Why Bitcoin Adoption is on the rise in Ghana
The bitcoin community has continued to grow across the world and Africa seems to be the new niche for cryptocurrency. Recently, news about the increase in the market price of bitcoin to over $60,000 has raised the appetite for risk of many bitcoin enthusiasts and sympathizers.
People who have doubted the value of bitcoin due to its high volatility are beginning to rethink and consider the option of venturing into the cryptocurrency space. Despite its birth as a payment tool over a decade ago, bitcoin has mainly been used for speculation by financial traders rather than for commerce.
In this light, considering the rapid advancement in technology, tech-savvy Africans have easily adapted to bitcoin. Most of the African bitcoin enthusiasts have argued that their weak local currencies makes it difficult for them to get the dollar; recognised as the currency for international trade.
Moreover, they complain of complex transaction procedures involved in the transfer of finances within and across national borders. With the advent of cryptocurrency in Ghana, most of the business class have affirmed that bitcoin is helping them make their businesses seamless and more profitable, and also helping migrants remit with ease.
Despite its high volatility, the adoption of bitcoin in Ghana is rising on a daily basis.
Bitcoin adoption: A path to financial inclusion
Nowadays, everyone, employed or unemployed, young or old, male or female expresses the desire to have control over their finances. Decentralised Finance systems in one way or the other attempts to make such desires come through.
Notwithstanding, many cryptocurrency companies argue that adopting bitcoin can grant financial access to all. Thus, permitting them to bypass the accrued difficulties which come with using the traditional finance system.
In Ghana, the population is joining the global move towards the adoption of bitcoin; considered the universal currency.
The Reasons for the rise of Bitcoin Adoption in Ghana
Amongst other reason, the most prominent stands that account for the rise of bitcoin adoption in Ghana include;
Easy, fast and limitless transaction Service
The absence of a central authority to govern the transactions made with bitcoin attracts many Ghanaians. Unlike the traditional banking systems which permit users to store their finances in Saving or Current accounts, requiring prior notification before withdrawal of a considerable amount, owning a bitcoin wallet has proven to be more efficient and seamless.
Bitcoin users have attested that they are able to send and receive huge sums of money in their wallets at any time from any part of the world without interruption.
The idea of a fast, easy and limitless transaction service has won the hearts of many Ghanaians, who today understand that using bitcoin has become a new global habit that everyone should accommodate.
Low transaction cost
Everyone who is versed with sending money within and out of Ghana can relate to the relatively high transaction rates to be paid to any of the agencies rendering them the service.
The rates are even higher for remittances. The low transaction rates bitcoin users incur is nothing short of good news to Ghanaians and other bitcoin enthusiasts. As such, Ghanaian migrants prefer to remit using bitcoin, such that the cash-out can be done in any local currency depending on the receiver’s location.
With Bitcoin, it is possible to make temporary deposits and refund the amount without incurring charges. In other words, sending bitcoin from one wallet to another wallet does not incur any charges. With such advantages, bitcoin continues to be on a steady rise in Ghana.
It is no news that the majority of Ghanaian citizens are unbanked. As such, they cannot benefit from any banking service.
This situation makes financial inclusion even more difficult. However, adopting bitcoin has become the new trend and solves the problem automatically. Bitcoin transactions do not require a bank account. Sooner or later, it will be more common to hear people ask for Bitcoin Account Numbers rather than Bank Account Numbers.
The point is, with bitcoin, nobody needs a banking institution to keep their money. Consequently, owning a bank account appears 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 continue to grow, the number of bitcoin users follow. Therefore, If people perish because of the lack of knowledge, knowing more about bitcoin and its numerous advantages appears to be knowledge everyone should benefit from.
The presence of companies in Ghana such as Crypto Bitz, BtcGhana, Binance and Kraken have been serving bitcoin enthusiasts on a daily basis. Yellow Card Financial is the newest “baby” in Ghana’s cryptocurrency space.
With Yellow Card, you can trade bitcoin and other cryptocurrencies at minimal rates. That’s not all! Also seize the opportunity to educate yourself and understand the twists and turns of cryptocurrencies on the Yellow Card Academy platform. It is worthy to note that it does not suffice to only buy and sell bitcoin and other currencies. Knowing how they function is an added advantage as it helps you make informed choices.
Yellow Card permits you to use Mobile Money to deposit into your bitcoin wallet as well as convert your bitcoin to Cedis and cash out at any time. All you need is to create a Yellow Card account using the Yellow Card mobile App or the web page www.yellowcard.io
Yellow Card through its DeFi model is aimed at bringing financial inclusion for everyone in Ghana. As we continue to work for financial inclusion it is important to remember that cryptocurrencies have been described as the future of money, with respect to the rapid advancement in ICTs and Financial technologies that are marking the 21st century.