Zimbabwe is known for being a progressive agrarian country. But, the country has been facing drastic financial crises from the last few years. Not only it is struggling as an underdeveloped country for decades but has also faced serious inflation quarrels in the past. In 2008, the inflation rate in Zimbabwe crossed up to 89.6 sextillion percent that led to a massive economic decline in the entire country.
Right after 2009, Africa was introduced with the first cryptocurrency – Bitcoin that runs through smart and efficient blockchain technology. Despite being surrounded by numerous adversities, Zimbabwe didn’t let the opportunity go out of its hands and took interest in exploring cryptocurrency.
Not too late, South Africa achieved a success rate of 96% in trading bitcoin and other cryptocurrencies worldwide. As surprising it may sound to you, the country is rapidly progressing today towards digital growth and in a consistent hunt to stabilize its collapsed currency.
From trading the trillion-dollar bitcoin to making excellent profits out of it, Zimbabwe faced an unexpected spike in the flow of its dollar currency. Cryptocurrency works through decentralized blockchain technology. For anyone who doesn’t know what is blockchain, it is a secure yet decentralized peer-peer network that holds records of all your transactions carried out digitally.
Not only in day-day transactions but this useful way of sending and receiving payments was also a major help in exchanging payments for the Agricultural sector. Besides, there are many other benefits of blockchain that helped the country cope up with all the financial crises they had been facing throughout the years.
• The country’s destructive economical condition had no hope to remain sustained without the help of blockchain technology. It allowed Zimbabweans to make quick, protected, and easy transactions without involving third parties or reaching out to any middlemen. Through this, the local Zimbabweans were relieved to not use the bank or any other monetary system for transacting their money. This reduction in the use of banking services also accompanied the elimination of taxes and other unnecessary costs that banks ask for.
• Zimbabweans have always been dependent on their government in every matter. But, unfortunately, the Zimbabweans have never been supported or backed by the government even after hitting the massive financial downturn in 2008. Whereas, being an independent ledger- blockchain technology independently operates all cryptocurrencies and secure transactions without even requiring the necessary details of the users. This was a big plus point for those Zimbabwean- Africans who are not registered with banks.
• From health, education, agriculture to every other sector in which Zimbabwe was struggling, blockchain technology played an immense role in stabilizing the country’s economy. Today, you can transfer absolutely anything including digital assets, electricity, money, crypto coins, and whatnot through blockchain. It is one of those very rare secure and confidential platforms through which you can make payments all around the world without even being answerable to anyone.
• Like traditional currency that you can carry everywhere, cryptocurrency allows you safe, secure, and convenient use no matter wherever you are. Numerous services in Africa like Bitcoin Prime help Zimbabwe make use of cryptocurrency by breaking incredible records daily. Thus, the young, tech-savvy enthusiasts of Zimbabwe are seeking to invent helpful ways through which Africa can exchange its cryptocurrency safely.
• Unlike other online transactions where we feel suspicious before making payments, Zimbabwe had soon realized the potential of cryptocurrency and its credibility. Blockchain technology is the heart of cryptocurrency and the combination of these two powerful innovations can enable anyone today to get rich yet make wealth only by starting with a small capital- as Zimbabweans did.
Conclusion:
We all are well-acknowledged with the extremely poor history of the Zimbabwe government in managing finances and providing basic necessities to the country. However, only a smart like blockchain technology can prove to be the savior grace for Zimbabweans in making their today but also tomorrow.
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