Metaverse and Cryptocurrency in Uganda – My Thoughts

Metaverse and Cryptocurrency in Uganda - ugtechmag.com
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Cryptocurrencies are digital assets created using a computer networking system that ensures secure acquisition and ownership.

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In cryptocurrency, you are allowed to buy goods and services or trade them for profit. How does the Metaverse merge with the world of cryptocurrencies? Follow through with me as I share my thoughts on the 2 landscapes.

There are many forms of cryptocurrencies, these include;

  • Bitcoin
  • Litecoin
  • Ethereum
  • Bitcoin cash, among others

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How far has cryptocurrency grown in Uganda? You ask.

Well, the industry has become quite widespread although this has happened more stealthily than the average business. At least 30% of young people have invested some of their money in cryptocurrency with the expectation that it will multiply their profits in a few years.


Related:
1. Top 5 Apps to buy and trade bitcoins in Uganda
2. How to buy bitcoin in Uganda using mobile money


A Ugandan YouTuber Raymond Kahuma (famously known for his WORLD BREAKING RECORD of the Largest Rolex in the world) shares his Bitcoin trading experience, and regardless of the outcomes, we can safely say other youngsters like him are quietly investing and hoping for the best.

Now, don’t underestimate the 30% because less than 15% of youth actually own physical businesses. This means that digital assets seem more secure than physical assets to the young generation. This is because cryptocurrency works with a foolproof system that uses one’s identity to associate them with their property.

Cryptocurrency is therefore the most secure form of an asset because it doesn’t involve any third parties like banks and governments. One can directly send digital funds to another without filling out any special forms or codes.

So why do we hear about fraud and theft in cryptocurrency?

Well, just like all hierarchical systems, cryptocurrency hosts some malicious psychics. Please note that the system itself is clean, but a person helping you to make a transaction can cheat you or actually take everything you have.

Last year, Marck Zuckerberg unraveled a new name for his company to encompass facebook and the daughter brands. The new name was Meta and this title is directly related to the digital migration he eventually unveiled.

Metaverse and Cryptocurrency in Uganda - ugtechmag.com
Metaverse

The Metaverse is a virtual world where people will be able to interact and touch each other without actually meeting through the use of avatars.

In this world, (which will work alongside the internet as we know it) we shall not have national currencies, but instead one global currency. Now, cryptocurrency is the closest or most exchangeable currency available right now. You will be able to buy virtual equipment, property, land, and even your favorite outfits using cryptocurrency in the Metaverse.

We have seen the emergence of NFT, simple jpg images that are sold at really high prices for cryptocurrency.

These are directly linked to the identity of whoever has purchased them and therefore can’t be faked. This is the first form of creativity in the Metaverse and it looks like cryptocurrency is getting us there quite soon.

Ugandans participating in cryptocurrency believe that they will be rich with time as the rest of the world discovers this powerful tool.