Bitcoin Forum

Coming from Africa, I never would have thought that they'll be making good use of Bitcoin, from a country that has not been fully developed unlike the rich countries, Africa on the other hand is making rapid growth, we all know that they have fully utilized mobile money, they do not only make use of Bitcoin but cryptocurrency itself, I honestly think that with the influence of today's generation citizens of Africa, the continent will continue to develop and probably overcome poverty in the future, I am not african but I definitely am happy that the influence of Bitcoin is making a good chance for them. What about in your country? is Bitcoin creating an influence and change as well in your own country?

source/s: https://www.dw.com/en/africas-quiet-cryptocurrency-revolution/a-55199637

https://bitcoinmagazine.com/articles/how-the-use-of-bitcoin-in-africa-continued-to-grow-in-2020

I started to see and was surprised when Nigeria started to adopt bitcoin, and then many countries in Africa started using bitcoin and even legalized it. I can't stop thinking if a country in Africa is even first to use crypto. but I am still confused on what basis they use it?

Africa,is one places I believe loves to try new things out , and the adore crypto currency to large extent.

I think they (Africa) took the right decision to adopt Bitcoin. They realized the true value of Bitcoin in my opinion. For a developing country, bitcoin would help their financial ecosystems to improve. The world mobilizing to digitalization, so Africa shouldn't stay back as well. Those country adopting bitcoin and cryptocurrency from the beginning, they will not regret later. But, like my country' those developing countries aren't adopting bitcoin, I am sure they will regret it once a time. They are not moving with the trend.

^ Since we are freely using bitcoin I would say, it is a lot of changes to those people who had and adopting bitcoin.
However, you know, when the internet came in people are getting more intelligent since they access a lot of data over the internet. Good thing that Africa is now trying to improve their lives by adopting the technology. They will never regret their decision of doing so. I have seen countries that adopted Bitcoin grow. And I hope that this will serve in long term to them and even the same to my country.

^ Africa is still a continent that is rarely in the spotlight so it is very surprising that there is news that Bitcoin is very much in the spotlight there. whether the news that has been widely circulated and heard so far is true that the spread of technology has not been evenly distributed there?

I understand that bitcoin is providing a few opportunities for tech-savvy people around the globe including those from Africa. But why do some people consider Bitcoin as a magic wand for eradicating poverty? All these new opportunities of employment in crypto world are just new requirements for skilled people for which they can apply remotely no one is going to distribute free bitcoins in Africa so that everyone gets an equitable income. Moreover much more than Africa I have seen South East Asian countries like Bangladesh, Indonesia and Phillipines taking advantage of this bitcoin revolution as people of these countries are being employed in crypto companies. Can you explain how bitcoin would help people of Africa?

Seems like Africa would be one of those regions wherein bitcoin growth would be beneficial since Africans can really use the current state of bitcoin to their advantage, especially in promoting it as an investment, or as an alternative on patments that they are commonly used to. It may not be used to eradicate the plague of poverty but it will surely create financial freedom—or at least close to it—to some of those ‘advantaged’ populations further decreasing the number of poor people in Africa. There is also a potential that these new rich people would create jobs for other people if decide to open new businesses, so it’s a factor to consider, too.

Am an African -west Africa, Nigeria- and Bitcoins scales new heights like a top athletes scales huddles In athletics game, in my country, although there are harassment From the police who can't differentiate between crypto-currency and cyber-crimes, Bitcoin is well used/known and has given alternative sources away from crimes for youths in my country.

This should not be so surprising to see Africa growing so much while it comes to using cryptocurrencies as a means of payment, holding and making p2p transactions. Many of the Africa countries find it difficult to pay directly into another country while many comes with high payment fee, that is why many of the countries are now prefering cryptocurrencies as a means to solve these problems, especially because the payment comes with low transaction fees. Despite with the little development in Africa, there is still rapid development in crypto.

This is a great news and learning curve for other developing nations, Africa is surprising us in more than one way as recently we noticed Nigeria is the second largest users(trade) of bitcoin, we should also appreciate neutrality of the government on crypto related stuffs without which this development will not be possible.

An article was published a few days ago, a country from Africa is the #2 largest market through paxful and other countries from the same continent too has large volume transactions.
Nigeria is now the No.2 bitcoin market on this fast-growing global marketplace (https://qz.com/africa/1947769/nigeria-is-the-second-largest-bitcoin-market-after-the-us/)
Registrations and stats through a platform like paxful, you can see it on the article I indicated above.

