Cryptocurrency is basically, a digital currency based on an innovative technology called the blockchain. Its users range from small businesses to process payments, financial tech-based startups, and retail consumers that use it to send money across border and as an investment asset.
Since crypto assets like Bitcoin and its contemporaries, also known as altcoins, have been gaining high acceptability and in high use around the world for payments, investing and banking,
Such that the total daily trading volume of bitcoin,which is the most popular cryptocurrency, is around $38.68 billion and market capitalization touching $123.12 billion on 4th April 2020.
Many Africans largely use cryptocurrencies like Ethereum, Ripple, Bitcoin, and Litecoin for applications in banking, making payment transfers
There are numerous causes for the surge of cryptocurrencies usage in the continent but unreliable local currencies could be a major factor among other rationales
Consequently, many Africans in urban areas have relative access to Internet access via mobile penetration and such platform have made the adoption of cryptocurrencies accessible to everyone through mobile.
Financial tech-based startups which are very disruptive in Africa is using crypto-assets for new technologies like mobile money.
Furthermore, a lot of African businesses and startups are now accepting and paying in bitcoins, XRP, bitcoin, bitcoin cash in reaching global suppliers and buyers.
This has been made easy for many Africans by a growing number of disruptive payment gateways and exchanges based in Africa and around the globe, they include Payfast, Gemini, Coinbase, Luno, Bitpay, Bitstamp, Bithumb, Binance, and many others
Crypto assets such as Bitcoin was created after the global recession of 2008 with an intention of a decentralized currency with transparent and controls to consumers advocating for low transaction cost, better security and easier access to its medium of choice.
And we can all agree to the fact that crypto assets has better security.
I hope this article was helpful, share your thoughts on the comment section below...
[Sponsor]
Cool