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Ugandan Citizens Adopting Bitcoins

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Undoubtedly, the crypto growth has been remarkable for years and bitcoin adoption is also appearing to witness a good growth day by day. Various cities and countries are now adopting the usage of digital currency and now we have one more name on the list.

According to a report published by Abc news, the popularity of bitcoin is now reaching the peak among the citizens of Ugandan capital city of Kampala. The citizens of the city are now adopting the trending tradition of bitcoin and the report mentioned the details describing the adoption of the bitcoins among the professionals of the city. As the professionals of the city are seeking for some supplementary income and the jobless millennials are seeking a means to escape a life of minimal economic opportunity, hence they find bitcoin adoption a means which can fulfil the requirements of both the groups.

Mr Stephen Kobyo, who is a member of Ugandan Financial Services Firm Alpha Capital Partners, reportedly states that the dismissal of the cryptocurrencies and other digital currencies is not a wise thing to do in the current scenario. The investors of cryptocurrency must understand also understand the risks involved in the investment of huge speculative asset.

A doctor working in a hospital of Kampala Moses Semulya described bitcoin as an offering which has a number of advantages over using a local currency. He mentioned a situation where he was willing to buy some essential medical equipment online but it was getting hard to buy. He mentioned the reason that online transaction in Uganda is very expensive including the taxes and fees. With respect to all these aspects, bitcoin is now changing the traditions and making the things easier for the citizens.

A Ugandan bitcoin miner, Richard M. Bagorogo who was operating a mining scheme claimed to have earned a lot only in a time period of one and a half years from bitcoin. He said that getting a job in this country is not at all easy and that is why he is earning his living on bitcoin. He also stated that being a teacher, he himself was unable to afford international school for his children in the school he used to teach. But now he is thankful to bitcoin and is living a luxurious life. Thus, the citizens are now witnessing a betterment in all respects in their lives after the adoption of bitcoins.

 

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