2018 was nicknamed as the worst year ever for crypto currencies, In this exact same year, we had the Africa block chain conference hosted in Kampala and this opened the eyes of many doubters since the President embraced the future in presence of a Crypto billionaire CZ. As we speak, Binance crossed over to Uganda with high market cap currencies currently supported.
The fate of Crypto currencies was never known 10 years ago, but 10 years to the future, the talk of Cash and banks will be a long gone story with the latter left to regulate fiat prices where relevant. In 2019, the horoscope sights bulls coming back into play after the terrible loss a few months back and so, this might be the end of cash in some countries around the world.
The popularity scale of CryptoCurrencies WorldWide
In Uganda, the only cryptocurrency that has made it to the rumor mill is Bitcoin with Ethereum only crossing over to the Elite circles and several pyramid schemes like OneCoin, Development channel, D9 among others spreading the networking rhythm to unsuspecting newbies. So, true block chain powered products have not had a great platform in Uganda since pyramid schemes are now the talk of the day
Crypto-Currencies like Bitcoin, Ethereum, Ripple, Tron, Stellar, Cardano among others are the future of money all over the world. Created as evolving products on the blockchain network, all these coins have a service to offer in return with a wide popularity scale once they are embraced by most Governments across the globe
Crypto Currencies on Replacing Cash
Well, the great question of the day would be! Are these great investments and can they be trusted? Yes, by the time the world will be ready and set to embrace crypto, the prices will eventually be higher than they are currently. However, traders would be the key beneficiaries from the respective projects once Cash becomes history.
A Cryptocurrency like Ripple (XRP) works in a way that it allows cross-border payments at Zero charges, this same concept is what we currently rely on through World Remit, Money Gram and Western Union. Henceforth, Cryptocurrencies will simply replace the way we transact and purchase items products with a much faster transparent approach. So, the cashless movement is evident with mobile money and embracing virtual currencies at this stage would make everyone a blockchain disciple in the next decade starting this year.
To rely on and use crypto currencies all you would need is a unique identification on the block chain network required by every broker like Binance or Coin base. Identification tags could be Government issued IDs together with any current biometric information that may be collected depending on the currency to be purchased. Nonetheless, we shall be sharing a simple DIY Binance Uganda procedure for convenient Fiat to Crypto exchanges