A cryptocurrency is a digital currency that can be used to buy goods and services. The currency uses an online ledger with strong cryptography to secure online transactions.
Some of the top cryptocurrencies on the market are:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Cardano (ADA)
- Dogecoin (DOGE)
- Binance Coin (BNB)
- Polkadot (DOT)
Bitcoin, especially, has been popular of late across the world with people trading and selling it. The cryptocurrency has had its share of ups and downs but it recently hit USD 40,000 after rumours spread that Amazon will start accepting it as a mode of payment.
Cryptocurrencies are generating a lot of interest from the public, private businesses and governments. Here are some places that cryptocurrency is being used around the world.
Sarafu is a blockchain based community currency that is operating in slums in Kenya. The currency is helping thousands of Kenyan slum dwellers pay for food, water and sanitary items as they battle through the economic constraints that came because of the COVID-19 pandemic.
Through the initiative, families are issued with virtual vouchers worth Ksh. 400 (USD 4) which they use to buy goods that they badly need. Shopkeepers are then able to redeem the virtual vouchers for cash through the Sarafu ecosystem.
The currency was developed by Grassroots Economics in conjunction with US based engineering firm, BlockScience.
Electric car manufacturer Tesla announced in February 2021 that it would start accepting Bitcoin as a mode of payment for its cars from March 2021. in a landmark move, the company also announced it had bought USD 1.5 billion in Bitcoin.
The company in May 2021 suspended the purchase of cars through Bitcoin. Elon Musk, the company CEO, cited environmental concerns around the mining of Bitcoin as a huge concern.
Elon however, recently said that the company will most likely restart accepting Bitcoin as a mode of payment for its cars.
There has been an emergence of online casinos that are accepting cryptocurrency such as Bitcoin. The casinos are legally registered and now accept Bitcoin when people want to gamble. Bitcoin Casino, for instance, is one of the best bitcoin casino in Kenya and the world at large.
4. El Salvador
El Salvador recently became the first country in the world to adopt Bitcoin as legal tender. The adoption of Bitcoin as legal tender came after the country’s lawmakers approved President Nayib Bukele’s proposal to embrace the cryptocurrency.