Cryptocurrency adoption in Africa

[Upgrade00]

The adoption of cryptocurrency is growing worldwide and Africa sticks out as the continent is showing lots of interest in it. Crisis is looming in many economies and cryptocurrency offers an alternative for individuals looking to hedge their funds, or an investment venture.

Over the years, I had highlighted lack of accessibility and negative sentiments as the two main barriers to the growth of cryptocurrency in Africa, however it seems that these hurdles are slowly being crossed;
Accessibility: Cryptocurrency is a digital currency and as such it needs to be operated through a digital device. Internet penetration in Africa is growing and with it is the usage and adoption of digital currencies

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An estimated 420 million people own a mobile device in Africa, with a population of ~1.2 billion, this means about 35% of the entire population have access to mobile devices, smartphone usage is also spreading, as an estimated 60% of the continent has access to 3G network, and 4G usage is equally growing. All this metrics point to a potential rise in cryptocurrency adoption as is evident in recent statistics;

Africans rank atop global cryptocurrency ownership rates, according to a new report by Arcade Research. South Africa ranks third globally with 13% of its internet users owning or using cryptocurrencies, while 11% of connected Nigerians own cryptocurrencies in the fifth-placed populous West African country

With a teeming youthful population, 60% of the continent below 25, gradual growth in digitalization and developing economies, Africa has a plenty of potential to become a major driver of cryptocurrency adoption.
It's however still limited by negative sentiments. Citizens and governments are reluctant to embrace cryptocurrencies, the former a result of the latter. Centralized organizations like the gov't and banks touts cryptocurrenciea tout Bitcoin to be high risk and vulnerable, and with so many uncertainties in the continent, the people are not willing to add their funds to the list. This however is expected to change as quick access to information grows and more open discussions about blockchain and digital assets are had. Big industries like binance are also utilizing the potential in Africa and this would have a positive effect on adoption.

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[sunshinelegit]

One of the main problems can be in lack of number of PCs in Africa. Yes, crypto available on android phones, but a lot of important features available on PC only

[Lorence.xD]

The adoption of cryptocurrency is growing worldwide and Africa sticks out as the continent is showing lots of interest in it. Crisis is looming in many economies and cryptocurrency offers an alternative for individuals looking to hedge their funds, or an investment venture.

Africa has a lot of potential and I think many people see it, in many countries in Africa most are using cashless transaction to transfer the money because there is still a considerable crime rate there, with that idea in mind, I think that people are going to adopt to it easily but when it comes to their respective government then that is another story.

Over the years, I had highlighted lack of accessibility and negative sentiments as the two main barriers to the growth of cryptocurrency in Africa, however it seems that these hurdles are slowly being crossed;
Accessibility: Cryptocurrency is a digital currency and as such it needs to be operated through a digital device. Internet penetration in Africa is growing and with it is the usage and adoption of digital currencies

I agree with the negative sentiments as a barrier, with constant civil wars in some African countries and some of them are still developing. The biggest problem in my opinion is the constant crime rate and low return of investment for investors who wants to invest in the region, the government and world councils can do so much with these problem and this is in my opinion the reason that there aren't that much willing investors to help in developing the region.

With a teeming youthful population, 60% of the continent below 25, gradual growth in digitalization and developing economies, Africa has a plenty of potential to become a major driver of cryptocurrency adoption.
It's however still limited by negative sentiments. Citizens and governments are reluctant to embrace cryptocurrencies, the former a result of the latter. Centralized organizations like the gov't and banks touts cryptocurrenciea tout Bitcoin to be high risk and vulnerable, and with so many uncertainties in the continent, the people are not willing to add their funds to the list. This however is expected to change as quick access to information grows and more open discussions about blockchain and digital assets are had. Big industries like binance are also utilizing the potential in Africa and this would have a positive effect on adoption.

Like my point above, the government will have the reluctance to accept cryptocurrency but I do not think that people will have that much reluctance as long as there is an information dissemination and a constant support for education is a big factor in making a leeway for people to accept cryptocurrency.

420 billion people

This must be a typo  

[joniboini]

Yes, crypto available on android phones, but a lot of important features available on PC only

There are some cool mobile wallets out there though. It definitely depends on what you really need. PCs are considered more secure most of the time because you don't carry it everywhere or connect it to the internet everytime. So the risk of losing your PC and somebody finding it and then sending your funds are smaller.

That being said, for this "adoption" thing, I don't really see any concrete data to see whether using PC or phone affect the chances of user adopting cryptocurrency in their life.

[serjent05]

That being said, for this "adoption" thing, I don't really see any concrete data to see whether using PC or phone affect the chances of user adopting cryptocurrency in their life.

One thing for sure, when it comes to adoption, ease of use, and access plays a huge part. Thus, this means with the apps being available on a mobile phone has a significant boost on the adoption of cryptocurrency.  One can own a mobile phone while not having a PC at home. So basically, those who do not have PC won't have access to cryptocurrency without these cryptocurrency wallet mobile apps.

