Posted in:

Cryptocurrency Adoption in Africa 

© by

Statistics show that Africa only captures two percent of the world’s cryptocurrency market. Yet, the total value of crypto is sent and received. So, is cryptocurrency taking a good course in the African states more like their Western and Asian counterparts and Europe? Can the ban of cryptocurrency in China have a devastating effect on the growing cryptocurrency trends in the African states? How will this affect both Industrialization and economic growth in Africa? Based on the fact that China has seemed to take a trajectory in implementing Infrastructural development in the African states. They are even going ahead to lend Loans to some of these States.

Statistics show that the prominence of the cryptocurrency market is taking shape in the African States. Immediate Edge Software  can observe the geographical trends in the cryptocurrency market. In addition, the global landscape around the analysis of the cryptocurrency used in the world. Also, some online shopping sites have already taken some online shopping sites to accept bitcoin as a payment method. Cryptocurrency is also a peer-to-peer channel for the remittance of funds. Furthermore, it is a means of saving; hence, many people are interested in it to be at par with other states and business entities.

Research showed that 45% of a population of one million new users of cryptocurrency that joined the bitcoin race were from the African Continent. In June, new users who joined the Crypto world have immensely seen a rise in new entrants that deal with Bitcoins and Ethereum. The statistics also show that three-quarters of these are male the female population is chanting its way to the course more slowly.

With the adoption of cryptocurrency in Africa, the statistics show that between July 2020 and June 2021, the market grew tremendously by 1200%. It was the fastest adoption rate in the world. However, the downfall now comes on the other side of the actual trade. The continent is still for match behind as compared to other regions. Other regions are far much ahead of Africa. The trading volumes for many African currencies have tremendously grown on wallets like the Local Bitcoins and I the Paxful. These are the world’s largest peer-to-peer platforms by transaction rates since 2016. The peer-to-peer on these platforms has become immensely used in countries like Kenya and Nigeria. People even cash out from banks to the cryptocurrency businesses.

Some of the experts think that lies in Africa’s underdevelopment, making it a powerful vector for cryptocurrencies. Africa has been under the siege of infrastructure handy-cap for a very long time. It has led to difficulties in accessing financial channels. Hence, researchers and experts in cryptocurrency think this could be a good venture—African states since it requires a smartphone. Experts have also been interested in how the crypto-market in Africa covid-19 impacts the rest of the globe. The issue of cryptocurrency and the African states is not something to ignore since Africa is the second most populated continent globally. With a hovering 1.3 billion people,

According to research by the World Bank, the African Wealth output is around twenty-two times Lower than the European Union. Hence, Africa’s share in the cryptocurrency market world is lower. The market will continue to do well in Africa with the peer-to-peer exchange, the most common payment option, since the banks do not accept any bitcoin payments. Nigeria is more the epicenter and focuses when it comes to Bitcoin. Nigeria is the most populated country in Africa, with over 200 million citizens. That is why part from cryptocurrency of someone will find that other platforms are also very dominant in Nigeria as compared to some other African States.