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Isaac Mwendwa has been bitten by a mysterious bug which he believes would change the global financial market as we know it. Amid an ongoing wild swings in value for the established digital currencies, he is emphatic about his newest project. Mwendwa is developing Africa’s second cryptocurrency, which he calls the Nurucoin, and is seeing the possibility of overtaking Bitcoin in global acceptability.
“Crypto currencies are the future for all transactions, which is the reason I could not wait to build one for Africa,” Mwendwa told Saturday Standard. A Nurucoin is currently priced at Sh10. Senegal has already established its own kind of the digital currency but has been frowned upon by regional financial regulators. Founders of cryptocurrencies have a definite number of units they want to be in circulation. A mysterious developer of the Bitcoin designed the currency to have only 21 million coins.
So far, over 16.7 million coins have been discovered and are in circulation. A growing acceptability of the currency means more demand for the coins hence the rising values. Mwendwa told Saturday Standard that the current prices of the Bitcoin are exaggerated, driven by speculation that has created a bubble that will likely burst. Since mining Bitcoins is a very expensive affair that many people cannot afford, one can opt to buy the coins as an easier alternative.
The rush to buy the coins, whether Bitcoin or any other cryptocurrency, is the driver for price rallies witnessed in major markets. Normal forces of demand and supply mostly determine the price, which however exposes values of the digital currency to manipulation by speculators. Considering that the digital currencies are only as valuable as they are acceptable, setbacks such as bans in certain countries would inevitably hurt its prices- if not cause a collapse.