Topic: Why are Africans not using cryptocurrencies? - page 2. (Read 614 times)
Speaking of Africans not using crypto. It depend on what you really mean because Africans does use cryptocurrencies but not all Africa country though and the uses of cryptocurrency in daily activities still have some issues which are not encouraging and with good crypto card that shouldn't be a problem.
I can't answer for all Africans but I have some friends in Uganda.
They really live in very difficult conditions, without electricity, water, and Internet only in the big cities but not all the time.
Until they solve their infrastructure problems, I don't think they will be able to use cryptocurrencies as much as we do.
They really live in very difficult conditions, without electricity, water, and Internet only in the big cities but not all the time.
Until they solve their infrastructure problems, I don't think they will be able to use cryptocurrencies as much as we do.
legendary
Activity: 2408
Merit: 4282
eXch.cx - Automatic crypto Swap Exchange.
I'm an African and here's a personal experience why I got discourage from using cryptocurrency for my day to day activity. I was very active using it (mostly bitcoin) some time between 2017/2018 and early 2019 at any given opportunities i got. I used BTC to pay for my internet & cable charges, grocery & gadget shopping etc but notice some disadvantage. The service providers aren't encouraging the use of these cryptocurrency. The fees they charge for a start, are outrageous, sometimes you can pay double the amounts or 20-50% more using bitcoin. The items are very expensive to the extent you'll have to second your decision especially as they are tagged in BTC/$ and when you convert that dollar value to your local currency you get the disadvantage due to the price cost of those items then secondly, their exchange rate.
The most common used of cryptocurrency (bitcoin) in Africa is as an investment vehicle and trading platform for profit. Any African in the space can attest to that. The home based exchanges too aren't encouraging the use of their service that's why we rely/patronize foreign based exchanges. Personally I used Binance for trading and Luno for easy convertion of my bitcoin to local currency, both service providers aren't home made and are very popular in the country. The other popular servicee are Peer2peer which aren't that reliable and fast.
The internet charges is also another disadvantage although, many enthusiast including myself still overlook this disadvantages and uses bitcoin for the privacy and self satisfaction it gives. We're still far behind although there have been improvement especially as foreign service providers are coming into the continent and hopefully bringing in friendly competition which will result to we (the customers) getting a fair share of what other continent are experiencing.
The most common used of cryptocurrency (bitcoin) in Africa is as an investment vehicle and trading platform for profit. Any African in the space can attest to that. The home based exchanges too aren't encouraging the use of their service that's why we rely/patronize foreign based exchanges. Personally I used Binance for trading and Luno for easy convertion of my bitcoin to local currency, both service providers aren't home made and are very popular in the country. The other popular servicee are Peer2peer which aren't that reliable and fast.
The internet charges is also another disadvantage although, many enthusiast including myself still overlook this disadvantages and uses bitcoin for the privacy and self satisfaction it gives. We're still far behind although there have been improvement especially as foreign service providers are coming into the continent and hopefully bringing in friendly competition which will result to we (the customers) getting a fair share of what other continent are experiencing.
Adoption of cryptocurrencies is a work in progress for most African nations...
May be because everything in there is black market.
Sorry, I just could not avoid the joke.
Africa is a developing continent, and despite the world leading search interest for cryptos, the continent still lags behind the rest of the globe in everyday cryptocurrency use and adoption. The continent is home to over 50 percent of the world’s mobile money services, but while the use of internet has risen exponentially in the past twenty years, users from Africa account for just ten percent of the global total. I can personally attest to the challenge of internet connections across Africa. The connection is either poor, slow or even non-existent at times. At times, accessing internet on your handset for the mere purpose of communicating with people or even carrying out transactions becomes a challenge, and this is one of the reasons why most people in Africa are not as enthusiastic about cryptocurrencies.
