submitted by /u/Jskenow
Despite global market doldrums, demand for cryptocurrency appears to be booming across Uganda, a country where nearly three out of four people don't have bank accounts.
The early results suggest a strong appetite among unbanked Ugandans for purchasing bitcoin or ether, the two coins the new Binance unit currently lists.
According to a paper by Stanford University researchers recently published in the American Economic Journal, 74 percent of Ugandan households are unbanked. As such, Binance's chief financial officer Wei Zhou told CoinDesk:
Aside from the local focus, the effort differs from Binance's flagship global trading platform in at least two other notable ways.
In the times that we're living in, technology has made unbelievable advancement as compared to any time in the past. This evolution has redefined the life of man on almost every aspect. In fact, this evolution is an ongoing process and thus, human life on earth is improving constantly day in and day out. One of the latest inclusions in this aspect is cryptocurrencies.Cryptocurrency is nothing but digital currency, which has been designed to impose security and anonymity in online monetary transactions. It uses cryptographic encryption to both generate currency and verify transactions. The new coins are created by a process called mining, whereas the transactions are recorded in a public ledger, which is called the Transaction Block Chain.Little backtrackEvolution of cryptocurrency is mainly attributed to the virtual world of the web and involves the procedure of transforming legible information into a code, which is almost uncrackable. Thus, it becomes easier to track purchases an…