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AfricaCoin: The African alternative to bitcoin

November 10, 2018 • General, West Africa

 AfricaCoin’s President and CEO, Amos Tsopotsa

AfricaCoin’s President and CEO, Amos Tsopotsa

With the world moving fast towards a digital era, the AfricaCoin’s President and CEO, Amos Tsopotsa says it is important for the citizens of our country to adopt a digital approach when it comes to using their monies and considering the plus points that make crypto-currency a workable alternative to more established forms of financial trade.

It is no secret that crypto-currencies are emerging as a digital alternative to more traditional methods of exchange like cash or credit cards, cryptographic or crypto-currencies have also generated alternative points of view.

“Africacoin is a decentralized, peer-to-peer, “crypto-currency” system designed to allow online users to process transactions through digital units of exchange called AfricaCoin. Africacoin has generated interest and controversy as a “third” type of currency and an alternative to government flat currencies like the U.S. dollar or the euro or pure commodity currencies like gold or silver coins.”

“We want our AfricaCoin to be the solution to challenges associated with finances. We are trying to catch-up with the Africa’s agenda as it moves ahead implementing the Financial Inclusion Strategy, which aims to increase access to formal financial services.”

“Africacoin payments are processed through a private network of computers linked through a shared program. Each transaction is simultaneously recorded in a “block chain” on each computer that updates and informs all accounts.
“Africacoin are either “mined” by a computer through a process of solving increasingly complex mathematical algorithms or purchased with standard national money currencies and placed into a “Africacoin wallet” that is accessed through a smartphone or computer.

On the other hand, recent upsurges in the value of Bitcoin have established crypt-currency as a viable investment which – with the positive hype surrounding the blockchain technology that backs it up – can have a positive impact on the wallets and trading practices of mainstream investors, worldwide.

“Just like bitcoin but then it’s now out of reach this crypt-currency as in royal coin will be the next bitcoin. It will allow people to make transactions free of costs or taxes. The government has no monopoly over it. People money will not vanish as what the government has done to peoples funds.”

We are urging citizens to adopt this crypto-currency as a solution to various cash crisis. We are looking forward to collaborate with local private and public sector partners to drive greater financial inclusion through the implementation of innovative payment technologies.

“Using this crypto-currency, has more positive aspects and advantages of crypto-currency, and considering the plus points that make it a workable alternative to more established forms of financial trade. Adopting the use the AfricaCoin has  advantages like straight forward transaction, minimised the time and expense involved in making asset transfers, more confidential transactions, no applicable transactions fees, greater access to credit, easier international trade, individual ownership, adaptability and strong security.”

“Our people must have confidence on the AfricaCoin as it has the strong encryption techniques employed throughout the distributed ledger (blockchain) and crypto-currency transaction processes which are a safeguard against fraud and account tampering, and guarantors of consumer privacy.

“We are planning to setup our regional offices across Africa, starting from South Africa and Zimbabwe so as to coordinate our efforts to address financial inclusion which is a known pressing challenge in Sub-Saharan Africa where only 42.6 percent of the adult population has access to an account.”

Security

  • User Anonymity

Africacoin purchases are discrete. Unless a user voluntarily publishes his Africacoin transactions, his purchases are never associated with his personal identity, much like cash-only purchases, and cannot be traced back to him. In fact, the anonymous Africacoin address that is generated for user purchases changes with each transaction.

  • No Third-party Interruptions

One of Africa coin options is that governments, banks and other financial intermediaries have no way to interrupt user transactions or place freezes on Africa coin accounts. The system is purely peer-to-peer; users experience a greater degree of freedom than with national currencies.

  • Purchases Are Not Taxed

Since there is no way for third parties to identify, track or intercept transactions that are denominated in Bitcoins, one of the major advantages of Africa coin is that sales taxes are not added onto any purchases.

  • Very Low Transaction Fees

Standard wire transfers and foreign purchases typically involve fees and exchange costs. Since Africa coin transactions have no intermediary institutions or government involvement, the costs of transacting are kept very low. This can be a major advantage for travelers. Additionally, any transfer in Africa coin happens very quickly, eliminating the inconvenience of typical authorization requirements and wait periods.

  • Mobile Payments

Like with many online payment systems, Africa coin users can pay for their coins anywhere they have Internet access. This means that purchasers never have to travel to a bank or a store to buy a product. However, unlike online payments made with bank accounts or credit cards, personal information is not necessary to complete any transaction.

Edited by Neo Sesinye
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