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5 Things You Can Do With Bitcoin In Africa You Probably Didn’t Know About

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Bitcoin has many benefits for African users, such as lowering personal remittance cost and accepting secure payments for products and services offered online. Having said that, there are much more ways Africans can benefit from using bitcoin. In this article, you will be introduced to five things you can do with bitcoin in Africa that you probably didn’t know about.

GET A LOAN THROUGH BITBOND

Bitbond is a global peer to peer lending platform where lenders can invest in peer-to-peer loans and, alternatively, borrowers can apply for an affordable small business loan. In Africa, it can often be very difficult to receive a small business loan from banks or microfinance institutions. That is where Bitbond can step in and help with their bitcoin-based small business loans that anyone in the world can apply for.

By using bitcoin as a payment network, everybody who has access to the Internet can participate in this global loan market. In order to get a small business loan, you simply start by registering on their platform and confirm your email. You then file an application, after which you can get a loan up to your maximum debt capacity provided you find enough investors for it on the platform.

TOP UP AIRTIME USING BITREFILL

BitRefill allows users to add prepaid mobile minutes to their phones using their web-based platform.  The only thing that users need to do is put in their mobile numbers, select the amount of credit and pay through bitcoin. Users don’t need to travel long distances to purchase credit as they can top-up their phones directly online.

Once the users have keyed in their numbers and credit amount, Bitrefill generates a wallet address with the number of bitcoins that you should send. Bitrefill’s servers pay the operator once the bitcoin network confirms the transactions. The user then gets the credit added to their phone almost instantly.

GET PAID FOR CREATING CONTENT

SteemIt is a social media platform where African contributors can get paid to post content online, which is supported by blockchain technology. It uses Steem which is a new currency that rewards users who upload articles and blogs and at the same time making payments to people for sourcing content.  If one wants to get a better reward, then they need to upvote a post that will gain popularity early enough. Steem power, a vesting currency is what is used to pay users.  This currency can then be exchanged for bitcoin or USD on major bitcoin exchanges.

INVESTING

Do you believe that bitcoin will gain widespread adoption globally and therefore rise substantially in value? If so, you might be interested in investing in bitcoin. There are many exchanges where you can buy bitcoins and hold them until the value has reached a level where you feel comfortable to sell. In fact, many bitcoiners hold the majority of their bitcoins as a long-term investment, as opposed to using it as a daily spending currency.

GAMBLE ONLINE USING BITCOIN IN AFRICA

If you love to gamble online, you can also do so using bitcoin. There are numerous bitcoin online casinos that offer you the opportunity to play your favorite casino games from the comfort of your own home and without your bank knowing what you are spending your money on.

One of the best sites to gamble on is Crypto Games as it is easy to use and offers a range of popular casino games. Other bitcoin casinos with good reviews include StarcoinmBitcasino, and Bitstarz.

 

Alex Lielacher

The author Alex Lielacher

Alex is the founder and editor-in-chief at BitcoinAfrica.io. He is a location independent entrepreneur, currently traversing the African continent while working on various tech-related business ventures. He has been following bitcoin since 2011 and has written for Bitcoin Magazine, BTC Manager and CryptoCoinNews.