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‘Bitcoin should be the currency of choice’

Business
Anita Posch

BITCOIN for Fairness executive director Anita Posch has urged Zimbabwean businesses and individuals to use bitcoin as a medium of exchange because of its low charges when transacting as well as its being less prone to abuse.

Bitcoin is a cryptocurrency, a virtual currency designed to act as money and a form of payment outside the control of any one person, group or entity, and thus removing the need for third-party involvement in financial transactions.

Speaking during an interview with Alpha Media Holdings chairman Trevor Ncube on the platform In Conversation With Trevor, Posch said bitcoin is neutral money that can help solve Zimbabwe's money problems and stop the government from extracting value from the people.

“Bitcoin is basically neutral money, since there is no one that can decide or change the maximum amount of bitcoin that will be in existence because that is what monetary inflation is. The government is printing money to extract value from people,” she said.

“It (bitcoin) enables you to send money almost for free anywhere in the world which is great even more when you live in countries where you are likely to have financial problems with banks.”

She added that the adoption of bitcoin as a medium of exchange will also help ensure transparency on corruption cases.

“Bitcoin is  private, open and transparent at the same time... if you want to audit, for instance, on a budget you can do it with bitcoin blockchain easily because you see where the money is going; you can follow the money,” Posch said.

Currently, sanctions in  the form of the Zimbabwe Democracy Recovery Act imposed by the United States in 2001, prohibits banks in the country  from  international exchanges of bitcoin. As a result, most transactions are carried out by individuals who exchange United States dollars for bitcoin or vice versa.

Recently Pick 'n Pay (South Africa) launched bitcoin as a new payment method for 39 of its stores with plans to roll it out to all its stores in the coming months.

Posch has authored two editions of bitcoin books titled (L)earn Bitcoin.

Follow Donald on Twitter @DonNyandoro 

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