Will Africa be a good place for crypto?

[Pab]

Africa can be best place for crypto
Fast development , unbanking and  very much mobile
So i think cryptocurrencies can grow in Africa very fast
Other thing is number of scams targeting Africa countries but how to avoid scams  is what people have to learn

[FlightyPouch]

I think it will be if there are a lot of people accepting it. In our country, a lot of people know about crypto currencies particularly bitcoin but a lot of them are saying that it is a scam that is why even though they know it, they don't care since they don't want to be scammed but in reality, they will not be. Also, they might not be used to these technologies so I guess crypto will not be popular in your country.

[BennyK]

I think Africa is not a good place for crypto, there are not many crypto users in Africa, I also look there are some projects from Africa like ''afrochain" ... and i think it is a low project, for now Africa doesn't have a big crypto community

Although Africa is not making a huge impact especially when it comes to cryptocurrency project developments, I can assure you that Africa has a large cryptocurrency user base. Cofred and Eccurency4U are one of the largest merchants in West Africa and can be consulted for how significant their transaction data goes within a year.

[silversurfer1958]

Crypto is not only good for Africa, it is also good for other underdeveloped countries in general.
Because Bitcoin and some other alts are naturally deflationary, so investing and trading in such coins will easily bring huge profits.
The GDP of poor countries will improve and blockchain technology will also be used more widely.

[tippytoes]

Crypto is not only good for Africa, it is also good for other underdeveloped countries in general.
Because Bitcoin and some other alts are naturally deflationary, so investing and trading in such coins will easily bring huge profits.
The GDP of poor countries will improve and blockchain technology will also be used more widely.

Aside from that, using bitcoin as payment method on shops or other merchants will be a convenient option for most consumers. So we are not talking only in Africa but across the globe. In this regard, a lot of savings will be derived from this method because of the fast transaction that we are experiencing from this usage, anywhere and anytime you want to utlilize this payment option.

[bryant.coleman]

Crypto is not only good for Africa, it is also good for other underdeveloped countries in general.
Because Bitcoin and some other alts are naturally deflationary, so investing and trading in such coins will easily bring huge profits.
The GDP of poor countries will improve and blockchain technology will also be used more widely.

In the developed nations, in most cases the national currency is heavily manipulated. So if Bitcoin gains a lot of popularity that can create issues for the government. The citizens will just use Bitcoin as a store of value and this can have a very negative impact on the national currency and the local economy in general. To prevent any such situation, the government may take a hostile stance against cryptocurrencies.

One reason why countries such as Japan and Switzerland have been quite lenient to Bitcoin is due to the fact that they have some of the strongest national currencies in the world. You can check the JPY vs USD exchange rates for the last three decades and see how it climbed from 360 JPY to 1 USD during the 1970s to 100 JPY to 1 USD now. Japanese Yen has become deflationary, similar to Bitcoin.

[Naida_BR]

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?

Cryptocurrencies can provide an alternative to African countries in terms of economic stability.
Africans can hodl a currency that has stronger purchasing power than their native ones.
The problem is that Bitcoin is kind of expensive right now and they need to struggle purchasing even a small portion of it.

[Torps1]

Just like any other country/continent, Africa especially some of the African countries with a relatively strong economy can as well be a good place for crypto to thrive.

But I think, the high volatility nature of crypto is still a big hindrance for the  Government to give crypto the express legal ground to thrive.

Again, I think time will tell better.

[bitbunnny]

Africa doesn't have very strong and developed economy or stable finances. In.that sense Bitcoin might help but only on individual level since Bitcoin isn't and it will be not formaly introduced into economy of any country on that continent
But how much Bitcoin could help it depends also on internet connectivity and education of people there about Bitcoin and new technologies in general.

[imstillthebest]

Africa doesn't have very strong and developed economy or stable finances.

this is why they are the best location for crypto start ups  because thier country is not strick  . thier government is verry open to any oppurtunity that will come .  they should accept cryptos 100 percent  .

In.that sense Bitcoin might help but only on individual level since Bitcoin isn't and it will be not formaly introduced into economy of any country on that continent

why not ? before ive seen some concerned netizens that are doing fund raising for building the africa , these guys can also offer crypto education for the africans  . and like i said earlier africa is not strict compare to others  ,

[brightemo]

Every country may be a good place for crypto with right regulation

[fiulpro]

Africa is slowly evolving when it comes to cryptocurrencies , I see people engaging in things and bringing out projects in terms of cryptocurrencies , it is clearly something that might cause a serious uproar ... Africa have immense potential when it comes to new talent ...it could help people get through their daily chores .. it actually can help people get good online work from home jobs.
I think it is an amazing place for cryptocurrencies.

