It has been proven that Bitcoin can make a positive influence on the financial industry particularly to regions where financial difficulty has become a regular circumstance. BitPesa, one of the companies trying to get away from the negative financial cycle in Africa, introduced Bitcoin-based solutions.
Residents from Africa travel abroad to provide for their family, looking for work to send money back home. Remittance providers, such as MoneyGram and Western Union, benefits a lot from this and it has been a success for the business of the industry leaders.
However, the notion of traveling for hours just to pick up the money then return home is a problem for the consumers. Plus, money transfers to and from Africa still has high fees associated with them. This is not something one can call as convenient, even though remittance transfer fees have decreased over the years.
BitPesa continued its search for the cheapest and most convenient solution that has a borderless nature and no intermediary involvement. This is where Bitcoin and other cryptocurrencies come in.
BitPesa proves how beneficial Bitcoin can be in the long run. Bitcoin is being used as a means of settlement between the various brokers. Bitcoin, unlike traditional currencies, can exclude friction and offer a higher degree of liquidity across African markets.
By welcoming the decentralized nature of this technology, BitPesa CEO Elizabeth Rossiello stated how Bitcoin can be bought and sold quickly in a time of need. Even so, its volatility produces far less of a problem than most people assume.
BitPesa continues to promote Bitcoin to other local companies. By counting on Bitcoin and other cryptocurrencies, small businesses, consumers, and even multinational can benefit from the services provided.