Why South Africans Don’t Trust Bitcoin To Pay Utility Bills
Africans rarely use Bitcoin payment services as they don’t trust Bitcoin as a currency. Lorien Gamaroff, CEO of Bankymoon, stated to CoinTelegraph that African residents don’t use services that offer the option of Bitcoin payments for utility bills and others because they just don’t trust cryptocurrency. Nevertheless, this could be the perfect alternative to the traditional banking system, especially considering the fact that most of Africa's population is unbanked. South Africa-based startup Bankymoon offers different solutions for utility bill payments that support Bitcoins and other....
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Bankymoon, a South African-based Bitcoin solutions company, is changing how people pay for utilities, making them more affordable. Bitcoinist spoke with Lorien Gamaroff, founder and CEO of Bankymoon, to find out more about the utility crisis in Africa and what Bankymoon is doing to solve it. Lorien, a South Africa native, shared with us about the crisis and how it is impacting Africans and the education system. Today, Africa is in a state of crisis due to its current unsustainable utility metering system. This metering system is what’s referred to as “post-paid,” meaning consumers pay....
About 53% of South Africans have little to no knowledge about cryptocurrency, while only 14% thought or felt they had a better understanding of the subject, a report has said. Nearly half of the respondents said they would only invest in cryptocurrency if or when their respective banks are involved.
South Africans Weigh In on Crypto Knowledge
According to the findings of Merchant’s consumer survey study, just over half of South Africans (53%) have little to zero knowledge about cryptocurrency. The study also found that out of the surveyed South Africans, only 14%....
According to the findings of a study by KLA, a market research and data specialist firm, some 47% of South African adults are holders of cryptocurrency, with the majority of this number holding low-value investments. In addition, the study shows that 36% plan to invest in crypto in the future. South Africans Still Experimenting With Cryptocurrency Though the KLA findings report that 47% of South Africans are holders, the Businesstech report quoting KLA’s Tessa Nowosenetz explains the value of crypto assets held is still very low. This low average value suggests that many are still....
If we want to achieve a critical mass in terms of Bitcoin some day soon, we will need a lot more use cases for everyday consumers. Despite having the option to pay bills in Bitcoin and even receive [part of] your monthly wage in BTC, neither of these services are targeting a large market where Bitcoin payments could make a difference. But that is about to change, thanks to the efforts made by Bankymoon, a South African-based Bitcoin startup. How We Pay Utility Bills Today. In the midst of “smart” technology taking over daily life, payment technologies seem pretty archaic and are....
ZapGo aims to revolutionize how young South Africans spend their cash online. The new mobile money start-up by South Africans Michail Brynard and Helghardt Avenant (currently halfway through the Boost VC accelerator program in Silicon Valley), uses the Bitcoin network as the underlying mechanism to transfer value. However, this is not an entirely new business. The duo ran it as Xoin prior and offered a slightly different service of selling bitcoin redeemable vouchers as an easy way to make the crypto coin accessible to many. From Xoin, they learned that bitcoin in its raw form is too....