Bitcoin continues to show positive growth as Bitcoin payment startup Yellow launched its cryptocurrency services in Egypt. The startup aims to further promote the adoption of Bitcoin in the country to support the rise of the region’s economy and to alleviate the inconvenience layman payment processors provide the whole of Middle East with.
Despite the widespread fad of cryptocurrency, Egypt appears to be far behind with regards to Bitcoin adoption. However, Egypt has already displayed Bitcoin industry potential when Igot, an Australian-based Bitcoin exchange, announced that their service expansion will cover Egypt in 2014.
In addition, a large hypodermic needle manufacturer that is based in Cairo started accepting Bitcoin as one of their supported payments. Unfortunately, there were no Bitcoin advancements that followed after these feats.
According to the Bitcoin payments processor Yellow, Egypt is deemed to be a ‘tough market’ for Bitcoin because of the country’s low credit card acceptance rate, expensive merchant fees and payment solutions, and low economic standing in general. Nevertheless, this was never a hindrance for the payments processor to take on the challenge to share the advantages of Bitcoin with the locals.
In lieu with these statistics, Yellow still managed to maintain high hopes and launched their Bitcoin voucher service in the region.
Founder David El Achkar said he still sees Egypt moving forward with Bitcoin, regardless of the country’s slow adoption of the technological innovations like the digital currencies:
“Bitcoin can revolutionize payments in the region. We’re seeing some activity in Kuwait, but it’s still low. We’re also starting to see a growing interest in KSA, Tunisia, and Egypt.”
Convenient BTC purchases and transactions
In spite of the almost impossible access of Bitcoin in Egypt due to limited Bitcoin merchant websites, Yellow has made a groundbreaking solution that grants Egyptians with convenient ways of acquiring Bitcoin.
Yellow’s Bitcoin service allows users to purchase vouchers that will serve as their ‘ticket’ to buy BTC via Eventtus, an events website based in Egypt.
Bitcoin buyers just need to visit Eventtus and select the Discover Events tab. Buyers will then be directed to the search page of the website, and from there, they just have to type in ‘buy Bitcoin.’
Once payment is done, buyers will receive a phone call from a Yellow representative within one business day to confirm the transaction and to redeem the purchased Bitcoin.
Yellow Bitcoin vouchers can be purchased using credit cards like Visa and MasterCard, PayFort, which is an online payment gateway in the Middle East, and Vodafone point-of-sale machines. This website integration certainly opened more chances and opportunities for aspiring crypto-users in Egypt because of its wide range of accepted payments, which appear to be one of the major business issues in the country.
The Bitcoin gambling industry’s future in Egypt
Following the efforts of Yellow for Bitcoin integration in Egypt, the Bitcoin gambling industry found a new opportunity to further grow its current population. After all, Egyptians are said to be fans of gambling games as well, which gives Bitcoin casino facilitators high hopes that Egypt will welcome this industry with open arms.
As of today, the locals show great reception toward land-base and online casinos. Moreover, they tend to show more frequency in playing casino dice and online poker. That being said, there is a high possibility that Bitcoin websites like Dicecoin and BitsPoker will appeal to the Egyptians’ gambling taste, especially with excellent Bitcoin games at hand.
Nevertheless, the Bitcoin gambling industry has a high chance to further cultivate within Egyptian grounds because of their natural love for gambling. In addition, with the current procedures done to further introduce Bitcoin, Egyptians show great interest with the advantages of cryptocurrency that add more ground to the future growth of Bitcoin in the country.