Topic: The used of Bitcoin in Africa - page 7. (Read 20497 times)
Africa has being a market place for all foreign and other investors to promote must of the goods, and record has it that African ride the most expensive cars and use the most sufisticated technology, and at that the continent will always embrace a good technology like bitcoin despite the fact that the authorities over their have not really come out to declare they support for the currency. May be they don't even know it exist or just paying deef ears to the presence of bitcoin in the continent.
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 for 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
Good to hear such news as African nations has strong and good treatment to Bitcoin. I am very thankful to their government to let their people have financial freedom through cryptocurrency. I am also happy with my country because I am in a cryptocurrency friendly country that does not prohibit the use of Bitcoin but instead made a regulations between local exchanges for a safer and trusted transactions. [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
Many interesting facts, thank you for sharing.
I personally have several friends from Africa and they never used bitcoin.
Why?
Well, they live in rural area of Africa without electricity and with very weak Internet connection.
So, it's very difficult for them even to use Internet so to learn and use Bitcoin is even more difficult.
But things are changing very fast in Africa so I think that soon this situation will change and improve.
I personally have several friends from Africa and they never used bitcoin.
Why?
Well, they live in rural area of Africa without electricity and with very weak Internet connection.
So, it's very difficult for them even to use Internet so to learn and use Bitcoin is even more difficult.
But things are changing very fast in Africa so I think that soon this situation will change and improve.
I think bitcoin can really enhance the lives of people living in Africa. I mean, their overall economy is terrible and people don’t really use banks there much. But with bitcoin, they can just skip the banking part. There are also many blockchain events where people can learn about the ways on how to use crypto in Africa
Africa is an underdeveloped continent and many countries in there face the financial crisis. This will mean that if they introduced and support bitcoin in their economy then it will be very much helpful for them.
Africa can change its fate of they truly implement blockchain and bitcoin in their countries.
Bitcoin will be embraced by Africa because it's a relatively good store of value in the long run and will facilitate microtransactions once the Lightning Network is ready for mass adoption. States may fear it and thus prohibit it, but they cannot stop bitcoin from being traded anonymously and on the black market.
Nigeria , South Africa and Kenya i have no doubt about that but Mexico and Tanzania there is no way they are on top than Ghana when its comes to the use of bitcoin , Even in Africa most of the crypto exchange companies are in Ghana and Nigeria . But its really interesting how Africa is adopting the digital currency and blockchain the master technology behind it. I know Gradually very soon very will see most Blockchain project coming from Africa to compete the global blockchain market ..
Well I think the OP sources his or her facts well and you on the other hand just feel that you are right.Probably you would be clarified if you can do a good research
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
I think Africa has great potential to be a country with good crypto growth. I see today, many projects that introduce crypto for Africa. real estate for Africa, economic assets for Africa, and transaction platforms for Africa.
this is very significant growth, but I'm not sure if Africa will defeat Japan, China, and South Korea.
this is very significant growth, but I'm not sure if Africa will defeat Japan, China, and South Korea.
Any country has the potential for growth but Africa can be the ones who are affected with this kind of change. Introducing this type of technology can create and attract investors.
Africa can be the next bigger country since I see that Africa has many resources which are not built yet. They need to create something from inside their country and blockchain will be a good sample for them to make better financial. Although the corruptions will be their enemy, by introducing blockchain in Africa, I think it will bring new hope to their people. Maybe they can wake up from the underestimate country to become a growing country in the future.
I think bitcoin can really enhance the lives of people living in Africa. I mean, their overall economy is terrible and people don’t really use banks there much. But with bitcoin, they can just skip the banking part.
This is your opinion and I can categorically state, that the state of the economy here is not all doom and gloom. And no, people use banks very actively in Africa. Bitcoin may not 'enhance the lives' of people living in Africa, as it needs Investments. The blockchain if implemented would streamline so many sectors and would facilitate actions which would normally take ages to document.
It would also Improve transparency, and hence reduce corruption.
The African country is one of the big market shares, this is because the population is so large. But in the African country the development of technology and infrastructure has been slightly hampered. That makes a delay in the development of cryptocurrencies, it is necessary to increase infrastructure so that the creation of an increasingly cryptocurrencies ecosystem. Trading volume can increase and it can be an indicator that the volume of bitcoin is increasing overall.
Getting it hard for the to see huge development knowing how they struggled for economic crisis. We know already the capabilities of their country and so we can't expect of it's immediate response to the needs of the people and it may affect the wide growth of crypto in their country. But I believe there will be a moment that their people will adopt the system. 
The African country is one of the big market shares, this is because the population is so large. But in the African country the development of technology and infrastructure has been slightly hampered. That makes a delay in the development of cryptocurrencies, it is necessary to increase infrastructure so that the creation of an increasingly cryptocurrencies ecosystem. Trading volume can increase and it can be an indicator that the volume of bitcoin is increasing overall.
Wow i don't know african have a big base of bitcoin user. This is a great information to me, i think Online transaction (money transfer) is the biggest reason why there are many people in africa use bitcoin and because of migraters too.
