In Ghana, bitcoin is currently a comparatively unfamiliar currency. The digital currency world is new to most people who only use the internet for emails and browsing.
However, bitcoin aims to change all this by making it easy for online payments to happen seamlessly without using credit cards, debit cards, or any other form of identification (which can easily be stolen). To efficiently trade Bitcoin, one must visit the most recommended trading platform online like https://bitiq.org/
Eight ways that can help popular Bitcoin in Ghana
1. Increase bitcoin trading
The number of Bitcoin traders in Ghana is still deficient, especially compared to other countries worldwide. However, the trading volume of bitcoins on its blockchain wallet has significantly increased in recent years.
2. More Ghanaians are using Bitcoin for remittance
Some people have embraced the use of bitcoins as a form of remittance. For example, one notable Ghanaian YouTuber, CryptoGhana, has received over 2,000 dollars worth of transactions from 18 countries worldwide through Bitcoin’s blockchain wallet.
Remittances sent to Ghana through other means can take an average of 2-3 days. This means that sending money through blockchain is faster and highly efficient.
3. Digital currency awareness on the rise
The internet has become a significant form of information dissemination across Ghana and worldwide. People have been able to educate themselves about bitcoins from sources such as CryptoGhana’s Youtube channel, Facebook groups, Twitter, etc. The more Ghanaians are educated about bitcoins, the more they will adopt them into their daily lives.
4. Use of cryptocurrency apps
Many people who have heard of Bitcoin still do not understand how to use it or its use. To help solve this problem, the Google play store has several cryptocurrency apps that make buying and selling bitcoins easy. This has been a significant help in making digital currency accessible to many people worldwide.
5. Digital currency exchange
Ghana’s lack of credible digital currency exchanges or ATMs is the last barrier to mainstream Bitcoin adoption. As a result, people are forced to use digital currency exchanges outside the country because trading platforms in Ghana can sometimes be unreliable and have strict restrictions on who they allow to sign up for their service.
6. Appealing user experience
The current user interface of Bitcoin’s blockchain wallet is not very user-friendly. In addition, it lacks features that make it easy for friends and family to send digital currency to one another.
7. Lack of merchant acceptance
The biggest challenge that affects all forms of alternative currency is merchant acceptance. Unfortunately, most businesses are unwilling to recognize the benefits of bitcoins or cryptocurrencies in general, which can be attributed to a lack of understanding, lack of trust, or simply ignorance of how cryptocurrency works.
8. Capital gains tax withholding on digital currency trading profits
There is a 20% capital gains tax threshold for all income generated from buying and selling digital currencies such as Bitcoin in Ghana. However, it must be understood that the government has not issued any form of regulation concerning this, so it is mainly left to individual discretion.
Many people want to invest in digital currencies because prices are constantly rising, and they can become more valuable than any other form of money used today.
Why is the growth of Bitcoin essential for Ghana?
Six reasons why Bitcoin can be necessary for the Ghanaian economy are:
1. Economic boost through remittances
Ghana’s reliance on foreign money sent home by its citizens working abroad negatively impacts its economy. In addition, the dollarization of the domestic economy has crippled monetary policy, which has made it difficult for the Central Bank of Ghana to implement positive changes in the country’s financial sector.
Bitcoin has the potential to help improve this situation by giving Ghanaians an easy way of sending remittances home without having to go through expensive remittance companies.
2. Protection against inflation
Bitcoin can also protect people against inflation, one of the Ghanaian economy’s biggest problems. With the increase in inflation, people are forced to spend more dollars for basic needs such as food and water, which leave less disposable income for spending on other goods, thus creating an ever-growing cycle of poverty.
3. Controlled deflation
Many people have become wary of Bitcoin due to its high-value volatility. This is because when the value of Bitcoin rises rapidly against fiat currencies, it can make it difficult for people to transact with Bitcoins. However, this problem is not unique to digital currency in general but all commodities bought and sold in Ghanaian cedi due to instability.
4. Reduced need for political corruption
Using Bitcoin can reduce the risk of corruption in dealings between governments and businesses. This is because digital currency transactions do not require third-party authorization, meaning nobody has to be paid off or asked for a bribe to facilitate the trade. Instead, it is done through electronic peer-to-peer authentication, which means all transactions are transparent to everyone involved.
5. Reduced crime through digital currency’s anonymity
Bitcoin’s most significant selling point is its robust security features, especially the high level of anonymity it offers users. Although criminals have been using digital currency for illicit activities due to its obscurity, the same technology can also secure the Ghanaian economy.
For example, large corporations spend millions of dollars on data security against cyberattacks. However, there is no reason why the same protections cannot be extended to small businesses and regular people increasingly finding themselves victims of identity theft or digital currency scams.
6. More economic growth through technological advancement
Most of the problems associated with Bitcoin can be solved through technological advancements. For instance, as more people begin to use Bitcoin and invest in digital currency companies, developers will find new ways to develop better security features that protect businesses and individual users against cyberattacks and identity theft.
Conclusion:
Many digital currencies are being used around the world today. Bitcoin will not replace these currencies anytime soon, but its growing awareness and use will significantly affect how future cryptocurrency systems function. Ghana needs more attention to take advantage of Bitcoin.
