The state of cryptocurrency in Africa.

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Avatar for alberdioni8406
4 years ago

Africa is embracing cryptocurrency slowly and steady, with countries such Nigeria and South Africa leading the Africans to a whole new world of Cryptos. South Africa, in a survey conducted by Hootsuite and Wearesocial, have the most owners of Crypto with 10.7% of the total internet users holding it on their personal wallets. In this global research from 2018-19, found also that countries such, Ghana and Kenya securing crypto on their personal crypto wallets and being placed among the 45 nations with the most crypto assets holders (Bitcoin mostly) in the world from this survey that was realized during the first six months of 2018 covering ages from 16 to 64.

10.7-13 percent people who browse the internet hold crypto, being the top country in the world in Crypto holding accordingly to the survey in 2018-19.

Despite South Africa, Nigeria, Ghana and Kenya being among the top Crypto assets holders in the world on the past years, Nigeria have been on top of the most bitcoin transactions realized on the peer-to-peer exchanges, Paxful have been seeing an increase of the 60% total volume coming from the biggest economy of Africa and 25% from South Africa. Crypto assets have been used to fulfill personal basic needs also to transfer goods, used as service to transfer money domestic (inside the countries) or abroad (outside the countries), not restringing only in those domains well as way of building entrepreneur business based on crypto.

A notable number of Africans dedicate themselves to trading of crypto assets for profit, Paxful reported that more africans are joining, buying and selling Crypto with transactions volume of more than $60 millions monthly. Most of countries in Africa doesn't have a formal regularization on Cryptocurrency, and that is also a catalyst to adoption which can lead more people of the new generation of Africans to work basically on crypto assets. Africa for the first time in May of 2020 surpassed the Latin America in Bitcoin volume transactions in P2P Bitcoin exchanges.

Latest years have been increasing numbers of startups working into blockchain field and cryptocurrency on the African continent, but also many challenges still be to faced, there are many other countries that never heard a word about crypto doesn't have literacy on the matter, we must also look to other side of the continent where is situated among the bad rates of internet coverage on the world.

Nigeria, the most Crypto asset traders reside on the biggest African economy.

Nigeria, South Africa, Ghana, Uganda, Kenya, Zimbabwe, are just a small part of an extense continent of almost 1.2 billion of people, there are more than 40 countries with no literacy on Cryptocurrency with small number acting on the shadows of this well known African countries on the hotspot map of crypto.

I believe that Africa can be an heaven of Cryptocurrency, with many countries with less knowledge on the matter they can still teached the basics of any currency and with the right tools they can embrace and adopt faster than other part of the globe.

One thing is certain, Africans are getting noticed about Cryptocurrency and that is the reality on the 21 century, Africa is raising.

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4 years ago

Comments

Many thanx for sharing the link. I love such statistics.

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4 years ago

My pleasure @Telesfor that make the article more consisted and also love to see how crypto have been embraced in Africa.

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4 years ago

Nice! This article give me an information about Africa, how they embracing the cryptocurrency slowly and steady. Overall, you did this article really great your details is clear 😇

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4 years ago

Thanks I love to explain and give more insights about Crypto in Africa.

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4 years ago

My pleasure, I hope I could read more about this article, I will stay tuned to read what's your new published. 😇

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4 years ago

Thanks and it's a pleasure to have you onboard🙌

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4 years ago

A good start for Africa.We are getting there

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4 years ago

Yes and with many people getting involved Africa will be more popular in the crypto word soon just matter of time.

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4 years ago

A good start but many african countries should be involved in this. For example, Where are the north african countries from all of this? Never seen them in a list when the topic is cryptos.

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4 years ago

They are there but with some shadow from their government the north African countries have some kind of restrictions but Morocco and Egypt are entering slowly on the market of Cryptocurrency, the sub-saharan and southern African countries are more liberal in Crypto so their increasing in adoption.

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4 years ago

I dont know about Egypt but in Morocco cryptos are banned there. Like always, the only reason africa isn't having a way better life is governments itselves.

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4 years ago

Well they may have those restrictions but in Morocco despite being restrictions they trade using VPN and their popularity have increased, you can ban people to use their money and a country that heritage costumes from France but compared with sub-saharan countries they still far!

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4 years ago

Yes.That's what i meant when i asked where are the north african countries from all of this. And not many people can afford to use VPN. It should be paid if you want total security, free VPN isn't full trustworthy. Meaning that will reduce the using of cryptos in Morocco

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4 years ago

Sure, they need secure VPN to do that and also that means less people is using that to trade but at least they have some Crypto doing that and I believe that COVID-19 increased the need on BTC and other coins in that region that will lead to more people to adopt that style of money, am sure that will adapt to something more cheaper.

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4 years ago

Or they will try and convince their government to lift the ban on cryptos. Paypal for example wasn't allowed there until people pushed on the government to approve Paypal in Morocco

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4 years ago

Yes there will be always a way to push their government only matter of time.

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4 years ago

hopefully that will be the case

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4 years ago

Let's hope patiently!!

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4 years ago

Africa has a huge potential for both mass adaption and development of Blockchain products. Thanks to its dynamic population and increasing number of crypto enthusiasts, Africa is nominate to be the one of the centers Blockchain technologies. If I were an ambassador, I would focus on this continent 😌😌

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4 years ago

Yes that will be one more addictive when putting Africans of the late generation searching and embracing Cryptocurrency, there are tons of potential on the African continent and I believe many will still joining it on the next years.

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4 years ago

This is great, Africa is gradually embracing Crypto currencies. With more awareness and informative article like this more Africa countries will join the train

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4 years ago

We try our best to post articles with have some value, this will increase awareness about Crypto in Africa💪

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4 years ago

That's true, i have been away from writing about crypto for over a week now, i think i will join the crusade once again

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4 years ago

That's cool, join the train🙌

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4 years ago

That is really great and positive to hear. Jack Dorsey was very bullish on Bitcoin in Africa for a reason and I think that should come true for the world to prosper!

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4 years ago

Yes Africa have potential and Bitcoin will also empower people to use it as payment or transfer goods or even remittance service.

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4 years ago

Africa, with cryptocurrency, it will be your time, for HUGE, growth. You deserve it , and I wish you success.

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4 years ago

Thanks man and you are welcome here and as my sponsor🙌

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4 years ago

thanks

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4 years ago

My pleasure, have a nice day🙋

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4 years ago

Interesting article I hope I can make same as this one, I love crypto and a am African, let's keep it up.

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4 years ago

Let's keep it🙌

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4 years ago

Wow Africa is crypto minded because some people is use cryto to buy goods. Wow..

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4 years ago

Yes we are in evolution mode and for next times we could buy more things with Crypto

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4 years ago

Nice write up, with Cryptocurrencies in Africa, there are several unraveled abilities that we Africans have. With Cryptocurrencies there's still more potentially. I hope we snap out of our slumber and make hit this opportunity on the head.

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4 years ago

In Africa Cryptocurrency will have a preponderant role assuming that people can empower themselves using them to change their life in short period.

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4 years ago