NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Tuesday, November 11, 2014

Bitcoin, a “decentralized virtual currency” according to the U.S. Treasury, is the first cryptocurrency to be rolled out in its entirety. In addition — when considering market value — Bitcoin is largest cryptocurrency.

Although Bitcoin is popular in developed countries, it is still comparatively lesser known in Africa.

Nikunj Handa and his team at BeamRemit.com however believe the market for Bitcoin is evolving in Africa based on the advantages the virtual currency has over other remittance services. They launched BeamRemit.com to allow individuals in countries such as the United Kingdom to send money to their family members in Ghana using Bitcoins.