Bitcoin was the first Digital Crypto currency to be developed over 10 years ago. As Bitcoin became more popular and valuable it led to the development of new crypto currencies and crypto trading platforms. The success of Bitcoin ushered the new age of block chain technology and decentralized currencies.
Many companies have embraced the use of blockchain technology while some are accepting payments in Crypto. At first only geeks with an expertise in computer science could contribute to the innovations due to the complexities but this has since changed and anyone can take part in the Bitcoin space.
Bitcoin has created millionaires and billionaires over the years. Most top Bitcoin billionares made their money through innovations to develop and grow the crypto currency’s ecosystem. Miners earn Bitcoin as a reward for completing blocks of verified transactions on the block chain while traders earn through the speculation of movement of prices. Bitcoin Hodlers earn by holding the coins to grow in value and sell to earn profits.
Bitcoin community is on the rise as existing bitcoin owners educate more people on mining and trading of the crypto currency. You can invest as little as 10 Dollars in Bitcoin. As more countries learn about Blockchain technology and crypto currencies we are making great progress towards decentralized finance in the World.
To contribute to the growth of Crypto ecosystem you don’t have to be a developer, graphic designer, marketer, legal compliance advisor or administrator. There are new successful blockchain products, crypto currencies and trading platforms built by people who gained interest and learn about block chain technology and crypto technologies.
There has been heated debate on the regulation of crypto currencies. In the US the government want to regulate crypto currencies, there are those supporting it and some are against crypto currencies. The call for regulation of crypto currencies appears to be against them and will limit mining and trading. Regulation of crypto does not make sense at all just like calling for the regulation of the internet.
Banning cryptocurrency is like banning internet, impossible
Russia’s finance minister Anton Siluanov
Recently India accepted Bitcoin as a legal tender and passed a 30 percent tax on gains which many hodlers and traders feel it’s punitive. The governments can regulate blockchain products and Crypto using the existing legal framework.
“The regulations we need are already there, they just need a little tweaking to adapt to this new technology,” said Eric Jackson, Co-Founder at Hisa Technologies.
Trading platforms can be regulated by Capital Markets Authority for the case in Kenya, peer to peer (P2P) platforms can fall under the remittance regulations and custody services platforms under the CBK. We can make a step further and achieve more success in blockchain technology if we move the conversation in this direction.
Innovation are created before regulations and punitive regulations kill good innovations. Innovators should continue building and implementing self-regulation methods like KYC, AML and work with limits set for their fiat gateways in the meantime. It’s advisable for miners and traders to run a honest business and build trust with their customers.
Innovation comes before regulations and it’s the governments that catch up fast that stand to win in the end
Apollo Eric, CEO BitLipa
In Africa, we have made significant progress in building blockchain products and new innovations. In East Africa there are several blockchain solutions like Benkiko, Kukuza, honeycoin, BitLipa, FonBnk and many others coming up really well.
Let’s keep building and growing blockchain technology!
Related:
Startups in Kenya building Innovative Solutions on the Celo Blockchain
Tanzania Announces Own Central Bank Digital Currency (CBDC) amid Plans to issue Crypto Regulations
