What is digital currency?
Digital currencies are electronic token representations of value, primarily used for value exchange. They can either be fully backed by physical world equivalent: Egold, Mobile Money, Chama Dhahabu or NOT backed by physical equivalents, but rather on their perceived value and trust by the community: Bitcoin, Bonga points. Digital currency technologies are also architectures/platforms, like the internet on which innovative products & services are built eg the Bitcoin protocol, ricardo
How does digital currency work?
Digital currencies allow seamless electronic value exchanges and transactions without the need for cash. This significantly lowers the burden and costs associated with handling cash & takes us closer to a cashless economy. Cashless economies have tremendous advantages.
How does one acquire digital currency?
There are multiple ways to do this including:
- As payment for goods or services.
- Purchase from an exchange.
- Digital currency agents.
- Exchange with someone near you
What are the benefits of digital currency?
Payment freedom – It is possible to send and receive any amount of money instantly anywhere in the world at any time. No bank holidays. No borders. No imposed limits. Bitcoin for example, allows its users to be in full control of their money.
Low transaction fees – by reducing the costs associated with handling cash, the cost of transacting is significantly reduced.
Financial control – it enables its users to have full control over their financial resources.
Financial inclusion – digital currency enables everyone to participate in the formal financial system through financial access and financial services.
I’d like to learn more. Where can I get help?
To find out how it can help you, contact the ADCA at info@africandca.org or press@africandca.org
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