Will Africa be a good place for crypto?

[stellgod]

I think for African countries this is a good opportunity to get closer to developed countries in the future. If we imagine that cryptocurrency will replace fiat money, and there will be a large number of bitcoins or other cryptocurrency on the African continent, then the standard of living of people in these countries should in one way or another be much higher than now. As far as I know, in Nigeria, quite a few citizens are already buying bitcoin and have a lot of knowledge in this area. Moreover, African crypto exchangers and other blockchain projects are already being created.

Crypto currency is a source where you can invest in your desire currency and off-course currency increases by value when number of investor increases. Either it is from Africa or Europe or people from Asia, the coin will become stronger. However, Africa is not a place of illiterate people but just like other continents investors also born in Africa though they are not investors from their early ages but just like other people they are also achieving things step by step.

[rickyNmorty]

I think the countries there are not enough to use Bitcoin as a major currency. I know that their country is struggling but making money on the Crypto market is a very difficult thing. Because if the investors do not have much money, they will become whale prey. it's true.

Maybe today it is not really applicable. We can predict that it is better if they use crypto currency to produce money as a sideline. Their problem is poverty therefore it is indeed in good project if they engage with creating money. Afterwards if they have enough capabilities then it is the time.

[Bitcotalk]

I think it is justified, Africa has developed more than before. Over the past few years, the African economy has seen a marked shift. The educated people are more advanced in the manufacturing business, derived from the economy of South Africa. Now, putting bitcoin / altcoin into Africa will be a very good time for Africa to progress more in the investment and development of Africa. They will consider bitcoin / altcoin as cash using it as necessity. Crypto will be safer and more convenient to develop on this continent.

Developed? Not even close! Apparently, you did not see the video Stompix posted to have seen how embarrassing it is, to know that even one of the countries in Africa that is considered to be doing well, have a leader that is not even educated enough.

Education is one thing we should even be looking at in this part of the world and considering that before you can even get close to understanding how to use bitcoin or cryptocurrency at large, you will need to understand what it is first, I wonder how they would be able to fathom what this is all about without flopping pretty fast.

We may be looking at some parts where the youths are a bit exposed, but looking at the whole continent in general terms, it is something I believe that there is still a long way to go.

[arnaudel98]

The success of digital wallets in the African continent was really great and based on what I've read on news articles about it, it really helped the economy and the businesses when it all started years ago.
With this in mind, will Africans be welcoming of bitcoin/altcoin as a real currency and not just a quick way to earn cash or invest? Like using it as real money / cash?

It will be a difficult thing to answer today,  because the African continent do not have a good economy. Majority of the people there are poor. So that it is better if they have the goal of earning money first. Then they can invest in bitcoin and with this we can say that this is the perfect time for the bitcoin to become the currency.

They will use bitcoin as their country progresses, we know that a poor economy makes its human resources limited, like the internet,
gadgets and so on, most Africans may not have that? so it takes a very long process for this..

Maybe not directly has something to do with bitcoin.
I read that Africa, despite it's poor country, they built a lot of blockchain that's now being use and will be sustainable in the future.
I would not be surprise if soon they'll have their own currency.

Even the government banned the use of bitcoin and all ICO people are still using them and earning money.Africa might be good but first we have to see government reaction on cryptocurrencies.

[geberger]

The success of digital wallets in the African continent was really great and based on what I've read on news articles about it, it really helped the economy and the businesses when it all started years ago.
With this in mind, will Africans be welcoming of bitcoin/altcoin as a real currency and not just a quick way to earn cash or invest? Like using it as real money / cash?

It will be a difficult thing to answer today,  because the African continent do not have a good economy. Majority of the people there are poor. So that it is better if they have the goal of earning money first. Then they can invest in bitcoin and with this we can say that this is the perfect time for the bitcoin to become the currency.

They will use bitcoin as their country progresses, we know that a poor economy makes its human resources limited, like the internet,
gadgets and so on, most Africans may not have that? so it takes a very long process for this..

