Uganda Welcomes Cryptocurrency

Uganda Welcomes Cryptocurrency

Blockchain, cryptocurrencies, and crypto signals are seemingly picking up since many are already into the crypto craze that even if you travel to Uganda, your bitcoins will be of good use. Abc News has delivered a report describing the mounting popularity and acceptance of bitcoin amongst the people of Kampala, the Ugandan capital city. The report tells of the numerous Ugandan adopters of bitcoin and even check XBT signals in search of additional income, along with unemployed millennials in quest of a resource to flee a life of nominal economic chance.

Stephen Kaboyo of Alpha Capital Partners, a Ugandan financial services firm, says that “it is not wise to dismiss cryptocurrencies at this stage.” Investors of digital currencies must comprehend the dangers beforehand prior to investing in “a hugely speculative asset,” added Mr. Kaboyo.

Moses Semulya who is a doctor employed at a hospital in Kampala, portrays bitcoin as tendering quite a lot of advantages as compared to using the local currency. “I used to want to buy medical equipment online but it was becoming hard,” according to Mr. Semulya. “Transacting online is very expensive in Uganda with all the fees. Bitcoin is changing that, making things easier and faster.” He also added, “Right now I would rather invest in bitcoin and watch this space rather than buying a plot of land.”

Jennifer Birungi , an owner of a local restaurant in Uganda also welcomes bitcoin at her food business establishment. She says that she placed it “on the menu” so as to achieve better acquaintance with these virtual currencies.

Ugandan bitcoin miner, Richard M. Bagorogo, lectures to a small local audience on “the gospel of bitcoin”. He alleges to have “earned in one-and-a-half years from bitcoin” in comparison to what he “earned in the years as a teacher. I am living on bitcoin because getting a job in this country is not easy.” He also added that as an educator, he could not come up with the money to send off his children to the international school where he taught. Because of bitcoin, he today claims to have gone for a holiday in Dubai at the same time providing support financially to his father.

Mr. Bagorogo relates facing a huge disbelief when he first dipped into bitcoin. “When I tried to bring my cousins on board, they called my father in the village and said, ‘Your son has gone mad’. For me, I was fascinated by the mathematics behind blockchain technology.”

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