Cryptocurrencies like bitcoin are the new rave. It is not just the new rave but potentially the future of money. It is basically exchanging goods and services similar to barter trading but by using electronic units. It is similar to barter trading in the sense that no third-party such as banks regulate it or forcefully determine the value of each exchange. In the real world use, if i have a cryptocurrency wallet, while I am in Ghana and you are in China, I can pay you for a service you have rendered me directly by sending the agreed cryptocurrency amount to your wallet. At the moment, you may spend your cryptocurrency directly if anyone accepts it as payment for goods and services or you may exchange it to another currency that is commonly accepted in the city you are in.
Bitcoin and other cryptocurrencies are quickly being adopted globally. They are however currently very unstable, changing in value quickly as a result of demand and supply and also speculation by people attempting to sell it, buy it or trying to profit from manipulating the price.
Cryptocurrencies have also become a means of raising money by a lot of companies, some of them shady and fraudulent in a manner known as initial coin offering (ico) where a token is handed out to people in exchange for they investing in or donating money to the company. The shady individuals or organization may setup a business and promise heaven only to disappear with people's contributions. Legitimate companies may however make people rich as their services gain value over time. This is similar to buying shares except it does not imply ownership of the company or part.
Follow this link for a description of how a cryptocurrency such as bitcoin works. How cryptocurrencies work.
What cryptocurrencies like bitcoin aim to accomplish include
- decentralized currencies and banking
- common global currencies
- correction of the faulty banking system
- lower cost of financial transactions globally
- easier ways of transfering money
- easier means of raising funds
A side effect of the introduction of bitcoin is the discovery of the block-chain which is the structure on which crytocurrencies operate. It is handy for other uses beyond as a currency. A handy article on the blockchain can be found here. Blockchain Explained.
We are developing a USSD based gateway to interface the block-chain and mobile money which another major innovation in our time. This will allow for the average individual without internet connection but with a basic feature phone to access and benefit from this global currency revolution. Our expertise in web and mobile application development and our keen interest in cryptocurrency puts us at a major advantage. Currently the only bridge existing is a trading platform that is internet driven with major KYC demands that are not functional and practical for the users of mobile phone with no internet connection in our villages. If cryptocurrency is to grow, it needs to be usable to the average joe. That is our quest.
DigiGhana.com is dedicated to helping you understand cryptocurrencies, joining the new revolution, helping you create a wallet and funding your wallet. Do you want to get involved with cryptocurrencies in Ghana? You can contact us on +233265330837.
You can sell and buy some major cryptocurrencies using mobile money on this website. If you want to use credit or debit cards to purchase from Ghana you can buy on this website.