Topic: The used of Bitcoin in Africa (Read 20402 times)

Development of digital currency during this time can be of great benefit to the citizens of Africa which is also at the process of development. Addressing the infrastructure problems is one of the steps to make Africa better since infrastructures connect and build opportunities. However, i think there is much larger issue that needs to be resolved such as addressing the needs of the citizens which is having the basic necessities they need in order to survive.

Africa is rich in natural resources but despite this, this continent is still considered to be one of the poorest countries in the world. If only they would know how to utilize the resources they have, they would improve for sure. What they need to do is to make use of what they have in a good manner and eliminate corrupt and close minded politicians. The officials should be strategic and open minded about cryptocurrencies so that the citizens can make use of all the opportunities it offer. Of course, the legality of crypto in a country is still in the hands of the officials. If they aren't against it, the citizens can enjoy the limitless possibilities and opportunities without the fear of being looked after by the law.

I'm happy that they're getting the benefits too, out of all the continents there is, they have the most problem, with some countries in the continent having different problems and a lot of problem with resources. They're the people that needs this the most.

True the government isn’t supporting the crypto industry in Nigeria but they are not condemning it either. Fintech  companies are supporting the Nigerian government by providing jobs for youths, empowerment programs, sponsoring tv shows like Big brother Nigeria (BBN)...Patricia is a proud sponsor of that show, let’s not forget the COVID-19 project by one of our own CryptopreneurBrainboss who made a mission to feed 50+ families in Nigeria.

Too bad that they're government doesn't support crypto not knowing that they're the biggest in the African continent in terms of crypto adoption. I hope that that stance against crypto will change someday and hopefully they will be able to get the benefits out of supporting crypto instead of just outright opposing it.

Nigeria is leading the baton to crypto adoption in Africa. Nigerians are interested in cryptocurrency, despite the challenges we face in the country. We are innovative, Nigerians have even got our own crypto....cryptocurrencies created by Nigerians not CBDC. Example is Tatcoin created by Gaius Chibueze aka Bitcoin chief; HaggleX coin created by Samuel Joseph, also a Nigerian born and bred. These are a few examples to show the development of crypto industry in Nigeria.

Africans sees any glooming opportunity as a source of investment this has made crypto currency use in Africa a means of passive income for Africans other than a means of transaction for which it was meant for this is solely due to poor economic growth of this African countries so people device alternative means to survive. But in all it's good to note Africans aren't left behind in this era of digital monetary transactions disregarding how it's been spent or use provided the essence of it's development is not abused

The aim of the development of Bitcoin is to reduce the stress that is being undergo in the banking system for one to get money out and in of the bank. The aim of Bitcoin is to make transactions more easier for traders and investors to carry out as the same time been anonymous. If African tend to adopt Bitcoin faster than other region of the world with good reasons, then that's good for them and there is need for more acceptance of Bitcoin into the business sector.

- This hot African land devotes their energies only to minerals and can call raw minerals a typical African brand, except for these rare things, it does not promise an economic potential for the use of bitcoin and crypto, especially the resident element, they seem to be born to be people who seek resources and aspire to get rich on their land. However, the government and the law here as far as I understand they are not rigid and somewhat flexible in terms of opportunity as well as the possibility of delinquency, a primitive environment for the use of bitcoin if the inhabitants of Africa are well integrated

The increase of Crypto currency in Africa is growing vastly, the African's actually do not take chances,so this is a great opportunity for them  to achieve great fortune.
Despite the banned in some African countries and the government trying to hoard Information about Crypto currency,it has grown massively over the years.

Africa can become the prefect playground of cryptocurrency. I could list out several factors, such as inadequate banking coverage, huge middle-men commissions on remittance transfers.etc. IMO, they need a trigger. Here in India, the trigger came in the form of demonetization exercise of November 2016. A lot of people found that they are unable to use a large part of their unaccounted funds. Those who kept their funds in physical cash, due to distrust of banks were most affected. Immediately there was a huge spike in P2P platforms from India. The trade volumes went up by 10-20 times in a month. And the userbase has increased in India ever since that incident. I guess in Africa also, they need something similar.

The usage rate of Bitcoin has slowly increased, but the usage rate in Africa is higher than that in other places.
Large countries generally advocate the use of their own currency. If all bitcoins are used, it will cause inflation in the country, so the use of bitcoins in other regions is not very high.
Everyone just invests more in Bitcoin.

Nigeria, Africa's largest economy, ranked number one for 'countries that use cryptocurrencies the most'. This was while the country plunged deep into a recession in 2020.

In fact, the trade volume of Bitcoin in Nigeria from 2020 reached 400 million U.S. dollars, which is just 20 million below Russia’s 420 million. Sadly, the sub-Saharan African country’s government clamped down on cryptocurrency exchanges, with an indefinite ban on cryptocurrency exchange operations across the country.

