Bitcoin, and cryptocurrency in general, are taking the world by storm. As society continues to demand more flexibility from their services, the same applies to currency. In Zimbabwe, the thirst for Bitcoin, or BTC, is only growing ever more rapidly. In fact, Africa as a continent is starting to wake up to crypto more and more.
Bitcoin popularity appears to be rising in areas where there have been economic woes in recent history. Zimbabwe’s financial history has seen dramatic ups and downs. Therefore, it stands to reason that many Zimbabweans have looked to crypto for strong economic alternatives.
But what’s the actual state of BTC in Zimbabwe right now – and what are citizens using it for?
The Current State of Bitcoin in Zimbabwe
Bitcoin is currently unrestricted for individuals to trade across Zimbabwe. However, restrictions do apply to corporations, meaning it is purely a private endeavour. It is still worth remembering that BTC and other crypto are not officially a legal tender in the country.
That, however, hasn’t deterred thousands of Zimbabweans from getting involved. Escrow and P2P are surging in popularity. These exchange routes mean that private citizens can get more out of their money without oversight. The lack of regulation means incredible freedom for people simply trying to make money.
Hyperinflation in Zimbabwe has led many people to look beyond the dollar. The economic climate here culminated in the minting of a trillion dollar bill. This was a critical indicator that the value system was no longer supporting the everyday citizen.
Bitcoin, however, is unaffected by these concerns. It’s grown appealing to Zimbabweans thanks to its lack of barriers and red tape. What’s more, blockchain ledger transactions are easier to track and are almost immediate.
How Are People Using BTC Across the Nation?
Compared to a short time ago, the sheer usage potential for Bitcoin has grown immensely. You are now able to buy groceries online, pay for sports tickets, and play casino games. All kinds of people in Zimbabwe looking for various ways to use their free Bitcoins have more options available now than ever.
Primarily, BTC in Zimbabwe is preferable for its transactional ease of use. It’s thought that many citizens working and living overseas may use P2P and other services to send money back to Zimbabwe. As such, it is helping to remove unnecessary fees and waiting periods.
What’s more, people are investing in BTC in Zimbabwe for the sheer saving potential. The dollar has, as mentioned, gone through tough times. Significant political change here has had major implications.
Therefore, it is unsurprising that Bitcoin continues to be a source of alternative value for citizens. In the past decade, Zimbabwe has opened up hugely to different platforms and services, even if BTC is not legal currency.
It will likely be some time before BTC and other cryptos are usable in stores offline. However, it is intriguing to see grassroots adoption continuing to rise
What Are the Implications Long-Term?
Zimbabwe is not alone in its hands-off approach to cryptocurrency. There are many nations still to fully embrace Bitcoin, purely for the regulatory worries surrounding it. It may be some time before Zimbabwe similarly embraces digital currency to Australia.
However, it is not an impossible thought. Economic woes across the nation and recent global crises have changed many viewpoints. Those already trading in Bitcoins and saving them for the future may be on a firm footing. Many predict a crypto revolution is only just underway – could Zimbabwe be the epicentre of it all?