The zing of Decentralized economy has reached the Zimbabwe Citizens, with more and more people adopting the cryptocurrency, Bitcoin to access the vast cryptocurrency friendly international markets.
Golix, the Bitcoin exchange of Zimbabwe shared that, although, Zimbabwe as a Nation is currently going through serious liquidity issues, but the increasing interest and trading by the Citizens in bitcoins despite these issues of economy has resulted in the inflated trading price on Golix, currently Bitcoin is about 10000$,which ,by the way, is a dream come true for Bitcoin Holders worldwide.
Yeukai Kasangaya, a representative of Golix, revealed ,That the growing interest and involvement of the Zimbabwe citizens in cryptocurrencies inspired the renaming, of the popular “BitFinance” to “Golix” on the 1st of October this year.
Quoting,Golix CEO, Tawanda Kembo
“bitcoin will not be the only digital currency that succeeds,”
Yeukai Kasangaya reasserted that the company strong belief explaining the renaming of the exchange.
Sharing with the local media, Yeukai Kasangaya stated “the general trend shows an increase in interest in the bitcoin,” describing such as the
“normal upward-growth trajectory of most innovations.”
Although, with the ongoing financial crises brought about by cash shortages and hyperinflation disturbing Zimbabwe’s economy, Mrs. Kasangaya assures that since the majority of transactions on Golix occur electronically not much of trade has been affected, absolutely owing to the conveniences and freedom in Blockchain .
“It is not necessary to have cash to buy bitcoin. Most people just use the generally available electronic means. As such, the buying of bitcoin is not affected by the prevailing cash shortages… in the event that a seller wants cash for bitcoin, they will have to identify such a buyer with cash on their own and do a peer to peer trade.”
So Where Are The Zimbabwe Citizens Using Bitcoins?
Answering, Yeukai Kasangaya stated
“Some use it to pay for services provided outside the country, such as software. For example, a local software engineer developing an app can use bitcoin to pay for necessary software tools. Others use bitcoin to, say, import a car they can use to run a small business …. The good news with using bitcoin for such purposes is that no foreign currency leaves the country, unlike a situation where the same person was to ask their bank to do a telegraphic transfer… [Which] reduces the country’s pressure on nostro balances?”
Explaining The 9900$ Bitcoin Pricing
Mrs. Kasangaya said that
“there is currently more demand than supply of bitcoins… Interest in bitcoin has peaked as people cannot send money outside or pay for international transactions using formal banks. People have had to look for alternatives and bitcoin has been a useful solution which can be used to purchase goods on Amazon or to pay for vehicles from international suppliers and traders.”
More reasons to Thank the awareness of this absolute ease in economics bought about by the fabulous Blockchain Technology,
Here’s wishing Zimbabwe Economy a very speedy recovery .