Africa have emerged into the Cryptocurrency space and the state of it have been growing exponential, with countries such South Africa, Nigeria, Uganda, Kenya among others proving that Africa future is going ahead in Crypto.
I still remember the visit of Jack Dorsey when he said in November 27, 2019 "that he was sad to leave the continent as he believe Africa have a bright future in Crypto, specially in Bitcoin, and also he planned to live on the lands of famous figures such Nelson Mandela, Eduardo Mondlane, Julius Nyerere for 3-6 months". The statement of Jack can lead us to analyze if he was right or not!
African societies share similarities, with problematic economies on their infrastructure, huge rate of unemployment that somehow led to use of Cryptocurrency to be manages in online investment, speculation and trading by youth in the continent, but that isn't the really usecase Crypto can give to Africans with a way more opportunities to the native residents.
Africa due to many favourable factors surrounding it such as high predominance of youngs and high rate of unemployment, high use of mobile money like M-Pesa and the huge number of Unbaked people, its a fertile and most promising zone to adopt Cryptocurrency. The potential is high and will direct massive use of Crypto to combat bad economic factors and with the imminent demography growth in the continent infested by young souls the adoption of Crypto could be huge, turning it in heaven and become a worldwide hotspot.
The pioneers adopters in Africa have been on worldwide spots in ownership of decentralized assets putting South Africa, Nigeria, Kenya, and Ghana in the top of the countries with the largest Holders of Cryptocurrency in the world, and using the reference given by this survey places South Africa in the third worldwide position with 13% and Nigeria placed 5th with 11% but unfortunately the mining industry is just located with 0.2% with Bitcoin nodes across the continent.
When it comes to trading, Africa non peer-to-peer exchanges (P2P), have less than $10M in daily trading volumes, being the Bitcoin the most negotiated asset, in the other hand the Boost occur in P2P exchanges such LOCALBITCOINS and PAXFUL with large share portion and trading volumes surpassing the $10M with South Africa, Nigeria and Kenya registering the most activity on the exchanges.
The use of Crypto as remittances in the African continent also shows that there are many positive aspects to consider about them, with almost 9% being taken by services that deal with remittances across Africa for amount below $200, stealing almost all the money just in fees it's time to maximise more it and use Crypto to agile ways and direct send to people funds. It won't be easy to embrace this remittances use but time will be crucial to adopt it and embrace the new reality in Africa.
There are conditions to use Crypto in the continent and make it a widely asset to adopt on the African land, oblivious there challenges to make it a main form of money in large scale across the Mainland, but different from other regions across the globe there are condiments to integrate decentralized assets in the African societies, with also literacy about them even DeFi (decentralized finances) could be used to benefit the Africans in long run period.
I hope you enjoy this reading, have a great Sunday.
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