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It's hard not to overlook the growing number of cryptocurrency enthusiasts in uganda.
In an article published by new vision where a 30 year old lady has been investing hundreds of dollars into bitcoin with big dreams of buying land and settling off profits and starting big businesses.
She had sold clothes for profits, she has a money lending business, unfortunately all those didn't turn out to be as profitable as she thought.
So far she has achieved something, she still feels like it's a gamble, but again she said it's much safer than consty business losses she had always encountered.
She believes bitcoin is still even going higher.
Good enough, most of us hope so
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Ever since i heard about stuart naturinda's cryptocurrency classes that always happen on tuesday of every week.
With massive turn ups and even bigger numbers with each progress in such programs, it's hard not see the rising interest in cryptocurrency.
One i have got to know about as Mr serugga, also conducting in cryptocurrency classes.
Makes me think we shall have more these programs all over our country.
Though we also have know, with profits there comes losses too. Mostly this depends on your goals of investment.
Another story published in business focus uganda where a certain youth lost some large amounts of money through these investments.
According to him, he wanted to make some profits in a limited period of time just like some people do.
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Joachim Ndhokero, a recent economics graduate, is still unemployed.
His father encouraged him to attend the classes to make some money but it has not been easy.
He lost over $900 (£664) in a trade gone wrong.
Before he lost all his money, he had just made a $200 profit.
Then he went to the cinema and lost everything.
“I think it was within like two hours.
“That day I learnt that for cryptocurrencies, since they have a bigger spread, they can easily bring in losses. If it’s a loss, it’s really a loss.”
The expert advice here is “use what you can afford to lose”.
Obtained form businessfocus uganda
We actually have to put this into consideration,
Getting a job for graduates in Uganda is like a lottery.
Most youths are able to cope with the occassional losses in cryptocurrency than suffer the disturbing inflations, taxes and little payments all together.
One problem though, with many youths trying to survive on cryptocurrencies such as bitcoin by waiting for short term gains, it makes it very difficult for them to make reasonable profits
If one has to withdraw some of his investments to pay for some bills, they are likely to dry up their all their investments in a short period of time before they even see any big gains
I talked to one friend of mine who had bought some bitcoins worth of 650000 uganda shillings about 176usd.
He sold some property to buy a few coins after hearing all the hype it had.
After being lost for about 4 months, on seeing him i was glad to tell him about steemit.
Looks like we have the best way of mining cryptocurrency currency. Plus such a community so informative, everyone who has an idea about cryptocurrency in uganda, hears about steemit and appreciates it.
We are looking forward to see more of this enthusiasm come up in many parts of uganda.
Thanks for passing by.
As always
@tesaganewton
That's nice to promote steemit.
However also need your upvote sir
It's not so big, but hey there u are.
Despite the fact that there are so many crypto currency classes around the country uganda, we need to promote steemit through our friends as well. I like the enthusiams in steemit team
Exactly, we have hit simple milestones so far.
😀😀 we do have steemit promoters on energy drinks .
Too much work for such a small team, with this progress alot is yet happen.
Hello! I find your post valuable for the wafrica community! Thanks for the great post! @wafrica is now following you! ALWAYs follow @wafrica and use the wafrica tag!
Great post. Interesting stuff about crypto uptake in Uganda. A possible expainsion could be be how money transfers are done among most people in Uganda and if there is a possible role for cryptos, and perhaps even Steem specifically, with possible zero-fee, peer-to-peer transactions. How does the central bank regard, and treat, cryptos? Just ideas. Keep it up.