Cryptocurrency has been a trending topic in Asia and the western hemisphere. Researches revealed that inhabitants of these areas have greatly embraced the daily use of Cryptocurrencies. Unlike in the past, the use of cryptocurrency has extended to Africa. The African continent has quite a lot growth potential for the cryptocurrency markets. As new days unfold, more countries in Africa are beginning to see the benefits of using cryptocurrencies. In the same light, we can as well say that digital currencies are a way forward for small businesses and entrepreneurs.
The leading African countries in the use of cryptocurrencies are Ghana, Botswana, Zimbabwe, South Africa, Nigeria, and Kenya. A cryptocurrency report made back in 2018 by Citibank found that South Africa was in the 6th place globally for the highest amount of Bitcoin holders per capita, Kenya came in the 5th and Nigeria came in the 3rd. This is a clear and an unarguable confirmation of the high popularity of cryptocurrency use in Africa.
The things that led to the Adoption of Cryptocurrencies in Africa
The current popularity in the use of cryptocurrencies in Africa keeps many people wondering. It is just but normal to ask why cryptocurrencies have become so popular in Africa. They’ve become the talk of time as we can hear about them from the lips of both young and old Africans. The truth is that there are so many reasons why the use of cryptocurrencies have become so popular in Africa. A few of these reasons are limited employment positions, traditional banking methods, and unstable national currencies. In other to solve these issues, many people have embraced technology and all that it has to offer them. You might ask how? Note that with an internet connection and a smartphone, people can easily execute global financial transactions via blockchain with no geographic restrictions. In addition, they’ll not have to rely on any Bank.
The African continent recently revealed itself through a significant rise in Bitcoin Mining. The process of Bitcoin Mining has allowed many Bitcoin Mining Farms and Businesses to create employment and also make profit. Back in the year 2016, a Ghanaian firm called Ghana Dot Com opened one of the first Bitcoin Mines in Ghana. South Africa currently has a physical mining shop which is known as Bitmart. There are several other countries in Africa that have openly demonstrated their active implication in the use and promotion of digital currencies.