The new kid on the block for digital currency – Bitcoin – is being widely used for electronic transactions across emerging markets. The rate of adoption is so fast that the number of merchants accepting bitcoin is growing close to 10% a day worldwide.
For emerging markets such as Kenya, Bitcoin comes as a blessing, since PayPal is absent and Bitcoin charges only a nominal fee for money transfers (one per cent or less of the amount being transferred).
Industry players from emerging markets also stand to benefit from the Bitcoin ecosystem expansion. For instance, Bitcoin China (BTC) – one of the world’s largest digital exchanges – raised USD5 million through funding from venture capitalists in November 2013.
Will Bitcoin become the alternate currency for consumers worldwide?
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