Africa is the content with the highest number of peer-to-peer transactions in Bitcoin and other cryptocurrencies. That is why we are currently working on setting up a payment system via the lightning network . A major upgrade of Bitcoin, as it can only handle 7 transactions per second . Compared to 24,000 of the VISA network.
By using lightning, transactions are fast and very cheap. It can cost 25 million transactions per second at that 4 cents per transaction. Compared to the previously described costs charged by parties such as Western Union (10-20% per transaction in African countries), this is a relief for countries with little economic strength.
With little economic clout?
Of course, there are always risks associated with using VP Administration Email Lists blockchain technology. The base is very secure, because of the cryptographic encryption and decentralized way of working. This prevents hacking, DDOS attacks and the like. But when it comes to tokenization, it is important to monitor the entire process very carefully, because we now see, for example, how many scams are floating up in the tokenization of digital content and art (NFTs). Bitcoin’s volatility is of course also something that needs to be look at closely. Of course you don’t want the poor population to be unnecessarily affect by large price drops. That is why you can already see in El Salvador that extensive use is made of the Bitcoin system, but after the transaction has been perform, everything is immediately convert into fiat money: dollars.
A boost for countries
The plans of the Sango project in the Central African Republic are comprehensive. I think it’s very special to see a country that dangles at the bottom of all world rankings, so fully committed to the use of technology to further develop the country. If the tokenization of the commodities and implementation of Bitcoin as a payment system is successful, it could give a huge boost to the development of the country and set a precedent for other countries in the region.