Is bit club Legit in Ethiopia?

Ethiopia has now seen Bitcoin networks and clubs, such as Bit Club and AWS Mining, across the country and more and more people are investing in them. Recently, there has been widespread controversy as to the legitimacy of the business models used to sell and buy Bitcoins in Ethiopia.

What is bitcoin in Ethiopia and how does it work?

Bitcoin in Ethiopia, which uses the Blockchain technology, was first created in 2009 and ever since it has grown immensely popular across the globe. Simply, these virtual coins are created using an expensive and complicated computerized process called mining.

How many people invest in cryptocurrencies in Ethiopia?

This phenomenon has even reached Ethiopia, with a growing number of Ethiopians investing heavily and profiting by unheard of margins. According to some estimates, there are about a thousand Ethiopians who have invested their money in cryptocurrencies, such as Bitcoin.

Can Ethiopia’s Yirgacheffe coffee producers union accept bitcoin?

Following this landmark agreement, the Yirgacheffe Coffee Producers Union in Ethiopia began receiving the value of their exported coffee in Bitcoin. Despite this breakthrough for blockchain technology in Ethiopia, the government is maintaining its official stance for cryptocurrencies.