Takeaways from the Africa Bitcoin Conference

The just-ended first-of-its-kind Africa Bitcoin Conference brought together the who’s who of the regional and international Bitcoin community.

Discussions around bitcoin have been in existing for years now. The whole concept of a ‘digital coin’ may seem real to some, while to others it is just a myth

Being in attendance at the conference, I noted a few things I would share with you in this post.

State of Bitcoin

In Ghana Bitcoin activities are neither here nor there with regard to the law. Bitcoin is neither out rightly banned nor fully backed by the government.

The conversation surrounding bitcoin on a stage like this is sure to has a ripple effect in the coming months regarding adoption and possibly legalisation.

To have entrepreneurs from all over the world under one roof gives the feeling that something big is going to happen in the local bitcoin space.

I can’t say for certain what this is. Maybe Ghana’s 1st Bitcoin exchange or a wave of local businesses accepting bitcoin? No definite answer here, however, there’s no reason to doubt that the future is promising.

Employment

Opportunities are in abundance for the workforce especially developers. A dev with a great idea can garner investment to further their vision. Not only developers though, but content writers and analysts can also take advantage of the rising interest in bitcoin.

Grassroot Adoption

At the centre of most of the panel discussions was ‘building the products the people can use‘. Bitcoin adoption will only reach its peak in the country if the ‘ordinary’ Ghanaian can appreciate and utilize it.

Similar to MoMo adoption, with the right promotion and education everyone from an office worker to the market seller can have a bitcoin wallet.

Security

Bitcoin is not free from controversies. Issues surrounding scammers have always been a nuissance especially for fintech businesses.

Exchanges put security measures in place (such as two-factor authentication and secret codes), however end users will have to do their due diligence during transactions to avoid negative repercussions.

Financial literacy

The push for Bitcoin adoption in Ghana should not an isolated one. Bitcoin ties into the overarching discussion of financial literacy.

People, when they know the options, have more freedom to choose what will benefit them.