Investing in Cryptocurrency in East Africa

In 2016, Citibank analysts estimate that the share of bitcoins in Kenya is about 2.3 per cent of the gross domestic product (GDP). This indicates a demand for peer-to-peer Cryptocurrency markets in East Africa. For 3 years, Paxful (Paxful.com) has become one of the world’s leading peer-to-peer cryptocurrency markets based on open-source bitcoin and blockchain technology. Global transactions in bitcoins on the market amount to $ 15 million dollars a week.

Paxful enters the East African market. Kenya’s M-PESA system, mobile phone-based mobile translation and microfinance services, offered a bitcoin device. Every third Kenyans now own a bitcoin wallet. It is very convenient for Kenyans to buy and sell bitcoins on Cryptocurrency peer-to-peer trading platforms.

On the Paxful platform, buyers and sellers can easily exchange Bitcoin, as more than 300 different payment methods are accepted (for example, bank transfers, cash deposit, debit or credit cards, and others).

Paxful provides a quick and easy way for online shoppers to pay for using Bitcoin without a buyer’s fee and a commission of 1%, no commission for a deposit, no fee for withdrawing funds, ease of use and high-speed transfer supplies.

Paxful has also just completed a project in Rwanda called #BuiltWithBitcoin charitable initiative: the project is a construction of a school in Rwanda for students aged 6-15. It is Located in the Nyamata Sector of Rwanda’s Bugesera District, the school supplement’s Paxful’s first bitcoin-funded school, which launched in the same district earlier this year and serves children aged 3-6. “The #BuiltWithBitcoin initiative is a testament to the power of Cryptocurrency,” said Ray Youssef, CEO of Paxful. “We firmly believe that it can improve lives and make the world a better place.” Paxful began the #BuiltwithBitcoin initiative in 2017 to promote philanthropy and charity within the Cryptocurrency industry.

Cryptocurrencies are new money and they are also very unstable. The future appeal of cryptocurrencies is that it allows people to control their money, have fast, secure global transactions and lower commission fees compared to all existing currencies. With proper understanding and use of cryptocurrencies, this can positively affect the change in the economic system of Africa.

Originally published in Africa Business

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