Could Bitcoin Be The Solution For Remittances Back To Africa? I read this article and found it very interesting, kipochi bitcoin exchange it might be something for you.
The article is called Could Bitcoin Be The Solution For Remittances Back To Africa? The fact that Africa is rich in human resource is not deniable given the number of Africans who travel abroad to provide their skilled labor to Western industrialized nations. However most of the African Diasporas invest heavily back home, especially in real estate market as well as giving financial support to family members back home. Bitcoins comes favorable due to its decentralized peer-to-peer nature, like any other cryptocurrency it doesn’t have any government regulations and neither is it subject to government bureaucracy. A South African main bitcoin exchange service trading in bitcoin, litecoin and Rands. People eligible to use their services must be residents of South Africa and have an account with a local bank.
Operating in Kenya and has integrated its services with Mpesa. Kenya has other bitcoin companies apart from Kipochi that are currently in operation. However there are some reservations about bitcoins, despite the obvious benefits it offers compared to the conventional channels for remittances. It has the tendency of fluctuating in value quite immensely, but experts say that this should not be much of a concern especially for people who want to transact in bitcoins and not holding bitcoin: by only using it as a means of transferring money from abroad to Africa but not as a store of value.
Perhaps the biggest concern to consider when adapting bitcoins is the big risk involved by the virtue of the fact that it is not regulated and thus prone to foul play by stakeholders, as evidenced in the collapse of Mt. Kenyan citizen with a passion for writing for as long as I can remember. In my spare time, I like to blog and read up on trends that’s happening around the world. Innov8tiv is a dynamic Web source for technology news, resources and innovation, with a special focus on the entrepreneurial advances of Africans on the continent as well as in the Diaspora. M-Pesa is a mobile payments service that was launched in 2007 by Kenyan operator Safaricom and Vodafone.
3 of Kenya’s population use the service as a means to transfer small amounts of money to other people and merchants via their phone number. This form of payment is so popular due to ease of use. It runs on a SIM card feature within selected phones that uses an operator menu to perform transactions, which make the overall process simple and direct. There is also a complete network of agents that accept M-Pesa payments that are not actually connected to banks as a means to credit your account. Bitcoins have been around for a while now, and are defined as a cryptocurrency or digital currency used for peer to peer transactions online,independent of any central authority. They can be bought and sold for regular currency at a variety of exchanges available online and in person and are transferred between users using appropriate software.
This therefore allows users to settle international deals and transactions without having to deal with exchange rates and bank charges. Kenyans to utilize the power of Bitcoins. However, obtaining Bitcoins is a difficult process and often requires sending funds via wire transfer to virtual currency exchanges in order to purchase them. Bitcoin exchange then sends the Bitcoins to Kipochi. When the users account is credited with Bitcoins, they are sent an SMS with this notification.
Kipochi maps a user’s phone number to a 34-character Bitcoin address, which is essential for recieving the currency. Users on the Kipochi network are able to send Bitcoins between each other using just their phone number, allowing high ease of use. The only downside to this service with Kipochi is that M-Pesa only allows low value transactions, and therefore Kipochi deals with much smaller denominations of Bitcoins that may not appeal to large Bitcoin users. Up to this point, Kipochi has only been a web service, however developers are currently working on an operator menu within cellphones to further increase ease of use. Overall, the integration of Bitcoins into M-Pesa will allow many of Kenya’s international transfer customers to deal with transferring currency in and out of Kenya much easier than previously thought possible.