More than just a virtual currency, Bitcoin is a versatile asset that can adopt several different functions. In some countries where banks exercise total hegemony over the financial system, Bitcoin comes to the relief of the many entrepreneurs who wish to freely enjoy the financial prosperity of the internet. In one of his tweets, the Nigerian Bernard Parah has shown in detail how this cryptocurrency has been useful in dealing with a number of monetary difficulties.
A monetary system under the control of financial institutions
In a tweet posted a few days ago, the Nigerian Bernard Parah CEO of Bitnob, said he sees Bitcoin in a different light than an American. The CEO of Bitnob listed some monetary difficulties faced by an entrepreneur or investor who does not live in the United States.
Parah for example showed that it was difficult for a user living in Africa to spend more than 100 $ on international sites by using your bank card. Different currency controls prevent many people from spending their money the way they want. Africans living abroad cannot send money to loved ones without having to pay “ridiculous” mailing costs. Sometimes it’s urgent funds that never reach their destination.
While he must be able to cross borders freely, money circulating in these countries is often compartmentalized by financial instructions. It may take several hours just for sending a wire transfer from one country to another. Money transfers are more and more complicated and must depend entirely on the opening hours of banks.
A virtual currency that becomes a symbol of freedom
Beyond these different difficulties, how Bitcoin works does not depend on bank opening hours or country borders. Parah noted that financial institutions have some control over the money they have in stock. The CEO of Bitnob thus emphasizes the fact that the problem of storing local currency in certain countries can be a real source of inflation. For the Nigerian businessman, the bank can block a user’s accounts at any time because the user has made a donation that the institution may not approve of.
To overcome these various problems, Parah sees the development of the internet and online currencies as the best option. For him, it is a ideal way to become a “citizen of the world” and to benefit from the many business opportunities on the internet. The CEO of Bitnob asserts that Bitcoin is much more than just “magic money”. For African users like him, Bitcoin represents a symbol of freedom and a guarantee of prosperity.
Cryptocurrency is an ideal way for African entrepreneurs to participate in trade around the world without necessarily having to open a bank account. More than ever, the internet is making a difference in the lives of many people. Entrepreneurs from different parts of the world can now benefit from a currency whose influence extends beyond land borders.
The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.