Crypto Is the Revolution Leading Developing Countries to Financial Inclusion
World regions with fast-growing financial and economic potential, such as Africa, could become the predominant Multiply Bitcoin crypto adopters.
Back when digitized banking service evolutions such as debit cards, online banking and check imaging were sweeping the financial sector, one could have never imagined what was coming next. I certainly did not, having spent more than 10 years during this time advising executives of major global banks on the implementation of these game-changing technologies.
The creation and digitization of new currencies, not owned by the government but by the people, has found its home in the global market over the last decade, starting with Bitcoin (BTC) and soon exploding to thousands of alternative digital currencies available for exchange and with a total valuation of $285 billion, each with its own form of value and usage.
When it comes to developing countries, in particular Africa, and why this revolution will usher in people’s financial independence and inclusion, we start with the eye-opening reality that African users have essentially leapfrogged developed nations in usage of both technology — where mobile phones have long been the African primary tool of choice for business and daily life exchanges — and also in terms of their cryptocurrency usage and adoption.
The key factor in these realities is found in the youth. The continent boasts the world’s youngest population, with 200 million people bitcoin investment between the ages of 15 and 24 — and it continues to grow. Having been born well into the age of technology, today’s youth are naturally more adept than their seniors in terms of understanding and leveraging mobile technology, cryptocurrency and related online tools and services. By 2045, the African workforce will be the world’s largest.
We then move into the second-largest factor that prohibits financial inclusion, and where cryptocurrency unleashes a radical empowerment to rising entrepreneurs. Cryptocurrency and related blockchain companies have brought to market financial tools and services that allow for seamless and affordable exchange (globally and locally) and a more secure store of value without users having to hold their assets a bank account or secure credit card debt.
With the rise of tools such as m-Pesa in markets such as Kenya, where its use accounts for close to half of the country’s GDP, we can clearly see the need for simple tools allowing for the transfer of assets (i.e., remittances or transfers across borders), all the way to purchase of goods and services digitally without the need for a bank or credit card. As the world cries to “bank the unbanked,” Africa has another opportunity to leapfrog into the most modern technologies and models.
But why is Africa having its own cryptocurrency important for these types of models to succeed, and why do we need more than one? Another question often asked is, “Why not just use Bitcoin?”
The answer to the first question lies in the complications of banking the unbanked and whether it’s even necessary. Over 1.7 billion people globally are unbanked, lacking a bank account or credit card to partake in the tools and services that create economic sustainability. This limits their ability to engage in the global economy and grow their business possibilities. Cryptocurrencies provide a new way to enter the global market, using a new form of stored value as a way to transact without bank accounts and credit cards that amass debt.
The answer to the second question, “Why not just use Bitcoin?” lies in the history and origin of Bitcoin itself. Bitcoin resulted from Satoshi Nakamoto’s vision to provide a peer-to-peer decentralized financial exchange of value, a vision that has most certainly been realized. The need was clear: A digital currency, traded peer-to-peer that cuts out the middlemen, providing direct and fast exchange at a fraction of the cost, has been established and is flourishing.
Bitcoin has proven, not just for Africa but for the world, that specific use cases (peer-to-peer direct value exchange, in this case) command and can sustain their own currency. What Bitcoin didn’t offer was a business mission, model, roadmap, leadership or even a dedicated team. Its completely decentralized nature goes against this very premise. Nor was it built for the type of transactions necessary for facilitating the business and life activities we all engage in on a daily basis. Bitcoin is simply too speculative, volatile and unpredictable to serve these legit hyip types of uses.
Alternatively, by taking a semi-decentralized approach, entire marketplaces can create their own currencies, offering decentralized solutions for all types of use cases but is supported by a centralized company and leadership, where key components are in place for growing and operating a successful business with more inherent trust and support for the people.
Which brings me back to the story of our children, the youth and the young, rising entrepreneurs in Africa, who are not only leapfrogging our understanding and usage of cryptocurrency, but who more quickly understand that currency is just about moving value to where one needs it to go, seeking the highest interoperability between assets, and having a suite of options and services available to facilitate growth and development.
اپن کارت پارسی مرجع رسمی اپن کارت در ایران ، در 9 مهر ماه سال 1388 به طور رسمی فعالیت خود را در زمینه پشتیبانی اپن کارت آغاز کرده است.این مجموعه به همراه گروه فنی خود با در نظر داشتن چشم اندازی برای آینده نزدیک ، قصد دارد تا به معرفی و آموزش هرچه بیشتر و بهتر هسته قدرتمند و دوست داشتنی اپن کارت ، به روش های مختلف در زمینه های گوناگون بپردازد تا در کنار کاربران خود به موفقیت های هر روز خود بیفزاید
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BTC/USD progress over the last couple of weeks is in jeopardy following the failure to breach the $10,000 level. The initial surge from lows around $8,100 hit a wall within a whisker of $10,000 a few days ago. A reversal from this zone confirmed support above $9,000 but the bulls, not giving up, launched another attack on $10,000 which also failed yesterday.
However, should the $9,400 support be reclaimed; it’s possible that the price may drop below the 9-day and 21-day moving averages. A possible bearish scenario that could play out after the rejection at $9,872 may cause the Bitcoin price to fall below the channel. More so, losing that zone may allow the coin to reach the support levels of $8,200, $8,000 and $7,800 as the RSI (14) signal line is moving above 60-level.
In the short-term, holding the zone between the 9-day MA and $9,500 support is crucial or a retest of the $9,400 support is likely. But currently, BTC/USD is yet to make a lower low under the $9,600 support. So, a short phase of consolidation leading to resistance levels of $11,000, $11,200, and $11,400 is more likely than a drop below key support levels.
The Bitcoin price is currently moving around the $9,672 after touching the high of $9,901 today. Looking at the chart, we can see that the bearish supply may be turning heavy in the market, but the bulls are trying to defend the $9,500 support as well. Meanwhile, the $9,200, $9,000, and $8,800 support levels may come into play if the coin breaks the mentioned support.
However, if the buyers can reinforce and power the market, we can expect a retest at the $9,900 resistance level. Breaking the mentioned resistance may further allow the bulls to test the $10,200 and $10,400 on the upside. In other words, Bitcoin is currently consolidating and moving sideways on the medium-term outlook. We can expect a surge in volatility to occur as the RSI (14) faces downtrend.