Cryptocurrencies have been registering a growth on the cradle of Africa, plenty of blockchain projects have made headquarters in Nigeria and South Africa, other projects are building their squadron on the continent recruiting african leaders to spread them on their locations. The eminent domain of COVID-19 in the continent, where brought some really problems to financial stability with men and women losing jobs causing an increase on demand for online works.
At first many Africans run over to internet jobs to be able to pay their bills, but with crescent learning on Blockchain and knowledge of crypto projects, the interest of this people grow a lot more than expected. Several African countries saw their young people learning each time more about decentralized assets, many producing even more income than in physical jobs but there's still a lot more to understand and learn about crypto.
Most of the time this young people in order to curb their financial stability they bet in business that would put money in order to earn more, there is an increment of p2p exchanges where can be negotiated Bitcoin on them, actually this form of trading is the most abundant in the continent which made even the Africa to be on the list of the most active in this kind of platform few months back, surpassing the latin America.
Still a lot to learn from crypto, there's a lack in perception about the decentralized world assets, many only knows Bitcoin and negotiate crypto in this asset making a lot of Africans to send more money when they want to execute transactions on the Bitcoin Network, there's no sense paying more than a average salary in Africa (which can range from $27-327) just in fees using Bitcoin. Bitcoin have changed in fees and each time the world got knowledge on it, the network become even more expensive in terms to execute transactions.
It's necessary to understand that in Africa people are mostly looking for internet money, they aren't willing to waste their money only in fees and it's crucial to understand that more forms of crypto will emerge on the continent, the ones that could survive will need to have a wide range of merchants that would help the adopted coin to have a liquidity market. Will be crucial to teach more people on how to find those coins, I bet in Bitcoin Cash to be used on the continent for daily payments, bills, purchase of vouchers and manage to cash out or exchange in local currency anytime wanted.
The growth of cryptocurrencies in the continent will be effective in few years it even could become a hub for different kinds of crypto, but with preponderance for the ones who could save users money, not the ones who will spend it just to execute a single transaction.
Stay cool and have a wonderful weekend 🍻.
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