The use of bitcoin for trade can liberate people from abusive monetary systems in various countries, Farida Nabourema, Convener of Africa Bitcoin Conference has said.

According to her, about 80% of transactions on the blockchain are bitcoin-related transactions due to its decentralized nature of operation.

Farida Nabourema further said this internet currency - bitcoin - when adopted by many can help cut their dependency on political and economic systems that prevent citizens from freely accessing money.

Speaking to GhanaWeb at the Africa Bitcoin Conference held in Accra, she said, "Bitcoin is the genesis of all cryptocurrencies. It operates in a completely decentralized network. It's an open protocol, the rules can never be changed. Bitcoin is the currency of the internet and its value rests in the people of adopting it, using it, spending it, saving it and making it their own."

"This is the first Africa bitcoin conference we are holding here in Accra, Ghana and the goal is to bring the large bitcoin community to Africa to meet with the local community to engage in conversation to let people understand what bitcoin is, to realise the potential it provides for financial freedom, economic growth, to cut dependency from the political and economic systems that have been preventing citizens from accessing money in an equal way," she stated.

"We need to have a whole community of users, developers, scientists...come together to see how this novel technology can truly contribute to liberating people in the global south from abusive monetary systems," she added.

Farida Nabourema further said inasmuch as bitcoin is fraught with some challenges, it is better to be used for trading to ease the pressure on local currencies which subsequently have dire consequences on citizens.

She cited Ghana's high inflation and depreciation of the cedi as an example to buttress her claim.

"For a country like Ghana, for example, you have a currency that has been depreciating all the year and this is having a real time consequences on the livelihood of citizens. Bitcoin is not perfect but bitcoin," she said.

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