Some governments have been skeptical and reserved and, in some cases, unreceptive to the use of digital currencies. Countries such as Zimbabwe and Namibia have reportedly begun with a hard stance, and in Kenya, the central bank of Kenya has restricted the use of digital currencies because of their unregulated nature. Nigeria’s Central Bank has rejected the use of cryptocurrencies claiming that its citizens will be at risk of fraudulent schemes, but it is yet to release a whitepaper on their take.
https://www.dailymaverick.co.za/article/2019-04-08-blockchain-and-cryptocurrency-regulation-in-africa/
Another factor that holds back cryptocurrency use in Africa is that very often you will see Initial Coin Offerings targeting countries from literally all other continents BUT Africa. In cases where African countries are receptive to the idea of digital currency, most governments are slow with its adoption mainly because they fear for their young citizens or due to the crop of old leaders who cannot picture a future without paper cash.
https://www.africa.com/cryptocurrency-regulation-africa-slowly-picking-up-the-pace/
Adoption of cryptocurrencies is a work in progress for most African nations, but with time it could become the most used method of payment. I live for that day!
For a number of years now news to do with Bitcoin, blockchain and cryptocurrencies in Africa have been greeted by widespread fears and skepticism. This has been perpetuated by the possibilities that virtual currencies can be manipulated towards crime, tax evasion and money laundering.Some governments have been skeptical and reserved and, in some cases, unreceptive to the use of digital currencies. Countries such as Zimbabwe and Namibia have reportedly begun with a hard stance, and in Kenya, the central bank of Kenya has restricted the use of digital currencies because of their unregulated nature. Nigeria’s Central Bank has rejected the use of cryptocurrencies claiming that its citizens will be at risk of fraudulent schemes, but it is yet to release a whitepaper on their take.
https://www.dailymaverick.co.za/article/2019-04-08-blockchain-and-cryptocurrency-regulation-in-africa/
Another factor that holds back cryptocurrency use in Africa is that very often you will see Initial Coin Offerings targeting countries from literally all other continents BUT Africa. In cases where African countries are receptive to the idea of digital currency, most governments are slow with its adoption mainly because they fear for their young citizens or due to the crop of old leaders who cannot picture a future without paper cash.
https://www.africa.com/cryptocurrency-regulation-africa-slowly-picking-up-the-pace/
Adoption of cryptocurrencies is a work in progress for most African nations, but with time it could become the most used method of payment. I live for that day!
However, as more information is beginning to filter through African communities as well as the availability of testimonial enlightenment being administered by those who dared to try cryptocurrencies to their peers, more people are increasingly embracing cryptocurrencies.
The continued collapse and institutional abuse of weak fiat currencies in a number of countries have also assisted the rise of blockchain based currencies as people are trying to preserve the value of their wealth and earnings.
In short, some of the barriers ahead of Crypto in Africa include:
- Internet Connectivity issues
- Lower literacy levels in some countries
- Internal conflicts (civil wars, coups, revolutions, etc.).
- Low-income levels
~snip~
What we refer as Mobile Money Services is MPESA (M-Pesa is a virtual banking system that provides transaction services through a SIM card - NO Internet is Required).
~snip~
We don't use the internet for mobile money services .... And most Cryptocurrency projects require internet connections at some point such as installing wallets, processing transactions etc.
What we refer as Mobile Money Services is MPESA (M-Pesa is a virtual banking system that provides transaction services through a SIM card - NO Internet is Required).
~snip~
We don't use the internet for mobile money services .... And most Cryptocurrency projects require internet connections at some point such as installing wallets, processing transactions etc.
That makes perfect sense. So it seems like that you guys are using these mobile money services for transactions (and other activities) through SMS/messaging and phone call methods. Even though the transactions of cryptocurrency require internet, I know a few projects which are working to make the stuff internet-free and let the users transact on SMS (such as the following project):
Transact Bitcoin Cash Through SMS Text Messages
However, the major issue with such an approach is that it requires a 3rd party, which ruins the taste of a p2p system.
Strange. Can you provide the source of the following?
"The continent is home to over 50 percent of the world’s mobile money services"
This percentage looks quite exaggerated. Africa is quite behind other continents when it comes to the usage of the internet (even in 2019):
"The continent is home to over 50 percent of the world’s mobile money services"
This percentage looks quite exaggerated. Africa is quite behind other continents when it comes to the usage of the internet (even in 2019):
There are two things here; Mobile Money Services and Internet Penetration.
