The enigma of Crypto Currency in Africa
Crypto currency is now stretched and known, thanks to Corona virus leading to financial hitches, business closure and employment layoffs.
Crypto currency has taken over in Africa recently. The new enigma of online business investment has picked up in third world countries but Covid-19 pandemic has made the digital era investment more popular, with more youths inclined to it.
A huge population is yet to be hooked with the digital investment bandwagon due to uncertainties. Many express of a possible turndown as they compare it to Bit con a previous digital investment arena that flopped and left many in distress.
Bitcoin had thrived in a very short span, attracting many investors. Only for it to die prematurely with no breakthrough for its many investors. Leading to the Crypto currency slow growth as lessons from the prior Alma matter in online investments still lingers.
Crypto currency is now stretched and known, thanks to Corona virus leading to financial hitches, business closure and employment layoffs. Many were looking for a source of livelihood and Crypto proved right.
With its attractive profit rates those investing in it, have proved how advantages the new era investment avenue is. Through their social media accounts, posting flashy lifestyles and breathtaking vacation destinations to die for.
A wave that led to the Kenya Revenue Authority (KRA) to announce that they will be monitoring our social media accounts to analyze whether the posts reflect the filing of returns by individuals. Due to a report KRA provided in 2021 where some individuals are filing nil returns yet they have income.
No reports or statistics available show the durability of the new century investment. It is still unknown of its lifespan in the world at large. Also the security of online investment is not guaranteed as no government in the world is investing or partnering with it. Given that every detail of the business is only known to the founder, and only the founder knows how safe it is and how long the entity will last.
Leaving investors to have no one to blame in case anything happens to the entity as it is a personal decision to transact on crypto currency. Any liabilities incurred are self-captured. Which is a risky financial approach to anyone, given that you cannot fully count your investment on it,until you have it physically as no one knows the validity of this digital investment.
Given the risks involved, numbers of those investing in crypto currency in Africa keep growing and Kenya is not left behind. Millennials have now picked on this as many say ,it is more flexible and less time consuming as one is entitled to plan on whichever time they want to invest online .Hence, the digital business is not affecting their private time. Many find it to be less consuming compared to the 8-5 jobs that require physical attention and working under pressure. They also add how they can increase avenues of income by creating personal businesses.
Just like other Africans countries, Kenyans are equally scared with the digitized investment, as many were affected with the sudden demise of the Bitcoin business which has similar operational strategies to crypto currency.
Twitter has been the center of messaging for this business. Where many Kenyans send stern warning to those investing in Crypto currency that in case things go sour, they should not go online to cry for help. Whereas those already investing in it retaliate by saying that with tough economic times, they should not ask them for loans.
However both sides of the argument agree that the risks in the business are open to the public and that in as much as everyone is trying to put food on the table. In case, one decides to invest in it, they should be very smart to withstand the risks as well as manage their investments and learn to withdraw their benefits on a regular basis to avoid accumulation in case it closes down, so that you don’t lose a huge chunk of your investments at once.
Our leadership too like the rest of the world is not involved with the foreign investment and at the same time numb about it. Despite a number of Kenyans investing in it. Leaving citizens who choose to invest in it on their own as it is a self-risk venture.
We have a smart category of business people who offer the advice of short-term investment on crypto currency where they advise that people should set a short period to invest in the digital business, get the profit and leave. With the profit they use it to create self-employed ventures that will help them in life. That way avoiding risks of cumulative profits in case the online venture subsides, in time to come.
In conclusion, are you willing to invest in digital businesses? Do you know anyone who is investing in any digital business? Do you have a success story in digital investment?