How cool is this? Here in my little nation of South Africa, the local cryptocurrency exchange called Luno, is now providing facility for us to buy and sell using our cryptocurrency directly in 31000 shops.
I'm over the moon about it. What good news for all involved. South Africa has become relatively crypto friendly. They may want to still demand capital gains tax of some sort, sadly. We'll see about that!
Nevertheless, crypto is making leaps and bounds toward mass adoption here in sunny South Africa. Finally Bitcoin etc can be used for its ultimate purpose - to trade for goods and services, not just as store of venue.
Luno exchange was the first I ever used in 2017 to buy my first bitcoin. It looks promising for locals going forward. There is significant adoption of crypto among citizens of this far flung remote deep south nation - the epitome of the "global south".
As the global south rises, and BRICS+ becomes the new dominant player on the globe, outdoing or undoing the dollar hegemony, I believe that cryptocurrency should also rise in prominence.
Ultimately anyone who is informed can see that the petrodollar its losing power at this point in history, after a few decades of domination. Usually dominant currencies last about 80 years before declining.
Large historic cycles including currency and empire are seen to rise and fall. The BRICS currency is on the rise, backed by gold, if they are smart.
Now we ideally want Bitcoin to become the global reserve currency, not controlled by any nation or corporation or person. Let's see if it's possible in our lifetime.
Nations rise and fall. Can the blockchain transcend that tendency? Bitcoin is still young and not fully tested, although so far it has run smoothly for 15 years.
As the dollar loses value in coming years due to money printing, Bitcoin will gain value as the most scarce asset that it is. Fiat will always lose value while Bitcoin remains hard money.
In time Bitcoin price volatility will decrease and price will stabilize, making it more attractive as a medium of exchange. Then the first mover nations will be at an advantage, with regulation in place.
The future looks bright for Bitcoin. It's our time to shine.
Image: pixabay free commons
Ref: https://techpoint.africa/2024/10/07/luno-merchants-accept-crypto-south-africa/