It is without doubt that Africa has embraced the digital currency revolution. Africa is well known in the world of digital currency. Despite the slow and skeptical approach used by some African countries in handling the daily use of cryptocurrencies, others have embraced it and are currently toping world lists when talking of countries which have embraced cryptocurrency. According to Google Trends, the largest search interest volume for the term “Bitcoin” comes from the 3 Biggest cryptocurrency markets in Africa.
These searches are made by potential investors from South Africa, Nigeria, and Kenya. This creates a position for Africa in the cryptocurrency world. Most Africans use cryptocurrency to meet up with their personal financial needs while others use them for their entrepreneurial ventures. Tech Savvy Africans are purchasing digital currencies as investment vehicles. A few Africans also trade cryptocurrencies for speculative profits. Let’s now pour more light on the 3 biggest cryptocurrency markets in Africa that have taken the African continent to the highest levels in the world of digital currencies.
According to a global survey which was made by the global agency Wearesocial and the social media management company Hootsuite, South Africa was ranked as the top country for ownership of cryptocurrency. This survey found out that 10.7% of internet users in South Africa own and manage cryptocurrencies. Thailand came in the second position with 9.9% mobile users who owned cryptocurrencies. Indonesia came third with 9.5% and the global average was 5.5%.
Nigeria is a name which quickly popup in the mind of many when talking about cryptocurrency in Africa. It is one of the leading economies of Africa in terms of cryptocurrency use. Hosting many cryptocurrency exchanges, we can say that it has greatly influenced the rate of adoption of cryptocurrency in Africa as a whole. Nigeria was judged and classed seventh largest in the cryptocurrency market by LocalBitcoins in terms of peer-to-peer transactions.
Interest in virtual currencies is currently rising in Kenya more than ever. Irrespective of the warning which was sent out by the Central Bank of Kenya concerning the volatility of cryptocurrencies, some major businesses in Nairobi are currently accepting Bitcoin payments for daily transactions. According to the Blockchain association of Kenya, the total number of Bitcoin transactions in Kenya are estimated to be worth over $1.5 million.