Bitcoin To Make Explosive Impact On Africa’s Banking System
Bitcoin is increasingly recognized as a transformative alternative to Africa’s financial system. It has the potential to bring financial power to people who would otherwise have none, as per CNBC. In countries where most people don’t have bank accounts, national currencies are no longer reliable for storing value. Remittances, which make up a large part of GDP, are crucial for survival. Moving money on the bitcoin blockchain at its base layer.
Bitcoin’s Lightning Network helps alleviate the challenges of moving money on the bitcoin blockchain at its base layer. It slashes the cost of transactions to virtually zero and enables nearly instantaneous payments around the world. This technology has the potential to reduce the cost of transactions and enable people to send digital payments directly to one another without relying on credit and without incurring multiple settlement fees along the way. In Africa, companies like Western Union and MoneyGram have an extensive physical network of storefronts catering to unbanked people.
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