Africa’s Bitcoin story receives a boost after more adoption

Bob Coiney

April 27, 2020

In one of the podcasts by the CEO of Bitcoin Co., he implied that the general popularity of Bitcoin has increased especially in the African countries. People seem to have understood and have begun to embrace the concept which is why the usage in many parts of the continent has seen a rise. Bitcoin has a short history which can prove to be a valuable lesson to those countries who have just begun with its use. People are looking at Bitcoin as that medium that offers easy money exchange solutions despite geographical barriers. It is also seen as an asset that will be recorded digitally leaving no scope for governments to loot wealth. 

Africa is slowly emerging as a huge market for the adoption of not just bitcoins but several other financial technology solutions like it. Yele Bademosi who is the Founder of Microtransaction believes that the Millenials of the nation believe that Bitcoin is a truly worth investment asset because it is a good hedge against inflation and its return potential is larger than even dollar-based transactions. 

But while everything might seem rosy for Bitcoin and its contemporaries in the African continent, everything is not so rosy after all. The two biggest issues experienced currently are the abundance of Ponzi schemes that need to be tackled and secondly the lack of proper regulation that is deterring many aspirants to enter the market. Apart from that, the other challenges that people of Africa face are common ones. While developed nations are raging past with the use of 5G technology, many parts of Africa still does not have proper internet and electricity. 

But not everything is as bad as it seems. Arcane Research has highlighted the expansion of Bitcoin adoption owing to the current crisis. The report mentioned that the Bitcoin volume in the country, especially in Kenya, has seen a huge climb in 2020 from 2019. 

At present South Africa, Ghana and Nigeria are at the forefront in Bitcoin adoption but if trends continue the same way it will go a long way in ensuring that the entire continent will also embrace it. The basic knowledge and resorces around Bitcoin have to be stronger for that to take place.

Image Source – Coingape