Bitcoin could save Zimbabweans some value
The Reserve Bank of Zimbabwe (RBZ) released the much-dreaded Bond notes on Monday 28 November 2016 after months of uncertainty and indecisiveness. The RBZ arbitrarily set value of the Bond Note of is 1:1 against the USD. To many Zimbabweans this is the beginning of a bumpy and uncertain ride, reminiscent of the 2007-2008 era where Zimbabwe’s inflation reached its peak. One cannot help but wonder if all their earnings and savings will be eroded overnight. Its a general perception everywhere in Zimbabwe.
If only there was a way to cushion people from the obvious many would gladly take it. Unfortunately for most people since the introduction of the multi-currency regime in 2009, hand to mouth has been the order of the day. What then can people do when they have no savings and have found themselves as the mercy of architects of their misfortunes. The current liquidity crisis in Zimbabwe has seen banks experiencing challenges when making international transfers, which means that people cannot import any goods and this is happening in a country, which imports more than it exports on an annual basis.
According to The Bitcoin Market Potential Index by Garrick Hileman
of the London School of Economics, Zimbabwe ranks number 3 out of the ten most likely countries to adopt Bitcoin in the world. If Garrick’s index is credible then Zimbabwe’s time to adopt Bitcoin is now.
I am fairly new to Bitcoin myself and when I heard about it for the first time was during the zenith of the pyramid MMM in Zimbabwe, which used Bitcoin’s convenience to dupe people of their money. So for most people Bitcoin is not something they fully understand despite having used it to enrich people behind these scams.
Bitcoin is difficult to understand and to explain but fortunately I was one of the participants of a Block Chain and Bitcoin summer school organised and hosted by BitFinance. BitFinance is the company behind Zimbabwe’s first and only existing Bitcoin exchange platform. So from the 22-25 of November 2016. Thanks to Lorien Gamaroff, Adam Meister, William Suk, Tawanda Kembo and Sinclair Skinner, I was immersed in all things Bitcoin and Block chain for those for days and am now sold. A new Bitcoin evangelist who is still trying to figure out ways of accessing and the opportunities that Bitcoin presents. Claiming or hoping that it might solve all our problems might be too much but to those who can and are willing such as myself albeit with limited access due a myriad of challenges can see some personal benefit from Bitcoin.
Many Zimbabweans would love to Bitcoin because it enables them to make savings, trade and make international purchases. The journey ahead towards the full adoption of Bitcoin in Zimbabwe is still long but with some Bit of awareness we will get there much faster. If there is anyone with tips on how to increase the flow of Bitcoin into Zimbabwe can get in touch with me on sakimenard@gmail.com or comment on my post and also feel free to drop me some Bitcoin in address below:
1PU2kUgGpJWuDGFNZuk6WWSwrSGkWUMVhq
Thank you very much!