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Bitcoin is Growing in Zimbabwe

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The bitcoin community in Zimbabwe is growing fast. Although the cryptocurrency is still little known in the country, local users are slowly succeeding at actively evangelising bitcoin.

Experienced Zimbabwean bitcoin users are holding weekly public seminars in the country’s capital Harare to promote bitcoin and its benefits. Many locals who show up are confident about becoming part of the bitcoin community and are curious about the new alternative currency. This has been a significant boost to the growth of bitcoin in the South African country.

Speaking to the Standard Business Newspaper after a weekend seminar in May, Silver Kusedyo was happy to have finally found an impressive way to invest. After learning about bitcoin mining from a friend, the exporter and professional accountant decided to attend the seminar.

I have been studying bitcoin for two months and was fascinated by how it kept on rising. Then I decided to come and learn more about it,” he said.

Although Kusedyo has always used currency converter sites during his exporting experience, it was not until during the seminar that he learned that bitcoin, too, was on the charts. He now looks forward to investing in bitcoin. 

Bitcoin is useful for trade

Sekai Svinurai, a bitcoin user from Mutare, explains how Zimbabweans can use the digital currency. She says bitcoin can be used to conduct trade on the internet. “One can get a debit card for transactions, sell them on websites and get cash through different services.

When explaining to newbies, she explains that it is simple to understand, and only requires some attention. “It is just like having your bank and your pin code,” she adds.

Bitcoin better than the capsizing Zimbabwean Bond Notes

Zimbabwe’s new currency, the bond note, which is meant to replace the existing US dollars in the country’s financial system, is causing fears of renewed hyperinflation. Since the demise of the Zimbabwean dollar, the country has relied primarily on the US dollar next to other currencies such as the British pound, the South African rand and even the Japanese yen for its economy to function. 

Somewhat unsurprisingly, therefore, many bitcoin enthusiasts have now urged the government to embrace digital currency so as to beat the inflation. The country’s Central Bank governor John Mangudya, however, admits he fears sudden globalisation of the economy and possible cybercrime if the state officially adopted cryptocurrency.

Meanwhile, bitcoin platforms are already operating in Zimbabwe. BitcoinFundi and BitMari are the country’s two leading bitcoin operations spearheading the local bitcoin community. 

Zimbabwe will be an interesting case study for the use of bitcoin in an economically challenged region that is in dire need of a new monetary system that actually works.

Tags : bitcoinzimbabwe
Kinyua Njeri

The author Kinyua Njeri

Kinyua is a Kenyan freelance writer who focuses on technology. Kinyua’s motto is ‘Research deeply, Test thoroughly, and Write simply’. His work has appeared on Cyberogism, SpyAdvice.com, and in The Nairobi Times.