The growth of Bitcoin cryptocurrency has also coincided with a number of improvements in technology. These improvements enable several users to effectively trade online.
Meanwhile, in Botswana, which is landlocked, geographical constrains have done so little to stop Bitcoin Core from local trading. This happens even in the absence of a well-functioning locally-operated crypto exchange. Sourcing Bitcoin in this Southern African country is one of the most complicated tasks.
Wallet-Based Bitcoin Core Purchases
In diamond-rich Botswana, Bitcoin is not illegal, although obtaining it is not that easy. In most cases, the natives of this country purchase their BTC on exchanges that are located outside the country. Additionally, they also purchase the coins through in-wallet third party services. In other instances, Batswana are forced to cross the border into the neighboring South Africa to purchase some of the crypto.
One person that is still cutting her teeth in this fast rising technology is Phillonah Shamukuni. She is considered as one of the leaders in the niche Bitcoin community of Botswana. The 21-years old works as an independent affiliate of an international compensation-based Bitcoin community. She has also assisted in arranging for a number of meet-ups for the crypto enthusiasts in Botswana. Shamukuni who is a student of Management Accounting has greatly helped the 2.3 million people living in Botswana.
Payment For Her Endeavors
As payment for her endeavors, Phillonah will be rewarded some Bitcoins. For the time she has been in this market, Shamukuni has greatly relied on her BTC wallet for the direct Bitcoin purchases. She normally uses globally accepted and pre-funded bank cards.
Towards the end of last year, a third-party provider by the name Simplex stopped servicing Botswana without giving a clear explanation. This move frustrated Shamukuni. However, Simplex stated that they did this on the account of anti-money laundering and know-your-customer requirements. It even grew to become stricter that other countries. A number of Batswana were greatly affected.
The Arbitrage In Africa
In many parts of the African continent, the issue of Bitcoin pricing is one of the most common issues. There is not enough Bitcoin to go around, and this leads to too many people chasing the less available BTCs. But this has a consequence. Investors that trade in US dollars purchase the coins on international exchanges before bringing them back to the local market for a profit. The extent of the arbitrage extreme has been exemplified by Zimbabwe. There was a point that Bitcoin sold at a premium of as much as 90% in Zimbabwe.
Factors That Determine BTC’s Final Selling Price In Botswana
The final selling price of BTC in Botswana depends of an array of factors. The absence of a formal local trading platform in Botswana worsens the situation in the country. A formal local BTC trading platform might have assisted in stabilizing the prices. In March 2019, an automated teller machine that was installed by Express Minds Ltd in the Botswana’s capital city. This has greatly improved access to the coin, although it came with certain criticism.