How bitcoin met the real world in Africa

Four months ago, Abolaji Odunjo made a fundamental change to his business selling mobile phones in a bustling street market in Lagos: He started paying his suppliers in bitcoin.

"You don't have to pay charges, you don't have to buy dollars," the 30-year-old said, raising his voice above the sound of loud haggling and the honking horns of scooters. Why a boom in Africa? Young, tech-savvy populations that have adapted quickly to bitcoin; weaker local currencies that make it harder to get dollars, the de facto currency of global trade; and complex bureaucracy that complicates money transfers.

Crypto transfers soar in Africa https://graphics.reuters.com/CRYPTO-CURRENCIES/AFRICA/xklpynddbvg/chart.pngA steady stream of customers comes and goes from Odunjo's shop, one of a dozen units along a dark corridor in an indoor section of the market known as Computer Village. Gauging how cryptocurrencies are used in particular locations is tough, though. Digital coins offer a high degree of anonymity, and though the value of transactions can be tracked on the blockchain, the identity or whereabouts of a user cannot.

Sylvester Kalu, who runs a clothing starch maker in Uyo, eastern Nigeria, uses bitcoin to buy supplies from Istanbul and Shenzhen.

Source: News Formal (newsformal.com)

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Football: Underpowered France face Croatia in World Cup final rematchA little over two years after the World Cup final in Moscow, France and Croatia meet again, this time under very different circumstances, in the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Everton sign Real Madrid midfielder Rodriguez on two-year dealEverton have signed Colombia midfielder James Rodriguez from La Liga champions Real Madrid on a two-year contract, the Premier League club said on ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Ikea's shopping centres arm buys San Francisco mall in its first US real estate deal[STOCKHOLM] Ikea's shopping centres business has made its first US real estate acquisition, buying the 6X6 mall in San Francisco, after telling Reuters in May it was engaged in several negotiations for inner-city acquisitions in the United States. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Football: Everton sign Real Madrid midfielder Rodriguez on two-year dealEverton have signed Colombia midfielder James Rodriguez from La Liga champions Real Madrid on a two-year contract, the Premier League club said on ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Robinhoods of the art world lure scores of investors in pandemic[NEW YORK] New offerings kept coming over the summer: Banksy, George Condo, Zao Wou-Ki. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Sunken German World War Two warship found off NorwayThe wreckage of a major German warship has been discovered off the coast of Norway some 80 years after it was sunk in a World War Two battle, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »