How cool is this? Here in my little nation of South Africa, the local cryptocurrency exchange called Luno, is now providing facility for us to buy and sell using our cryptocurrency directly in 31000 shops.
I'm over the moon about it. What good news for all involved. South Africa has become relatively crypto friendly. They may want to still demand capital gains tax of some sort, sadly. We'll see about that!
Nevertheless, crypto is making leaps and bounds toward mass adoption here in sunny South Africa. Finally Bitcoin etc can be used for its ultimate purpose - to trade for goods and services, not just as store of venue.
Luno exchange was the first I ever used in 2017 to buy my first bitcoin. It looks promising for locals going forward. There is significant adoption of crypto among citizens of this far flung remote deep south nation - the epitome of the "global south".
As the global south rises, and BRICS+ becomes the new dominant player on the globe, outdoing or undoing the dollar hegemony, I believe that cryptocurrency should also rise in prominence.
Ultimately anyone who is informed can see that the petrodollar its losing power at this point in history, after a few decades of domination. Usually dominant currencies last about 80 years before declining.
Large historic cycles including currency and empire are seen to rise and fall. The BRICS currency is on the rise, backed by gold, if they are smart.
Now we ideally want Bitcoin to become the global reserve currency, not controlled by any nation or corporation or person. Let's see if it's possible in our lifetime.
Nations rise and fall. Can the blockchain transcend that tendency? Bitcoin is still young and not fully tested, although so far it has run smoothly for 15 years.
As the dollar loses value in coming years due to money printing, Bitcoin will gain value as the most scarce asset that it is. Fiat will always lose value while Bitcoin remains hard money.
In time Bitcoin price volatility will decrease and price will stabilize, making it more attractive as a medium of exchange. Then the first mover nations will be at an advantage, with regulation in place.
The future looks bright for Bitcoin. It's our time to shine.
Image: pixabay free commons
Ref: https://techpoint.africa/2024/10/07/luno-merchants-accept-crypto-south-africa/
Luno have been the forerunners and thinkers within this spectrum, good to read something about our hidden little gem in Africa. Of late been too busy with RL to research much so thanks for an interesting piece.
@tipu curate 2
Hi Joan, great to be in touch and share the info. I'm wandering what will happen when they want to start taxing us, the government via exchanges sharing our info.
Taxman has started they obtain pre-populated information from exchanges already, unless you run a cold wallet SARS knows. What is supposed to be decentralized is not! South Africans are taxed at every turn, I have no idea why they simply don't abolish private tax to individual and take from VAT and every other space they already collecting from.
66M people in the country currently, of which 7M working, weigh up the odds as to how much tax we are bailing these thieves out with. Middle class is dwindling into naught simply going to end up rich vs poor. Growing up they always referred to a "Commie under every bush, now look no further than parliament." NATS were rotten, ANC vrot to the core, not much change with GNU either, two bull dogs tugging at the same piece!
Upvoted 👌 (Mana: 55/75) Liquid rewards.
This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.
Do you know that you can earn a passive income by delegating to @indiaunited. We share more than 100 % of the curation rewards with the delegators in the form of IUC tokens. HP delegators and IUC token holders also get upto 20% additional vote weight.
Here are some handy links for delegations: 100HP, 250HP, 500HP, 1000HP.
100% of the rewards from this comment goes to the curator for their manual curation efforts. Please encourage the curator @bhattg by upvoting this comment and support the community by voting the posts made by @indiaunited..
This post received an extra 15.53% vote for delegating HP / holding IUC tokens.
Hi, I have a question that may seem silly.
But how is the price fluctuation adjusted in this system?
Does the product come with a fixed price saying it costs so and so bitcoin? Or Does the merchant allow the customer to pay the price of the product in bitcoin equivalent to the fiat price?
I hope the question made sense. 😅
Hi there, that's a good question and my understanding is that the product has a fixed price in fiat, and one just pays that fiat amount in Bitcoin equivalent on the day.
Hmmm, very interesting. I mean the level of system that is at work is awesome.