expert, thinks blockchain technology that supports cryptocurrencies is a more important innovation.
Blockchain is a form of logging data that can not be tampered with or hacked. Neil Blazevic said:
"If African developers, entrepreneurs and governments can take advantage of blockchain technology, they may have the chance to solve the most difficult problems for now, such as people without bank accounts, digital identities, and voting systems that people do not trust. If innovations are supported by both governments and entrepreneurs, the African continents together once again bridge the digital divide, just as the leaders in the blockchain industry, just as the shift from fixed-phone communications to mobile phones was.
One of the supporters of the big shift in mobile phones in Africa, Peace Akware continues to embark on this wave of digital currencies, keeping an eye on her digital wallet.
She knows Bitcoin's market value will drop at any time. If she fails, she will start a new risky investment.
At the moment, she looked forward to buying her first car in two months.