Topic: Africa’s crypto market has grown by more than 1,200% since 2020: Chainalysis - page 2. (Read 402 times)

Government in Africa has failed in the last 50 years, that's why it remain corrupt and poor. And they have been exploitation too but other nations, and recently it was China who are taking advantage by giving up loans, and we know what in it for the Chinese government.

And for bitcoin to really prosper, there should be infrastructure to support its growth. Jack Dorsey of Twitter is very vocal about tapping Africa vast people to get into crypto, but if governments are not laying down the foundation then it might takes years to really see it grow, as in mass adoption in the biggest continent.

This news is a statement to show how the government have failed the people in securing a stable financial system, since we all know Africa holds the largest number of developing and poor countries, and seeing how many people are using bitcoin and crypto in these country shows how dedicated and ready to constantly improve even though their countries have failed to support them, so they are taking the matter in their own hand and making transaction using bitcoin and other crypto.

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.

And I believe, the neighboring countries of El Salvador are already looking at this aspect as they are gaining attention from the community. Their latest move is to utilize their volcanic energy in bitcoin mining. And with continuous adoption like more merchants or shops accepting crypto as payment, in time, this country will be a very good example in terms of crypto adoption. We will see in the next 6 months and beyond what will be impact of bitcoin adoption in their economy.

And with the African region, embracing crypto may have very good influence in the status quo of their citizens, even just to help them in their daily consumption would be more than enough assistance if people can get it from their crypto activities.

Yes, in fact when you see El Salvador is a country that has always lived on its remittances, its source of greatest income always comes from there, it is not such a poor country, but when compared with European countries it can be or will be. It makes you see, but when you see and notice the movements of money and volume that move BTC, it is no longer such a poor country and this considering that it does not have 100% of the population operating with BTC, now the African countries that have so many people, Moving BTC will be like a big tide of considerable volume to the market.

I am really hoping that the support for bitcoin at developing countries begin to grow up at a fast rate, in a way I understand why rich countries do not want to adopt bitcoin as they are happy with the status quo and they want to maintain it.

But for countries that are not doing so well and in which corruption is rampant then bitcoin can be a great tool for the people to be able to move up in the economic ladder, so if the experiment that we are seeing at El Salvador is a huge success then I will not be surprised if we saw 10+ countries doing the same, and I would expect to see a few countries which are in the African continent being among them.

Statistics back that up though, there's a lot of data online so you don't need to claim that you did the statistics yourself. Africa is a good country and the continent that deserves to reap the benefits of cryptocurrency, the only problem is their dictators and militias opposing the stuff that gives people freedom.

I guess inflation is quite high in African nations and it makes sense to invest some amount in cryptocurrency. That said, I am not sure how viable are mining operations in African nations. First of all, they need to import the equipment (not just the mining rigs, but also cooling systems and other accessories) from China. And then the supply of electricity is going to be another major issue. Unless the miners can generate their own electricity (using solar panels or some other method), they may face difficulty in running the mining operation 24x7.

as a person living in africa i must say that in the last few months i have seen several people from my country buy and use cryptocurrencies and there are also people in my country who mine cryptocurrencies, this is something fantastic that even last year was very difficult to walk on the street and hearing people talking about bitcoin... it shows that in Africa the popularity of cryptocurrencies is growing. although ATM bitcoins are not growing, nor are the number of exchanges and stores that accept bitcoin as a payment method.

I have always thought that in the African Continent there is a lot of potential of all kinds, especially economically, countries that have deficiencies always seek to make progress, in fact I am very happy that Africa is starting to do well and that People can have more options to earn money, either generating through crypto or through any means, the reason is simple, there are many people and some are very well prepared academically and are very studious, the potential that very few see in Africa is huge. If now the governments of Africa believe in BTC, I think that the demand will be increasing and this will cause the supply to decrease, this transforms into that the price will be higher.

P2P platforms are not entirely risk free, and especially in new markets like Nigeria there won't be any shortage of scammers who try to con the innocent users. I have been using various P2P platforms for the last 6-7 years. And despite my experience, from time to time I stumble upon scammers and it can be a very frustrating experience. And worse still, these scammers are getting more innovative nowadays. We rely a lot on the feedback scores, and now the strategy is to hack P2P accounts that are inactive for sometime, with good trust and feedback scores. The only way to flag such accounts is to check the recent feedback scores in detail.

