Topic: Africa’s crypto market has grown by more than 1,200% since 2020: Chainalysis (Read 393 times)

I have a feeling that African countries are ideal for the growth of cryptocurrency adoption and integration. The fiat banking system is not very widespread there (except for a few developed nations like Mauritius and South Africa). So Bitcoin doesn't need to replace an existing system. It just need to spread itself and present as the best option. Fiat system maybe established in many of the countries. But even then digital form of fiat is not that popular. So obviously the resistance against cryptocurrency will be lower in these nations.

I have a feeling that African countries are ideal for the growth of cryptocurrency adoption and integration. The fiat banking system is not very widespread there (except for a few developed nations like Mauritius and South Africa). So Bitcoin doesn't need to replace an existing system. It just need to spread itself and present as the best option. Fiat system maybe established in many of the countries. But even then digital form of fiat is not that popular. So obviously the resistance against cryptocurrency will be lower in these nations.

I'm not surprised, crypto is the best way to change many lives for the better right now and countries in Africa needed it the most because there are too many African countries with many poor people today, I myself I'm from Africa and I've been able to live a good life thanks to crypto

Goodnews over Africa in the crypto world as it was rank one of the most effective active user of p2p exchanges such as Paxful among others, Nigeria to be precise has recorded a tremendous performances in this regards with an outstanding increase in numbers of users with active account, you could recall her recent ban of crypto by the government and the citizens have soughted for an alternative crypto trading platforms (exchanges) which is more preferred than the cross boarder transactions by Fiat with high cost on transaction fee/charges in a bid to avoid inflation, this has also help in the increase of Nigeria's Economy and more visible chances could lead to it adoption by the government at a later run.




If the government put in place by the people to effectively work and regulate the economy, make policy and implement strategies to economy development but couldn't than placing restriction on crypto which could have been one of the aiming soughted out solution, the populace have rather in their own way create an alternative to sustain their respective businesses and exchange market thereby avoiding inflation and solving the problem of remittance limiting number of funds to transfer abroad.
With this developments, I hope it will create an upper edge toward the adoption of crypto back in Nigeria specifically and increase the performance and participation the more in Africa as a whole.

And this is why the existence of bitcoin is important, when there were protests at Honk Kong due to the increase of the influence of China, protesters got donations from others on bank accounts they opened and immediately those accounts were frozen despite the fact their protests were legitimate.

As such we cannot let the governments and banks to have complete control of money and banking because they are abusing that power more than ever, and as such we need something they cannot control so they cannot censor you just because you have an opinion and stance different from what they approve.

Sometimes the government leave the people with no choice to make, in the case of Nigerians, I can remember that when they started making use of crypto currency was during their ENDSARS protest. And that was what led to their government deciding to place a ban on cryptocurrencies in the country, so that they can prevent the protesters from having access to funds for the protest.

Unfortunately for them this didn’t work out because immediately they banned cryptocurrency in the country people quickly switched to decentralized exchanges. Now nobody in that country is ready to make use of any exchange that is centralized, and this is going to be the same for other countries that will ban cryptocurrencies, their citizens will switch to decentralized exchanges immediately.

I don’t know why the government would, above all things that the country is facing, think that cryptocurrency is their main problem. There are many issues that the country is facing, and cryptocurrency is the least thing that the government should be worried about. There is a high rate of poverty in the country, Nigeria, and they are not doing to help their citizens by creating more jobs and giving out supports, rather they are only looking for a way to ban cryptocurrency. This goes to show how foolish that this government is.

It is good that people have looked for other means to override the ban and continue their cryptocurrency business. I am also hoping that countries like China, and other places where Bitcoin has been banned, people are going to do the same thing.

If I am not wrong, Nigeria and South Africa are late entrants to the cryptocurrency sector. First it was Kenya and Tanzania, where the M-Pesa tried to integrate Bitcoin in to its platform, for the remittance payments. The biggest issue in all of these countries is that the government is not very supportive of cryptocurrency. Most of them have national currencies that are prone to inflation and the governments are afraid that cryptocurrency would create even more competition for the local currencies.

South Africa and Nigeria was always ahead in Africa for adopting technology and many new things for their peoples but now few other countries also running on their footstep which is very good for African nation as they were living in Dark but suddenly this cryptocurrency bringing some good change for millions of peoples after reading about Kenya and Tanzania feeling now this is spreading like pandemic its very fruitful and can bring big changes in common peoples.

Sadly few countries still in civil war or many other issues now time for them to sit and talk because it's very long time we are reading and hearing this all so for better future adopt and run with this new technology crypto.

This should not be surprising at all, the pandemic hit every single person around the world whether they know it or not, and those that were in more difficult situations to begin with will look for alternatives to their problems so they have found in bitcoin a way to earn some money, store their wealth more effectively than what they can do with their fiat and now they are able to send payments all over the world, so it makes sense people are adopting bitcoin at a very fast rate in countries where the pandemic has hit the economy the hardest.

Cryptocurrency analysis The adoption of cryptocurrencies in africa is rapidly increasing. The African cryptocurrency market has gotten through because everything was closed in the epidemic and the financial crisis has been overcome by investing in crypto kenya nigeria south africa and tanzania are among the top 20 countries in the global crypto adoption index and together african countries represent the world's third fastest growing cryptocurrency market.

This could just be attributed to the price of bitcoin and other cryptos rising substantially.

I would classify this as sort of a non-news. It is exactly what we expect.

An increase in trading volume etc. is not an indication of whether or not people are actually adopting bitcoin/other cryptos as a form of day to day transaction, which is actually what we need.

Cryptocurrency analysis The adoption of cryptocurrencies in africa is rapidly increasing. The African cryptocurrency market has gotten through because everything was closed in the epidemic and the financial crisis has been overcome by investing in crypto kenya nigeria south africa and tanzania are among the top 20 countries in the global crypto adoption index and together african countries represent the world's third fastest growing cryptocurrency market.