Why are Africans not using cryptocurrencies?

[xtraelv]

Africans are using cryptocurrencies. - Some used are: Bitcoin, Litecoin, XRP, Dash, Lisk, Smartcash and Monero

Many Africans are also involved in the creation and promotion of cryptocurrency. Low labor costs and plenty of potential workers make many developing countries popular for hiring labor to develop new virtual products.

Unfortunately developing countries are also very prone to crypto ponzi scams.
Lack of regulation, lack of information and desperation for fast gain make developing countries targets for ponzi schemes.

[palle11]

Well I think, that crypto isn't more widely spread in Africa than what it is in other parts of the world because Africa doesn't seem to have the same items that are associated with crypto and things of that nature. I.E. computers, internet, mobile phones, technology so on and so forth. There are some places where it may be up to speed but there might be some places not so much. Also the mass adoption of crypto will never be if people don't even know what it is. People in Africa especially the younger generation have to start talking about it and implementing technology to where they may turn around their current state in Africa.

I think that Africa is not the only continent that is caught in this kind of discussion. But to look inward, the awareness is getting high lately as many African elites are now investing and using digital currency. The African society is now being digital with even the laws against money laundering and carrying cash physically. With time it will get there with the cryptocurrency technology.

[franky1]

i have visited africa a few times

africans are very involve with crypto. but they are very wary of two main things
1. westerner based economies
2. the fee's to start/use/exit a crypto

many foolish and wishful thinkers think bitcoin is a big thing in africa. but its not. the tx fee alone is more than an hours labour for an african.

many fools then try to think LN is the solution. but again LN is not bitcoin but requires locking up funds and 2 tx fee's just to use LN as a system and btc as a exit currency off that system.

many africans are looking at cheaper fee altcoins in conjunction with LN but have very much moved off the idea of bitcoin and bitcoin in conjunction with LN

.. for now though they know and trust and are used to mpesa which has done them good and the fee's are acceptable so its a struggle to try selling them on the idea of btc and even LN with btc backed funds

i foresee africa going the altcoin route and eventually if LN ever(i doubt) fixes its flaws would use LN as the tool for interpersonal swaps.

...
another thought
the other aspect of what gives a crypto an underlying value is the cost of its creation(mining) pos coins have no underlying cost so can easily become dead coins. where as minable coins hve  cost involve which makes the coin harder to zero out.

same as real mineral gold mining. if it cost $900 to mine an ounce.. add speculative value on top and market price would be $1.1k-1.5k.. if gold cost $10 to mine with s spoon and coffee filter in your backyard. it may sell for $15. but still worth more than zero as it has a purpose too

africa is not the right climate for mining based crypto's so them starting one of their own wont be very good. so they are very wary of this and of the fact that they dont like using other peoples currencies if they can avoid it/if not benefit to them.

they see pos altcoins as too risky. and more chance of volatility/project death. so if they were to use one it would be a minable coin with low fee onchain and also longevity prospects due too world wide accessability and real world purpose

[Zemomtum]

Well, my opinion might slightly differ as most African countries are adopting the usage of blockchain technology. It is a big relief for boardless transfer which has been a huge issue in the African region. Even though most governments are not in support of this global revolution, citizens are using it on daily activities and blockchain technology will speed the process of the African continent to catch up with others.

[Timmzzy]

Africa is a developing continent, and despite the world leading search interest for cryptos, the continent still lags behind the rest of the globe in everyday cryptocurrency use and adoption. The continent is home to over 50 percent of the world’s mobile money services, but while the use of internet has risen exponentially in the past twenty years, users from Africa account for just ten percent of the global total. I can personally attest to the challenge of internet connections across Africa. The connection is either poor, slow or even non-existent at times. At times, accessing internet on your handset for the mere purpose of communicating with people or even carrying out transactions becomes a challenge, and this is one of the reasons why most people in Africa are not as enthusiastic about cryptocurrencies.

Some governments have been skeptical and reserved and, in some cases, unreceptive to the use of digital currencies. Countries such as Zimbabwe and Namibia have reportedly begun with a hard stance, and in Kenya, the central bank of Kenya has restricted the use of digital currencies because of their unregulated nature. Nigeria’s Central Bank has rejected the use of cryptocurrencies claiming that its citizens will be at risk of fraudulent schemes, but it is yet to release a whitepaper on their take.

https://www.dailymaverick.co.za/article/2019-04-08-blockchain-and-cryptocurrency-regulation-in-africa/

Another factor that holds back cryptocurrency use in Africa is that very often you will see Initial Coin Offerings targeting countries from literally all other continents BUT Africa. In cases where African countries are receptive to the idea of digital currency, most governments are slow with its adoption mainly because they fear for their young citizens or due to the crop of old leaders who cannot picture a future without paper cash.

https://www.africa.com/cryptocurrency-regulation-africa-slowly-picking-up-the-pace/

Adoption of cryptocurrencies is a work in progress for most African nations, but with time it could become the most used method of payment. I live for that day!

I won't say that crypto is not known yet in Africa, previously I came across images/video clip
of bitcoin ATM in Africa https://youtu.be/du2v8JjFQdk which I so believe it will come to a full existence

[Raja_MBZ]

Relevant:

[giammangiato]

Africa is a developing continent, and despite the world leading search interest for cryptos, the continent still lags behind the rest of the globe in everyday cryptocurrency use and adoption. The continent is home to over 50 percent of the world’s mobile money services, but while the use of internet has risen exponentially in the past twenty years, users from Africa account for just ten percent of the global total. I can personally attest to the challenge of internet connections across Africa. The connection is either poor, slow or even non-existent at times. At times, accessing internet on your handset for the mere purpose of communicating with people or even carrying out transactions becomes a challenge, and this is one of the reasons why most people in Africa are not as enthusiastic about cryptocurrencies.

Some governments have been skeptical and reserved and, in some cases, unreceptive to the use of digital currencies. Countries such as Zimbabwe and Namibia have reportedly begun with a hard stance, and in Kenya, the central bank of Kenya has restricted the use of digital currencies because of their unregulated nature. Nigeria’s Central Bank has rejected the use of cryptocurrencies claiming that its citizens will be at risk of fraudulent schemes, but it is yet to release a whitepaper on their take.

https://www.dailymaverick.co.za/article/2019-04-08-blockchain-and-cryptocurrency-regulation-in-africa/

Another factor that holds back cryptocurrency use in Africa is that very often you will see Initial Coin Offerings targeting countries from literally all other continents BUT Africa. In cases where African countries are receptive to the idea of digital currency, most governments are slow with its adoption mainly because they fear for their young citizens or due to the crop of old leaders who cannot picture a future without paper cash.

https://www.africa.com/cryptocurrency-regulation-africa-slowly-picking-up-the-pace/

Adoption of cryptocurrencies is a work in progress for most African nations, but with time it could become the most used method of payment. I live for that day!

It's not completly true, I know some projects that invest a lot in Africa. For example electroneum mining app, you can use their coin for recharge the credit on african mobile sim. I read also that in Zimbabwe they used crypto douring government failures as in Venezuela.

[easemypain]

Africa is a developing continent, and despite the world leading search interest for cryptos, the continent still lags behind the rest of the globe in everyday cryptocurrency use and adoption. The continent is home to over 50 percent of the world’s mobile money services, but while the use of internet has risen exponentially in the past twenty years, users from Africa account for just ten percent of the global total. I can personally attest to the challenge of internet connections across Africa. The connection is either poor, slow or even non-existent at times. At times, accessing internet on your handset for the mere purpose of communicating with people or even carrying out transactions becomes a challenge, and this is one of the reasons why most people in Africa are not as enthusiastic about cryptocurrencies.

Some governments have been skeptical and reserved and, in some cases, unreceptive to the use of digital currencies. Countries such as Zimbabwe and Namibia have reportedly begun with a hard stance, and in Kenya, the central bank of Kenya has restricted the use of digital currencies because of their unregulated nature. Nigeria’s Central Bank has rejected the use of cryptocurrencies claiming that its citizens will be at risk of fraudulent schemes, but it is yet to release a whitepaper on their take.

https://www.dailymaverick.co.za/article/2019-04-08-blockchain-and-cryptocurrency-regulation-in-africa/

Another factor that holds back cryptocurrency use in Africa is that very often you will see Initial Coin Offerings targeting countries from literally all other continents BUT Africa. In cases where African countries are receptive to the idea of digital currency, most governments are slow with its adoption mainly because they fear for their young citizens or due to the crop of old leaders who cannot picture a future without paper cash.

https://www.africa.com/cryptocurrency-regulation-africa-slowly-picking-up-the-pace/

Adoption of cryptocurrencies is a work in progress for most African nations, but with time it could become the most used method of payment. I live for that day!

Man, you have already stated the obvious reasons why Africans are yet to fully adopt cryptocurrency. As you have said let's live for that day!

[Entei]

There are several factors that currently prevent adoption on the African continent and I will mention just 1 and in this case it is internal and external infrastructure. How can we think about investing in our financial prosperity, leaving aside basic needs like food and family? I am not mentioning this in general, but the African population is concerned and addressing their basic needs.(Hunger)