Cryptocurrencies, particularly Bitcoin, have been making headlines lately worldwide. The recent explosion of Bitcoin price has led to an increased interest for the cryptocurrency in Africa and a fast growth of Crypto startups. One of the early African Crypto Startups, Yellow Card has recently launched in Cameroon.
We met Zoe Nawar the PR and Viral marketer at Yellow Card who told us more about their services and the stakes of cryptocurrency in Africa in general and in Cameroon in particular.
- Could you please tell us more about Bitcoin and the reason for the ongoing bitcoin price surge?
In recent weeks, adoption of Bitcoin has been unprecedented. It truly is spurred on by the recent anxiety about the world economy. While the pandemic is slowly winding down, such a shock came only a decade after the last global financial crisis and many are beginning to feel that world events like that could keep happening on a relatively frequent basis.
As the pandemic shook the global economy, many were looking for modern innovations as a method of dealing with crisis. For many, Bitcoin was at the top of the list.
Massive companies such as Tesla of Elon Musk and Square of Jack Dorsey have recently purchased massive amounts of Bitcoin, showing their top financial advisors believe it to be a solid long-term investment. These signs have led many people to buy, sell, and use the coin themselves which caused the recent price increase.
- What is the state of Bitcoin in Africa in 2021?
Right now countries such as Botswana, Ghana, Kenya, Nigeria, South Africa, and Zimbabwe all have incredibly healthy existing cryptocurrency communities. As more countries enter the space, the biggest trends have been those who are unbanked or overcharged by their local banks finding a use for cryptocurrency and its decentralized nature.
- Is bitcoin a thing for rich people who have lot of money to invest in ?
Bitcoin is most definitely first and foremost a usable and sendable digital currency; the investing aspect will always be secondary. With sites like Yellow Card, users can send and receive remittances without the constrictions of fees or slow transaction times. Cryptocurrency uses technology to override the bureaucracy and constraints of the existing financial system, and it makes sending money easier and cheaper than any of its fiat alternatives.
- Please tell us more about Yellow Card and the services you offer
Yellow Card, which was founded in 2016, was inspired when its founders Chris Maurice and Justin Puiroux were shocked at the amount a traditional US bank was charging Africans to send money across borders. They teamed up with Munachi Ogueke to undertake the mission of bringing Bitcoin to Africa with the objective of “basic financial services for all” and have since taken Africa by storm operating in 9 countries and planning expansions to 2 more within the month.
- What are Yellow Card’s rates ?
Yellow Card’s rates are determined only by the value of Bitcoin and the local currency, and the site does not charge fees. We believe that it is imperative to provide a fee-free experience, and thus only make revenue off minor fluctuations in the price.
People can buy and sell Bitcoin to become traders if they wish. Wallets can be created by anyone anywhere. Trading platforms are unique in that they provide the opportunity to buy and sell Bitcoin.
Yellow Card provides a wallet for you, but you could also make your own elsewhere and simply purchase Bitcoin on YC and send it there yourself.
- How can someone Buy and Sell Bitcoin in Cameroon with Yellow Card?
With an iPhone or an android, users can download the Yellow Card App on the playstore, sign up for an account with a few quick steps, deposit their local currency via Orange or MTN Mobile money, pin (paid for in cash or card) , through a bank transfer, or with Cash payment at the Yellow Card office in Douala at Makepe, tradex Parcour-vita. They are then free to buy and sell Bitcoin at the current price rate by selecting the amount they desire and completing the transaction. Users can learn the most via https://www.yellowcard.io/cameroon/,. You can also watch this tutorial video.
- Why did you choose to expand to Cameroon, after Kenya, Tanzania, and South Africa?
We believe Cameroon is one of the highest potential areas for a Bitcoin expansion. Many Cameroonians are interested in Bitcoin, and given current economic events it’s become an ideal solution. We are expanding across the continent, and announce new countries on our twitter frequently.
- How legal are crypto exchange services in Cameroon or Cemac Zone in General?
The regulations are constantly changing, but we keep with our legal team to make sure we are always following local laws and regulations no matter what country we are in. Right now, Cameroon is a great place to buy and sell Bitcoin.
- How does your company differentiate from big platforms like Bitcoin.com , Coinbase or middlemen buying and selling crypto on social media and WhatsApp?
Unlike many competitors, Yellow Card does not charge fees and is particularly focused on creating an easy way for users to do remittance payments. We also accept cash via our merchant system in a way that no other market is able to accomplish.
And compared to smaller middle-men, we offer security and constantly updated rates.
- We have talked a lot about the advantages of Crypto currencies and Bitcoin, what are some of the risks and downfalls of using or investing in Crypto, more particularly Bitcoin?
Of course, the biggest risk right now is volatility. Fortunately, we are adding alternative cryptocurrencies soon that are more stable than Bitcoin and can provide a solution for those with less risk-attentive market behavior.
- How can you prevent your platform for being used as a channel for illegal financial transactions: money laundering, cybercrimes or financing of terrorism?
We do KYC (know your customer) on all our customers before they transact. Our security team is top of the line and uses modern techniques to prevent any form of money-laundering or illegal transactions. Currently, we have not had any major issues as we have always managed to prevent illegal activity before it happens.
- There are a lot of scams in the cryptocurrency business… We have seen some platforms closing down and going away with people’s money? Is Yellow Card Cameroon legit? Why should Cameroonians trust your platform to buy, sell or store their BTC?
Donald Trung Quoc Don (Chữ Hán: 徵國單) – Wikimedia Commons – © CC BY-SA 4.0
Yellow Card is one of the safest and most secure places to buy and sell Bitcoin across the world. In Cameroon we have legal documents from the Ministry of Commerce (Business license) and regulatory rules from the Ministry of Finance. With our local connections and our public facing policy, we have established trusted relationships with our users and merchants in each country we’ve entered.
Our top security tactics and our internal responsibility systems make Yellow Card simple, safe, and reliable.
Cameroonians can avoid scams by focusing on trusted names like Yellow Card, as well as looking to trusted news sources for more information about whatever cryptocurrency endeavors they look into.
