coindesk.com / Tanaya Macheel / July 20, 2014 at 16:55 BST
Bitcoin’s potential to succeed in Africa is widely recognized within the industry.
It’s capable of transforming the way we send remittances to the continent and giving the unbanked easy access to money quickly and freely. It’s an alternative currency for anyone, but especially useful in countries with unstable national currencies, and can reduce the cost of cross-border trade.
In Freetown, Sierra Leone, an ethical fashion accessories company called Bureh is taking the first step in creating a bitcoin economy for sub-Saharan Africa by accepting bitcoin via payments processor BitPay. That its total bitcoin transactions have been few since it began offering them in December doesn’t faze co-founder Daniel Heyman. Money movement, he told CoinDesk, is the main opportunity in bitcoin – not consumption.