South Africa, leading world in crypto adoption, a high-potential crypto market? - page 2.

kryptqnick

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Quote from: hayleewilson on March 29, 2019, 06:08:15 AM

South Africa holds the highest crypto ownership ratio according to Hootsuite's Digital Report 2019.

Full news HERE.

Is this a sign that the crypto market in South Africa has higher potential than the crypto markets in other countries? In the stats, China, US, and Japan are way behind South Africa and other African countries in terms of the number of internet users that own cryptocurrencies.

Your thoughts?

My thought is that it's natural for people to adopt cryptos there more, because of several factors. I'm not talking about South Africa in particular right now, but generally about African countries. For one, they usually have f*cked up economies with frequent fiat hyperinflation cases and low trust to the authorities. People in, say, the EU, might not care much about cryptocurrencies, because of having a stable economy and believing that Euro will be okay no matter what. Another factoris that the banking system did not get a chance to become well-developed there. There's still a significant amount of adults without bank accounts, so it's not about choosing cryptos over banks for some people, it's about choosing something with technology over paper money. As for South Africa, it is one of the most developed countries on the continent, so it might've guessed that skipping that choosing cryptocurrencies now is a chance to become a strong player on international relations in the future. Western countries are too blinded by their conservative structures and already existing power for that.

Bdstar

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Really, I didn’t thought South Africa will be no1 in position of holding crypto.I thought it was america.This is surprising for Because I didn’t thought they are so much advanced in cryptocurrency.But This is really good for them.South country’s will surely be benefitted from crypto currency.And We'll see many development in south africa through crypto currency.

Slow death

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I do not believe much in this research, the US has more buying power and facilities to buy bitcoin, how could they lose to South Africa, Thailand, Indonesia, Vietnam and Brazil? china has many miners, how would they be losing to southern africa?

10 Countries with the Most Bitcoin Hodlers

The United States is number one

kaya11

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If crypto currencies will be made mainstream and all fiat will be disregard, the country of Africa will boom in a fast momentum. But if the market fails, I mean all currencies will be zero value, even my mind can't picture what could happen to Africa seeing it's current economic situation. They a poor country and will be even poorer if things go wrong, they are making an imaginable gamble here.

BitBustah

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Most criminals are still using cash and other traditional laundering methods. The percentage of criminals using crypto is a drop in the bucket. The crime excuse is just something used by media to demonize bitcoin and associate it with nefarious activities.

1Referee

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Quote from: Netnox on March 29, 2019, 07:00:47 AM

South Africa is a very unstable country, with a high probability of political instability. Also, the high crime rate means that a disproportionate amount of BTC may make its way to the dark market.

African countries with unstable governments is exactly why Bitcoin is such an amazing alternative. If these countries weren't unstable, the economies there were thriving, why would they need Bitcoin? Bitcoin is an answer to these and many more problems.

As for the dark markets, who cares? Criminals, regardless of where they are, use that whatever offers them the most privacy and convenience. Bitcoin certainly offers convenience, but it sucks hard in the privacy department. It's way more likely that criminals prefer coins like Monero for their illegal activities. Bitcoin's popularity amongst criminals is taking a dive in the deep, and this is just the beginning. Even mainstream media outlets start to figure that out.

Africa as continent offers a lot of potential with how certain countries within that continent made a major jump in terms of technology. People here tend to understimate them, but they just like we enjoy our daily use of our mobile phones, they have mobile phones they can use in combination with crypto too.

Kemarit

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What do you expect? crypto is global so I won't be surprised if countries have started to see the potential of it, including South Africa. North America and Asia has been the prime mover, but the rest of the world will surely catch up. Although there is still a lot of bad publicity regarding crypto, and some governments are against it, but it will just be a matter of time before everyone will join in this revolution whether what part of the globe you are in, it's inevitable.

tadpole_bitfrog

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I think South Africa is still not a good place to crypto and blockchain to grow. there is also a relatively poor country and it is not eligible for large-scale development.
they can keep many coins but that only gives meaning to their value. In South Africa, inflation is also rising and buying crypto is the best choice for them.

Zadicar

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Quote from: Netnox on March 29, 2019, 07:00:47 AM

South Africa is a very unstable country, with a high probability of political instability. Also, the high crime rate means that a disproportionate amount of BTC may make its way to the dark market.

When it comes to crime rate this high, then theres always a probability but who knows on how they do handle it.

Netnox

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South Africa is a very unstable country, with a high probability of political instability. Also, the high crime rate means that a disproportionate amount of BTC may make its way to the dark market.

jademaxsuy

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Quote from: hayleewilson on March 29, 2019, 06:08:15 AM

South Africa holds the highest crypto ownership ratio according to Hootsuite's Digital Report 2019.

Full news HERE.

Is this a sign that the crypto market in South Africa has higher potential than the crypto markets in other countries? In the stats, China, US, and Japan are way behind South Africa and other African countries in terms of the number of internet users that own cryptocurrencies.

Your thoughts?

Well it could not be proven just because you have posted a link for a certain news claiming about it. As we all know that there are lot of fake news spreading in the internet. However, I do believe that South Africa has launched so many ICO that could be found in the altcoins bounties section and I was even able to join one project but unfortunately it failed due low amount of fund collected from the crowd.

hayleewilson

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South Africa holds the highest crypto ownership ratio according to Hootsuite's Digital Report 2019.

Full news HERE.

Is this a sign that the crypto market in South Africa has higher potential than the crypto markets in other countries? In the stats, China, US, and Japan are way behind South Africa and other African countries in terms of the number of internet users that own cryptocurrencies.

Your thoughts?

Topic: South Africa, leading world in crypto adoption, a high-potential crypto market? - page 2. (Read 306 times)