Gamaroff points out that Africa, while behind in other aspects, has been quite the leapfrogger. And its young, technologically adaptable population is perfect for blockchain adoption.
Lorien Gamaroff, CEO of South Africa-based Bitcoin Cash wallet Centbee, talked about what consumers and merchants need for a Bitcoin Cash world at the CoinGeek Conference in Hong Kong.
“There’s been a long-running cliche about how Bitcoin mass adoption is going to happen in Africa. And I’m here to tell you that it’s true,” Gamaroff said. He gave fresh insights from a South African point-of-view, insights that he said were important to everyone—no matter what part of the world you’re from.
Gamaroff pointed out that Africa is the second-largest mobile market in the world—where mobile money users outnumber traditional bank account holders. He says 96% of transactions in Zimbabwe, where he’s from, is digital.
He adds that while Africa is behind in many aspects of the developing world, the region is ahead in terms of rapid tech adoption and leapfrogging.
Gamaroff also points out that the population in the region’s dense population consists of the perfect demographic for technology adoption—the young, technologically adaptable generation.
Gamaroff also balanced out the crypto enthusiasm with a reminder of community responsibility.
“This is the narrative that we constantly hear in the crypto space—this whole idea that cryptocurrency and Bitcoin is outside of the government purview and we should be excited about this sort of crypto-anarchic world that we are creating. But this is misguided,” Gamaroff explains.
“In fact, if you want to have an industry that thrives, you’re going to have to actively engage your regulators. You’re going to have to bring them onboard.” Gamaroff adds that “regulation often follows innovation,” and that working hand-in-hand with regulators can help usher in the acceleration needed to get to “the world we want to see.”
Watch the rest of his presentation below.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.
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