Transactions from African countries increase on kucoin exchange, I believe that's what this article is just trying to say and I won't be surprised by that. Previously Binance Exchange was usually the go to exchange for most Africans. I know of people that know of Binance Exchange or have heard of it without even knowing anything about cryptocurency but recently that has been declining due to the injustice from the exchange. Other exchanges are benefiting from this as there has been some serious online campaign especially on the bird app (twitter) and this would had discourage many from using Binance Exchange instead start looking for other alternative.
Nigeria should have some big volume if the countries contributing to this increase were published. Many Nigeria as a result of this; Binance vs Nigerian; Most recent development on frozen funds without prior notice and other reason have stop trading on Binance and since Kucoin is quite similar to Binance, it's assume they got some traffic which lead to the increase in transactions as they're reporting. As for those talking about the users, steadily African is having more individually involved in the space. I don't have the data to back that now but it's quite evident among the youths
Topic: Crypto users in Africa grew by 2,500% in 2021: Report - page 3. (Read 326 times)
legendary
Activity: 2380
Merit: 4265
eXch.cx - Automatic crypto Swap Exchange.
OK, makes more sense reading the actual headline: 25x increase in crypto-related transactions, not users... =)
And not that I'm going all pedant but transacting with an exchange is not really using so much as trading. Crypto traders may very well be rising but I think users need to be defined a bit better. e.g. Drug users and drug traders I like to say ha
Also, depending on how they choose to send, could actually not even be on-chain. I say this as the report looks at cross-border txs. How else would you know unless using Kucoin? This also makes sense when you open the Kucoin report and it links "low fees" to their own promotion of low fees for trading.
And not that I'm going all pedant but transacting with an exchange is not really using so much as trading. Crypto traders may very well be rising but I think users need to be defined a bit better. e.g. Drug users and drug traders I like to say ha
Also, depending on how they choose to send, could actually not even be on-chain. I say this as the report looks at cross-border txs. How else would you know unless using Kucoin? This also makes sense when you open the Kucoin report and it links "low fees" to their own promotion of low fees for trading.
There were a lot of instances where the government did not support cryptocurrencies as a whole which made this growth even more significant. One have to understand the fact that cryptocurrencies as a whole does have a lot of purpose and government cannot really control their usage no matter how much they wish to, there is still no legality regarding cryptocurrencies neither are they protected by law as well.
Most of these transactions are p2p since banks and western union, overseas are not that much of a handy option therefore cryptocurrencies are making their moves by dominating the overseas transactions.
Even students going to colleges are actually benefiting from sending/recieving their fee through cryptocurrencies, to and from Nigeria, it's very very popular, almost every Nigerian friend of mine owns cryptocurrencies. Altcoins are also gaining popularity.
Most of these transactions are p2p since banks and western union, overseas are not that much of a handy option therefore cryptocurrencies are making their moves by dominating the overseas transactions.
Even students going to colleges are actually benefiting from sending/recieving their fee through cryptocurrencies, to and from Nigeria, it's very very popular, almost every Nigerian friend of mine owns cryptocurrencies. Altcoins are also gaining popularity.
The title says "Crypto users in Africa grew by 2,500% in 2021", but the report talks about an increase in crypto transactions "A recent report by KuCoin reveals that the number of crypto transactions has increased by 2,670% in some African countries"
I guess they meant to say crypto usage increased by 2,500%.
Wonder if word prediction got the better of them there?
It goes on to say 88.5% were cross border transactions. If each transaction represents 1 person, sending crypto across the border to friends or family. It could correlate with an increase in users on a near 1:1 basis.
The title says "Crypto users in Africa grew by 2,500% in 2021", but the report talks about an increase in crypto transactions "A recent report by KuCoin reveals that the number of crypto transactions has increased by 2,670% in some African countries"
In any case, I don't see things like this as something that should be taken for granted, but more as self-promotion. Some Johhny said this to some shitty crypto media that will make some money from all those who believe in such fairy tales, a win-win situation for both and Africa has gained several million new crypto users
In any case, I don't see things like this as something that should be taken for granted, but more as self-promotion. Some Johhny said this to some shitty crypto media that will make some money from all those who believe in such fairy tales, a win-win situation for both and Africa has gained several million new crypto users
I can easily accept such results. In all developing countries, where people are constantly looking for an additional way to earn money, the population is massively trying something. Bitcoin is the most popular way to increase your capital, therefore such growth figures. I myself am not from a developed country, so I can safely say that kritpa is practically the only area for earning additional funds.
I expect further growth than this honestly speaking, during the African Cup of nations, a lot of people got to about Cryptocurrency as Binance was part of the sponsor's for the Competition.
Africans are blessed and fast in accepting valuable stuff's like this, it's widely known how we have bad, old fashioned, political representatives who doesn't permit for the growth of development and technologies.
Despite that, Africans are recalcitrant and doing great in the cryptocurrency sphere... Gladdens me to see this statistics that Africans are in the top three leading to adoption.
Africans are blessed and fast in accepting valuable stuff's like this, it's widely known how we have bad, old fashioned, political representatives who doesn't permit for the growth of development and technologies.
Despite that, Africans are recalcitrant and doing great in the cryptocurrency sphere... Gladdens me to see this statistics that Africans are in the top three leading to adoption.
Quote
A recent report by KuCoin reveals that the number of crypto transactions has increased by 2,670% in some African countries.
