South Africa, leading world in crypto adoption, a high-potential crypto market?

[hayleewilson]

South Africa holds the highest crypto ownership ratio according to Hootsuite's Digital Report 2019.

Full news HERE.

Is this a sign that the crypto market in South Africa has higher potential than the crypto markets in other countries? In the stats, China, US, and Japan are way behind South Africa and other African countries in terms of the number of internet users that own cryptocurrencies.

Your thoughts?

[jademaxsuy]

South Africa holds the highest crypto ownership ratio according to Hootsuite's Digital Report 2019.

Full news HERE.

Is this a sign that the crypto market in South Africa has higher potential than the crypto markets in other countries? In the stats, China, US, and Japan are way behind South Africa and other African countries in terms of the number of internet users that own cryptocurrencies.

Your thoughts?

Well it could not be proven just because you have posted a link for a certain news claiming about it. As we all know that there are lot of fake news spreading in the internet. However, I do believe that South Africa has launched so many ICO that could be found in the altcoins bounties section and I was even able to join one project but unfortunately it failed due low amount of fund collected from the crowd.

[Netnox]

South Africa is a very unstable country, with a high probability of political instability. Also, the high crime rate means that a disproportionate amount of BTC may make its way to the dark market.

[Zadicar]

South Africa is a very unstable country, with a high probability of political instability. Also, the high crime rate means that a disproportionate amount of BTC may make its way to the dark market.

When it comes to crime rate this high, then theres always a probability but who knows on how they do handle it.

[tadpole_bitfrog]

I think South Africa is still not a good place to crypto and blockchain to grow. there is also a relatively poor country and it is not eligible for large-scale development.
they can keep many coins but that only gives meaning to their value. In South Africa, inflation is also rising and buying crypto is the best choice for them.

[Kemarit]

What do you expect? crypto is global so I won't be surprised if countries have started to see the potential of it, including South Africa. North America and Asia has been the prime mover, but the rest of the world will surely catch up. Although there is still a lot of bad publicity regarding crypto, and some governments are against it, but it will just be a matter of time before everyone will join in this revolution whether what part of the globe you are in, it's inevitable.

[1Referee]

South Africa is a very unstable country, with a high probability of political instability. Also, the high crime rate means that a disproportionate amount of BTC may make its way to the dark market.

African countries with unstable governments is exactly why Bitcoin is such an amazing alternative. If these countries weren't unstable, the economies there were thriving, why would they need Bitcoin? Bitcoin is an answer to these and many more problems.

As for the dark markets, who cares? Criminals, regardless of where they are, use that whatever offers them the most privacy and convenience. Bitcoin certainly offers convenience, but it sucks hard in the privacy department. It's way more likely that criminals prefer coins like Monero for their illegal activities. Bitcoin's popularity amongst criminals is taking a dive in the deep, and this is just the beginning. Even mainstream media outlets start to figure that out.

Africa as continent offers a lot of potential with how certain countries within that continent made a major jump in terms of technology. People here tend to understimate them, but they just like we enjoy our daily use of our mobile phones, they have mobile phones they can use in combination with crypto too.

[BitBustah]

Most criminals are still using cash and other traditional laundering methods.  The percentage of criminals using crypto is a drop in the bucket.  The crime excuse is just something used by media to demonize bitcoin and associate it with nefarious activities. 

[kaya11]

If crypto currencies will be made mainstream and all fiat will be disregard, the country of Africa will boom in a fast momentum. But if the market fails, I mean all currencies will be zero value, even my mind can't picture what could happen to Africa seeing it's current economic situation. They a poor country and will be even poorer if things go wrong, they are making an imaginable gamble here.

[Slow death]

I do not believe much in this research, the US has more buying power and facilities to buy bitcoin, how could they lose to South Africa, Thailand, Indonesia, Vietnam and Brazil? china has many miners, how would they be losing to southern africa?

10 Countries with the Most Bitcoin Hodlers

The United States is number one

[Bdstar]

Really, I didn’t thought South Africa will be no1 in position of holding crypto.I thought it was america.This is surprising for Because I didn’t thought they are so much advanced in cryptocurrency.But This is really good for them.South country’s will surely be benefitted from crypto  currency.And We'll see many development in south africa through crypto currency.                     

[kryptqnick]

South Africa holds the highest crypto ownership ratio according to Hootsuite's Digital Report 2019.

Full news HERE.

Is this a sign that the crypto market in South Africa has higher potential than the crypto markets in other countries? In the stats, China, US, and Japan are way behind South Africa and other African countries in terms of the number of internet users that own cryptocurrencies.

Your thoughts?

My thought is that it's natural for people to adopt cryptos there more, because of several factors. I'm not talking about South Africa in particular right now, but generally about African countries. For one, they usually have f*cked up economies with frequent fiat hyperinflation cases and low trust to the authorities. People in, say, the EU, might not care much about cryptocurrencies, because of having a stable economy and believing that Euro will be okay no matter what. Another factoris that the banking system did not get a chance to become well-developed there. There's still a significant amount of adults without bank accounts, so it's not about choosing cryptos over banks for some people, it's about choosing something with technology over paper money. As for South Africa, it is one of the most developed countries on the continent, so it might've guessed that skipping that choosing cryptocurrencies now is a chance to become a strong player on international relations in the future. Western countries are too blinded by their conservative structures and already existing power for that.

