It took a white man, CEO of Twitter Jack Dorsey, to point out one of the most powerful, yet underrated stories coming out of Africa, when he said “ Africa will define the future of Bitcoin.”
I am here to tell you that story.
After years of poor governance and corruption, time has now caught up with Africa’s states. They are unable to generate enough job opportunities for the millions of digital native Africans that spend 6 hours everyday glued to their whatsapp, tik toks, selfies and hyper localized memes.
Half of their time is spent on smartphones and the other half out in the real world looking for any way to make a dollar. It is hard out here. No jobs. That’s all that matters.
In the midst of the digital economy that is taking root in Africa, Bitcoin , a rare, radical, anti-central bank digital asset has found its way into the hands of thousands of young Sub Saharan African digital native, like Osiri.
Osiri and her peers are embracing some of Bitcoin’s most controversial features and virtues of privacy and decentralization, to stick it to the man and turn it into fortunes.
Despite multiple warnings by African Central banks, and an embargo by banks and Mpesa imposing sanctions on Bitcoin & cryptocurrency exchange services, informal networks of virtual currency dealer in Kenya, Ghana, Nigeria and South Africa continue servings millions of dollars worth of demand, in ways that resemble the trading ways of their ancestors.
In the decentralized digital economy, trade of Bitcoin flows free, unhindered.
But while the rise of this decentralized digital economy is creating opportunities for the bulging youth populations of Africa’s economies, it is running up against the old power structures that will go to great lengths to maintain the status quo.
This is part 1 of a 2 part series on how bitcoin is solving one of Africa’s biggest problems.