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What is Bitcoin & how has it evolved?

Picture: Pikist
Picture: Pikist

A high level in digital literacy has played a major role in turning South Africa into one of the most active cryptocurrency countries around the globe.

The adoption of alternative banking systems has led to what could only be described as an economic revolution in South Africa, only this time, it is a revolution that has nothing to do with traditional banking systems, perhaps signalling the beginning of an overhaul of previous approaches. Below, we explore how this revolution has come to be and how South Africa has become one of the biggest hubs for Bitcoin in the world today.

Digital Literacy

South Africa is regarded as a highly technological African country, which has been hailed with having the highest digital literacy rates in the continent. This has resulted in younger generations being both very comfortable using technology as well as being very open to new technologies.

So once Bitcoin, a peer-to-peer technology used to operate with no central authority or banks, became easily available in South Africa, locals were quick to embrace the new electronic cash system in high numbers.

More Choice

Bitcoin has also opened doors in South Africa to many services that were previously either unavailable or cumbersome to use. When dealing with traditional banks and using online casinos for example, there are often long wait times and restrictions based on your location.

Thanks to Bitcasino.io, South African players can now easily log in and begin playing their favourite casino games within a few minutes. While it may seem like a simple thing, it makes a huge difference to a younger tech-savy population when the services available match their technological skill levels, and is yet another sign of South Africa's continuing advancements.

Volatile Economy

The South African Rand is regarded as one of the most volatile major currencies in existence. As a result of this, many have grown frustrated with the unreliable nature when it comes to managing their finances.

Once it became apparent that Bitcoin could serve as an alternative currency, many South Africans were more than willing to give it a try. As soon as others saw the results and reviews, more and more people began turning to Bitcoin in order to feel more in control of their money.

Remittance Market

Both the internal and external remittance market in South Africa have been growing at a fast pace for a number of years, and with Bloomberg predicting that the remittance reach $2.3 billion by the year 2023, it looks set to be a trend that will continue for years to come.

With many South Africa's moving in both directions when it comes to rural and urban migration, and globalisation resulting in an influx of more and more workers from neighbouring countries, the remittance market is now a vital one throughout the country. South Africa is now a fantastic illustration of Bitcoin's ability to make sending and receiving money both a seamless and borderless process.

A Final Note

It is clear that the enthusiasm around technology and the socio-economic conditions created the conditions for individuals to embrace Bitcoin in South Africa. Once it was realised that using Bitcoin was much simpler and often cheaper than using traditional banking systems, it was only a matter of time before it started the digital currency revolution that is taking place today.

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