It is impossible for us to constitute a list of African countries that have embraced the active use of cryptocurrencies without giving the first position to South Africa. In addition to being one of the leading nations in the world for cryptocurrency ownership, South Africa is a major adopter of crypto and blockchain technology for every day use. A 2019 report from ‘We Are Social’s – Global Digital Yearbook’ revealed that 10.7% of internet users in South Africa own a form of cryptocurrency. This is a leading and significant amount when compared to the known worldwide average of 5.5% of internet users. Below are the most popular cryptocurrencies in South Africa that you might like to know.
The most Used Cryptocurrencies in South Africa
In addition to being the most traded and popular cryptocurrency worldwide, Bitcoin is the most owned cryptocurrency coin in South Africa. It is the most valued crypto coin in the market with some traders buying it for either investment or trading purposes. Considering its volatile nature, there are currently ongoing speculations on whether its price will continue to rise past its peak price of $20,000 in December 2017.
Talking in terms of market capitalization, Ethereum’s Ether Coin remains the second most popular cryptocurrency in the world. Bitcoin is currently the most valuable coin to store value when compared to Ethereum. However, it is without doubt that when compared to Bitcoin, Ether is generally a better coin for financial transactions. You might be wondering how and why? It is simply because Ethereum has faster transactions that Bitcoin. In addition, Ethereum offers low transaction fee rates making it more attractive for exchanges. This also explains why it is highly loved in South Africa.
Launched back in 2011, Litecoin was founded with the aims of creating a ‘lighter form’ of Bitcoin. This is to say that Litecoin can complete a financial transaction in roughly 2.5 minutes which is faster when compared to the Bitcoin’s 10 minutes. Its faster transactions make it suitable for investors and traders seeking to win in time. It is the third most popular cryptocurrency in South Africa. In terms of market capitalization on a global scale, Litecoin comes as the 6th most traded cryptocurrency.
EOS is becoming one of the most popular cryptocurrencies to invest in as it has gained a worldwide high reputation for its super quick transaction speeds. In addition, EOS comes with a leading and sophisticated blockchain technology which offers top security and ease of use to all its clients. Access to EOS blockchain is granted only to traders who own EOS coins. It is the best option for traders looking to save on transaction costs since it removes all user fees for transactions and merchants. Its promising price growth in 2019 has attracted many South Africans to invest in it.