How Popular Is Bitcoin in Zimbabwe?
Bitcoin is popular around the world. The cryptocurrency revolution may not have completely upended the way we make transactions yet, but it has certainly thrown a spanner in the works.
Who isn’t enticed by the idea of a form of money that uses blockchain technology to ensure your anonymity isn’t violated? It’s just one of the features that have led to the number of global crypto users exceeding 100 million.
Zimbabwe is a nation where uptake has been one of the most pronounced globally. Even as cryptos are gaining traction everywhere, it’s interesting to analyze why Zimbabwe is one of the countries that have jumped on the bandwagon earlier than its peers.
Bitcoin Is Replacing Foreign Currencies
The state of inflation in Zimbabwe is very high, which is why several foreign fiat currencies are floating around. At least, there were until the government banned their usage to settle local transactions in an attempt to reintroduce the Zimbabwean Dollar into circulation. Residents initially weren’t happy because the dollar’s value is low due to inflation, so they needed something to plug the gap. Tech-savvy investors spotted an opportunity and used cryptocurrencies in general to appeal to the market. Of course, with BTC being the king of cryptos, it automatically became the de facto currency of choice. As a result, the coin’s trading currency is around $10,000 USD on the Golix exchange platform in Zimbabwe.
Peer-to-Peer Platforms Bypass Banks
Despite this progress, there is a potential fly in the ointment because of the fact that the government has also banned Zimbabwean banks from processing Bitcoin. Usually, this would be a smart move, because the banks control the flow of traditional currencies. However, Bitcoin is anything but classical. Indeed, this crypto has soared in value and popularity in the country precisely because it’s hard to regulate. For instance, thousands of locals are using mobile money platforms to get around the bill, with EcoCash being the wallet of choice in Zimbabwe. This meant that the price of a single Bitcoin was expensive in Harare and other major cities before the spike in Europe and the US.
Cryptos Are Eligible for Popular Pastimes
Another way to judge the popularity of Bitcoin in Zimbabwe is to look at a growing hobby – gambling. Previously, wagering was viewed as a social vice, hence why it was limited to a handful of platforms. But the perceptions are changing in Zimbabwe, just as they are worldwide. Now, casinos are popping up throughout the country, especially in urban centers where more liberal views are prevalent. Not only are land-based establishments beginning to accept Bitcoin as a deposit method, but so too are online casinos. Bitcasino.io perfectly highlights the number of operators and games that are available for Bitcoin users. This combination of factors only makes the cryptocurrency more popular as it’s an excellent tool for consuming a growing hobby.
It’s Easy to Obtain
The final piece of the jigsaw is the ease of access. Bitcoin wouldn’t be popular if it wasn’t straightforward to obtain. If the process became overcomplicated, the supply would be limited and people would be frustrated by the lack of opportunities. A factor that makes Bitcoin eminently buyable is the fact that Bitcoin traders in Zimbabwe are accepting cash as a payment form. That means residents don’t need a stash of valuable coins to increase their wealth. The money they have is enough to pay for Bitcoins.
As you can tell, Zimbabwe is a nation where Bitcoin usage is incredibly popular among the locals. Unless habits change, this is likely to continue to be the case for the foreseeable future.
Also On ZiMetro News,
Entrepreneurship | understanding, value addition and wisdom
Lack of understanding led to the Zambian nationals losing an entrepreneurship opportunity in one of their copper mines to foreigners who had an understanding of how things work.
If you lack understanding, you will always lose out. It is said that, these investors paid for the copper mine using proceeds from the same copper mines within no time….Learn More