Business 20 July 2018

Dennis Wafula

Crypto in Africa: Companies make room as more Africans eye crypto investments

South Africa has been a frontrunner in the cryptocurrency industry in Africa. Since the beginning of 2018, the country’s cryptocurrency market has seen a notable growth with more people joining each day.  There has been an increase in the number of cryptocurrency exchanges and startups, and paying with digital currencies has become the norm among a growing number of merchants in South Africa.

BitFund launches operations in South Africa

South Africans have another cryptocurrency exchange to trade in. BitFund officially launched in the country last week, enabling South Africans to start trading over 20 largest digital currencies around the world.

Many people will be able to access different coins from other parts of the world using the new exchange. Currently, South Africa hosts most of the exchanges in the continent.

As an exchange, BitFund boasts of having a secure platform that is less vulnerable to hacks. It stores client’s coins in hardware digital wallets stored in a physical vault. Its platform is also very easy to use even for someone with little knowledge of the crypto trade.

BitFund charges an annual management fee of 2.4% and a 1% exit fee on a minimum investment amount of R1,000. All the fees are as declared with no further hidden costs, according to the exchange.

According to co-founder Jonathon Ferrer, investors in the country with little or no cryptocurrency knowledge will be able to invest in digital currency and easily track their investments on the BitFund platform.

Africans eyes investing in cryptocurrencies

Cryptocurrencies have transformed many lives all around the world. People that first invested in the cryptocurrency market have reaped huge profits in the last two years. In Africa, both the young and old involved in this technology have enjoyed great fruits.

According to reports on a recently released survey, the 2018 Savings and Investment Monitor, 38% of the people in South Africa who had previously heard about cryptocurrency wish they had invested in the technology.

People in the continent, especially South Africa, are becoming more aware of cryptocurrencies. According to the Mybroadband 2018 Cryptocurrency Survey, about 50% of the people living in South Africa that do not own crypto are planning to invest in them in the coming future. Although some feel that they are late in the game, they remain optimistic that investing in cryptocurrency will be a worthwhile investment. Still, 43% of the people surveyed think cryptocurrencies as a pyramid scheme that will end with many losing their hard-earned money.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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