[dothebeats]

I do not believe much in this research, the US has more buying power and facilities to buy bitcoin, how could they lose to South Africa, Thailand, Indonesia, Vietnam and Brazil? china has many miners, how would they be losing to southern africa?

10 Countries with the Most Bitcoin Hodlers

The United States is number one

Perhaps due to lack of interest and actual use cases for bitcoin? Many Americans still want to meddle with the proven investments they can get their hands on to, like stocks and derivatives etc. whereas in South Africa, they might want to explore the actual benefit of using bitcoin that's why a lot of people own the said crypto on the said country. While the Americas and other parts of the world have advanced and a lot of great infrastructures already established for bitcoin, still countries like Venezuela and S. Africa, with unstable governments, are more likely to utilize and invest in bitcoins due to the freedom it gives them.

[Jating]

Really, I didn’t thought South Africa will be no1 in position of holding crypto.I thought it was america.This is surprising for Because I didn’t thought they are so much advanced in cryptocurrency.But This is really good for them.South country’s will surely be benefitted from crypto  currency.And We'll see many development in south africa through crypto currency.                     

Maybe the report is not accurate and didn't get their facts straight. I still think that US is still the number HODLer of cryptos.

If crypto currencies will be made mainstream and all fiat will be disregard, the country of Africa will boom in a fast momentum. But if the market fails, I mean all currencies will be zero value, even my mind can't picture what could happen to Africa seeing it's current economic situation. They a poor country and will be even poorer if things go wrong, they are making an imaginable gamble here.

I disagree, what they need is the right government, not corrupt, is this possible in Africa? Debatable I would say. So I don't think that they will boom just like that. If takes hundreds of years to fully consume their natural resources and make them poor, and I'm sure it will take years as well to grow.

[romero121]

This is unfair statement from the new portal, South Africa has got increased number of users but this increased number won't go higher than the userbase of US, China or Japan who are the leaders of the cryptocurrency network in terms of adoption, usage and acceptance level. Most of the African countries now have got good number of users, as a part South Africa too seems progressive.

[Febo]

South Africa holds the highest crypto ownership ratio according to Hootsuite's Digital Report 2019.

Full news HERE.

Is this a sign that the crypto market in South Africa has higher potential than the crypto markets in other countries? In the stats, China, US, and Japan are way behind South Africa and other African countries in terms of the number of internet users that own cryptocurrencies.

Your thoughts?

This kind of statistic are ......    I remember not so long ago in one on top was Turkey.  Probably in reality top country is some really small country.  It is really impossible to know. Also other question is what crypto is. Most understand as crypto all that is listed on coinmarketcap. But There are listed so different things.

[leonair]

I do not believe much in this research, the US has more buying power and facilities to buy bitcoin, how could they lose to South Africa, Thailand, Indonesia, Vietnam and Brazil? china has many miners, how would they be losing to southern africa?

10 Countries with the Most Bitcoin Hodlers

The United States is number one

It stated that 'South Africa holds highest crypto ownership ratio'

The statistics showed the percentage of internet users who uses any form of cryptocurrency and not Bitcoin alone.

I don't know how do they conduct such surveys but it was said 'Internet users' so maybe the basis of this was all about IP addresses, what if the people who uses crypto in the most populated countries uses VPN and choose South Africa as their virtual location, who knows.

[BitHodler]

I disagree, what they need is the right government, not corrupt, is this possible in Africa? Debatable I would say. So I don't think that they will boom just like that. If takes hundreds of years to fully consume their natural resources and make them poor, and I'm sure it will take years as well to grow.

African countries have a history of having very poor and selfish governments, so no, it doesn't seem to be possible. It's time for people to stand up and distance themselves from a system that keeps them poor and uneducated.

Bitcoin is the right tool to help people accomplish this goal, the only thing from here is that people need to realize what Bitcoin brings to the table. The first thing most people see is a speculative asset, and that needs to change.

That being said, people not fully understanding Bitcoin is a good thing for now, because let's be honest here, Bitcoin isn't ready to onboard them on a serious scale. LN will eventually, but eventually isn't right now....

[tippytoes]

Most criminals are still using cash and other traditional laundering methods.  The percentage of criminals using crypto is a drop in the bucket.  The crime excuse is just something used by media to demonize bitcoin and associate it with nefarious activities. 

Media is really moulding how people think towards crypto. A lil bit occurrence of illegal activity, they will make it as a big deal. People should know how to filter the information that they are seeing from these media channels. By the way, I didn't know that South Africa is the leading region in crypto adoption. I thought, Europe or Asia. If the figures are true, I hope crypto will cater them in a positive way. Change their lives for the betterment.

[magneto]

I think that right now, the countries with the highest adoption potential will still be the ones where the government is actively trying to regulate crypto businesses, and legitimising crypto as a viable form of payment. These are countries which exchanges are most likely to go to in the future, and governments are able to gain tax revenue from, like Malta.

South Africa could be one of those countries in future. Though the stats suggest that currently this is more likely happening from a grassroot level rather than because favourable government regulation, which isn't bad for sure.

South Africa is a very unstable country, with a high probability of political instability. Also, the high crime rate means that a disproportionate amount of BTC may make its way to the dark market.

I don't think that it's fair to assume that the BTC is used in illegal ways, or necessarily on the dark market. Political and economic instability prompts people to invest in alternative assets that are independent of the fiat system to seek a store of value, which bitcoin certainly is one.