Abc News has published a report detailing the rising popularity of bitcoin among the citizenry of the Ugandan capital city of Kampala. The report describes many Ugandan bitcoin adopters as professionals seeking a supplementary income, in addition to jobless millennials seeking a means to escape a life of minimal economic opportunity.
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Ugandan Citizens Embrace bitcoin
Stephen Kaboyo of Ugandan financial services firm Alpha Capital Partners, that “it is not wise to dismiss cryptocurrencies at this stage.” Cryptocurrency investors must understand the risks before investing in “a hugely speculative asset,” Mr. Kaboyo added.
Moses Semulya, a doctor working at a hospital Kampala, describes bitcoin as offering several advantages to using local currency. “I used to want to buy medical equipment online but it was becoming hard,” Mr. Semulya said. “Transacting online is very expensive in Uganda with all the fees. bitcoin is changing that, making things easier and faster.”
“Right now I would rather invest in bitcoin and watch this space rather than buying a plot of land,” Mr. Semulya added.
Local restaurant owner, Jennifer Birungi, also accepts bitcoin at her business. Mrs. Birungi states that he put it “on the menu” in order gain greater familiarity with virtual currencies.
Crypto Skepticism Wanes
Richard M. Bagorogo, a Ugandan bitcoin miner who appears to operate a mining scheme, preaches “the gospel of bitcoin” to a small local audience. Mr. Bagorogo claims to have “earned in one-and-a-half years from bitcoin” than what he “earned in the years as a teacher. I am living on bitcoin because getting a job in this country is not easy.” Mr. Bagorogo states that as a teacher, he could not afford to send his children to the international school in which he taught. Thanks to bitcoin, he now claims to have recently holidayed in Dubai, and to be providing financial assistance to his father.
Mr. Bagorogo recounts encountering considerable skepticism when he first got involved with bitcoin. “When I tried to bring my cousins on board, they called my father in the village and said, ‘Your son has gone mad’. For me, I was fascinated by the mathematics behind blockchain technology.”
Despite the gradually growing interest in bitcoin among Ugandans, Mr. Bagorogo states that “the local man is interested in money, not the mathematics,” adding that he will “normally sit with them and show them how I get and withdraw my money.”
Which countries do you think will benefit from bitcoin the most? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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On the first day of the three-day event Satoshi’s Vision Conference in Tokyo the creator of a project called Safewords presented a new solution to safeguard cryptocurrency ”passwords”. Safewords is a 2-out-of-3 distributed backup kit for your mnemonic seed words.
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Safewords – a 2/3 Distributed Backup Kit for Private Keys
This week the founder and CEO of the company , Brenden Lee introduced his new project ‘Safewords.’ The product is a 2-out-of-3 distributed backup kit for private keys. Lots of cryptocurrency holders have written down 12-24 words for their mnemonic seed on a piece of paper, and then they usually hide the material out of view. Lee has designed a simplified system that enables a way they can safely distribute the mnemonic phrase between two other trusted individuals or two vaults. The system works with any cryptocurrency that uses a 12-24 word backup.
All the items that come with the Smartwords set.
The Safewords product comes with three cards that holds ⅔ of a digital currency mnemonic phrase which can be handed out to two trusted individuals like a family member or a personal attorney. The cards also come with three storage envelopes (this particular design was created for the conference) with three numbered tamper evident sticker seals with six unique digits.
Multi-Signature for Your Mnemonic Seed Phrase
Basically, a private key owner fills out the three mnemonic seed card which has 16 available areas to write down ⅔ of the seed phrase on each card. So two of the cards together can unlock the funds, but only one card cannot. The cards also include an area to record the ‘wallet identifier’ and the ‘hardware wallet pin’ if the wallet is a like Trezor, Ledger or Keepkey.
A close up of the Smartwords mnemonic phrase cards.
After the cards are filled out the owner of the cryptocurrency then puts them into each individual envelope, and seals it with a tamper evident sticker. Then the user simply keeps one and gives the remaining two cards to . For instance, you could give one to your mother and give the other one to a lawyer. As long as you trust that the two individuals won’t collude together, then basically you have created a multi-signature-type method for storing a seed phrase. If one of them happened to remove the envelope seal then it would be quite evident that the seal was tampered with. Other types of examples of trustworthy people could be your son, accountant, or even two safety deposit vaults.
The Safewords system is pretty straightforward and a unique way to safely store a mnemonic phrase for any cryptocurrency that uses 12-24 word seeds. Lee’s Coin Storage Guru booth was selling the Safewords (special edition Satoshi’s Vision Conference design) for 0.015 BCH ($15 USD).
What do you think of the Safewords product? Let us know in the comments below.
Images via Coin Storage Guru.
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