One of the main problems can be in lack of number of PCs in Africa. Yes, crypto available on android phones, but a lot of important features available on PC only

For a basic user, I think mobile phone is enough.  We can create cryptocurrency addresses and some apps provide the private key of the said created addresses.  I am sure most users do not aim to be a developer or other thing that is higher than being just a user that needed those advance function.

[Upgrade00]

That being said, for this "adoption" thing, I don't really see any concrete data to see whether using PC or phone affect the chances of user adopting cryptocurrency in their life.

There is no guarantee that the penetration of digital devices would increase adoption of cryptocurrency, but the lack of it surely limits it. Cryptocurrencies are built on the blockchain technology, which can only be accessed through the Internet and hence the larger the spread of PC's and smartphones the more people are able to utilize it.

Africa has a lot of potential and I think many people see it, in many countries in Africa most are using cashless transaction to transfer the money because there is still a considerable crime rate there, with that idea in mind.

Africa does not have a high crime rate relative to other continents. The ease of cashless transaction is the primary motivation behind it's spread globally.

One of the main problems can be in lack of number of PCs in Africa. Yes, crypto available on android phones, but a lot of important features available on PC only

Cryptocurrencies can be easily accessed through a mobile device, without the need for a PC. This doesn't really pose a problem to its adoption and usage

[DoublerHunter]

~snip~
The adoption of cryptocurrency is growing worldwide and Africa sticks out as the continent is showing lots of interest in it.

^ When we say of adoption it means that we are embracing the things that can offer us of what they only have and adoption of cryptocurrency is not excluded on this, if some features are not available in the cryptocurrency wallet mobile app then that is fine if Africans would still see the advantages of cryptocurrency surely they will not hesitate to adopt it. Some features are not accessible in the mobile app but smartphone developers will surely find its way to have these be included on their mobile phone once a nationwide or global adoption for cryptocurrency will happen. What is important right now is to have an absolute internet connection in Africa including the secluded areas in order for everyone to have access to their crypto wherever they are. Education or dissemination of cryptocurrency must be prioritized as well to each and every citizen of their nation for it will be the key for adoption. Nevertheless, these two factors must be done not only in Africa but in any country that has limited knowledge about cryptocurrency.

[Lucius]

The adoption of cryptocurrency is growing worldwide and Africa sticks out as the continent is showing lots of interest in it. Crisis is looming in many economies and cryptocurrency offers an alternative for individuals looking to hedge their funds, or an investment venture.

Africa as a continent has long been talked about as one of the markets that has tremendous potential in terms of various market expansions, and one of them is certainly cryptocurrency. Certainly one of the biggest drawbacks is that the internet is still inaccessible to almost 50% of the population, which definitely puts them at a disadvantage with the rest of the world.

With a teeming youthful population, 60% of the continent below 25, gradual growth in digitalization and developing economies, Africa has a plenty of potential to become a major driver of cryptocurrency adoption.

This is the biggest advantage of Africa, after all - while Europe and a good part of the world have a growing percentage of the elderly population, the situation there is completely reversed. However, Africa is known for very cruel political regimes and a very high rate of bribery and corruption, which is a major obstacle to the development of societies there. Some actually want it to stay that way, because it is much easier to rule people who are uneducated, and completely dependent on their governments, whatever they may be.

Yet much of the responsibility for Africa as it stands today lies with many countries around the world, from colonial times and the slave trade, to today's perception of Africa as a landfill for hazardous waste or a testing ground for the pharmaceutical industry. If the world's attitude towards Africa changed, then positive changes would come quickly - but some will try to delay it as much as possible.

I recently saw a video about mobile solar kiosks for charging mobile phones which is also a internet hot spot, a great project that is spreading to many African countries. In addition to providing much-needed services to the population, it also enables job creation and helps reduce poverty rates.


https://www.pveurope.eu/News/Energy-Storage/Mobile-solar-kiosk-with-energy-storage-creates-business-opportunities

[Yatsan]

The adoption of cryptocurrency is growing worldwide and Africa sticks out as the continent is showing lots of interest in it. Crisis is looming in many economies and cryptocurrency offers an alternative for individuals looking to hedge their funds, or an investment venture.

Africa as a continent has long been talked about as one of the markets that has tremendous potential in terms of various market expansions, and one of them is certainly cryptocurrency. Certainly one of the biggest drawbacks is that the internet is still inaccessible to almost 50% of the population, which definitely puts them at a disadvantage with the rest of the world.

as cryptocurrency is highly dependent on the internet, Africa seems to be ineligible to receive massive help of cryptocurrency which as what you have said this could be the biggest drawback for them. I think the world's most inaccessible people in the internet is Africa with over 50% of their population does not even know how it works. What I love to see is how africans are doing with cryptocurrency even they have a major problems in touching with crypto.

With a teeming youthful population, 60% of the continent below 25, gradual growth in digitalization and developing economies, Africa has a plenty of potential to become a major driver of cryptocurrency adoption.

This is the biggest advantage of Africa, after all - while Europe and a good part of the world have a growing percentage of the elderly population, the situation there is completely reversed. However, Africa is known for very cruel political regimes and a very high rate of bribery and corruption, which is a major obstacle to the development of societies there. Some actually want it to stay that way, because it is much easier to rule people who are uneducated, and completely dependent on their governments, whatever they may be.

