Bitcoins, Zim hits jackpot?

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images:pixabay

On Monday 27 November,  the country woke up to the surprise good news that the price of a bitcoin had increased by nearly 14 percent, 13,79 percent to be precise. This means the trading price of a bitcoin rose to $16.500 in the country,  65 percent more than the global market. The global price of bitcoin stood nearer $10,000 on Monday.

images:pixabay

The huge price for the bitcoin gives hope to the nation in this new era where the nation is dreaming of a fresh start. Already about 3 bitcoins had been sold at Golix (Zimbabwean cryptocurrency exchange) in the last 48 hours and 157 bitcoins were sold over the last 30 days. In comparison, thousands of bitcoins are traded per day on other popular exchanges like Coinbase. This has given the nation hope especially considering the economic hardships currently facing the nation. As such, thin trades recorded at Golix relative to other large exchanges and a huge premium that traders are prepared to pay speaks to the acute liquidity challenges in Zimbabwe as some individuals buy bitcoins to facilitate foreign payments.

One Bitcoin is equivalent to R167500

However, it should be noted that the use of Bitcoins is illegal although they have become prominent in the market.  This was clarified by the director and registrar of the banking institutions, Norman Mataruka. “In terms of the bitcoins, as far as we are concerned, it’s not actually legal. In Southern Africa, what we have done as regulators, we have said that we will not allow this in our markets”, he said.

However what really are Bitcoins? Eyetro Digital as your number one platform for information gives you a breakdown and or an insight of this jackpot. A Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like Bond Notes, dollars or rands they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. Bitcoin was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middlemen meaning no banks! There are no transaction fees and no need to give your real name. More International merchants are beginning to accept them.

A lot of people are getting into the use of Bitcoins saying that making international payments are fast, easy and cheap because bitcoins are not tied to any country or subject to regulation since all local banks are not allowing international payments.

The price of bitcoin is constantly changing 24 hours a day on bitcoin exchanges around the world.

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