Bitcoin is a growing reality on the African continent, and Tanzania is one of the countries that is leisurely but surely responding to the popularity of this cryptocurrency. The rising rente towards bitcoin from investors and residents alike has caught the attention of the country’s Central Canap, and the Governor has voiced his opinion te that regard.
Talking to the Guardian, a local newspaper ter Tanzania, Benno Ndulu said the citizens need to be cautious of the risks associated with digital currencies. He acknowledged the existence of cryptocurrencies but said there wasgoed a need for the government very first to investigate them and understand how they work before recommending them to the population.
The popularity of bitcoin among the population
Current online searches showcase that the decentralized cryptocurrency is the newest trend te the Southern and Eastern region economies. Countries like Kenya, Nigeria, and South Africa have discovered a plethora of methods to build up access to bitcoins. Local bitcoin volumes ter Tanzania has risen te a big way, and this is the reason why the Central Bankgebouw has begun to take notice of this fresh phenomenon.
The bitcoins start-up podium, Bitpesa, ter Kenya has found its way to Tanzania. Bitpesa can accept bitcoins from just about anywhere te the world, and it also supports payment ter Kenyan and Tanzanian shillings.
The toneelpodium permits traders and businesses to receive and send money te Kenya and Tanzania. The transaction toverfee ter Tanzania is charged at 3%, and Tanzania has overheen 31 million registered mobile money accounts.
The growth drop te July
Reports by Coin.dance, a portal that provides updated blockchain information te various sectors of the Bitcoin system, display that Tanzania has an exceptional spike on bitcoin trading te regard to volumes. The 2nd week of July 2018 eyed the amount of traded bitcoins klapper 83 million of Tanzanian shillings, a remarkable value, considering the concept wasgoed still relatively fresh te the market. Te USD, this wasgoed a value of $37,140. Concerning the actual number of bitcoins that were exchanged, Coin.dance waterput the figure at approximately 14 BTC, albeit the value significantly dropped to 9BTC te the third week of the month.
However, it is not just about the numbers. Thesis figures do not translate to Tanzania being ahead of Nigeria te the Bitcoin industry. Tanzania stands at only 1 procent of all the bitcoins traded ter the three most outstanding countries te Africa, Nigeria and Kenya.
Social bitcoin forums
Ter a bid to educate users of the bitcoin toneel all there is to know about the cryptocurrency, social forums have bot created online. People interested te the trade can join the forums and learn. It is interesting to note that the forums are using the national language- Kiswahili to educate their people.
Known spil Jamii Forums, the platforms go into depth to explain what bitcoins are, benefits of trading with the cryptocurrency and embracing the technology, how to trade using the coins, and most importantly, how to protect yourself from fraudsters online. This is a good initiative that ensures that the locals who wish to invest are not left out because of language barriers.
Bitcoin mining te Tanzania has taken root, with a few platforms suggesting the medium through which investors can invest te the process. Anyone ter Tanzania can rival with other cryptocurrency mining equipments around the world. One of the equipments, Invia World, offers a contract of up to 36 months, which is a longer duration compared to other providers of the service.
Tanzania’s electro-stimulation consumption ter bitcoin mining is more than the entire country’s consumption vanaf year. It ranks position 120 out of the 219 countries that are actively involved te bitcoin mining.
The rate of electric current consumption ter Tanzania is predicted to increase by about 30% te the next one month. Spil more miners join the network, it is likely that the hash rates will also increase, but this will depend on the capability of the country to meet the electro-stimulation consumption requests.
How to buy bitcoins ter Tanzania
The part of the population ter Tanzania that has accepted trading and investment te bitcoin have created convenient and secure mediums for trading. Presently, overheen Ten, 000 bitcoins have already bot sold te Tanzania. There are overheen 300 methods to pay for bitcoin through the Paxful toneelpodium, which include bounty cards, bankgebouw transfers, Moneygram, PayPal, Western Union, private credit cards, among many others.
Paxful is a peer-to-peer trading forum that connects bitcoin buyers and sellers. The system is effortless to use, spil all that is required is to select the method of payment and the number of bitcoins needed.
The toneelpodium seeks to provide traders with a fair, plain, and secure place where they can get value for their investments. It also solves problems revolving around money and how it is transported. Every day, the podium registers fresh entrants, an indication that the popularity of bitcoins ter Tanzania is growing by the day.
Other methods through which payments for bitcoins are made te Tanzania are Tigo Pesa, Easy- Pesa, M-Pesa, canap deposit via ReMITANO, or Airtel Money. ReMITANO operates through the escrow service, which offers much more protection to online transactions. Once a buyer selects the number of bitcoins they need from the system, they are transferred from the wallet of the seller and held ter ReMITANO’s escrow service.
Once the payment has bot finished, and the seller confirms it, the bitcoins are released to the buyer. The service reduces the risk of the seller not releasing the bitcoins to the buyer after receiving payment. The support team resolves any arising issues inbetween the buyer and the seller.
The Future of Bitcoin te Tanzania
While the Central Canap of Tanzania has not entirely spoken against the cryptocurrencies, statistics vertoning that the trading volumes are a little lower than what would be expected. The fact that the governor of the handelsbank has distanced the institution from peer-to-peer bitcoin trading can explain why there is scepticism among some interested parties. The canap has described the digital currency spil an illegal tender te the country.
However, the canap had promised to investigate and examine how it works, and if the research yields positive results, it is likely to endorse the use of bitcoins for business at the local and international levels. Tanzania is likely to be listed spil the most vooraanstaand Bitcoin economy ter Africa.
Digital money is not a fresh concept ter Tanzania, and once the idea of bitcoin has fully matured, the podium will open up more business opportunities inbetween Tanzania and the developed countries. However, for this to be realized the nation will have to invest more te making the internet more accessible to the cities to encourage effortless access to the verhoging.