Bitcoin can make a big impact in Africa, as the continent lacks a stable financial infrastructure in most areas. On top of that, most African countries are plagued by hyperinflationary fiat currencies, making it that much harder for people to make ends meet. Now that Bidorbuy accepts Bitcoin payments, the digital currency suddenly becomes more appealing to consumers in South Africa and beyond.
Online Marketplace Bidorbuy Sees Value in Bitcoin
People living in South Africa and other African countries will know the name Bidorbuy, as it is the continent’s largest online marketplace. While it may be a stretch to compare Bidorbuy with the likes of eBay and Alibaba, the platform holds a lot of value as an online marketplace and auction website for the African continent.
Considering how this platform serves over 1 million visitors on a monthly basis, and generates over 30 million page views, there is a growing interest in buying and selling goods online in Africa. That seems only normal, as there are a lot of people accessing the Internet through their mobile device. So much even that the financial industry in Africa is quickly turning into a mobile-only affair.
This growth has been noticeable on Bidorbuy as well, as there are over 700,000 items for sale on the platform at the time of writing. Similar to eBay, the platform connects buyers and sellers directly, without acting as a middle man to hold onto the funds. However, a small fee is charged for listing items and successful sales of products.
Bidorbuy has been around since 1999, making it one of the oldest online marketplace and auction sites in the world today. Among the accepted payment methods are traditional offerings, such as credit cards and PayPal. But a new payment method has been added in the form of Bitcoin, which will allow consumers to pay for goods on the platform without needing access to a bank account or plastic card.
That being said, it remains up to individual sellers as to what payment methods they are willing to accept. Not that there is any risk for sellers to accept Bitcoin, as Bidorbuy will take care of the acceptance and conversion to local currency. Sellers won’t even need to set up a Bitcoin wallet to accept this form of payment, and the fact there is no chargeback risk might be enticing enough for sellers to at last give Bitcoin a try. By the look of things, Bitx will be the Bitcoin payment processor during the checkout process.
Bidorbuy can only extend the option to their sellers, but there is no guarantee anyone will accept digital currency payments in the long run. However the company’s willingness to give Bitcoin a chance goes to show this digital currency is far more legitimate than most people give it credit for.