Although the name Satosi nakamoto remains elusive to its face holder, it remains attached to cryptocurrency- He created ‘Bitcoin’ and is currently at the ongoing Transform Africa Summit in Kigali,Rwanda.
Bitcoin is getting easier enough to use and in the future, people across the globe are expected to start trading with it and using it as a store of value.
People are going to be able to spend cryptocurrencies, like Bitcoin, in mainstream situations. Cryptocurrencies will eventually replace credit cards and will be something you can access on your phone.
Experts predict that the Bitcoin might end up with a 20% to 30% market share.
For instance, currently there is about $80 trillion worth of fiat currency in the world. Cryptocurrencies will expand that market and are projected to eventually grow to maybe $100 trillion and fiat currencies will fall from $80 trillion to $30 trillion.
The Transform Africa Summit has attracted several experts that will engage in cutthroat discussions on blockchain technology which until recently has been associated with crypto currencies such as Bitcoin and platforms like Ethereum.
Experts will explain what this disruptive techonology can do to business.
Jimmy Nguyen – Chief Executive Officer, nChain Group; is among the executives invited to explain how the Bitcoin works.
” Happy to be among the delegates for this big event to help #Africa WIN as a digital market,”Nguyen said at the ongoing Transform Africa Summit in Kigali.
Another expert Dr Craig S Wright is also holding discussions with participants at the summit. He says Bitcoin is the future for Africa and they are here to help the next generation on how the whole Bitcoin works.
According to Timothy Cook Draper, an American venture capital investor, bitcoin is bigger than the internet.
“I look at Bitcoin as a network effect. For instance, if I have Bitcoin and no one else does, then its worthless. But, if I have Bitcoin and you have Bitcoin, and we both recognize that, then we have one connection. Then, the connection grows – it’s the square of how many nodes are in the network.
“Right now there are 40 million Bitcoin wallets. I think that this number will continue to grow and the value of Bitcoin will be determined by the square of that,” Timothy says.
Into the Future soon, people will be able to buy products and other things with Bitcoin, Ether, Bitcoin cash or any number of other cryptocurrencies all on mobile phones.