In Kenya for example Mobile Money Services has penetrated 96% of households, https://www.cnet.com/news/kenya-mobile-money-vodafone-mpesa-10-years/ What we refer as Mobile Money Services is MPESA (M-Pesa is a virtual banking system that provides transaction services through a SIM card - NO Internet is Required). According to a recent report https://www.gsma.com/r/wp-content/uploads/2019/02/2018-State-of-the-Industry-Report-on-Mobile-Money-1.pdf There are 395.7 million registered mobile money accounts in the Sub-Saharan African region as of December 2018, representing 45.6% of the global figures.
We don't use the internet for mobile money services .... And most Cryptocurrency projects require internet connections at some point such as installing wallets, processing transactions etc.
Strange. Can you provide the source of the following?
"The continent is home to over 50 percent of the world’s mobile money services"
This percentage looks quite exaggerated. Africa is quite behind other continents when it comes to the usage of the internet (even in 2019):
"The continent is home to over 50 percent of the world’s mobile money services"
This percentage looks quite exaggerated. Africa is quite behind other continents when it comes to the usage of the internet (even in 2019):
Africa is a developing continent, and despite the world leading search interest for cryptos, the continent still lags behind the rest of the globe in everyday cryptocurrency use and adoption. The continent is home to over 50 percent of the world’s mobile money services, but while the use of internet has risen exponentially in the past twenty years, users from Africa account for just ten percent of the global total. I can personally attest to the challenge of internet connections across Africa. The connection is either poor, slow or even non-existent at times. At times, accessing internet on your handset for the mere purpose of communicating with people or even carrying out transactions becomes a challenge, and this is one of the reasons why most people in Africa are not as enthusiastic about cryptocurrencies.
Some governments have been skeptical and reserved and, in some cases, unreceptive to the use of digital currencies. Countries such as Zimbabwe and Namibia have reportedly begun with a hard stance, and in Kenya, the central bank of Kenya has restricted the use of digital currencies because of their unregulated nature. Nigeria’s Central Bank has rejected the use of cryptocurrencies claiming that its citizens will be at risk of fraudulent schemes, but it is yet to release a whitepaper on their take.
https://www.dailymaverick.co.za/article/2019-04-08-blockchain-and-cryptocurrency-regulation-in-africa/
Another factor that holds back cryptocurrency use in Africa is that very often you will see Initial Coin Offerings targeting countries from literally all other continents BUT Africa. In cases where African countries are receptive to the idea of digital currency, most governments are slow with its adoption mainly because they fear for their young citizens or due to the crop of old leaders who cannot picture a future without paper cash.
https://www.africa.com/cryptocurrency-regulation-africa-slowly-picking-up-the-pace/
Adoption of cryptocurrencies is a work in progress for most African nations, but with time it could become the most used method of payment. I live for that day!
Some governments have been skeptical and reserved and, in some cases, unreceptive to the use of digital currencies. Countries such as Zimbabwe and Namibia have reportedly begun with a hard stance, and in Kenya, the central bank of Kenya has restricted the use of digital currencies because of their unregulated nature. Nigeria’s Central Bank has rejected the use of cryptocurrencies claiming that its citizens will be at risk of fraudulent schemes, but it is yet to release a whitepaper on their take.
https://www.dailymaverick.co.za/article/2019-04-08-blockchain-and-cryptocurrency-regulation-in-africa/
Another factor that holds back cryptocurrency use in Africa is that very often you will see Initial Coin Offerings targeting countries from literally all other continents BUT Africa. In cases where African countries are receptive to the idea of digital currency, most governments are slow with its adoption mainly because they fear for their young citizens or due to the crop of old leaders who cannot picture a future without paper cash.
https://www.africa.com/cryptocurrency-regulation-africa-slowly-picking-up-the-pace/
Adoption of cryptocurrencies is a work in progress for most African nations, but with time it could become the most used method of payment. I live for that day!
Jump to: