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Where to Spend Your Bitcoins in Africa

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spend bitcoins in africa

Bitcoin and other cryptocurrencies have tremendous potential to bridge the gap when it comes to financial inclusion in the Africa continent. Already, bitcoin and blockchain technology are making it easier for previously unbanked people to transact and have access to services across national borders. This has led to an increase in the number of merchants accepting bitcoin payments. In this guide, you will find ten merchants that allow you to spend your bitcoins in Africa.

Mamamikes

Mamamikes is a Kenya-based retail and e-commerce platform. The company offers a wide array of products that include kitchen accessories, electronics, clothing, gift hampers, utility payments and so forth. The company has a number of payment options for East African customers in the diaspora, like Paypal, MasterCard, and Visa. Recently, the company also integrated bitcoin payments into their platform. Already, the company has begun to experience an encouraging number of users paying via bitcoin. Hopefully, this will lead to East African players in tourism, e-commerce, and remittances sectors to start adopting bitcoin in their businesses.

Ashworth Africa

Ashworth Africa is a South African tour company that creates travel itineraries for tourists, adventure seekers, and wildlife enthusiasts. Apart from South Africa, the company also operates in Namibia, Angola, Botswana, Rwanda, Kenya, Zambia, Uganda, and Tanzania. You can pay in bitcoins and start making your travel plans with the help of a travel specialist.

Bidorbuy

Bidorbuy is a South African online retailer, offering millions of products for sale across multiple categories. The company links up buyers and sellers to trade items through fixed price sales and online auctions. The platform now allows buyers to make payments in bitcoins. If you are interested in a product, but the seller is yet to activate the bitcoin payment option, you can message them and request them to enable it.

Minku

Minku is an online boutique and accessories startup based in Lagos, Nigeria. The founder, Kunmi Otitoju, designs fashionable quality bags from local materials and sells them to clients in over 16 different countries. She came to identify bitcoin as having the potential to significantly scale up her business to a fully fledged international online shop. By accepting bitcoin payments her customers can enjoy low fees and quick transactions. As she constantly travels across Europe marketing her products, she says, bitcoin has made it easy for her to receive payments on her laptop or smartphone.

Cape Coffee beans

Cape coffee beans is an online store meant for coffee fans. A customer can order freshly roasted coffee beans from any of artisanal roaster in South Africa. In addition, you can also order a coffee grinder among other items, all at affordable prices. The platform accepts payments in bitcoin and deliveries can be made to any part of the country.

Landmark PC

Landmark Computers is an online store established in 2007 that offers custom-built overclocked computers to high-end gamers in South Africa. Their primary focus is on premium PC hardware. They have monthly offers across their product range and can deliver them to any part of the country. Customers can pay using bitcoin or via conventional payment channels.

Silver Banana

Silver Banana is an online store that specializes in low-cost printing, branding, and customization solutions. Located in Cape Town they have begun accepting bitcoin for online orders and deliveries countrywide. They also cater to the for conventions, conferences, campaigns by offering the full spectrum of name tags, badges, banners, etc.

SafariWithUs

SafariWithUs is an accredited tour company that sets up dream vacations and accommodations for wildlife, adventure, and ethical safari tours. You can pay in bitcoins by using the PayFast option. The South African company also organizes safari’s in Tanzania and Mozambique.

Sapphire Logistics

Sapphire‘s corporate website showcases the essence of the company’s logistics, products and specialized services they offer to a host of multinational companies in Africa. They handle elements of procurement, product design. raw material specification, distribution, warehousing, website ordering and e-catalogue communication. Clients can pay via bitcoins for any of their services.

Nevada Furniture

Nevada Furniture deals in brand new Ikea products that are imported directly to South Africa. When it comes to furnishing your home Nevada offers cheap, secure and efficient solutions. You can browse their wide collection of products online which include beds, cabinets, space saving drawers, accessories and even office furniture. Their partnership with PayFast enables you to buy any of their products via bitcoin.

If you receive payments in bitcoin, purchasing goods and services at the above-mentioned retailers using bitcoin and ordering them straight to your doorstep might be just what you are looking for.

Bitcoin

Almost a Quarter of High-Tech Consumers in South Africa Now Own Cryptocurrency

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High-Tech Consumers in South Africa

A new study titled “Digital Lifestyle Measure report” conducted by MBIT found that 23 percent of high-tech consumers in South Africa own at least one cryptocurrency, with bitcoin being the most common holding. 

New Report Shows High-Tech Consumers Hold Crypto

In the”Digital Lifestyle Measure report” report, each level of tech consumer (high, medium, and low) was grouped according to DM segmentation. A high-tech consumer is identified and tagged as a “DLM5 consumer”, and for the low-tech consumers, a “DLM1 consumer” was used. 

To place each of the participants in the right groups, the survey made use of a question and answer (Q&A) method. Each person was categorised according to how well they were able to answer the provided questions. The questions mostly focused on their private digital lifestyle and technological gadgets they own and can operate well.

The result of this survey shows that only six percent of the low-tech consumers (DLM 1) own crypto, while 23 percent of high tech consumers own cryptocurrencies. The remaining percentage was then shared in the order: DLM 2: seven percent, DLM 3: twelve percent, and DLM 4: eight percent.

cryptoThe report also stated that of the DML5 population, about 42 perfect of them are of the notion that cryptocurrencies are here to stay. Same goes for 30 percent of the DLM 4 consumers group.