In my time as a bounty hunter, I did two bountie campaigns to support the South African and Nigerian market in products such as wallets and exchange platforms. Which is why I am happy that their crypto community is growing to gain freedom and improvement in their economy for which they fight as well as we do because we know that it is the right direction.
The statistics do not lie where bitcoin is we will know given the number of transactions in those nations.

The people are the ones that are behind the adoption of bitcoin, and it is easy to see why this is the case, in countries where everything seems to be fine then many people are not going to be interested in bitcoin as they do not see the need for a decentralized currency.

But in countries where things are not going well and the economy is in shambles then people are going to look into any option they have available at the time to try to improve their economic situation, and bitcoin is there to give them the support they need just when they need it the most.

The numbers are never truly proven because there are so many people who do it behind the closed doors that the numbers are skewed towards whatever we have. I mean if people do not openly tell that they are doing something, then how can you calculate how many people are doing it? Maybe it grew 1200%, or maybe a lot more, or maybe a lot less, who could possibly know what is happening?

At the end of the day, what we have right now is the fact that people are more interested in crypto all around the world, especially considering 2020 and 2021 became wild years that saw bitcoin start at 9k by the start of 2020, saw as little as under 4k, saw as high as 64k, and had aaaalllll kinds of crazy stuff in between.

P2P transactions are easy, which means that in less time, the transaction will start if not already because the buyer and seller relationship is developing rapidly. When it comes to Nigeria I'm really not surprised by this. It may also be because the economies of many African countries have been trying to catch up with other economies to stabilize. Many African citizens fear the volatility of their economy prompting them to switch to a more profitable currency that can provide higher income.

I will say from statistics African is among one major, larger country that endorsed a cryptocurrence when it wasn't officially recommend by other countries, so in Crypto market was once going in higher percentage in Africa but the government who came and destroyed the increase of bitcoin market in Africa.

^^^^ Cryptocurrency can be misused for illegal purposes, such as payment of bribes and ransom. Given the high levels of corruption that is prevalent in countries such as Nigeria, I am afraid that in the near future we are going to hear about it much more frequently. The politicians will be the first group to use cryptocurrency for such purposes. And these politicians will be the first ones to complaint that they need stricter regulations on cryptocurrency, because it is being misused (after they move their funds to offshore tax havens).

I agree, Africa is a continent that consists mainly of very poor and corrupt countries, but on the other hand also a continent very rich in various resources that are mostly exploited by political elites. Ordinary people have always sought a way out of such a situation, and in addition to the inevitable migrations, they now see their opportunity in cryptocurrencies.

The problem, of course, is that most of the political establishment does not want to accept that ordinary people prosper, because people who are poor and dependent on state aid are also those who do not create problems. Of course, there is another side to the story, and we all know that for one good and an honest man comes at least two dishonest people who abuse every tool that should primarily serve the good. This problem can never be completely solved, but it can be reduced by legalizing cryptocurrencies and placing them in some kind of legal framework.

I often watch documentaries about Africa and its people and I am fascinated by how someone can be happy with so little (compared to those living in developed countries), and I hope that honest politicians will start coming to power and change things for the better.

When that happens, I hope that this picture will change, because as we see, the African continent has the most countries where the corruption index is at the highest possible level.


Source

One of the issues with the cryptocurrency markets in third world nations is that there is a higher proportion of scammers trying to con the unsuspecting investors. And this in turn will tarnish the reputation of cryptocurrency in general. We have seen multi-billion scams like OneCoin and PlusToken, targeting developing nations such as China and Vietnam. The market in Africa is in its infancy, but I am really afraid that the scammers are really going to target it hard. General awareness and risk perception tends to be lower in these markets, which in turn aids the scammers.

The number of increase is not surprising knowing we are in middle of pandemic and people  finding another source to earn a income that's why many goes with crypto since lately this was been hype by so many people over the net where they can earn a good income on pandemic days. I do hope this increase will also happen to first world country so that we can see a good growth towards crypto and for sure more adoption to came if this super power countries will find bitcoin as relevant asset.