Decentralized technologies like Bitcoin and emergency response app Cell 411 could help with South Africa’s economy and high crime rates.
South Africa’s government has let its citizens down, overseeing both a disappointing economy and a frightening crime rate. Thankfully, the people still have recourse in decentralized technology. With BitcoinCT r: 8 in one metaphorical hand and Cell 411 in the other, the average South African can hope for a brighter future, government incompetence be damned. Bitcoin’s potential to alleviate economic woes
South Africa’s economy is in trouble . Sluggish economic growth compounded with a drought, spells ill for a nation that has traditionally been one of the continent’s most prosperous. These issues are particularly well illustrated by currency troubles, prompted by government failings. Faced with corruption surrounding the untimely departure of the finance minister, the county’s currency, the rand, fell over 6% almost instantly.
"President Jacob Zuma has become a one-man wrecking ball who will stop at nothing in order to survive, including wrecking the economy and wrecking South Africa ," David Maynier, the Democratic Alliance’s (DA) shadow minister of finance, told parliament during the nationally televised debate. In February, the country announced an austere budget aimed at avoiding credit rating downgrades, but investors were not convinced and analysts said a recession is still likely to affect the country.
Thankfully, South Africa’s citizens don’t necessarily have to live with the consequences of their government’s folly. By employing Bitcoin instead, they can ditch the rand for a currency that has, for well over a year at any rate, surmounted numerous obstacles to exhibit an incredible growth in price. South Africans seem to be catching on to this, with Bidorbuy, Africa’s largest online retailer, not only accepting Bitcoin as a payment option for its thousands of sellers, but actively encouraging its use. Since approximately […]
