Will Africa Be the Best Destination for Cryptocurrencies?

Last Modified:12 May 2020 17:24:03
Will Africa Be the Best Destination for Cryptocurrencies?

Recent days and months have been good days for cryptocurrencies that returned to the center of the stage after a serious decline in 2018. At the beginning, the conception of the public was that cryptocurrencies are nothing but a tool for scammers. However, the growth and increase in the use of these cryptocurrencies in various industries such the industry of video games and retails that employ them shows that the collective view about these new currencies is changing. Many people think that the use of cryptocurrencies such as Bitcoin is limited to U.S., Europe, or Asian countries such as Japan and China, but if you think the same way, you should know that you are seriously wrong. What is your mistake? Ignoring Africa in the crypto market.

The continent of Africa and Crypto Markets

As it seems, the continent of Africa has a great capacity for growing in the crypto market. There are many reasons for such an approach:

In the continent of Africa, few people have bank cards. According to reports and statistics, 60 percent of the continent of Africa’s population do not have bank credit cards. One of the reasons that most people in African countries do not have bank cards or accounts is that opening an account is not cost efficient for them. However, the use of cryptocurrencies and engaging in different transactions with them do not cost much. In addition to the fact that there will be no banking limitations and the like. For this reason, the possibility of the growth of Blockchain and cryptocurrencies in Africa is much more than other places in the world. The people of African countries need this technology.

The population of the continent of Africa is really large as well, and this can turn this continent into a potential environment for the acceptance and growth of cryptocurrencies, much like the continent of Asia. From the other hand, mobile service providers have also started investing in African countries, and this can lead to the growth of enthusiasm toward Bitcoin. Given the smart devices such as new cell phones, the use of other technologies such as Blockchain will become easier.

Pioneer African Countries in the Field of Cryptocurrencies

The main market of cryptocurrencies in African counties is for now limited to countries such as South Africa, Kenia, and Nigeria. If internet services and smartphones are to be developed in African countries, the possibility of using cryptocurrencies will rise as well. In fact, Africa is facing challenges in the widespread acceptance of cryptocurrencies. Challenges that if were dealt with, the possibility of turning this continent into the number-one consumer of cryptocurrencies will take place. Different internet service provider companies should know that if they develop their market in African countries, there will be a good possibility for cryptocurrencies to grow on that infrastructure. However, as the use of the internet and the virtual world becomes more for the Africans, the mentioned companies will gain more profits. As a result, by dealing with challenges of this type, the possibility for developing such cryptocurrencies in the continent of Africa will become more and more.

Blockchain and cryptocurrencies can greatly help remove the borders of the world. When there is no talk of governments and special organizations to control and manage a network, various discriminations, wars, and tensions will end.