Maybe not directly has something to do with bitcoin.
I read that Africa, despite it's poor country, they built a lot of blockchain that's now being use and will be sustainable in the future.
I would not be surprise if soon they'll have their own currency.

I don't have idea about Africa but it would be great if India adopt the cryptocurrencies. Bitcoin isn't well popular in Africa where India is the greatest and the country where people are aware about cryptocurrencies and bitcoins.

[yitzjoe]

crypto will be suitable in many countries not only in Africa, I often hear that crypto can give a big impact on the country's economic development, performance efficiency in many fields of work, cut the chain of investment to a shorter one which causes lower costs and many more benefits that we can get

[Efiraboy]

In African countries, people spend an average of 27 cents dollar on each cellular credit top up. They use crypto tokens to refill it.
this may sound strange to many crypto industry players, because the current blockchain vision to make the movement of millions of micro transactions around the world has proven to be a difficult challenge to achieve. however, South African startups prove that with a bit of ingenuity and an effective approach it can make cryptocurrency a better payment mechanism than the traditional way that many African citizens currently can in the future crypto, is more famous inAfrica.

Gradually the whole will use cryptocurrency as their local currency. We need to hold and wait for more time. The future is that of cyrptocurrency and as bitcoin is the leading crypto and most acceptable in the world, will take over the market in the future. South Africa was one of the earlier countries that accepted bitcoin as regular currency and the rests followed.

[millensharon8]

I think it is justified, Africa has developed more than before. Over the past few years, the African economy has seen a marked shift. The educated people are more advanced in the manufacturing business, derived from the economy of South Africa. Now, putting bitcoin / altcoin into Africa will be a very good time for Africa to progress more in the investment and development of Africa. They will consider bitcoin / altcoin as cash using it as necessity. Crypto will be safer and more convenient to develop on this continent.

Developed? Not even close! Apparently, you did not see the video Stompix posted to have seen how embarrassing it is, to know that even one of the countries in Africa that is considered to be doing well, have a leader that is not even educated enough.

Education is one thing we should even be looking at in this part of the world and considering that before you can even get close to understanding how to use bitcoin or cryptocurrency at large, you will need to understand what it is first, I wonder how they would be able to fathom what this is all about without flopping pretty fast.

We may be looking at some parts where the youths are a bit exposed, but looking at the whole continent in general terms, it is something I believe that there is still a long way to go.

Pretty embarrasing indeed. Honestly, unless we just want to start sugarcoating things, Africa still have a very long way to go when it comes to adopting cryptocurrencies. Some people may be judging now with just very few countries in Africa that are managing to develop, but if we really want to face fact, looking at the general population of the unexposed and those in the poverty line, compared to the exposed and the elites, it is nothing to write home about.

[jademaxsuy]

I think not because some places of africa has no good internet connection and usually country that belongs to the africa continent are poor. So, if one rich man will do invest in africa their economy will be affected that includes local exchange for every huge transactions you will going to bring home in your rich country will definitely a big loss for the African people. I do not belittle them but rich people will be richer and poor will become poorer so I do not like that africa will be a place for crypto.

[ibrayzorhaf]

African continent suitable place to govern or become the center of crypto. as we know the continent of Africa with low human resources it must be very difficult to implement crypto in its society. maybe only South Africa is able to accept crypto in his country.

[wxa7115]

No, and there are several reasons for this, first of all the amount of infrastructure needed for cryptocurrencies to work is enormous, you need a reliable internet connection and for that you need a reliable electric grid and if that was not enough you need access to the internet through a computer or a smarthphone.

And not only you need all of that, we need also to talk about the costs, the average income in many African countries is very low, so not only they will need to invest a huge deal of that money just to get access to cryptocurrencies but they will also need to pay for the transaction costs and we know that when the network is busy those costs can be high and finally cryptocurrencies are not easy to use and there are countries with a huge problem of literacy, so cryptocurrencies do not seem to be answer to the problems in the continent.

