Problem Solver Bitcoin – An Example from Uganda
Bitcoin appears yet to be primarily treated as digital gold in western industrialised countries. In other regions of the world, however, the advantages of Bitcoin, which functions without banks, are used essentially as a means of payment. The video “Bitcoin in Uganda – Empowering People” shows an impressive example from Africa.
There we meet Ronald from Kampala, Uganda. He is studying Accounting and Finance. Uganda has around 43 million inhabitants and generates a nominal gross domestic product of an estimated US $ 711 per capita in 2018. This makes the country one of the poorest in the world.
Each year, Ugandan migrants send around 700 million US Dollars home to their families from every corner of the world. Ronald also has a sister, Ronah, who is married in the US. The companies that make the transfers charge 10 to 20 percent fees. The perfidious part is that the lower the amount transferred, the higher the fees. Ronah also supports her brother in Uganda from the US – with Bitcoin. Ronald and Ronha’s story uses the example of Uganda to show how Bitcoin is developing into a secure solution with low fees and short transfer times for international money transfers.