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The financial services sector is one of the areas that has undergone numerous innovations over the past years, thanks to which digital money has been born. Although this scenario seems to be unlikely, an increasing number of specialists forecast that Africa, the world's poorest continent, will become a key area of ​​technology development blockchain i cryptocurrency.

Cryptocurrencies are revolutionizing the financial market

It is hard to argue with the claim that modern civilization is dominated by modern technologies, although the degree of their popularization varies from region to region. It would seem that Africa is lagging behind when it comes to technical innovation, but it is in it that many experts see the greatest potential for the development of the digital finance market.

The financial services market is moving with the times. The idea created in 2009 by Satoshi Nakamoto Bitcoin was based on the assumption that fiat currency is full of shortcomings.

Also check: Deutsche Bank predicts the end of fiat money

The solution to this problem was to be a cryptocurrency based on blockchain. In this way, the payment system was created not only secure and fast, but also fully anonymous - each one transaction takes place only between one and the other party (peer-to peer), and what's more, this solution also lifts all geographical restrictions.

Cryptocurrency market has become such a significant sector that many governments around the world are now showing interest in it.

Africa will be the new center of the digital financial market

Blockchain technology has great potential, which does not mean that it is quite free from criticism. It is often pointed out that it is conducive to, for example, money laundering or financing of terrorism. Despite this, it turns out that it can bring many benefits to the poorest countries, which include African countries.

Increasingly and willingly, they are testing recently blockchain-based platforms, thanks to which they gain better opportunities to introduce various types of innovations.

Currently, the greatest interest in cryptocurrencies is manifesting Kenya, while one of the few African countries that is still skeptical about digital money Zimbabwe.

The most popular factor in popularizing blockchain technology in Africa is the fact that the black employment market reigns on this continent, which lacks an official management body.

Systems based on block chains allow to create new jobs for entrepreneurs using cryptocurrencies.

One cannot forget that thanks to blockchain, the inhabitants of the continent gain the opportunity to set up their own bank account.

In addition, cryptocurrencies make it easier for Africans to make online transactions, and they gain the ability to contract loans in bitcoins.

Also check: Revolut offers the traditional banks

5 / 5 - (2 votes) is a cryptocurrency site run by a crypto team of enthusiasts. The main area of ​​our interest are cryptocurrencies, tokens, personal tokens as well as blockchain technology. On the pages of our website we will present independent cryptocurrency reviews and interesting articles from the market. In addition, we present the current rates of all critics. The site also has a multi-functional cryptocurrency calculator as well as traditional currencies.

The information published on the cryptocurrency website are not financial recommendations and do not constitute investment recommendations within the meaning of the Regulation of the Minister of Finance of 19 October 2005 on information being recommendations regarding financial instruments, their issuers or issuers (Journal of Laws of 2005, No. 206, item 1715). The information published on the pages of the portal does not constitute an offer. is not responsible for any decisions taken under the influence of data presented on the Website. Portal does not bear any responsibility for the possible use of information on the website.

Investments in OTC market instruments, including currency exchange rate (CFD) contracts, due to the use of the leverage mechanism, entail the possibility of incurring losses exceeding the value of the deposit. It is not possible to make a profit on transactions on OTC instruments, including currency exchange contracts (CFDs) without risking a loss, therefore contracts for exchange differences (CFDs) may not be suitable for all investors.

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