What Is Golix?
Golix is a cryptocurrency exchange platform that is primarily based out of Zimbabwe. Until Golix apparently, it was difficult this year to get any currency out of the country. Banks and other financial institutions reduced their avenues to release their funds or restrict at the very least how and how much a member could withdraw. Others made a requirement that accounts be pre-filled with United States Dollars.
How Does Golix Work?
Nearly every business in Zimbabwe would typically need some type of hard currency in the past. The reason is that almost everything in the country was imported. The situation didn’t improve at all with the banks reducing how much people could take out and other restrictions they instilled. In fact, it kept the black market going and made it easier for illegal activities to take off.
The need for an alternate method of currency was a must. Students wanted to pay for their educations and people wanted to be able to buy things like cars and electronics. It forced a need for the cryptocurrency exchange to open in the somewhat unstable country.
Zimbabweans believe if they convert their money to Bitcoin, they will not lose money. Of course, we all know that Bitcoin rises and falls, it was just over $10,000 and now has dropped just below. But the people of the country find it a more stable and reliable currency than their own. They also see it as an optimal way to convert currency to pay for larger items like cars, products and services.
Many people may also want to use Bitcoin to help Zimbabwe speed up their ability to recover financially. And with money in the banks of the country losing value, many see Bitcoin as the answer they’ve been looking for.
For once the banks lose their power, people will need a way to still purchase items, especially with the elections coming in 2018. And Zimbabwe is known for it’s not so elegant, some little bit rough elections. Bond notes are the current currency used in the country, and now it looks like Bitcoin is coming in at a close second.
The Bottom Line on Golix
For people of Zimbabwe, Golix could be a great move. Especially with an already established, highly secure crypto currency like Bitcoin. People will still need to be careful however as the countries financial situation has proven to be somewhat unstable in the past.