Crypto as everyday payment.
Although not recognized as a legal form of money, cryptocurrency is growing in popularity in Ghana. The advantages that cryptocurrency provides in facilitating convenience and creativity are also being realized by many individuals and businesses nationwide.
The country’s willingness to embrace the global financial revolution is evident in the shops that accept Bitcoin, the service providers that enable cryptocurrency transactions, and the widespread interest in blockchain technology. However, there remains unrealized potential that might be unlocked through cryptocurrency becoming embedded in the everyday financial systems people use.
For example, imagine a scenario whereby Ghanaian banks hold Bitcoin in trust and offer services similar to mobile money. Once this interface goes live, Ghanaians will be able to instantly transfer, receive, and withdraw cryptocurrencies at local service providers. Making crypto transactions as easy as possible utilising current infrastructures can be a game changer.
This removes logistical hurdles, paving the way for more widespread use of the cryptocurrency by enabling the withdrawal of fiat money at the service agent or seller. This method can help in avoiding many of the challenges that come with traditional banking. Some of these challenges are long queue times, excessive charges, and limited coverage in rural areas.
Lastly, to facilitate the general adoption of cryptocurrency, the withdrawal process needs to be simple and widely available. Ghana could position itself as a leader in Africa’s crypto economy by allowing users to exchange their digital assets for cash on demand. This change, which would link the digital innovation we see with real-world conveniences, would allow users to perform transactions anywhere and anytime.
Widespread adoption by banks and merchants would not only make life easier for Ghanaians but would also serve as a model for the rest of Africa, demonstrating to the continent that decentralised finance has a role to play alongside traditional finance in empowering people and stimulating progress.
It is time to act now. The way forward to attaining our level of financial independence that takes steps towards a better economic future may lie in natively integrating bitcoin in day-to-day transactions to ensure its accessibility.
I dream of the day when cryptos can be seen as a form of payment as natural as cash. Here in Brazil things are complicated and our Real (R$) money is losing more purchasing power every day, so cryptos, for example here at Hive, would be good if you could use them directly, like a card or a transfer. It's still a long way to go, but we can't give up trying to spread the word.
Crypto is doing well in Ghana. But l hope to see it will be officially accepted a a legal tender just as in Elsalvador. Thanks for sharing your thoughts too @shiftrox
El savador is an example to follow, I hope one day we can reach this level! Cheers.
hopefully!
Hello @shiftrox
You are right, I believe in accepting cryptocurrencies everywhere. I like this very much.
A world we strive to reach one day, isn't it? I know we'll make it, but it will take time I suppose.
Hello @shiftrox
It will take time but friend, success always demands time.
I totally agree with you, I'm sure this day will come, many places will accept crypto and preferably hive. 😍
Done ✅
Stay connected!!
It is the right way to go.
Thank you so much for your valuable words for me !!
Stay connected !1
Hello @mcsamm
I read your post, if cryptocurrency happens as you are thinking, then every other person can give it to him, this will increase its business and the digital world will progress, what else do we need. Your suggestion is correct.
I have seen that Dhana, the way you are working is of the next level because I have seen many of your posts till now in which you are leaving no stone unturned in Dhana's progress. I liked this idea of yours very much.
Will stay connected.
Thank you.
I appreciate your presence today buddy.
If crypto becomes generally accepted, it will make more waves than it has already made.
Hive will be powerful.