Cryptocurrencies are gradually being discovered in Africa. In countries like South Africa, Ghana, Kenya, Botswana, Zimbabwe and Nigeria, there is a semblance of digital currencies, primarily bitcoin, taking roots. Blockchain or DLT (distributed ledger technology) can be seen as the solution for Africa’s current problems and future growth. Bitcoin, based on blockchain, could be the engine for African growth, and could fuel the continent’s great leap forward.
It is important to first define a few concepts in the field of cryptocurrency. As such, cryptocurrency itself is defined as a digital asset designed to work as a medium of exchange, using cryptography to secure the transactions and to control the creation of additional units of the currency. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies. Bitcoin became the first decentralised cryptocurrency in 2009.
Blockchain is another important concept that needs to be defined. As such, blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a hash pointer as a link to a previous block, a timestamp and transaction data. By design, blockchains are inherently resistant to modification of the data. Functionally, a blockchain can serve as “an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.“
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