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Three ways the African continent can benefit from Digital currency

In 2018, digital currencies have continued to disrupt financial systems of many countries around the world profoundly, and it is evident for all to see why they are gaining widespread popularity – they are a more secure, portable and cost effective alternative to physical money.

As a result, cryptocurrency companies like Avesta are now seeking to partner with governments of African countries to promote and drive more adoption among citizenry and sectors of the economy. Here are a few sectors that could benefit from the digital coin wave.

Real Estate

Purchasing a piece of land or property in Africa typically requires the buyer to go through intermediaries like real estate agents, lawyers, etc which would lead to additional charges in the acquisition. However, if African real estate owners adopt payment using cryptocurrencies, it will save a lot of time and money involved in the process.

Unfortunately, cryptocurrencies have not been officially approved as a legal tender in some African nations, mainly due to lack of understanding of the concept and its benefits. Avesta however is working hard to simplify the process for everyone. With government support, adoption should gain more traction in the coming years.

Retail

Small business owners can switch to digital coins as a means of payment for goods and services. This can be implemented as point of sale (PoS) transactions, only without the third parties (merchants), which means that a customer may opt to pay for an item or service rendered using cryptocurrency. Once the transaction is completed, the sale has been made.

A challenge to achieving this will be the need to have a very rapid transaction confirmation speed in the blockchain architecture. Fortunately, this is already possible with Avesta coin with transaction confirmations in 10 seconds or less.

Entrepreneurship

African entrepreneurs can leverage on high-level security, ease of payment and zero charges cryptocurrencies have on offer to save more funds to expand their businesses.

The millions of unbanked people across the continent can also benefit from the digital coin revolution with simply a device and an internet connection. This is a crucial factor in the overall goal of the campaign because this category of people have no bank accounts, live really far away from the banks, but still need money.

Importers from Nigeria, Kenya, South Africa and Tanzania can receive payments and buy goods from dealers in the U.S, Europe and China without having to pay exorbitant charges on merchant fees. The hope is that entrepreneurship can thrive better if African users are allowed to receive all payments in multiple currencies.

 

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