Topic: The used of Bitcoin in Africa - page 3. (Read 20476 times)
On the African continent it is very good at taking advantage of technological advancements, including in the area of financial transactions, many Africans are turning to Bitcoin to overcome the limitations of restrictive banking options (money transfers). This is very remarkable in my opinion.
The invention of cryptocurrencies has done more good to the africa continent as they never take the advance Technology Blockchain for granted. Bitcoin has serve as the latest employment opportunity for most youth in Africa as they engage in trading in various ways. Its a good news and development seeing five Africa countries ranked among the top 50 in LocalBitcoins exchange we hope for more adoption.
I think Africa was totally great when we say cryptocurrencies because as you can they allow their community to learn and know what is crypto,for me it brings a big part for community in crypto.
Yes, I know the fact that the use of Bitcoin has increased in African countries and it is increasing day by day. In the case of shopping, now the cryptocurrency is being used in these countries. The amount of exchange between these countries is increasing day by day. Which is a great achievement for Bitcoin. The whole world is coming under the cryptocurrency day by day.
Truth be told, in Africa we see bitcoin as an investment rather than as a medium of payment. So, we acquire it and then wait awhile to resell it like a real estate. In Nigeria, I am yet to see any shop accepting Bitcoin for payment. One has to exchange bitcoin first into fiat before any payment for goods and services.
I think almost all countries except those that prohibit bitcoin, using bitcoin like that, it is very rare that bitcoin is used as a means of payment, only as an investment tool
it is undoubtedly very good that Africans use cryptocurrencies for different needs.It seems to me that all the methods of using Bitcoin listed by the author of the topic are inherent in all countries.That's just why You did not specify mining?Is this activity not common in Africa?
Bitcoin is the last thing that AFricans need, many o them don't even have the technology infrastructure to implement bitcoin payments at stores. The real problem is the wealth inequality and as long as other countries keep using Africans as cheap labor nothing will change.
It is sure the last thing for majority of them if we are seeing how the technology progress there, but it is an undeniable fact that currency in africa, more specifically minor country inflates really bad that people there will always trying to seek something with means to save wealth, that's why sometimes bitcoin is a lot more expensive there. 
Bitcoin is the last thing that AFricans need, many o them don't even have the technology infrastructure to implement bitcoin payments at stores. The real problem is the wealth inequality and as long as other countries keep using Africans as cheap labor nothing will change.
Africa stands to gain a lot from bitcoin. They may skip the "bank" phase of economic development and move directly into modern cryptocurrency. Perhaps in the same way they skipped landlines as their phone infrastructure developed.
No wonder they are adopting all cryptocurrency in their market they have been doing this for years the only downside on nigera specifically is i have seen people from nigeria posting that they accept a scam coin named "TBC" i think they should remove this on their market because as what ive read TBC in nigeria is huge
For now, maybe African countries have not become a potential market for bitcoin trading. But for the future I am sure the African continent will become a potential market, because abundant natural resources will be used for the prosperity of its people.When people in a country have prospered, it means that the purchasing power of bitcoin will be large because infrastructure such as the internet and the mastery of computer technology will become commonplace.
Bitcoins need merchants to accept it as a payment method just like we need oxygen to live. More and more merchants we get in the network the more and more we can defeat the physical currency. It's good to know that Africa is contributing some of its Merchants and taking some amount of risk towards virtual currencies.
This is really a good signal for the crypto market when Bitcoin is expanded and used in African countries. This predicts that Bitcoin is developing without borders. The fact that African countries are government Encourage using crypto to reduce the inflation rate such as Zimbabwe. I find this view very smart and wise.
Who told you that the Zimbabwean government is trying to encourage the usage of crypto? This is retarded logic. None of the governments around the world are "encouraging" the usage of crypto. If there is any encouragement, it is coming from the crypto-communities and not from the government. Anyway, crypto-usage levels remain quite low in Africa.
African countries have come a long way in terms of the distribution and use of Bitcoin and cryptocurrencies in general. Bitcoin is really well suited for those who went to another country to earn money or study because it facilitates the transfer of funds between people in different countries, making them fast, safe, cheap and without limits on the amount of transfer.
in my opinion it is a very good step, the African community will prosper if they all join in trading crypto currencies. with the establishment of a company that supports crypto currencies in the African country it will increase the economy in Africa and will reduce poverty.
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Countries in the continent africa is embracing the blockchain technology and Bitcoin in their masses. In some countries the government of the day are showing some kind of support or interest fo :)r the new technology while others are advising their citizens not to use the cryptocurrency due to fear of fraudulent activities. I have taken my time, done some research plus the little knowledge I already have, made this thread to highlight the three ways Bitcoin is been used in Africa. They include;
[1]: Trading and investment:
Most citizens of countries in Africa like Nigeria, Zimbabwe, Kanye, South Africa etc have turned to Bitcoin as their recuse from poverty and others to increase their asset portfolio. According to the report carried out in August 2018, five (5) Africa countries where ranked among the Top 50 highest traders of Bitcoin on Localbitcoin exchange namely;
7. Nigeria – $258M
10. South Africa – $98M
23. Kenya – $25M
36. Morocco -- $6M
43. Tanzania -- $2M
Source
Note: This is just a statistics from one exchange, we have numerous exchange both locally and international that Africans are trading on and that's just one of the ways Bitcoin (cryptocurrency in general) is been used in Africa.