Also, in another exciting state, Kenya was ranked the 5th nation in the world with the most cryptocurrency adoption from 2020. In that ranking, Kenya came right behind China and ahead of the United States. South Africa also came 7th on the list.

Beyond Africa, cryptocurrency adoption and trade volume has been relatively bullish in parts of the world with oppressive economic regimes reign, which leaves the people from those parts of the world in doubt of their economy. Many believe this to be a big motivating factor in the growth of cryptocurrency in places like Africa and even Latin America.

For instance, in another analysis of Nigeria’s Crypto phenomenon, high cost in transactions, along with a huge arbitrage in diaspora remittances, all account for the country’s switch to cryptocurrency.

In a continent where mobile money is already widely used, virtual currency provides benefits to a young, tech-savvy population. Africa is in a good position to benefit from the bitcoin explosion. It is home to an increasing number of flexible young professionals and aspiring entrepreneurs.

i don't know where these ideas on Africa and African nations comes from and it seriously amazes me. It feels very insulting to have the notion that the African people have nothing to eat or wear and are constantly in need of help! its very savaging and be littling description that i fined very discomforting. It surprises me still, how little the rest of the world knows of Africa and the African people. All that is to their awareness is that which have been fed to them through movies, African wild life documentary, a piece of literature and some inside Africa headline news; that portrays Africans as a continent with mainly farming, fishing and hunting population, these are done even in the US in both large and small scales.

The Americans have got animal documentary too Wild Alaska, the Russians have got Wild Russia documentary and that doesn't make any of them savages so, why should Africa be any different. The African continent is one of the best in the world for a vacation and still gets lots of tourist still.

The African continent and it's people are way past such savagery stage of human existence. I am an African and a proud one at that along with my people. We might be a developing world but then its a transition that could have been better and speedy should there be little or no corruption amongst its political ranks. That's the major problem of Africa, not what to eat or wear. The African people have got labor force and raw materials for exploitation but the policies that exists in African nations has made us a more consuming population rather than a producing one. The only thing we often produce are raw materials that comes back to us as finished products. For this reason, Africa has become more of a global market for dump of finished products and exportation of raw materials. Its all in the corrupt practices.

Looking at the bitcoin or cryptocurrency statistics presented in OP, showcasing African as one of the leading population in crypto acceptance and investment only shows how way past the African continent is way past a savagery existence and are speedily catching up with the rest of the world. It might seem slow but, Africa and Africans will catch up some day.

kind Regards
Smartvirus

Based on my understanding, Over half of the nations in Africa are considered the poorest in the world than the other six continents around the world because they have a bad government just like in other developing countries. So it might be the reason why it is impossible for the African government to recognize the uses of bitcoin in their country. However, it is still a good thing that most people in Africa are using bitcoin and other cryptocurrencies that they are into with this technology for them to get out of poverty and have a good life.

I heard African people are confronting neediness and the enormous measure of individuals are powerless and they're looking for somebody to help them, they don't have anything eat and nothing to wear.
If the government makes a move concerning the utilizing of bitcoin, at that point they can improve their economy in a day's.
Bitcoins can improve destitution individuals are procuring more than their compensations with bitcoin, at that point why government not?.
African government ought to acknowledge the bitcoins and use them to improve the economy.

Africa is in a much lower position than other countries because most people in Africa are poor their per capita income is so low that it hinders their development. The use of Bitcoin in Africa will improve their country and meet the needs of the poor by tackling their financial problems. The use of bitcoin in Africa to improve the poor is great as the economy improves, they will be able to meet their basic human needs.

I always see African countries pioneering and and publicizing innovative projects like this. They always impress me with the way they work to make money. Africa 's apparent poverty may have catalyzed this drive of people to succeed which in turn directs them to great ways to earn money such as bitcoin.

yes, this is a phenomenal progress that actually occurs in the crypto field, that a country with a majority of its population is still shrouded in poverty but the development of bitcoin is actually accommodated to be used as a legal medium of exchange. For me it is quite surprising because it is clear that poverty can be guaranteed that there will be a gap away from technology, especially with crypto trading in which there is bitcoin which is used as a legal medium of exchange.

Isn't there anything strange has happened with something like this !!! Obviously, of course very confusing, is bitcoin a legal medium of exchange but its use is of course only limited to people who have a lot of money and we know that in African countries many rich people also come from oil mines such as Nigeria, is this one of the things to make it easier or something? other?
can only ask without anyone being able to know ...

Africa's use of bitcoin shoot up up to this year than any other country. Mainly because they use it for buying goods. Also, the cryptocurrency in Africa is legal than what other countries offer that they should ban using crypto because of certain things or maybe personal issues of the government. Africa is one of the poor country all over the world yet they are the ones who are embracing the advancement of technology with cryptocurrency so fast. Meanwhile, in Asia still it is not recommended to use it after all.