Yeah, I think it all started with Nigeria, although the continent is really suffering from a lot of economic and financial and government collapses, still they find bitcoin to be a safe haven, just like any countries, for example Venezuela.

and then we have Jack Dorsey magnifying the potential of bitcoin,

https://techcrunch.com/2020/01/05/into-africa-tech-leaders-weigh-in-on-jack-dorseys-planned-move-to-the-continent/

https://www.forbes.com/sites/billybambrough/2019/12/01/jack-dorseys-future-defining-plan-to-bring-bitcoin-to-12-billion-people/?sh=10a9c2564f6f

https://www.cnbc.com/2020/03/05/twitter-ceo-jack-dorsey-reconsidering-africa-move-on-coronavirus-fears.html

For lots of us Africa looks like a really technically not developed continent. So why there is so highly growing interest to Bitcoin and cryptocurrency? In my opinion - weaker local currencies that make it harder to get dollars, bureaucracy that complicates money transfers. New generation there is just trying alternative ways that may help to avoid complicated things. Of course it is interesting what is the percentage of the population uses Bitcoins, and what about that part that is without simple things like Internet, computers, gadgets and so on. But it is great that the country is developing in this direction. Some experts are sure that  Africa may surprise us.

Yeah, I was really surprised when I saw a post about how in Africa the use of bitcoin grows. It's interesting to follow how bitcoin is developing in countries such as Nigeria, Kenya, South Africa. I would recommend reading about it :)

This is an economic revolution supported by revolutionary digital technology. Africa took advantage of this opportunity to adopt bitcoin on a large scale. Individuals and small entrepreneurs in Africa have recorded the most transactions using digital currency or cryptocurrency.

Africa is in a very good condition to take advantage of cryptocurrency, because the African continent has a generation of young professionals who are easy to adapt to new things and aspire to become entrepreneurs. This is what makes digital currencies like bitcoin easy to accept.

The adoption of bitcoin is also due to their local currency being unreliable and hyperinflationary. Cryptocurrency is a better alternative currency than local currency and makes the domestic economic system more developed. One of the popular services in Africa that uses bitcoin as the base currency is BitPesa which can make money transfers internationally at a lower cost.
https://i.postimg.cc/Hkc8PLfL/africa.jpg

Glad that you use it for the well being as an individual, but I am sad at the same time that police brutality is very rampant at this day and age. In my country, the good thing about cryptocurrency is that the government seems not to be bothered by this which is advantageous for cryptocurrency users because we have far less to none restrictions that could potentially be a problem for an average user like me.

Africa is not a poor country, it is just underdeveloped and it isn't because of being poor but because it has been f**ked with for decades that keeps it behind.
In any case I believe bitcoin always grows in third world countries faster than other places because there are usually far less roadblocks in those countries against its adoption. For instance you have to jump through a million hoops in US to buy bitcoin and end up paying a shitton of money to IRS while in Africa you can buy bitcoin a lot easier and not to worry as much about the "tax man" robbing you.

In Nigeria, there are a lot of Forex traders and that's the simple reason cryptocurrency caught on too. We love the smell of capitalism and any country that likes that will always try out new things. It isn't for nothing that the naira (the Nigeria currency) is listed at the Binance exchange. Nigerians dominate that exchange and are trading large volume there. CZ noticed this and quickly took advantage of it. You can say there aren't many online shops accepting Bitcoin in Nigeria yet. At the moment, traders in Nigeria exchange Bitcoin to fiat before use or directly transfer it to exchanges for trading.

In a country where economy is bad everyone will try as much as possible to find means of survival, I believe that's why most africa countries are giving bitcoin and crypto investment a try, they are even into forex trading too, Nigeria is one country that have bad economy, I'm not surprised that people from the country are into crypto

Africa is a really vast continent with a rich cultural heritage. Though culture is one of the factors limiting citizens growth in the country, but the most is fear of being scammed. Most people are scared to invest in anything online or crypto. Cause those who preach the word crypto or BTC have a 70% chance of being scammers. I'm mainly talking from the perspective of Nigeria though.

Unlike other countries where things are done mainly online, most of the nigerian population though they are definitely online they prefer to waste their time on social media platforms instead of platforms which are financially benefiting.

Another iceberg to Africa's growth are our leaders, who make everything difficult for the poor struggling masses by inflating prices unreasonably, it's difficult to stay online frequently, mainly in Nigeria, there isn't even regular power supply.

These stated above are just some of the factors which are limiting our growth and which will definitely slow down the use and spread of crypto in btc. It will definitely spread but might be a slow process.

In Africa you can witness very small scale shops accepting bitcoins and other reputed coins as payments even when they don't have enough equipments for billing just only because they lost the confidence on their fiat money which is going worthless day by day and some country's money from Africa is having nearly very low value against the USD dollars so they are about to hit the hyper inflation.

We all know Africa is not a rich country, most of them have the problem with the finances and most of them have the record of having so many poverty. Cryptocurrency will become a good help for the economy of Africa, we know how unfortunate the country of Africa and they need to do something to get recovered from the crisis. If they keep on exploring and learning the world of crypto then for sure it will be a good advantage for them and it will help them to recover from the economic crisis.

Africa has lots of natural resources and lots of cheap labor,so there's great potential for growth.
The big problems are the political instability,dictatorships,corruption and not enough money invested in education and healthcare.When all those problems are solved,I'm sure that many big companies will invest in Africa and boost the industrial and technological development of the continent.
The crypto industry will be a crucial part of this development for sure.
Many Africans will get computers and internet,so the digital industry in Africa will explode in the future decades.