This is actually the first step in introducing cryptocurrencies to third-world countries. The only barrier that separates first and third world countries in introducing cryptocurrencies are the opportunity and technology but this article make it possible that they may be start slowly learning about its components.
I doubt that they can skip the banking part as fiat is still an essential part of any country's resources. They cannot shift quickly from fiat to cryptocurrencies as the country needs to adapt and improve their technology. But this may be the first step into the ideal future of having a digitalized form of payment.
Any country has the potential for growth but Africa can be the ones who are affected with this kind of change. Introducing this type of technology can create and attract investors.
I think bitcoin can really enhance the lives of people living in Africa. I mean, their overall economy is terrible and people don’t really use banks there much. But with bitcoin, they can just skip the banking part. There are also many blockchain events where people can learn about the ways on how to use crypto in Africa
I doubt that they can skip the banking part as fiat is still an essential part of any country's resources. They cannot shift quickly from fiat to cryptocurrencies as the country needs to adapt and improve their technology. But this may be the first step into the ideal future of having a digitalized form of payment.
I think Africa has great potential to be a country with good crypto growth. I see today, many projects that introduce crypto for Africa. real estate for Africa, economic assets for Africa, and transaction platforms for Africa.
this is very significant growth, but I'm not sure if Africa will defeat Japan, China, and South Korea.
this is very significant growth, but I'm not sure if Africa will defeat Japan, China, and South Korea.
Any country has the potential for growth but Africa can be the ones who are affected with this kind of change. Introducing this type of technology can create and attract investors.
For your interest in Africa crypto.
There is an article on Africa Blockchain Conference in 2019.
https://cointelegraph.com/press-releases/big-names-take-to-the-stage-at-the-blockchain-africa-conference-2019
Hope it helps, OP.
We have been having these kinds of conferences yearly in Nigeria around Abuja, Lagos and PHC. The population keeps growing each time. The blockchain and Bitcoin awareness keeps spreading like wildfire here. The only nag to it is that the Nigerian government isnt yet throwing its weight in support of this. Though they aren't taking any steps to stop us. There is an article on Africa Blockchain Conference in 2019.
https://cointelegraph.com/press-releases/big-names-take-to-the-stage-at-the-blockchain-africa-conference-2019
Hope it helps, OP.
The reality of Bitcoin in Africa is increasing educational opportunities, peer-to-peer cryptocurrency exchanges, knowing this is first hand. They partnered with Zam Zam Water to build a school in Rwanda that was fully funded by cryptocurrency through the BbuiltwithBitcoin initiative. Now, the very well-known Red & Yellow business schools open their doors to cryptocurrency, allowing more people the opportunity to get higher education. While the centralized agency still gives a cold shoulder cryptocurrency, the truth is that Bitcoin is changing lives for the better for many Africans
we know that bitcoin is popular currency, i hope that it will more popular and more popular until all people in all country in the world can use bitcoina s their currency and it will makes the bitcoin and cryptocurrency become the global stable currency
Most citizens of countries in Africa like Nigeria, Zimbabwe, Kanye, South Africa etc have turned to Bitcoin as their recuse from poverty a
While its worthy of note to appreciate the effort you have made in coming up with the statistics and also making the effort to change the narrative of some people that Africa is still far behind in the area pf adoption of blockchain and its accompanying products, it will also be over reaching to conclude that most citizens of the countries you listed are now turning into crypto because that is going to be a false representation. Yes the penetration is growing but the truth is, its not enough to classify as most because the technological push and the legal framework to push for such qualification is practically non-existent. May be in the next 5 to 10 years we can say ''much more people...''
I don't know if this is true but this is only my opinion. People from Africa are more unto bitcoins because they are one of the poorest countries in the world. Plus BTC has been created some years ago with its only low prices or its literally free that day! And pretty sure there are people from there have bought and hide there BTC. I am pretty amazed by how people there adapted BTC in a major location of Africa.
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 for 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
[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
On your LocalBitcoin's statement, it is clear that Nigeria is the top used Bitcoin country in Africa. South Africa is the second position in Bitcoin trade and transaction on the basis of localbitcoin information. Africa is going ahead to the use of bitcoin rapidly. Maximum African countries are still far behind in Bitcoin so Bitcoin related persons should come forward to the engagement of that countries.
I think bitcoin can really enhance the lives of people living in Africa. I mean, their overall economy is terrible and people don’t really use banks there much. But with bitcoin, they can just skip the banking part. There are also many blockchain events where people can learn about the ways on how to use crypto in Africa
The African countries especially Nigeria taking the lead in accepting Bitcoin. It is quite unfortunate that no merchant would trade his/her goods for Bitcoin, in short they don't want to hear about it as sometimes ago, the government tried to scare people away from Bitcoin trade as it was termed scam. Thus the use of Bitcoin in Nigeria has been based only to online transactions and should cash is needed, Bitcoin has to be traded for Fiat via Luno or LocalBitcoin.
Jump to: