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The Growth of Cryptocurrency in Africa
Cryptocurrency transactions in Africa in the last couple of years are worth highlighting, as the continent has experienced rapid growth in digital currencies
The Growth of Cryptocurrency in AfricaThe Growth of Cryptocurrency in AfricaThe Growth of Cryptocurrency in AfricaThe Growth of Cryptocurrency in AfricaThe Growth of Cryptocurrency in AfricaIt's easy to dismiss the effect of technology in Africa over the years due to how it's seen as a third-world continent. However, contrary to what most people think, the technology industry in Africa is growing and has significantly improved in the last decade. Digitalization has impacted every sector in Africa and has also contributed to economic growth.
Cryptocurrency transactions in Africa in the last couple of years are worth highlighting, as the continent has experienced rapid growth in digital currencies. This is likely due to the depreciating value of their currencies and more young people are seeking other ways to preserve their assets and grow their wealth. So far, investing in and trading cryptocurrencies have been proven as one of the ways to do that.
Africa is Perfect for Virtual Money
One of the major reasons why crypto seems to be thriving in Africa and will continue to is that the continent's situation makes it perfect to embrace virtual money. Many Africans have struggled with easy access to banking systems for years. Compared to the West, Africans don't find it that easy to move money around, especially outside the country. International transactions can sometimes take days before they are completed.
To navigate around this, some are finding crypto quite interesting, as it allows you to complete transactions across borders within minutes. This is especially helpful for traders who buy goods from international merchants and have to pay. Trading bitcoin makes it easier to pay their merchants in their currency without going through the exchange rate hassle or waiting for days or spending an enormous amount on bank charges.
There have also been situations where Africans had to resolve crypto payments to sponsor protests. This especially comes in handy when the government tracks down and closes individual bank accounts used in protests. A common example is the EndSARS protest in Nigeria in 2020
In addition, Africa has recently been shown to have a growing number of talents in the tech field. There are now more startups than ever, some of which have made great strides recently. This includes the significant amount of investments they raised in 2020. This growth in tech talents, especially in Africa's young people, makes the continent a fertile ground for tech opportunities, including cryptocurrencies.
Crypto Exchanges in Africa
The growing tech talents in Africa weren't going to sit and watch without creating a platform that makes it easier for Africans to trade crypto. There are common African crypto platforms such as Paxful, Luno, BuyCoins, CoinDirect, among others. There are however other platforms with high-tech features that allow easy trading in Africa and beyond such as immediate edge, an AI-powered crypto trading platform.
Cryptocurrency adaptation is gradually spreading across Africa and there's much more to expect. Tech giants like Jack Dorsey, the CEO of Twitter and Square have chosen to invest in Africa, seeing the opportunities that may arise in this continent in the coming years. As crypto continues to make the news across the world, more Africans will continue to embrace and make the most of it.