Die Präsidentschaftswahlen im westafrikanischen Sierra Leone wurden nach offiziellen Angaben ohne Verwendung einer Blockchain durchgeführt. Die Auszählungskommission (NEC) setzte dafür eine weiterentwickelte Datenbank auf Basis von C++ und MySQL ein. Der Medienbericht von CNN vom 9. März hat damit nicht der Wahrheit entsprochen. Auch wir von BTC-ECHO berichteten von der Präsidentschaftswahl in Westafrika am 07.…Der Beitrag erschien zuerst auf .
The continent is quickly to investing in the cryptocurrency industry. But the reasons are perhaps a bit different than those in places like Silicon Valley: The problem of unemployment is so acute, in fact, that educated youths picked up cryptocurrency trading to make a living.
A Change of Heart, a Change of Currency
“I check my every day and any chance I can get. Any minute, any hour, anytime, as often as I can,” Peace Akware, a resident of Uganda who began trading when she could neither find a job nor success in her other side hustles. This change of heart is not a lone story either as the same situation can be observed across multiple African cities.
The failure of some fiat currencies has aided the belief among the masses that cryptocurrencies are the currency of the future. Take the example of Nigeria, where retailers have started payments in bitcoin because their confidence in the local currency is dwindling.
Politically unstable countries have been at the forefront of adopting decentralized cryptocurrencies. As such, bitcoin has become popular both, as a currency and also an investment tool, in the politically and economically tumultuous .
South Africa, the most developed nation of the continent, has also seen a in the number of people getting acquainted with the pioneer digital currency. in the region have thus traded at a premium when compared to the prevailing global price.
When there is a shortage of sellers in the market, some brokers purposely quote higher prices, sometimes at a premium of 40 to 50 percent. Some experienced traders have made money like this, while the masses tend to lose their hard earned savings.
Informing the Masses
There is a clear need for investor education in the continent. Thus, Ugandan bitcoin miner Godfrey Kabaka decided to lecture fellow citizens on cryptocurrency trading.
It is becoming a common sight to see these kinds of crypto investor spread across African cities. Most people who share their knowledge and experience with budding cryptocurrency enthusiasts are also the ones who jumped on the cryptocurrency bandwagon years before bitcoin hit African shores.
Bagorogo, who hosts such seminars has been nicknamed “the gospel of bitcoin.”
He described how his lifestyle had changed positively and how the money he made by trading cryptocurrencies was now helping him send his daughter to a better school, something he simply couldn’t afford earlier.
“At this point, I think a wise government in Africa that cares about and overall economic growth should just adopt crypto and let it work in their respective countries,” said Adewale Bankole, President of and of Nigeria when asked about his views on cryptocurrency regulation.
“I believe adoption will rise steadily once the crypto companies spend more in sensitizing Africa business people and Africans in general. It is obvious that people want an alternative to fiat money. People are tired of working hard for money and working harder to transact with it which is the current situation with fiat money in Africa. This is what I see on a daily basis.”
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In a hallmark case for the cryptocurrency, a Dutch court has in favor of a man suing a private company for 0.591 BTC owed to him. The decision represents far more than the fractional amount of bitcoin in question, but an overall acknowledgment of the digital currency as a legitimate store and transfer of value that cannot be ignored by the government.
Initial petition ignored
The initial petition was filed on February 2, 2018, by JW de Vries against on account of proceeds due to him.
As initially ruled by the Dutch court to which the plea was taken, Koinz Trading BV was ordered to pay the amount. At the time, the ruling was that failure to meet the court order would hold a potential penalty of 10,000 euros.
Nonetheless, the due amount was not paid to the plaintiff, and the court subsequently imposed a stricter ultimatum on the company: Should the 0.591 not be settled, Koinz Trading BV would be declared bankrupt.
bitcoin mining involves solving complex mathematical equations with a computer or specialized mining machine. Although the exercise is free for anyone to take part in, the process consumes , which has resulted in a in individual countries.
Legal Obligation to Pay
As far as the Dutch court was concerned, the agreement entered into by de Vries and Koinz Trading BV was legally binding, despite the terms being centered around bitcoin, the de facto digital currency not yet lawfully accepted by the vast majority of governments worldwide.
“bitcoin represents a value and is transferable,” the court. “In the court’s view, it thus shows characteristics of a property right. A claim for payment in bitcoin is therefore to be regarded as a claim that qualifies for verification.”
In addition, the court made mention of the , explicitly highlighting articles 1, 2, 4, 6 and 14 thereof.
“From the documents submitted by the applicant, it appears that several persons have claims on the vested party that see the payment of bitcoin or on claims for non-fulfillment of obligations under an agreement, with penalties attached in some cases,” the court continued.
“At the hearing, therefore, it appeared briefly that the applicant had a right of action, as well as facts and circumstances, which show that the applicant is in the position of having ceased to pay.”
It is unclear at this stage whether Koinz Trading BV intends to settle the outstanding amount after failing to honor the initial agreement. In any case, bankruptcy is a steep alternative to recompensing the 0.591 bitcoin in question.
Implications for cryptocurrency
Regardless, the more significant impact for digital currencies has been noted worldwide. The ruling suggests a gradual acceptance of cryptocurrency on the part of governments, yet progression remains slow.
The recent discussed the implication of cryptocurrencies for the banking and the financial sector at large, with the final ruling being that financial instrument was not a threat. With that said, many public institutions remain a long way off from regulation and the widespread acceptance of bitcoin and its peers.
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