Conversely, 41 percent of the low-tech consumers (DLM1 consumers) did not know what cryptocurrencies are all about, according to IOL

From the DLM 3 consumer group, about 34 percent of them cannot say what the future looks like for cryptocurrencies but 26 percent of them claimed cryptocurrencies to be the “future of financial transacting.”

The report has further shown that high tech consumers who are continually paying for something electronically, are more likely to buy crypto in the long run.

Based on the google trends data, South Africa currently has the highest levels of interest in bitcoin across the world. Hence, it should come as no surprise that tech-savvy South Africans are the ones investing in digital currencies and tokens. 

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Ecobank Report: Most African Regulators Are Taking a “Wait and See” Approach to Cryptocurrency Regulation

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African Regulators

While there has been a substantial increase in the adoption of cryptocurrencies in Africa compared to three years ago, there has been minimal effort from African countries to try and regulate cryptocurrencies despite their increased use in various African nations according to a new report by Ecobank.

Ecobank tracked “the current state of cryptocurrency regulation in all markets in Sub-Saharan Africa” through the regulatory responses that have been issued by central banks or financial regulators. In the report, the pan-African bank found that most African regulators are taking a “wait and see” approach when it comes to cryptocurrency regulation.

The report stated: “Many African governments and regulators recognise both the risks and the potential positive impacts of cryptocurrencies, and some also appreciate the difference between cryptocurrencies and the underlying blockchain technology. But they have been reticent in authorising cryptocurrency transactions, and mostly remain apprehensive about the potential risks. African countries appear to be looking to their neighbours to regulate and innovate first, and learn from their mistakes, rather than being the first mover.”

The reported noted that the main reason why African governments were being skeptical about licensing the use of cryptocurrencies was their citizens getting overexposed to cryptocurrency investments and there being a future crash that would cause a ripple effect in the broader economy.

African Regulators’ Stance

African RegulatorsOut of the 39 jurisdictions surveyed, more than 21 countries in the region are yet to make a public declaration on the use of cryptocurrencies.

So far, there have been three countries that have taken a stance on cryptocurrency. Namibia tops the list having banned the commercial use of digital currencies. However, South Africa and Swaziland are the only two countries in Sub-Saharan Africa that have adopted “a generally favourable and permissive stance, but without full legality”.

The remaining countries fall somewhere in between and “refuse” to directly regulate cryptocurrencies claiming that bitcoin and other digital currencies “operate in the grey area between legality and illegality” and have issued warnings to their citizens and investors against using or investing in them. The bank also noted that conversations regarding the speculative nature and instability of cryptocurrency prices have overshadowed their benefits and the potential they bring.

The bank went ahead to note: “Unfortunately, the spectacular rise and fall in the traded value of cryptocurrencies has drowned out broader discussion on the potential benefits this new technology could bring. The transformational impact that could be delivered by tokenising products and services on the blockchain has been compared to that of the Internet. Crypto tokens and currencies could enable consumers to transact instantly, cross-border and for free, provide them with KYC-compliant digital IDs, and incentivise their behaviour and change the way they engage with governments & service providers.”

Ecobank will continue to track cryptocurrency regulation in Sub-Saharan Africa and provide regular updates that will reflect the regulation progress in the African nations.

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Paxful Continues #BuiltWithBitcoin Charitable Initiative in Africa with the Construction of a Second School

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#BuiltWithBitcoin

Peer-to-peer bitcoin exchange Paxful announced the newest chapter in its #BuiltWithBitcoin charitable initiative: the construction of a school in Rwanda – for students aged six to fifteen – in the Nyamata Sector of Rwanda’s Bugesera District. This will be the second bitcoin-funded school that Paxful has raised funds for.

bitcoinContinuing its partnership with NGO Zam Zam Water, Paxful has kickstarted the project with a $20,000 donation. The total construction cost of the school is estimated to be $100,000. The remaining balance, Paxful hopes, will be raised through its fundraising campaign.

Donations can be made via Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dash.  Paxful will match all community donations until the $100,000 goal is met.

“The #BuiltWithBitcoin initiative is a testament to the power of cryptocurrency,” said Ray Youssef, CEO of Paxful. He added:

“We firmly believe that it can improve lives and make the world a better place.”

The planned school is expected to be almost twice the size of the first bitcoin-funded school and will serve up to 300 primary school students upon completion. Furthermore, the school will include a cafeteria, a 35,000-liter potable water well, solar panels for sustainability, and many other resources for the education and enjoyment of students, staff, and faculty, according to a company press release.

“Education is a crucial tool for helping those in developing nations increase their standard of living, so we are very pleased to partner with Paxful to serve these bright young students,” said Yusuf A. Nessary, founder and president of Zam Zam Water. He added:

“This is only a small glimpse into what we can and will continue to do with the power of cryptocurrency.”

Paxful began the #BuiltwithBitcoin initiative in 2017 to promote philanthropy and charity within the cryptocurrency industry. The company plans to construct 100 African schools, as well as donate money for wells and other projects.

To contribute to #BuiltwithBitcoin, send all donations to Zam Zam Water:

BTC (Bitcoin): 3Q5CESP85hhXTLSy2HDbSyNchb5Bi8D7ku
BCH (Bitcoin Cash): 15YGniLxo77kfMUWGoRNT6ShUQC93MvaXg

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