Why the price of bitcoin in Africa is significantly higher than it is on other international exchanges?




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    Lael Cellier

    There is yet an other solution. And as someone who never went in Africa (which mean I have access to things like paypal and bank accounts in euro) I’m very interested in.


    Some cryptocurrencies are technically designed to have a fixed exchange rate with fiat currencies like usd Thether (ᴜꜱᴅᴛ) or WUSD or WEUR (ᴡᴇᴜʀ enable pegging against the euro which is a stronger fiat currency).

    They works like bitcoin or Litecoin, and other cryptocurrencies : transfers are done from and to cryptographic address and processed in some hours through blockchain. They are created by nongovernmental organisations. And in the case of thether, this is the main bitcoin blockchain which is used instead of it’s own.


    For example, if you would support converting ᴜꜱᴅᴛ to ᴜꜱᴅ tomorrow, then this would enable people like me to do this :

    1. I would buy bitcoins at a lower price on a major exchange that isn’t accepting Zimbabwean banks
    2. I would transfer the purshased, bitcoin to my golix.io bitcoin wallet.
    3. Several hours later, I would sell the bitcoin to ᴜꜱᴅ at golix.io’s current market prices, hence realising a 40% profit with today’s prices differences.
    4. I would convert (not exchange since in that case the pegging mechanism would be used underground) the ᴜꜱᴅ to ᴜꜱᴅᴛ on golix.io at the designed ᴜꜱᴅᴛ/ᴜꜱᴅ exchange rate (which is 0,9999 ᴜꜱᴅᴛ per ᴜꜱᴅ) . Such kind of pegged cyrptocurrencies are designed to overcome the conversion problem, so even with a huge imbalance on golix.io between ᴜꜱᴅ/ᴜꜱᴅᴛ golix.io wouldn’t loose money at all (this is golix.io which would need to handle the exchange entirely).
      Still questions ? You can take a look at Kraken’s ᴜꜱᴅᴛ/ᴜꜱᴅ price chart
    5. I would transfer the converted ᴜꜱᴅᴛ to a major exchange in order to buy bitcoin again and repeat the process until the ʙᴛᴄ/ᴜꜱᴅ price on golix.io goes down to a level were hours fluctuations make this no longer interesting due to the time transfering takes.

    On the other end, supportting such crytocurrencies would widely increase supply and liquidity and enable many peoples to exchange bitcoin at a more fair price.

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    Дмитрий Куценко

    I have available for withdrawal.  5.02 is locked in orders. how to get them back to the exchange account

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    Дмитрий Куценко

    У меня есть  5.02  заблокирован в заказах. как вернуть их на счет обмена

  • Avatar
    Дмитрий Куценко

    У меня есть  5.02  заблокирован в заказе. как вернуть их на счет обмена

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