In a first for Africa (and quite possibly much of the world) a private medical facility in Botswana is accepting the cryptocurrency Bitcoin as payment.
Situated in the capital city of Gaborone, Sharada Clinic started receiving bitcoins alongside cash as payment on the design of Dr Donald Ariisa. The GP believes that by adopting this technology, his clinic will achieve sustainability through accessible services. Bitcoin, he says, is being embraced by the world, in particular by the youth, who may be involved in “mining” Bitcoins online – that is, processing transactions and securing the Bitcoin network in exchange for the currency.
Completely separate from governments and central banks, Bitcoin is a virtual currency, meaning, if you have Bitcoins, you can’t purchase goods or services by handing over tokens or notes to a seller. Rather, Bitcoins are used in electronic purchases. In countries that accept the cryptocurrency, Bitcoins can be exchanged for anything – just like cash.
As it’s an open, decentralised currency, Bitcoin is meant to be a quicker, cheaper and more reliable form of payment than any other currency presently available. Anyone can buy Bitcoins, and transactions are recorded on a “blockchain” – an online ledger that keeps a record of every bought and sold Bitcoin.
Dr Ariisa is not concerned by the volatility of Bitcoin, believing instead that the currency will grow in popularity throughout his home country and the continent, as more entities and individuals come to accept it as a quick and easy payment method.
“All new technology is volatile and there will always be early adopters that will prove the technology viable,” he says.
Sources: BusinessInsider.com, Profit.ndtv.com, YourBotswana.com, Medpages.co.za