It's been a while when I heard news about Africans are adopting Bitcoin and cryptocurrency. There's this man who want to build wakanda into reality and use crypto as the main currency in the imaginary city. (I forgot the name of that guy) For me Africa is a wealthy country to be honest due to vast natural resources and there is no doubt that cryptocurrency enthusiasts and investors keeps on increasing too due to the demand.

Here in my country we are having a good time with Bitcoin and cryptocurrency in general. There is this regulation by the central bank but it's doing fine, no issues using crypto at all.

Cryptocurrencies are not going to make the people richer unless they know how to play with its price volatility so saying that making richer is not the right statement to be honest as a whole country.Of course cryptos are giving advantages that is why they are using it but importantly they are using it as currencies not as investment assets which is really good thing about their kind of adoption.

Maybe on the basis of empowering the citizens and to help generate revenue for the continent as the technology still be seen as early techs. Nigerians has aggressively be engaging with this technology of since her fiats currency that's dilapidating against the US dollars on daily basis can't be solve at the moment, also, new investors has started flowing into the country with their various tech which will help to improve the lives of the citizens (Binance exchnage $ Binance academy among others). Personally, i have been a fan of Bitcoin and cryptocurrency in general, this has earned me some good degree in this tech, so, there are multi-dimensional basis the continent and in particular Nigeria government are looking from.

I never thought too that nigerian can move to the 2nd place of bitcoin doing transactions. Nigerian is part of an african continent. Not only in Nigeria that bitcoin is good but so does the other parts of the african continent. Well, they must have embrace bitcoin and as I do believe now that bitcoin could be a way to beat inflation rate and that also couls even beat poverty. But, I do believe that african countries are rich.

happy news for our brothers there, in fact we are very happy to hear this. that the improvements will continue to be good enough for Africa. very good decision. This will be the material for the pilot country, because Africa has started its economy by using bitcoin as a legal transaction tool that is legally agreed upon by the government. hopefully other countries will follow the rapid development that Africa is doing.

Of course, if you look at it, the heart is quite happy that there is recognition from countries in Africa that have made breakthroughs, even though we know that there are still many people in Africa that are poverty-stricken and that doesn't make things a problem, because we know that poverty will always indicate that there is still not yet developed renewable technology.

such as Nigeria is a country with abundant oil and the richest people there are many, but poverty still affects many of its people (from world economic news), so there are still some that have not been touched at all.
Hopefully this development will be able to bring people to meet the needs of a better life by making existing and recognized breakthroughs.

in fact, the US or Europeans it is easier to buy bitcoin. I'll give you an example:

In my country someone who earns a good salary is in the 15,000 in local currency which is worth $250. and if that person were to buy bitcoin paying the fees in the end they would have $800 in bitcoin. But in the USA, those who earn a good salary are above $1000 and could easily buy many bitcoins whenever they want.

Africa's biggest problem is poverty due to government corruption. It is impossible to do much in Africa especially if we talk about bitcoin in Africa.

The reality of Africans is much tougher than people in Europe or the USA can imagine

In African many countries there is making use of bitcoin seriously, it's obvious that African continent is not lacking behind concerning development via cryptocurrency adoption, their is total innovation in African in terms of growth via btc, so whoever rising alarm or castigating African as one the continent that reject bitcoin is total fallacy, many countries in African adopted btc fully such South Africa and Nigeria, I hope their doing good in crypto.

I would have love the part of Africa you are from. Africa is a large continent I will like to tell you that there are countries in Africa that are developing rapidly in term of technology advancement. Nigeria, Kenya and South Africa are always adopting technology rapidly. Gone are the days of liberty reserve, country such as Nigeria are very vast in adopting mainstream technology. This is a country with a lot of technocrats that has grown to develop payment processing services such as paystack, flutterwave and others. The same with Mpesa developed in Kenya. Cryptocurrency adoption in Africa is not strange this is because country like Nigeria with large population is known for exploring new technology especially those that can improve their standard of living

Africa is a big continent with tons of countries. Some of them are very unstable, poor and dangerous, but others are pretty successful and prosperous. News about high levels of adoption in Africa has been popping up for years, so I'm not surprised by it anymore. However, I think it's an  overgeneralization to say "Africa" instead of naming particular countries or at least regions there.
As for my country, Bitcoin and other cryptos are pretty popular here, and they aren't regulated yet (there've been various project laws but none passed for now). I think people here mainly see it as an investment, so adoption of Bitcoin as money isn't high here.

It is really gratifying to see that the people of my country have been able to make good use of buying and using bitcoins.

We will not find that in business there will always be positive things, because in every business there will always be positives and negatives.

Of course it depends on how each individual reacts, because we can't possibly prevent this, in principle what I can catch from the concept of bitcoin is as a new transaction tool using a more efficient digital system without having to go through a complicated process, because the data of each holder also kept secret (anonymous) of course this can indeed be positive and negative as I said before.

But I think we can see how the process has developed in bitcoin until now, how the movement of bitcoin is getting more positive, of course this is also welcomed by the majority of investors from here, we actually already know how bitcoin is needed.