Even during the pandemic, people are still boosting their accounts with cryptocurrencies like Bitcoin. The economic growth is down because the country is in the middle of the coronavirus pandemic. The situation has a bad impact on the tourism industry and the Egyptians are becoming unemployed. Happily, the trading industry is very developed in Egypt. That is why more and more people are joining the foreign exchange market in Egypt.
In August of 2020, the Forex market counted $38.36 billion. There are 1 million active FX traders in Africa and Egyptians already forget about gold and silver coins, they would prefer to have currencies exchanged in the global financial market. People are getting more and more insecure in the global crisis. They don’t want traditional investment styles, that is why the whole African continent is seeing more and more cryptocurrency use. There’s another reason for this phenomenon, and it has mostly to do with companies enticing traders towards the crypto market. The same pattern was seen and can still be seen in South Africa where companies make it extremely easy for people to start trading with seemingly no investment. If we just take a look at one such case, the XM 30 bonus conditions in South Africa are more than forgiving, thus allowing the majority of the country to take part in the activity.
This is not necessarily bad for the local populace as financial freedom is something sought after by locals almost on a daily basis. Many young Egyptians took notes from South Africans. They started investing in bitcoins. The unemployment rate jumped from 7.7% to 9.6%. People were scared and confused, but they knew that trading with bitcoins could help them. That is why even a member of the Bitcoin Egypt Community, Muhammad Abd el-Baseer said that when people started to work from their homes, they realized that they could reduce their working hours and have more benefits with trading. Now, their quality of life is getting better, and more and more people are finding themselves interested in cryptocurrency trading. More than 16,000 Egyptians have joined the BEC. People are starting to teach their family members and friends how to invest and trade with cryptocurrencies.
Just a reminder that in the past year, trading with cryptocurrencies was banned in Egypt. The ban was initiated by the Shawki Allam, who thought that trading with cryptocurrencies would make more fraudulent activities. He decided to ban it under the fatwa, meaning that it was not illegal, but it was breaking the Islamic rules.
The whole continent of Africa adopted trading with cryptocurrencies and Egypt somehow decided to join them, because, during the hard times, they need some helping hand from the biggest financial market.
Catching up with the Middle East
Year by year, trading with cryptocurrencies is getting more and more popular among people. Investors are finding new ways to invest their money and cryptocurrencies are the best way for them. Some middle eastern countries have even tried enormous strides by integrating digital currency trading and blockchain technologies into their financial system. In 2018, the Egyptian government banned crypto trading, but after only one year, they knew that they needed it. Many unemployed Egyptians now are trying to have profits in the crypto market. Bitcoin’s daily value skyrocketed on September 16th. Egyptians started to invest their time and money in cryptocurrency trading. From the past, The ancient Egyptians were wonderful traders, that is why many think that they are very promising for the future of the trading industry. From trading the gold, papyrus, linen, and iron, they switched to crypto trading, and no one is surprised because cryptocurrencies are a new and interesting field to invest and trade-in. The crypto market is open for 24 hours a day, every day. It is a centralized governance.
If you are a new investor who wants to start trading in the Foreign Exchange market with cryptocurrencies, you need to have a plan, and Egyptians know that. They are very detail-oriented and they clearly know their steps in order to avoid losing money. The Egyptians are getting more and more popular in the global market. Fortunately, most of them are millennials and young investors. Young entrepreneurs in Egypt are trying to know more about the trading scene and everything that it can bring in the future. The fact is that trading with cryptocurrencies is really a trend, but it can not make the person rich if they are not experienced or educated.
The trading with cryptocurrencies is beginner-friendly, especially for the ones who are willing to learn new things. Currently, many Egyptians are making big profits from Bitcoins and the price of this cryptocurrency is going up and up. Yes, it takes a lot of time to understand everything in the trading industry, but once you learn, then everything goes like water. For anyone who is interested in the dynamic financial systems and markets, trading with currency is exactly what will add a new dimension to everything in your life. People are finally accepting and not demonizing the existence of cryptocurrencies in the financial market. Yes, of course, it is risky, but if Egyptians succeeded in trading with cryptocurrencies in such a small amount of time, then every country that will put a heart and soul in trading will be successful too. One just needs to be ready for the unpredictable market. Even the most popular and used cryptocurrency in Egypt – Bitcoin, is changing daily. It is very volatile compared to the traditional currencies and there are people who are loving it for just this reason. The benefits of trading with cryptocurrencies in Egypt is way more than the cons. People are secured, they have income and they are getting financially independent. Even if they are losing their jobs, they are not worrying about their next meal, they know that their strategy and willingness to trade will allow them to have a good financial future.