Cryptocurrency in Africa, Fan Tokens Offering, and Living Off Bitcoin

Cryptocurrency in Africa

The concept of digital tokens is very popular amongst nations that are suffering from hyperinflation and economic insecurity. These are not prerequisites, however. A wide range of African countries, including Botswana, Ghana, Nigeria, South Africa, and Zimbabwe have taken to the trend of owning and trading in cryptocurrency. Nigeria is particularly fond of cryptocurrency, holding third place when it comes to having the most Bitcoins per capita. According to the same report from Citibank, Kenya is the fifth largest Bitcoin holder, and South Africa is number six on the list. Hyperinflation is by no means the only reason for the popularity of cryptocurrency in Africa. Lack of access to banking services is another important factor. A lot of jobs have also been created with the emergence of cryptocurrency mining, which is a booming industry in places like Ghana and South Africa. Some countries, like Ghana, have even gone so far as to launch their own cryptocurrency tokens. Going even further than that, the R&B singer Akon has plans to not only create his own cryptocurrency token, Akoin, but also build an entire town in Senegal where it can be used.  

Football and Fan Token Offering

A French football club called Paris Saint-Germain (PSG) has decided to launch their own cryptocurrency token which fans can use for special privileges. The concept is called Fan Token Offering (FTO), and works a bit like Initial Coin Offerings (ICO). Fans can purchase the tokens, and be granted VIP status as well as voting rights in the football club. These voting rights do not cover any major decisions such as player transfers, but holders will be able to influence cosmetic decisions, such as jersey color and design. The token is the product of a partnership between the football club and a blockchain platform called Socios. Socios is run by Malta-based blockchain and sports company chiliZ, and is enjoying support from prominent exchanges like Binance and OKEx. Whilst PSG is the first football club to join the scheme, the plan is to eventually include hundreds of football clubs from around the world. Each club will enter a five-year deal with Socios to launch their own FTO. chiliZ also plans on eventually include non-club members, which means they will have to form partnerships with cryptocurrency exchanges.

Living off of cryptocurrency

China’s biggest cities have effectively become cashless societies thanks to apps like WeChat Pay and Alipay — apps that work similar to Apple Pay. Although the Chinese government has taken a very tough stance on everything related to cryptocurrency, it has not stemmed the popularity of digital currencies amongst the general population. Despite Bitcoin trade and use being banned in China, a group of crypto-enthusiasts called Team 1234 has launched a new project to see if you can live off of Bitcoin. The project is called Bitcoin Girl and follows He Youbing as she attempts to live off of Bitcoin for 21 days whilst traveling through major cities like Beijing and Shanghai. The project, which was documented on video and released in small 15 minute episodes, revealed that it is not always easy to live on Bitcoin only.

 

Share

Leave a Reply

Your email address will not be published. Required fields are marked *