Can cryptocurrency revive the African economy globally?

In 2021, ECOWAS (Economic Community of West African States) organized a 5-day conference in Ouagadougou to inform African parliament members about the importance of raising awareness in economies to open up to cryptocurrencies. The importance of digital currencies on an international level is increasingly felt, and African states have taken full measure of this, as cryptocurrencies are decentralized, completely independent of traditional fiat networks and much more stable than currencies of some African countries that do not allow countries to develop in peace and therefore compete with other states on an international level. Cryptocurrencies therefore appear to be a suitable solution to these problems and the national economy would be the first to benefit from these cryptoassets. So what are the cryptocurrencies to invest in. How to get cryptocurrencies?

Cryptocurrency, origin and development

The first cryptocurrency that serves as a reference currency today is Bitcoin (BTC) created in 2008 by Satoshi Nakamoto and first put into circulation in 2009. This digital currency, created and stored on blockchains by computer miners, was intended when it was created, to combat economic crises by allowing the emergence of a fully autonomous financial system not controlled by the traditional banking system. Since then, the number of cryptocurrencies on the market has exploded and their prices are very different from each other (BTC is worth less than $20,000, Tron is worth $0.062, Ethereum is worth $1,059.23). If these digital currencies are of interest to investors, it is because they allow them to carry out transactions quickly (in 1 hour), regardless of the amount to be paid, in an efficient and secure way outside of traditional transactional financial systems (swift ). , transfers…).

The interest of cryptocurrency for African economic development

This independence of the cryptocurrency system ensures investors the stability (after all, everything is relational) of crypto-assets in relation to state economic systems. For example, from the beginning of the Russian-Ukrainian crisis, Ukraine, afraid of not having enough assets to pay for its needs in food, in defensive rearmament, launched an appeal for donations, but in cryptocurrencies. The Ukrainian government was thus able to collect hundreds of millions of dollars in digital currencies. This stability of cryptocurrencies is of great interest to African states to develop economies that are still too fragile. Crypto-assets can become safe havens (like gold) and help stabilize African funds. This would allow countries to develop by conducting transactions on an international scale without seeing their trusted currencies devalued or paying too much for commodities or assets valued by the dollar (first exchange currency in the world with 6.310 billion dollar transactions/day ). If African economies open up to cryptocurrencies, this will improve relations with major Western and Asian groups by positioning themselves as equals (the price of cryptoassets is not influenced by central banks).

How to buy cryptocurrency in Africa?

Recognized as the currency of the future (The Central African Republic has declared BTC an official currency in the same way as the CFA, as has El Salvador since 2017, and it has launched a hubspot project for investors in cryptoassets that hopes to become a strategic platform for cryptocurrencies in Africa zone), cryptocurrencies can be bought online on trading platforms. These trading sites, also called online brokers, allow their users to create an online account and, thanks to their access, they can download trading platforms intended for the financial markets (stocks, currencies, cryptocurrencies, etc.) . Then just select the assets or crypto-assets that interest them to either invest or speculate by buying and selling in the short term.

How to shop safely online?

To be sure not to fall on a fraudulent website, it is best to choose an online broker recognized by the AMF (Financial Market Authority), such as the AvaTrade platform. This site is regulated by 7 central banks, has more than 200,000 users worldwide and is at the top of the preferred trading sites on the African continent. As soon as an account is opened, the trader looking for cryptocurrency can seek advice from expert traders and follow their investment strategies online using automated robots and copy trading, which allow trading in complete security.

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