[LUCKMCFLY]

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?

For every Country or Continent where there is inflation, hyperinflation, bitcoin is the solution, because simply with the traditional economy it is very difficult, almost impossible but it has great support from another country that supplements with constant Capital. Not only for the African continent, if we go to the American continent, in the south, we have Argentina and Venezuela, which are the countries that according to statistics are the ones that use bitcoin the most, and this is to be able to escape from the economic system disastrous they have.

[BennyK]

Africa doesn't have very strong and developed economy or stable finances. In.that sense Bitcoin might help but only on individual level since Bitcoin isn't and it will be not formaly introduced into economy of any country on that continent
But how much Bitcoin could help it depends also on internet connectivity and education of people there about Bitcoin and new technologies in general.

Bitcoin and other cryptocurrency related activities will thrive well in Africa because of the economy, the people embrace anything that yields profit especially on the individual level. However, internet access and education on how cryptocurrency works is very important because most of the remote areas in Africa still struggle with internet connections and accessibility.

[kidoseagle0312]

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 good place if their government will continue to adopt the good benefits of crypto to their country anyway. If this things also gives help to their economy no doubt that all crypto enthusiast in Africa for sure will going to have a good life in the future as well. Like what others says it it will only be good depending on the understanding of the government of the each country.

[kennen1113]

Africa doesn't have very strong and developed economy or stable finances. In.that sense Bitcoin might help but only on individual level since Bitcoin isn't and it will be not formaly introduced into economy of any country on that continent
But how much Bitcoin could help it depends also on internet connectivity and education of people there about Bitcoin and new technologies in general.

Agree that Africa is not a qualified place and education to help crypto grow better but in return, the continent's population is probably the second largest worldwide, and so even though crypto can only help some individuals to have a favorable condition and work with it, but with such a large number of people, crypto can actually grow better in Africa, the number will offset the quality. And remember that Africa is struggling to escape the backward economy then develop, with such determination, this is probably a great place for crypto in the near future

[dengpei]

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?

Africa doesn't just need any other cryptocurrency out there, Africa needs a stable and dependable medium of exchange. Africa is a continent where governments still fall via coups and ''revolutions'' as in the case of the recent Arab Spring wave and the November 2017 coup against Robert Mugabe of Zimbabwe. Corruption and civil disorder is still rampant and is one of the key barriers to development. Economic Stability in Africa is an oasis enjoyed by a few countries. Currencies have been known to lose value in a whiff and people’s savings wiped in the wink of an eye.
Cryptocurrencies do offer a solution as an investment and savings haven in such cases but most cryptocurrencies that we use today such as Bitcoin and Ether have no underlying assets to back them. As a result of wild speculation, greed and lack of investment management experience people have lost out when they try to adopt and use them. This is evident in the collapse in prices and market capitalization of cryptocurrencies experienced in late 2018 as well as the emergence of scam ICOs that took investors’ money and ran exposed problems buried within the DNA of these coins and tokens.

I would bet on Facebook's Libra making it in Africa above all other cryptos because it promises to solve most of Africa's problems. I have previously written about how Libra is going to disrupt Africa in this article published by The Startup.

[ruski]

Africa is indeed a good place for crypto, because most countries there are considered among the third world and the unemployment rate is high, so people in these countries are trying their chances in the crypto world (investing, holding, trading..), many people in Africa work for crypto full time.

[NavI_027]

Why not? Crypto can be used by everyone, it is universal. Whether you came from a third world country or belong from the rich Westerners you can be a part of crypto world . However, there's a question in my mind which bothers me, "Is this what Africa need right now?". I mean, yeah blockchain tech would work on urban areas there but how about the rural ones? It was so sad if they won't have a chance to experience this technological breakthrough, right? If I will have the power to command,  I think Africa and all of the developing countries should deal withe the major problems of their country first. Aiming for high tech advancements is not bad but I hope they should give more attention to major issues like poverty, poor education, healthcare, crime prevention etc. They bandage is not the best solution to cure a wound, disinfecting does. (See the analogy?)

[yohananaomi]

Africa could be the best place to develop crypto. because usually if the government does not interfere too much and only supervise it, it will facilitate the development of crypto. and that usually happens in developing countries.