The past few years have seen the gradual penetration and acceptance of cryptocurrencies in African countries where young people are exploring and harnessing varied opportunities.
The rising interest in cryptocurrencies is glaringly evident as the media especially online platforms carve varying stories and offer up-to-date information from the cryto World.
And as cryptocurrency tops most discussions, many are still struggling to get the concept while others are already reaping benefits.
In Ghana, a successful entrepreneur, Papa-Wassa Chiefy Nduom is advocating for the Central Bank to invest about one percent of Ghana’s reserves in bitcoin and also study blockchain as it has the potential to get rid of banks.
It seems this is not the only way cryptocurrencies and blockchain technology can serve as a boon to Ghana as global tech entrepreneur Chinedu Echeruo recently suggested it could be used to stem corruption.
Ultimately, some young Ghanaians have found solution to Ghana’s surging unemployment problem- investing in cryptocurrencies.
For cryptocurrency trader, Africanus Akosah Adusei, investing in cryptocurrencies is one sure way the youth can get out of poverty.
“Cryptocurrency is their (youth) way out of poverty and that is why I’m currently traveling around Africa promoting it and writing about its communities,” he said in an interview with Business World Ghana.
Developing interest in cryptocurrencies after buying Bitcoin 8 years ago, his aim throughout the journey is to encourage young Africans to learn, understand and invest in cryptos.
As a founding member of SmartCash (SmartHive), a relatively new cryptocurrency platform, he concurs that every investment package as with cryptocurrencies has risks involved.
“There’s risk in every investment portfolio. Cryptocurrencies are volatile but the point is they go up more than they go down. Just like I bought it at 30 cents and it’s now $7000. Last year, Bitcoin went up to $20000. It’s all about demand and if people are selling out the price comes down,” he explains.
“Cryptocurrency provides financial freedom, privacy and an easier means of doing business; it’s where the World of financing is going, which means there are so many opportunities especially in Africa,” says Elisha Owusu Akyaw, a 16-year-old Ghanaian who invests in Bitcoin and owns a blockchain marketing platform-Token Media.
”Identify service gaps around you to create a winning product; that way you earn a living and create a service that gets you to play a role in the growth of cryptocurrency in Africa,” he added.
“Cryptocurrencies are generally good for the youth to invest in; as unemployment is high and financial literacy is low, most of the youth are engaging in sports betting already, so why not try another form of investment,?” Bernard Barje Parah, a young cryptopreneur and software developer, quipped.
Bernard who also runs a crypto exchange platform-bitnob, further notes that although cryptocurrency presents a great investment opportunity for the youth, it should be done with education and caution just like they would any other investment product.
“People are making good returns, so instead of keeping all your money in the bank waiting for 12% interest, why don’t you spread your investments?” he further queried.
He adds that investing in cryptocurrencies is a high risk-high reward venture and the youth should invest only what they can afford to lose-,”better to try and fail than not try at all.”
Touching on payment, he urged young people in businesses especially digital ones to explore cryptocurrencies for making and receiving payments to and from anywhere in the World almost instantly as PayPal is unacceptable here (Ghana).
“Investing as little as $10, $20 today can give you a good head start.”
By Pamela Ofori-Boateng/ Business World Ghana