People all across Africa are turning to Bitcoin with the promise of a far better future, compared to what their own countries offer them.
During December of 2017 Bitcoin and other cryptocurrencies saw a massive surge with new investors, with many exchanges having to suspend registrations and while a lot of people joined with the hopes of making quick millions, for many families living across Africa, the only hope they wanted from crypto was to give them enough to live.
Richard M. Bagorogo, a crypto enthusiast and lecturer who lives in the Ugandan capital of Kampala has said that what he has earned in 18 months from Bitcoin, is far more than what he could make in 10 years on his normal salary and now lives off of Bitcoin because as he “stated getting a job in this country is not easy”.
Richard has been involved in many small community gatherings where they come together and preach about what they call “the Gospel of Bitcoin” and share their own stories, hoping to help other people get out of a financial hardship but as Mr Bagorogo stated, “it does not always go smoothly as many Africans know very little about what Bitcoin is. When I tried to bring my cousins on board, they called my father in the village and said your son has gone mad but after I sit with them and show them how I get and withdraw my money, once they see how easy it is, they also want Bitcoin.”
Mr Bagorogo has been heavily encouraging everyone he meets to invest in multiple global mining pools, as for those who do not have the means to afford large amounts of cryptocurrency, the pools offer a better return on investment.
The central bank in Uganda has warned the countries citizens in an open statement “investing in Bitcoin and other digital currencies are taking a risk in the financial space where there is neither investor protection nor regulatory purview.” For Richard M. Bagorogo and the communities that preach “the Gospel of Bitcoin” where the average income is less than $100 USD per year, this message is falling on deaf ears. For they strongly believe the government has failed them and that it is up to them to better their own lives.
Stories like this rarely hit mainstream media and with the constant barrage of FUD that gets launched at the crypto market, sometimes it’s easy to lose sight of what’s really important. So no matter how many times you hear something terrible about the market just remember, without crypto these families across Africa wouldn’t have the opportunity to have a life that most of us take for granted every day.