Zimbabwean Traders Use Bitcoin to Conduct International Trades
Oct 31, 2017 Posted / 1795 Views
With a questionable political future and a nasty economic situation in the country Zimbabwean turns to Bitcoin as a possible relieve. People in zimbabwe are adopting Bitcoin to gain access to international markets with some people using Bitcoin to buy commodities from different countries across the world. Others sell their commodities at international markets and get payment via Bitcoin. From being used by an app developer to buy necessary software tools from online stores to being used by a consumer to import assorted commodities from abroad, Bitcoin as gained a high usage level in Zimbabwe. Bitcoin could be the saviour of Zimbabwe a country struct with low foreign exchange in circulation. Using Bitcoin means no foreign bill leaves the country thus maintaining the limited amount of foreign exchange inside the Zimbabwean border.
The an increase in demand of Bitcoin is being observed in zimbabwe with more people wanting to buy the cryptocurrency than to sell it. Due to the bad economic situation coupled with the looming hyperinflation in Zimbabwe most people do not deal with banks anylonger and Bitcoin comes handy as a solution for the problems in the Country. According to Yeuki Kusangaya, a representative of Golix a Bitcoin exchange platform in Zimbabwe, the growing increase in Bitcoin demand in zimbabwe is a normal growth trajectory for a new technology the company had expected. Zimbabwe is hit with cash shortages in the economy but mr. Yeuki says it's no longer necessary to buy Bitcoin with cash as electronic money transfer methods can be easily used.
Due to very high demand of Bitcoin in the country surpassing its supplies the price of Bitcoin in the country rose by over 40 percent from the normal market value of Bitcoin. Selling at $10,000 per Bitcoin, the country has one of the most Bitcoin to USD exchange rate. With no sign of a nearby improvement in the economic condition in the economy Zimbabwe is expected to continue paying more dollars for Bitcoin that it is in any other part of the world. On the abnormal Bitcoin price in Zimbabwe a Bitcoin User in the country recently commented to an online Bitcoin discussion forum saying;
“Seems to me the apparent price difference is more a reflection of incorrect exchange rates. Once you get down to real currency exchange, the rate will be different and more in line with the Bitcoin price.”
Whether is a tendency brought because of monopoly in the Bitcoin exchange Business in Zimbabwe or manipulation of Bitcoin exchange rates, the real political and financial problems in the country still remains a major point of blame.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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