The newfound way to help cities generate crypto-based revenue for themselves and for the people that live their is by means of Citycoin.
In simple term, City coins are coins that offers people the way to trade support and their cities and earn revenue in BTC while they do so.
Their are the usual way of supporting your country which is by paying tax, but now just imagine you get payed for paying tax and verifying it as well. Thats what this bring to the table for my own sense of view.
One thing to note is that the mayor in the city supports this action and they are believe to even receive their paycheck on BTC to start with. Cities like Miami and NewYork city has now own their own City coins and people are currently supporting this actions by mining this coins.
I would like to go more into on how this works but that is not my main goal on this post, so for more on how city coins works i will leave a link to that at the end of this post.
In contrast, some africa countries are now bringing in their digital currency and this help them to make transaction faster and convenient, Ironically speaking though. The mindset of casting crypto aside, but still want to use it in making your system secure 🔐, is like saying you don't eat fish but you help people to share it with your fingers and then lick it. Sneeky thing to do right?
With the Era of city coins, will this help the Africa cities grow? This is were I split this discussion into two.
This could prove to be beneficial to cities that Starts this journey as they will make traveling to to another country and change your citycoin to their city coin quicker and safer, for a travel enthusiasts like me, i will not need to suffer the major fees that comes from swapping for one currency to another😉.
Another thing to look forward for is that people will be more attracted to the city as they can easily swap to their BTC or other alt coin to the city coin. Which will lessing the work or issue with banking, has those coins will be accepted as payments by the locals.
Another thing this will attract to the city is major investors, as an investor that see this as a new upcoming coin and like to hold some of it, they will want to go to such cities and setup a business there.
One other thing that this city coins will accomplish is in the area of global payments, with the registration in mind some major online shopping like Amazon will make it possible for these coins to be accepted, thus reducing the worries for exchanging to dollars or even opening a dollars account.
Lastly, the area of employment, this will not be much for small cities but will make a major impact on the large countries as some people will be there for regulating the analysis, and data base which bring government work to those who love the white collar Jobs and when to school for the degree. Time will not be on our side if i want to keep mentioning the good things that will come from having city coins Africa.
As a blockchain based Coin there will not be any issues transferring from one wallet to another, but there will be issues with deposit to the wallet. As you probably know by now, one of the best way to buy crypto is using the Binance exchange, that is for those who are not in the US i think 🤔,
But they are other local way some country buy BTC and other assets. The reason they choose this ways could maybe due to KYC that somecan not meetup. so, they decide to pick the local way out. for example, some people in Nigeria may pick exchanges like Roqqu or Luno, the same thing migth be applied to those cities who will decide to make there coins easily accessible way out using their platforms and for those who don't know much about the crypto space they will suffer some amount of loss when trying to keep their money on the exchange.
Another thing that could happen is that the government will make laws and tax around this system. This is not surprising to many in crypto before, but it will be especially for those people who know about how some government will Drag so much gain to themselves.
One last thing that could prove bad is when many people don't trust there mayor and leaders with their money, thus making the grow of that city coin to be slow or even lead to a crash and for those who have some money will suffer major loss.
when I think of the good and bad things that can happen when Africa gets their City coins i say to myself, time will tell what country will pick citycoins as an idea, but i have this fake confidence in me that south Africa will be the first to get in, well that's if Akon city don't take the Shot.
What do you think is the future of Africa related to city coins and will you invest some money in city coins if your country or city decides to have one?
Share your comments below lets discuss about this.
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