It is not the first time Bitcoin is mentioned in the Kenyan media as of late, although this new article sounds a lot more confident than the first one. The time has come to find an alternative to cash, and Bitcoin seems to be the only viable contender for now.
Bitcoin To Replace Cash In Kenya?
As amazing as that concept may sound, it takes a lot more than just one article to sway the mind of consumers and enterprises. Bitcoin has been around for seven years, and up until this point, there has been little interest in cryptocurrency from businesses and individuals in Kenya.
This new article may change that, though, as it is designed as an educational piece to tell people about Bitcoin and its potential to become an alternative to cash. There is a banking crisis in Kenya, just like there is a crisis in every other country in the world today. However, in Kenya, 32 financial institutions have gone out of business since 1988, which is a worrying number.
Keeping in mind how the entire world economy is built on the premise of banks ensuring financial stability, it looks like a mind shift towards Bitcoin may only be a matter of time. Not just in this particular region, but in the rest of the world as well. Everywhere one looks, banks are struggling to keep up, and the media is blatantly ignoring it.
Cash is a way out of bank dominance, assuming one empties their entire bank account in one go. Not only will this be a risky business, but it is also doubtful any bank will pay out the remaining balance in cash in one go. Carrying around a lot of cash is a risk factor, and there is no convenient solution to storing cash either.
Bitcoin seems to be an answer to all of the problems the banking system poses, as well as the security issues associated with cash. Cryptocurrency is convenient, non-tangible, and offers complete financial freedom. Mainstream adoption will not happen overnight, but it is only a matter of time until that happens.
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