Africa may be behind in many aspects of the developing world, but the region is ahead in terms of rapid tech adoption and leapfrogging. The continent is considered as the second-largest mobile market in the world, where mobile money users outnumber traditional bank account holders.
Needless to say, Africa is ripe for mainstream adoption of cryptocurrency—particularly Bitcoin Cash (BCH).
In this episode of Bitcoin World, nChain CEO Jimmy Nguyen and Chief Scientist Dr. Craig Wright visited a marketplace in Rwanda to spread the message of Bitcoin BCH.
At the Kirimoko market, the two observed how in-person trading in countries like Rwanda are paving the way for a future where vendors and customers are spending Bitcoin BCH in the marketplace.
“[It’s] cheap and easy, not needing to pay all the fees that VISA, Mastercard and others have. Not needing to worry about reversal of transactions but being able to sell and just treat it as if it’s cash because Bitcoin Cash, of course, is cash,” Wright noted.
“This is part of why we need something like Bitcoin Cash,” Nguyen said. “I mean, if you look around, we’ve got lots of little tiny purchases, lots of little things.”
But before Bitcoin BCH reaches mainstream adoption, it first needs to get merchants on board. Africa, in particular, needs to adopt the cryptocurrency for a payment system. To achieve this, Wright has one word: tokenization.
“First of all we have to start looking at tokenization schemes,” he explained. “We have to look at building dome of the local currency and things like, either the Rwandan franc or U.S. dollar, basically into an exchange so that people can start trusting the underlying mechanism and then move more and more to Bitcoin as they see that it’s actually going to build value for them.”
In May, Bitcoin BCH underwent a network upgrade, which increased the block size to 32MB and also restored certain OP_Codes for advanced functionality. This enables developers to build complex projects on top of the Bitcoin Cash blockchain—and unleash capabilities that were once thought of as impossible. If you have Bitcoin Cash-based tokenization solution in mind, CoinGeek is running a £5-million contest for designs that will put tokenization on the BCH chain. The contest is still open, with an adjusted reward and terms, to enable other solutions to also be developed and released open source on the BCH platform. More information about the CoinGeek tokenization contest can be found here.
Interested in helping the growth of merchant adoption of Bitcoin BCH? Join the bComm Association, an industry group whose aim is to be the focal point for miners, merchants, exchanges, developers and members of the BCH community. Developers and merchants of the Bitcoin BCH community will also be on hand for the first CoinGeek Week happening in London in November.