[2] Online shopping:
The number of cryptocurrency related online shops is raising daily mostly in South Africa and Nigeria. Africans can now buy goods online from the comfort of their home and pay with bitcoin. Physical store are also joining the party, In 2017 one of South Africans biggest grocery stores called Pick n Pay showed interest in accepting Bitcoin as a means of payment we also have numerous merchant already accepting Bitcoin and few of them can be found here, Merchants Accepting bitcoins for Payment in Africa
[3]: Online transaction (money transfer):
Any one familiar with Africans knows we're migraters, there isn't any part of the world you'll go that you won't find Africans in their number, majority of the times it's the hustle that take them there. Many Africans leave their country for search of greener pastures in Western countries and when they succeed they always struggled to send money back to their families but with the help of Bitcoin everything has changed as sending money is now made easier, cheaper, faster and more secured. The luno wallet/exchange is one of the many platforms used for that purpose as it make it easier to convert Bitcoin to local currency.
If you're a blockchain developer and you were looking for the next regional area to get potential customer for whatever service you're providing I suggest you join the few companies tapping the potential found in Africa.
Here are some useful article you can read to convince you more;
Why Africa Is Fertile Ground for Bitcoin Adoption
Top 5 African Countries That Are Embracing Bitcoin
I truly appreciate your way of sharing knowledge. Knowing this, it boosts my confidence that the crypto market can still be bullish. Because we are talking about bitcoin, majority of the coins will follow its trend and it will all be advertised. With that, I remind you to not only trade in bitcoin but also in other altcoins as well. Countries in the continent africa is embracing the blockchain technology and Bitcoin in their masses. In some countries the government of the day are showing some kind of support or interest fo :)r the new technology while others are advising their citizens not to use the cryptocurrency due to fear of fraudulent activities. I have taken my time, done some research plus the little knowledge I already have, made this thread to highlight the three ways Bitcoin is been used in Africa. They include;
[1]: Trading and investment:
Most citizens of countries in Africa like Nigeria, Zimbabwe, Kanye, South Africa etc have turned to Bitcoin as their recuse from poverty and others to increase their asset portfolio. According to the report carried out in August 2018, five (5) Africa countries where ranked among the Top 50 highest traders of Bitcoin on Localbitcoin exchange namely;
7. Nigeria – $258M
10. South Africa – $98M
23. Kenya – $25M
36. Morocco -- $6M
43. Tanzania -- $2M
Source
Note: This is just a statistics from one exchange, we have numerous exchange both locally and international that Africans are trading on and that's just one of the ways Bitcoin (cryptocurrency in general) is been used in Africa.
[2] Online shopping:
The number of cryptocurrency related online shops is raising daily mostly in South Africa and Nigeria. Africans can now buy goods online from the comfort of their home and pay with bitcoin. Physical store are also joining the party, In 2017 one of South Africans biggest grocery stores called Pick n Pay showed interest in accepting Bitcoin as a means of payment we also have numerous merchant already accepting Bitcoin and few of them can be found here, Merchants Accepting bitcoins for Payment in Africa
[3]: Online transaction (money transfer):
Any one familiar with Africans knows we're migraters, there isn't any part of the world you'll go that you won't find Africans in their number, majority of the times it's the hustle that take them there. Many Africans leave their country for search of greener pastures in Western countries and when they succeed they always struggled to send money back to their families but with the help of Bitcoin everything has changed as sending money is now made easier, cheaper, faster and more secured. The luno wallet/exchange is one of the many platforms used for that purpose as it make it easier to convert Bitcoin to local currency.
If you're a blockchain developer and you were looking for the next regional area to get potential customer for whatever service you're providing I suggest you join the few companies tapping the potential found in Africa.
Here are some useful article you can read to convince you more;
Why Africa Is Fertile Ground for Bitcoin Adoption
Top 5 African Countries That Are Embracing Bitcoin
This is really a good signal for the crypto market when Bitcoin is expanded and used in African countries. This predicts that Bitcoin is developing without borders. The fact that African countries are government Encourage using crypto to reduce the inflation rate such as Zimbabwe. I find this view very smart and wise.
No wonder they are adopting all cryptocurrency in their market they have been doing this for years the only downside on nigera specifically is i have seen people from nigeria posting that they accept a scam coin named "TBC" i think they should remove this on their market because as what ive read TBC in nigeria is huge
Bitcoin's use in Africa has gained tremendous popularity since its inception. Bitcoin is now popular in most of the countries.
Even in Africa, Bitcoin transactions are being used in many areas. For example, to buy shopping, to purchase various fables, Bitcoin is also used in transferring money.
Bitcoin needs to be applied in all countries like Africa.
Thank You
Even in Africa, Bitcoin transactions are being used in many areas. For example, to buy shopping, to purchase various fables, Bitcoin is also used in transferring money.
Bitcoin needs to be applied in all countries like Africa.
Thank You
Nigeria surpised me a lot. it is really huge volume comparing it with the rest countries.
Still, I wonder what is real usage of that in Nigeria? Doesn't it look like laundering?
I don't think so, the volume most probably caused by the increasing demand of bitcoin in Nigeria. The landscape of Nigeria made people looking for solution for their transactions. Actually even poor or small country can make huge volume like that if the many of its citizens in invest in bitcoin. I live in indonesia but the volume can't surpass china's bitcoin trading volume because most of indonesian don't know about bitcoin. Still, I wonder what is real usage of that in Nigeria? Doesn't it look like laundering?
I believe online shopping still plays a small role here, even the mechanism were there, mindset of many bitcointalk still about getting more bitcoins, not circulating more bitcoins against goods, if bitcoin isn't artificially inflated and couldn't resist pressure then adoption is pretty limited. Its still exicitng to see the small cryptomarket to go mainstream
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