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.

1. teamsteverhyner.com http://www.teamsteverhyner.com/why-south-africans-dont-trust-bitcoin-to-pay-utility-bills/
Steven L.
Rhyner
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 traditionalbanking 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 known cryptocurrencies. They even offer utility payments via smart contracts. It allows users to conduct
payments without involving third parties and, consequently, to avoid additional fees.
Unfortunately, such solutions aren’t really popular among the residents of South Africa. According to Lorien
Gamaroff, “their utility payment system has not been widely used in Africa simply because most people have not yet
heard about Bitcoin. And those that have are only aware of it in the context of hacked exchanges and underground
markets and so confidence in it in terms of a currency is low”.

2. He stated to CoinTelegraph:
“The payments that were
made have mostly been by
customers that were used in the pilotstudy. Unfortunately, it does seem that the crypto-payment facility
is still ahead of its time here in Africa. I look forward to the time when the world catches up to the
innovation.
I believe that, as the price volatility stabilises and as more services come online that accept it, they will
see more value in it as a currency”.
This system of payments really has good prospects as 80% of Africans are unbanked and most are already
comfortable with the concept of mobile money so perhaps it is just a matter of time.
There are already several companies that offer mobile payments, such as M-Pesa, MFS Africa,Safaricom and
others. Obviously, their solutions are much more popular and widely used among Africans than Bankymoon’s Bitcoin
solutions so far.
To me this is all part of the evolution of something new. I believe the same type of situation will occur in the
United States. As the subject of the article states, once the price stabilizes and the press slows down it’s
concentration on the negatives and highlight the positives in turn providing an education about Bitcoin, then
acceptance and usage will improve. One thing I do know is there is an outstanding business opportunity
using Bitcoin mining proceeds to purchase gold, silver, hard assets or whatever you like. It’s almost like
printing money! For more information click here or send me an email: steve@prplus.us.
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