HomeBitcoinImporting automobiles and transferring money to family in Zimbabwe with Bitcoin

Importing automobiles and transferring money to family in Zimbabwe with Bitcoin

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When a young Zimbabwean Bitcoiner returned to his homeland during the COVID-19 outbreak, he used Bitcoin to start a business importing vehicles and sending remittance payments.

 

Bitcoin (BTC) is a tool for economic empowerment and independence. When Ovidy, a young Zimbabwean, returned to his home country at the start of the COVID-19 outbreak, it changed his life.

Ovidy, an entrepreneur who first learned about Bitcoin while residing in the United States, has subsequently created a firm based on Bitcoin. Paco the Bitcoin traveler (left) and Ovidy (center) are depicted below:

 

Ovidy uses Bitcoin to import vehicles. “I really like importing BMWs,” as well as facilitating peer-to-peer remittance payments to friends’ families in Kenya and abroad. In a nutshell, Bitcoin gives him hope for the future.

During the 2017 bull run, Ovidy stated that he “came across Bitcoin when it was around $10,000.” However, he did not invest “since I didn’t know anything about it.”

During the 2017 bull run, Ovidy stated that he “came across Bitcoin when it was around $10,000.” However, he did not invest “since I didn’t know anything about it.”

During this time, he accumulated some sats, but it took a few years of learning and tiny experiments with Bitcoin — like using BitPay to pay for clothes on Amazon — before he could grasp the decentralized digital currency. However, it was only a hobby and an event that was quickly forgotten.

When the COVID-19 epidemic began in 2020, Ovidy was forced to return to Zimbabwe from the United States. A sad turn of events:

“I didn’t have anything to do when I came back to Zimbabwe. There were no jobs, so I considered foreign exchange (forex) trading.”

The currency account requested a Bitcoin deposit, and Ovidy remembered having some “Bitcoin in an old Coinbase account.” He checked, and to his surprise, the $500 he had spent in 2017 and 2018 was now worth more than $2,000.

Ovidy had a lightbulb moment when he discovered he could use Bitcoin for payments and investments. He was able to generate employment and, more crucially, a salary for himself. The Ovidy E-Wallet transfer hub was established.

He began assisting the importation of automobiles from Japan, ranging from BMWs to Toyotas to off-the-shelf Hondas, using his network of contacts. His Zimbabwe clients give him money, which he then delivers to Japanese vehicle dealerships in the form of Bitcoin. The autos come weeks later. He elaborated:

“It is impossible for me to send dollars to Japan as the only way to do so is through banks. When something gives me $5,000 in Bitcoin, I send the Bitcoin to Japan almost instantly, and I already have the cash here and the transaction is confirmed. Bitcoin is a faster and safer process.”

If done through banks, the process would take more than two weeks and would require exorbitant commissions, he added.

Ovidy makes a modest fee on auto sales and employs a money transfer service that uses Bitcoin remittance in reverse to balance his earnings. Because dollars are scarce in Zimbabwe, Ovidy accepts Bitcoin from “family members throughout Zimbabwe,” or from friends’ families in Kenya or elsewhere, and transfers the dollars he earns from auto sales in exchange.

Source: Ovidy

Ovidy stated that, while Bitcoin use is increasing in Zimbabwe, it is not without challenges. Many individuals “truly don’t trust Bitcoin,” and there’s a large knowledge gap:

“At first people didn’t appreciate Bitcoin because most people investing get scammed. Even me, I was scammed $500 when I was learning about Bitcoin! A convincing “invest company” asked me for money, and I didn’t realize.”

He noted that the most difficult aspect of Bitcoin acceptance, particularly for older generations, is that it is intangible. William Chui, a friend of his, built a “Bitcoin mansion, utilizing Bitcoin monies,” as “proof to people that with Bitcoin you may genuinely be financially free.”

While education remains a challenge in the country, which is suffering from hyperinflation, he remains optimistic. “We start small, and in 10 to 15 years, given the younger generation’s appreciation for Bitcoin, there will be a considerable number of individuals adopting Bitcoin in Zimbabwe.”

 

source cointelegraph

 

 

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