Africa remains the home to a large proportion of the world’s population that is unbanked according to a 2017 World Bank Global Index survey. Many of those who are unbanked cite their lack of official identification particulars as one of the main reasons for their predicament.
Cryptos Narrowing Financial Exclusion Gap
Therefore, in their effort to reduce the number of people that have no access to banking services, Satoshi Nakamoto created Bitcoin, a decentralized digital currency and network that is available to anyone. Now, more than ten years later, the crypto asset has had successes in narrowing the financial exclusion gap as some financial services are now available to those lacking identification documents.
However, the rising fees on networks such as bitcoin (BTC) or ethereum (ETH) mean the respective crypto assets may eventually become less accessible. Further, the imposition of KYC requirements by some centralized crypto exchanges or the enforcement of FATF rules means millions of individuals including many from Africa will soon be blocked from trading cryptocurrencies.
Nevertheless, some crypto exchange platforms like Local.bitcoin.com continue with their quest of making it possible for African users to have access to cryptocurrencies like bitcoin cash. Also, African users or traders will transact with the full confidence that the other party to the transaction will perform as agreed. Local.bitcoin.com’s blind escrow system ensures all parties play their part.
How to Start
So how can a prospective trader safely buy or sell bitcoin cash on Local.bitcoin.com? The first step would be to go on local.bitcoin.com and create an account. Creating an account on Local.bitcoin.com only requires one’s email address, a username, and a password. There is no KYC, an ID…