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Bitcoin was created by Satoshi Nakamoto to solve the double spending problem of electronic cash without the need of a trusted party or central server. The solution is a peer-to-peer network, where all transactions are verified by the other participants of the network. Bitcoin is a digital currency, which is based on cryptography to create new units of bitcoins and verify the transfer of funds. All transactions are cleared over the internet, and are stored in a distributed public database called the blockchain.
In Africa, where many people still do not have access to retirement plans or pension funds, some turn to cryptocurrency to ensure that their retirement years are financially sound. According to a recent study by the World Bank, more than 60% of adults in sub-Saharan Africa currently have little or no retirement savings. But among those who do have retirement savings, 30% are currently invested in cryptocurrency.
Opportunities to use bitcoin in African countries are increasing. The most recent is its use as an alternative source of retirement income. In a continent plagued by high inflation and unstable currencies, the decentralized and censorship-resistant bitcoin is seen as a safer source of retirement deposits.
According to a local report, this shift to bitcoin goes deeper in countries like South Africa, where traditional pension funds have traditionally faced fraud and instability. The report, based on an analysis by cryptocurrency startup Yellow Card, explains:
This was particularly evident in countries like South Africa, where a large number of users reported using bitcoin savings as a safer source of retirement contributions.
However, the report notes that bitcoin has yet to prove its reliability as a long-term investment. Therefore, the authors of the report advise long-term savers to consider all possible scenarios and options when planning for retirement.
Meanwhile, Yellow Card’s analysis confirmed Bitcoin’s status as a cheaper alternative for sales and transfers. The analysis also showed that many users view bitcoin as a lucrative investment and see trading as a way to generate additional income.
According to the analysis, it is such use cases that help explain the unprecedented rise in the purchase and use of cryptocurrencies on the African continent.
Do you agree that bitcoin has become an alternative source of retirement income? Tell us what you think in the comments below.
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