Cryptocurrency adoption in Africa is on the march, despite socioeconomic factors and headwinds. A positive report by cryptocurrency exchange KuCoin shows that crypto transactions increased by up to 2,670% in 2022.
An astonishing growth trend, the steep influx relates to the low values that have been observed during previous periods. The number of crypto transactions in Africa constitutes roughly 2.8% of global volumes.
Johnny Lyu, CEO of KuCoin, told Cointelegraph that “the adoption of digital assets in Africa will continue to grow exponentially,” adding that “African countries have the highest crypto adoption rate in the world, outperforming even the biggest regions such as the United States, Europe and Asia.”
Nourou, founder of Bitcoin Senegal, is convinced that the thousand percent growth rates for Bitcoin (BTC) adoption “will continue in coming years.”
Worldwide crypto transactions over a 90 day period. Sub-Saharan Africa is second. Source: UsefulTulips
In particular, the report cites that “more than 88.5% of cryptocurrency transactions made by Africans are cross-border transfers.” Low fees mean that “users pay less than 0.01% of the overall amount of the transaction transferred in cryptocurrencies.”
From high inflation levels and swelling smartphone penetration — effectively allowing anyone to become their own bank — Africa also has a young and digitally native population that is accustomed to digital currencies. Africa is a robust testing ground for the problems which cryptocurrencies attempt to solve.
Lyu did add a note of caution to the staggering growth levels:
In Central and West Africa, for example, BTC adoption is growing against a backdrop of mistrust and discomfort using the local currency, the CFA. Cointelegraph has previously analyzed the state of crypto adoption in Africa, noting that “economic opportunities presented by the region are immense.”
For Lyu, Africa is in an interesting position given that the combination of “growing inflation, high unemployment rates, poor access to bank services and enormous fees for international payments,” creates an environment conducive to crypto adoption. Ultimately:
In the long-term, Africa hosts a wealth of advantages “which cannot but contribute to the widespread use of digital assets among locals.” The median age in Africa is very low — at just 19 years old — and over 40% of the population is urban.
https://cointelegraph.com/news/crypto-users-in-africa-grew-by-2-500-in-2021-report
Cryptocurrency adoption in Africa is on the march, despite socioeconomic factors and headwinds. A positive report by cryptocurrency exchange KuCoin shows that crypto transactions increased by up to 2,670% in 2022.
An astonishing growth trend, the steep influx relates to the low values that have been observed during previous periods. The number of crypto transactions in Africa constitutes roughly 2.8% of global volumes.
Johnny Lyu, CEO of KuCoin, told Cointelegraph that “the adoption of digital assets in Africa will continue to grow exponentially,” adding that “African countries have the highest crypto adoption rate in the world, outperforming even the biggest regions such as the United States, Europe and Asia.”
Nourou, founder of Bitcoin Senegal, is convinced that the thousand percent growth rates for Bitcoin (BTC) adoption “will continue in coming years.”
Quote
“Take a look at the way in which cars, mobile phones and consumer electronics took off on the continent. Africa is a continent where lightning-fast progression and adoption is common.”
Worldwide crypto transactions over a 90 day period. Sub-Saharan Africa is second. Source: UsefulTulips
In particular, the report cites that “more than 88.5% of cryptocurrency transactions made by Africans are cross-border transfers.” Low fees mean that “users pay less than 0.01% of the overall amount of the transaction transferred in cryptocurrencies.”
From high inflation levels and swelling smartphone penetration — effectively allowing anyone to become their own bank — Africa also has a young and digitally native population that is accustomed to digital currencies. Africa is a robust testing ground for the problems which cryptocurrencies attempt to solve.
Lyu did add a note of caution to the staggering growth levels:
Quote
“That rate of growth can depend on both local policy-makers and separate officials’ stances on cryptocurrencies. Still, I believe that a promising future for digital money in Africa is inevitable.”
In Central and West Africa, for example, BTC adoption is growing against a backdrop of mistrust and discomfort using the local currency, the CFA. Cointelegraph has previously analyzed the state of crypto adoption in Africa, noting that “economic opportunities presented by the region are immense.”
For Lyu, Africa is in an interesting position given that the combination of “growing inflation, high unemployment rates, poor access to bank services and enormous fees for international payments,” creates an environment conducive to crypto adoption. Ultimately:
Quote
“Financial problems the region is experiencing are forcing people to look for new instruments and technologies that can give them some of the economic freedom they currently lack.”
In the long-term, Africa hosts a wealth of advantages “which cannot but contribute to the widespread use of digital assets among locals.” The median age in Africa is very low — at just 19 years old — and over 40% of the population is urban.
Quote
“Another positive phenomenon is the growing technological awareness of the local population, with many young people exploring programming and internet technologies.”
https://cointelegraph.com/news/crypto-users-in-africa-grew-by-2-500-in-2021-report
....
The groundwork for mobile based finance and banking in africa has been laid for many years. Making the transition to a cryptocurrency based economy easier, than it may be for other nations like el salvador. There is speculation 1,000% annual growth will be maintained in africa, with 88.5% transactions occurring across borders to leverage low transaction fees.
Africa is a region which is no stranger to hyperinflation and economic troubles. The zimbabwe dollar was known for hyperinflating, long before venezuela and the bolivar or even argentina had their own inflationary troubles.
I suppose the question now, is whether africa is an exception and outlier. Or whether it embracing cryptocurrencies illustrates for us, the future.
Jump to: