At times queuing up in a bank could be very uncomfortable and time-consuming. If there is one thing that we have learnt from this year is that, going digital is better and safer thanks to standing in a bank and possibly catching the coronavirus. This is what the blockchain offers with its wide array of cryptocurrencies. Many people have heard about bitcoin but know nothing about blockchain, and do not know that both terms are firmly related. Despite the fact that Cameroon appears to be a little quieter with regards to the bitcoin/blockchain evolution, it will be completely bogus to say that nothing is happening in the country. This article reveals some insight into the condition of bitcoin and blockchain in Cameroon while explaining some regular confusions. It is almost impossible to miss out the buzz you get on the internet about blockchain and cryptocurrencies. Notwithstanding, these concepts are not exactly new to the Cameroonian masses. Blockchain and cryptocurrencies is the up and coming age of money transactions and payments and a tremendous means of making huge benefits as well as losses if you are not cautious.
In 2015, the Cameroon government tried a bitcoin-like cryptocurrency called Trestwith. It was introduced to the country with the help of an Indian IT organization Trestor. Be that as it may, today many people in Cameroon have knowledge of what bitcoin is yet less about blockchain. This is on the grounds that a decent number of Cameroonians get the opportunity to know about the two terms through Network advertising plans which plague Africa in general.
Bitcoin and other digital currencies are sold on exchanges, these are sites where you can purchase and sell bitcoin. Sadly for Cameroon, there are no such websites as at now. So if you are hoping to get some bitcoin, you need to just find somebody who is happy to sell them to you. Fortunately, there is a serious built up organization of bitcoin traders in Cameroon. In any case, stay careful, to avoid falling into bitcoin scams!
Anglophone separatists in Cameroon create their own cryptocurrency
Due to the Anglophone crisis in Cameroon, many of the separatist leaders found it difficult to make financial transactions in banks given the fact that the state monitored international financial transaction and withheld any funds thought to be suspicious or coming from separatist leaders, (a majority of whom are in the diaspora) to fund their struggle, some recipients of the funds risked going to jail if the were deemed part of the saparatist movement. With such attention on every transaction, the Anglophone separatist leaders sort out a more decentralized currency where transactions can’t be traced by the government, and developed the Ambacoin. For the sake of international and determination, bold anglophone separatists of the self-declared “Federal Republic of Ambazonia” have made their own digital currency called Ambacoin, which is backed by natural resources of the territory.
Out of 100,000,00 bonds on presale, 20,082 of the digital currency were bought. Each coin sells at 25 cents which is the equivalent of 140 FCFA, Cameroon local currency with the initial coin offering of the digital currency is planned for Dec. 24 and is said to be backed by the territory’s national resources. The AmbaCoin was imagined and worked by a gathering of mysterious Anglophone dissident researchers, technocrats and designers. A group of unknown Anglophone separatist elites, developers and technocrats conceived and made the AmbaCoin. However, it has picked up support from the main separatists and secessionists organizations.
Over the last fifty years in Africa, particularly in regions where people need to make their very own nation out of another, individuals have been opting to place their confidence in a type of exchange other than money which is acknowledged worldwide. During the Nigerian common war, the then self-declared Republic of Biafra received the Biafran pound as legal currency, leaving the Nigerian pound it had been using before its said “independence”. There are likewise plenty of unrecognized nations in the past which thought of currency in their endeavours to be free.
How are Bitcoin and blockchain connected?
In simple terms, Bitcoin is a digital currency that operates on an innovation called Blockchain. And blockchain, on the other hand, is an open ledger where transactions are recorded. While cryptocurrency is basically digital asset representation. This means bitcoin is only one of the numerous digital currencies in the world. Indeed it is, and there are other currencies like Ether, Litecoin, Ambacoin and a whole lot more, all of which operate on the blockchain.
Cameroon Blockchain Business Council (CBBC)
The Cameroon Blockchain Business Council is an enterprise that unites business people, leaders, and organizations to progress in blockchain innovations in Sub-Saharan Africa. Their central goal is to build a flourishing blockchain network where individuals can cooperate to shape and advance the innovation in their local communities and provincial networks to encourage quick integration. It is focused on encouraging partnerships, educating people and bringing awareness to this groundbreaking innovation. They are committed to making and delivering exceptionally captivating training in blockchain innovation for people, business visionaries and foundations across various areas in Cameroon and Africa at large.