Topic: Crypto-Currency in Africa - page 3. (Read 454 times)

Africa is wide and fast developing, and I think crypto-currency is always going to have a head way in Africa, although Africa has alot of challenges in terms of technical development and high tech knowledge, and this is due to the fact that Africa is still a developing continent, but this hasn't stopped the influx of African citizens into crypto-currency, and I think the government right now are our biggest challenges, but with time it would fade away, I see Africa making head ways in crypto-currency, Nigeria has one of the largest crypto-currency community, this is a testimonial of africa's influence.

Maybe, the OP will enlighten himself about your answers here because you come from the African region. And you are responding according to your actual experience. For people outside your region, some are having different perspectives on what is happening in your region. But if you will research via net, you will already get the answer and Africa is not tailing behind with regards to cryptocurrency market.

If the OP wants more discussion on "The Outlook for Blockchain and Crypto in Africa", this 10-page document is a good read to clarify his doubts.

https://icintelligence.co.uk/wp-content/uploads/2021/05/Insight-IC_04_intelligence-INT.pdf

Africa is not deficient in the technological scene. The continent has a fast growing internet population and a teeming amount of youths in the population who are very interested in tech.

What is your statistics on this? In Nigeria, where I am from; Internet is quite popular and has penetrated almost the entirety of the nation, same with many other African nations.

To a very large extent. The continent has a large following for cryptocurrencies and is only limited by some government policies.

Cryptocurrencies cannot support economies, neither can it help fiat currencies. It is a peer-to-peer network which bypasses the need for a third party.

Africa is a continent that have a good number of tech savvy people and because of the nature of the continent most countries in Africa experience bad governance. And the only way they can get out of the dangling economy is to embrace the internet and make money through trading goods and services online.

I have met alot of cryptocurrency traders online who are from Nigeria. They have good knowledge of how the market works despite the fact that some countries in African like Nigeria cannot boost of 24hrs electricity they still find a way to wax their trading online and staying relevant in the digital world.

While it's very popular to generalize the whole continent of Africa and talk about it as if it were a country, I think it's a misleading and unhelpful strategy. Imagine talking about 'cryptocurrency in Eurasia', for example, which is comprised of many nations and regional powers with their own crypto policies that can differ from friendly to hostile and everything in between.
As for the idea that money isn't traditional in Africa but imported with colonisation, this claim caught my attention, so I fact-checked it. And, apparently, it's incorrect, and here it's said that
As for the Internet access, it's a huge obstacle on the way toward crypto adoption, but it's again different in different areas and countries. Nigeria has Internet penetration of 50% which is high enough for significant crypto adoption. Improving the penetration here and in other regions in crucial to ensure that there's at least a possibility of crypto adoption. Then, crypto adoption can create new jobs and some influx of money from investments.

Portuguese were the first to discovered Africa and Nigeria in particular in 1384, they had treaties with traditional leaders on trade. The only method of transaction was "Trade by Barter", in which the exchange rate was goods to goods. Even when the British came after the Portuguese, the same form of transacting was still maintain. And that period was known as "Agrirarian era".

When the industrial revolution came, African economy was monetized to suit the capitalist system abandoning the African way of trading.

Different currencies were introduced in African countries. Mostly the farmers who could not get the white cola job to have the newly introduced currencies for transaction became frustrated and most of them died in the process.

After the introduction of currencies in the continent, African currencies were made lower in the world. And Africans were trying to upgrade, increase and make sure that their currencies should be equal with Pounds and Dollars in the physical and the stock-exchange market when Crypto-Currency Storms the continent with its digital appearance that making the citizenries more confused.

Crypto-currency is not a physical cash or currency that the primitive men or market women can easily use for their transaction of goods and services in Africa. But internet base or computerized currency. Statistically, about 80% of inhabitants in Africa can't access Internet plus high cost of devices.

Africa being a developing continent, have deficiencies in the technological atmosphere, mostly internet and light.

Most of the Communities in Africa have no internet services and light to access the currency or use it for transactions.

So, to what extend can everyone in Africa uses the Crypto-Currency for transaction of goods and services.

Also, how can Crypto-Currency help the indigenous Fiat currencies and grow the African Nations Economy.