Quote from: Upgrade00 on September 06, 2022, 04:20:00 PM

Quote from: apankay on September 06, 2022, 02:03:43 PM

Cryptocurrency has impacted the African economy in a lot of positive ways such as:

* Growth of business for entrepreneurs as it is easy to transact with American, European, and Asia countries with a low transaction fee
* It has helped in creating employment through mining, blockchain development.
* Cryptocurrency has helped mitigate the effect of scarcity of banking structure. Cryptocurrency transactions can be done anywhere as long as there is an internet connection. Some see cryptocurrencies as vital protection from government repression.

Cryptocurrencies do not benefit the economy of a country. It has the potential to profit citizens, but not nearly enough to impact the overall economy of a particular country, at least not yet.

• Bitcoin does provide means of conducting international transactions easier and faster; with no border restrictions.
• Mining does not really create employment as it's a venture which requires huge capital, and not an industry that employs labour. Blockchain development is not solely built for cryptocurrencies.
• The last point is a valid one and a big quality that attracts people to Bitcoin, this however does not impact a nation's economy.

If crypto has the potential to profit citizens, don't you think this will boost consumer spending which is primary driver of GDP of any nation? It will also boost the business spending which will enable local businesses to expand
Retail transactions (<US$10,000) account for almost 30% of Africa’s crypto trade volume This indicates high use in everyday transactions

apankay

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