Boom! it happened the first cryptocurrency came to life. it was just like when the first human roamed the earth and other previous existing creatures wondered who we were, but as time would have it we became the most dominating creature ever created, we tamed and ruled over all creature. So it was when the first accepted cryptocurrency came into our lives, we were mostly not sure what to do with it, or how useful it is, but now we all know.
From the early stages of just few cents, within just a decade it has grown to become one of the most valuable currencies on earth. Who knows, maybe very soon we will spending it on Mars and would be the only currency we humans with use to trade with aliens? (it would be amazing)
Bitcoin has gone beyond the expectations of Man, simply beautiful because of its seamless, pair to pair (p2p), boundless value it overs to all, regardless of who you are on planet earth and whatever language you speak.
People and Nations all over the world are taking this seriously, building viable projects and infrastructures around it to safeguard their future and that of the nations. But in Africa it seems we are the ones on the far side of major adoption. we are waiting for others to finish eating up the good stuffs and leaving for us scrums to live on. We just need to understand that Bitcoin, kurecoin and other highly valued cryptocurrenecies are here to stay and we can only become major stakeholders in this new reality if we can start taking decisive steps now.
We should learn from the countries who are taking decisive steps to secure the future of their Nations by taking cryptocurrenices seriously.
COUNTRIES AFRICA NATIONS SHOULD EMULATE
The United States
The US hosts the highest number of cryptocurrency users and Bitcoin trading volumes in the world. Bolstered by Silicon Valley, which is home to numerous cryptocurrency, blockchain related startups, and the highest number of Bitcoin ATMs in the world, the US has been at the forefront of the digital currency space since the beginning.
Moreover, as a global financial superpower, many nations across the globe look to the US for guidance in relation to cryptocurrency’s legal status and regulatory clarity not only from Washington D.C., but also individual states such as California, New York, and New Hampshire, just to name a few. Therefore, the US will undoubtedly serve as the testing ground for crypto-regulation in the years ahead, as other nations look on to see which approach works best (Spoiler: it probably won’t be New York’s).
The peer-to-peer bitcoin trading service LocalBitcoins has shown incessant growth in bitcoin trading volume since 2013 — a good indicator of organic demand considering the large population and number of Bitcoin users in the country.
South Korea is home to a vibrant tech-industry, which includes giants such as Samsung and LG, and having one of the highest smartphone penetration and mobile payment rates in the world, it is no surprise South Korea is quickly embracing Bitcoin both as an investment and means of exchange.
Since there are no laws in the country regulating Bitcoin use, a number of related startups have sprung up as a result including Korbit, “a secure and comprehensive service to use, accept, and buy bitcoin” that also focuses on remittances and cross-border payments. People can also buy bitcoins at 7-Eleven stores across the country thanks to a campaign by South Korean bitcoin exchange platform Coinplug.
South Korea is also a regular host of Bitcoin conferences and has provided a friendly climate for the local Bitcoin community.
“Bitcoin is about tearing down artificial financial barriers around the world,” said Bitcoin investor Roger Ver. “As an economic and societal hub in Asia, Seoul is a fantastic place to have a Bitcoin conference.”
The UK is often seen as the leading global financial hub and a center of innovation. Therefore, the presence of numerous Bitcoin and blockchain related startups, BTMs, and an active community makes it a Bitcoin-friendly environment indeed. The country also sees new payment solution as inevitable and is preparing itself for mass-scale digital currency adoption in the future, as you can already grab a pint at many local pubs for bitcoin.Bitcoin.com_Bank of England
What’s more is that the Bank of England has been closely looking at Bitcoin technology and has even requested the public to pitch ideas on how to improve its monetary system. Currently, Bitcoin is treated as “private money,” where VAT is imposed in a normal way from suppliers of any goods or services sold in exchange for bitcoin or other cryptocurrencies. While profits and losses on cryptocurrencies are subject to capital gains tax, similar to the US.
UK’s Barclays bank writes:
It is becoming increasingly clear that Bitcoin is part of an even bigger story: financial institutions, including barclays are now considering how the technology underpinning digital currencies – the blockchain – could itself revolutionize finance.
UK’s LocalBitcoins volume has reflected this sentiment, showing steady growth.
Other leading countries include Switzerland, Germany,Japan,Venezuela amidst others. it is important at this junction for African countries to rise up to the challenge and lead in more adoption of crypto currencies and ensure they maximize the future possibilities of impact that cryptocurrency will have on our world by using it as a medium to secure the Nations future.