What Is A Bitcoin? Remittance And Africa

satoshi point bitcoin machine

Some Facts The Digital Currency

  • Bitcoin is a form of digital currency, created and held electronically. No one controls it. It can be sent around the world instantly at a low cost.
  • Bitcoins aren't printed, like dollars or euros – they're produced by lots of people running computers all around the world, using software that solves mathematical problems.
  • Bitcoin has become a hot commodity among speculators. A major issue with Bitcoin is its volatility.
  • Its value -- like many real-world currencies -- is determined by how much people are willing to use it. Consequently, its worth goes up and down.
  • The system is peer-to-peer; users can transact directly without needing an intermediary. So "bitcoins can be used for online transactions between individuals"
  • Bitcoins encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
  • Bitcoin is an online payment system, published in 2008 and introduced as open-source software in 2009.

Who created Bitcoin? Who controls the Bitcoin network? How does Bitcoin work? Is Bitcoin really used by people? How does one acquire bitcoins? Check out the videos for some answers

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Bitcoin Address

See https://www.bitaddress.org/ to get a key with a Bitcoin Wallet Generator Will Bitcoin change the way people send money to Africa? See the report from CNN

Africa And Money Transfer

Bitcoin can greatly alter the remittances industry, since at present transferring cash via a bank or a Money Transfer Operator (MTOs) like Western Union or MoneyGram can be costly. On average, these companies charge customers a fee of 12% to send money to Africa. Nobody takes a cut from the transaction. This means the costs of transferring money can be cheaper, and could attract customers looking to send money from places like the UK and the U.S. to family and friends in Africa.

Who is in the mix on the African continent?

Beam is a service in Ghana that converts Bitcoin sent from abroad into the local currency, cedi. Since launching, it has attracted users who pay a 3% fee on each transaction. Which is cheaper than the average 12% costs associated with traditional transfer services. See also Bitpesa and compare. You can pay friends, relatives, or businesses in Kenya. It goes straight to their mobile phone! Then there is Azte.co they use a voucher service and charge you a commission for the convenience. Xoin is all about redeeming your Azteco Bitcoin Voucher involving QR codes on vouchers, which you scan with your smartphone. The face value of a bitcoin prepaid voucher can be redeemed at anytime at the real-time exchange rate.

Others

UK Money Transfer Service Extends ‘Instant Cash’ To West Africa - See more at: Azimo https://www.mamamoney.co.za/ Mama Money is a social business for remittances. Using the internet and cell phone technology to money transfer https://remit.ug/ Send money to Uganda, straight to mobile phone. Fast, Convenient, Secure, Affordable

Notes

MoneyGram has agents in 25,000 locations across Africa, and Western Union has 32,000 registered locations across the continent.

Block chain

The block chain is a public ledger, that records bitcoin transactions and is the most important part of the bitcoin system. Other terms that you need to know are Mining (a record-keeping service) and wallets which stores the information necessary to transact bitcoins by the use of public-key cryptography, in which two cryptographic keys, one public and one private, are generated. At its most basic, a wallet is a collection of these keys.