Skip to main content

Why African Countries Should Buy Crypto and Right Now

“If you always do what you’ve always done, you’ll always get what you’ve always got.” ― Henry Ford


Its time for fresh thinking

It simply does not work to keep trying to reinvent the wheel. Yes, Africa has resources and we are blessed as a continent. BUT, if we continue pressing on to what we have always done. We will definitely continue to be where we have always been. One might argue that we now have better technology and thereby increased efficiency ALSO BUT... These things are also exposed to the rest of the world, we cannot even begin to dream about catching up to the world unless we adapt and implement fresh thinking.

We all know that most African exchange rates are not as stable as we would all want them to be, and we all know that there are so many fundamentals causing this, and countries, unfortunately, cannot sustain the current status quo. Things must change. 

The question could be why? 


A little history 

The industrial revolution was awesome for the rest of the world, huge profit gains boosted infrastructure and living standards. Not all went well though, many people lost their lives to make the dream a reality. Africa, unfortunately, was behind on this and when she decided to catch on, colonialism and slavery happened - this further damaged the continent as she was now giving out her resources, children, and potential to the rapidly developing siblings. Now when finally she gained independence, the era for industrialization was now being replaced by one of humanity's greatest achievements - technology. And for some reason, we lagged behind. No not because of a specific reason, we have the likes of Phillip Emeagwali who took part in the development of the first supercomputer. Sadly the biggest contribution to technology from Africa still is resources, not innovation. 

Yes, we have a lot of amazing startups doing really great things but our main source of income still is resources. There is no company currently that can compete with Google or Apple that is in Africa. The global crypto market is still worth less than a single US company (Apple $2.64T). If you think the largest decentralized financial system will never recover, then sell and move on.

Why now ?

1. Crypto Adoption is growing

In light of the (currently) falling prices for crypto most people would be skeptical about buying and would consider thinking that things will change to be 'hopium'. But I do beg to differ, one only has to see the growth of the hashing rate for Bitcoin alone and see that it is growing. The current dip in prices will not be for long. Interest might be growing worldwide, but it is still lagging in Africa, we are repeating the same cycle of missing out on the fourth industrial revolution again!

- Source Useful Tulips


2. The market is currently in a dip

The best time to buy is when the prices are low (bearish) and we hold. Gone are the days of us relying completely on resources, who knows- with more efficient meants of production, space exploration and the vast resources the universe has.. Africa might not have anything much to offer to the world soon. 

Let us be inspired by countries such as El Salvadore which is actively investing in crypto.

The markets will definitely race upwards soon. Maybe a rebound, maybe a dead cat bounce, maybe a rally, maybe just a small pull back we don't know. But that is is all profit waiting to be made. 

3. It is decentralized

As at now, no one power can control this space. This gives us whole new areas and for lack of better words , "there's no segregation in crypto, the benefits far outweigh the risks". This minimises government control yes but it also minimises global power control - the power literally lies with the people. To some enthusiasts of the new currencies, the spread of crypto is the first stage in the next great leap, as users get used to trusting the so-called distributed ledger technology (DLT) of which blockchain — the backbone of crypto — is one application.

Well these are some of my quick points on why crypto is going to absolutely mold the future. The time is now!



Labels:

Comments

Post a Comment

Popular posts from this blog

Gentlest introduction : The Cloud

How it began To me the concept of cloud started when people began virtualizing their systems using the like of Virtual-box and VMware. What bough this a;long was the evolution/advent of technology which made it possible for software so simulate hardware. Originally software could not simulate hardware drivers but the moment that became possible- virtualization was born. A few years after- companies started offering this virtualization at a much grander scale and Infrastructure as a service was born. Lets get down to the three cloud components namely: Infrastructure as a Service (IAAS) This outsourced hardware meaning that one noways noes not need to setup servers, air-con and the like of access control but could 'rent' from someone and one of the great things about this was that a backup not only meant software but also meant hardware (as software could now simulate hardware) so recovery in case of disaster became easier. Platform as a Service (PAAS) This is ...
Post a Comment
Read more

Deploy Django app online for free!

So after a number of lines of code, brilliance and dreaming. Your next dream is for the world to see. Of course you can walk around with your computer and doing a 'manage.py runserver' But cumon guys, lets embrace the cloud. Not like this guy though! I choose to deploy on  PythonAnywhere . So you ask why? 1) Free amazing support - You actually talk to a live human ! 2) Easy - Very easy 3) Affordable - As you scale up, it gets way better! So by now I assume you are already on a version control system (So I will not waste much energy on that one). Maybe Ill someday write on my two favs  Github  and  Bitbucket . STEP 1: Create an account on pythonanywhere. Kindly note that your username will be included in your apps url. So it will be like : " yourUsername .pythonanywhere.com" STEP 2: Select other and set a bash console. STEP 3: Push your code from version control This will push from (in my example) github to your pythonanywhere. You...
1 comment
Read more

PRG, PRF, PRP in Cryptography - What are they?

So I have been reading up on my cryptography and I figured I should give out a brief lesson on these three amazing concepts What are they ? a) PRG (Pseudo Random Generator) You probably know the difference between stream and block cipher. One of the main differences between them is key size. Stream ciphers require the key to be of equal length of greater than the plaintext ,   whereas Block Ciphers take a key smaller than the PT and is then expanded. This is the PRG The PRG expands the seed Considerations: Stream Ciphers base on Perfect Secrecy whereas Block Ciphers base on Semantic Security b) PRF (Pseudo Random Function) Lets share a secret- imagine something- you want to authenticate yourself with me by proving that you know a secret that we both share. Here's a possible option i) Possible Option 1:  PRNGs We both seed a PRNG with the shared secret, I pick and then send you some random number i.  You   then have to prove that you know the s...
Post a Comment
Read more