[darkphoenix2610]

I don't know, but aa progressive as siuth Africa could be, i think they will accept it as a currency. Then again, if we're talking about the indigenous tribes in Africa that still holds true to their traditional values, then i guess it will be much more harder to make them accept crypto currency much less Fiat currency at all.

Maybe it will be a good place, some parts of Africa has technology and people can learn from there, I think they can cope up with the present progress of other nations, Just by focusing on their determination and look always for the possibilities for their future, There are a lot of ways in earning money you just know how to use your abilities to do that.

[squog]

Why not? South Africa is a booming market these days and i think that investing on them is great. Now if inly civil wars, tribals wars and illegal destruction of wildlife were to be completely eliminated then the continent as a whole would be a bery good opportunity for growth and profit to recirculated and build infrastructures for.

[deppil]

Yes it has a good population and people are getting educated day by day. African educated people are some of the most genius people out there.

more than 60% of the total population of Africa is below the poverty line and dont know what internet and gadgets are. for now Africa is certainly not a good place for crypto to be used there. but they will certainly develop. day by day they will get to know the internet and they will start to recognize bitcoin in the next few years

[Kurevazeyo]

I don't know, but aa progressive as siuth Africa could be, i think they will accept it as a currency. Then again, if we're talking about the indigenous tribes in Africa that still holds true to their traditional values, then i guess it will be much more harder to make them accept crypto currency much less Fiat currency at all.

I think it is very difficult with natural and geographical conditions not supportive, crypto currencies can be used 100% because of the internet. So with the internet conditions that are still scarce and the level of intellectual society that is still lacking, it is certainly difficult for the crypto currency to develop. They may not know about cryptocurrency.

[sinkfish]

Africa as a good place for crypto? Yes it would. Africa is a continent where some countries are ready to embrace good things. Ofcourse, banks are there to oppose certain things which are likely to pose their businesses to threat. Once africans realize crypto will fetch them money, they will quickly embrace it and work into crypto. However, in an instance where the money is keeping them to wait longer, trust me they will back off. Crypto will be good in Africa but the issue of patient can be a challenge.

1st they must be expose to crypto, before that, they must expose to education, before that, they need better life conditions. crypto is good but africa is not yet a right place to do crypto. adoption rate is still low. network coverage is low, and dont expect anything from people, they hardly got cellphone.

[pieppiep]

In African countries, I am a little hesitant because there are so many cases like ICOs that fail and there are many other cases that use cryptocurrency, so in Africa it is not necessarily a good place for cryptocurrency so you should stay alert when saving your cryptocurrency.

[Incodium Coin]

We may only be in the 'crypto world', where very little time is given to cross-checking and fact-checking, but the premise of this question is very wrong. No one is asking if America, Asia, Europe, Australia is a 'good place for crypto'. So many of the comments below site low level of education, cell phone coverage, and poverty as reasons why Africa isn't a 'good place'. Well, the biggest market for crypto is in Asia, and you'd be surprised to know there are areas with very high illiteracy rates and no internet or cell phone coverage in Asia.
There is a growing middle class in many parts of Africa that is in tune with the latest technologies in the world. it is disrespectful and naive to throw a blanket over a continent and say 'it's not a good place' for anything.

[realcrypto]

 Adaptation of any new technology in African continent is usually difficult since new technology are built on old or existing technology, the African continent are lacking technological infrastructure that will enable blockchain technology to strive so it will just be a way of quick money making.

[GregH37]

I don't know, but aa progressive as siuth Africa could be, i think they will accept it as a currency. Then again, if we're talking about the indigenous tribes in Africa that still holds true to their traditional values, then i guess it will be much more harder to make them accept crypto currency much less Fiat currency at all.

I would say you are thinking too far. One thing for sure is that we would get to see enlightened people who are somehow well exposed to get to be able to use the cryptocurrency space to their own advantage, but when compared with the total population of Africa that is growing every single day and keeps increasing, the number of uneducated, the inaccessibility to amenities or internets, in a huge percentage, we have more poverty stricken ones who are just so much deprived of what the government has refused to provide for them, and just very few that are well exposed to the I.T world, so in that case, what do you think will happen?