Yet much of the responsibility for Africa as it stands today lies with many countries around the world, from colonial times and the slave trade, to today's perception of Africa as a landfill for hazardous waste or a testing ground for the pharmaceutical industry. If the world's attitude towards Africa changed, then positive changes would come quickly - but some will try to delay it as much as possible.

I recently saw a video about mobile solar kiosks for charging mobile phones which is also a internet hot spot, a great project that is spreading to many African countries. In addition to providing much-needed services to the population, it also enables job creation and helps reduce poverty rates.

So the real problem is rooted from the very start, that is why the progress of the civilization in Africa is so slow. On top of those challenges, there is the cruel government who thinks that their citizen is all fool and uneducated. Just a big fact for Africa, this continent could be the last resort of us when the world falls down as they have the 30% mineral resources found in their wide desserts.

Cryptocurrencies might give birth to a new job possibilities for all people, this is what the Africa needs to have to ease the poverty.

[Upgrade00]

If the world's attitude towards Africa changed, then positive changes would come quickly - but some will try to delay it as much as possible.

I agree with this, the perception of Africa which is shown to the rest of the world is an inhibiting factor to the growth of the continent. The effect of the media is prevalent and influences the decision of investors. With more concerted effort from he privileged ones, the image of Africa as a high risk area can change and more potential stakeholders would begin to see the potential the continent holds.

[adzino]

One of the main problems can be in lack of number of PCs in Africa. Yes, crypto available on android phones, but a lot of important features available on PC only

Not sure what "important features" you are talking about, but yeah, you shouldn't be using mobile wallet not because of those "important features", but because of security and safety. Mobile wallets (and those apps) are never a secure place to store your coins. It would be easy to lose it!

In Africa, I wouldn't say it is because of the Government that the people are reluctant to use cryptocurrencies, rather than lack of knowledge. If the they knew better about crypto currencies and the technology behind it, I doubt anyone over there would hesitate to use it.

[tvplus006]

Africa as a continent has long been talked about as one of the markets that has tremendous potential in terms of various market expansions, and one of them is certainly cryptocurrency. Certainly one of the biggest drawbacks is that the internet is still inaccessible to almost 50% of the population, which definitely puts them at a disadvantage with the rest of the world....

Problems with Internet access exist not only in Africa, but nevertheless, this does not prevent residents from actively trading bitcoin. I recently read the news that Africa has overtaken Latin America in terms of trading volume on decentralized exchanges.
https://www.usefultulips.org/combined_Sub%20Saharan%20Africa_Page.html

[sana54210]

Why are we shocked that Africa has harder time to adopt these things compared to rest of the world. When rest of the world argues about which new policy is bad or good, Africa is having hard time figuring out how to drink clean water and get rid of aids and even mosquito problems. They are having the bare minimum survival problems that we have overcome decades or even centuries ago. They starve to death, they can't drink clean water, they get sick, they have bad hospitals mostly, basically all around its a fight to stay alive for all their lives. Now to think that they would adopt computer technology, could be crypto, could be anything else is ludicris as well.

I am not saying this is all parts of Africa of course, there are very advance and awesome places there as well. All I am saying is they have bigger portion in the continent than other continents living like that.

[Upgrade00]

I am not saying this is all parts of Africa of course, there are very advance and awesome places there as well.

So like every other continent, there are good and bad areas.

Why are we shocked that Africa has harder time to adopt these things compared to rest of the world.

The objective of this thread was not to draw light on the problems of the continent but rather to highlight the rate of growth of cryptocurrency within the continent, this is evident in the link I included in the OP.

[princeyeboah]

Gradually, the cryptocurrency industry is meeting a new wave of adoption is African. According to Google, Africa tops the 2nd position for continent that leads the search for Bitcoin and cryptocurrency related topics where Nigeria, Ghana, South Africa and Kenya are in the fore-front. Now there are local communities for most projects in these African countries. Example are DIVI Ghana, DIVI Nigeria, DIVI Kenya, Okex Nigeria, Paxful Ghana, Paxful Nigeria etc.

[Kemarit]

I am not saying this is all parts of Africa of course, there are very advance and awesome places there as well.

So like every other continent, there are good and bad areas.

Why are we shocked that Africa has harder time to adopt these things compared to rest of the world.

The objective of this thread was not to draw light on the problems of the continent but rather to highlight the rate of growth of cryptocurrency within the continent, this is evident in the link I included in the OP.

Obviously, Africa is huge, and as a continent it is second to Asia in terms of population. And it has been a target for many crypto services and platform because they know the potential there. And recently, Documentary Review - Banking on Africa: The Bitcoin Revolution .

Yes, there could be one problem, that is the support infrastructure coming from the government. But we all know that a simple cellphone can make a lot of difference. They can transact, trade and over buy crypto which is a good start for that continent. So probably in the next 2-5 years, we're going to see a big growth in terms of numbers of traders and crypto enthusiast.

The World Bank and African Development Bank report there are 650 million mobile users in Africa, surpassing the number in the United States or Europe. In some African countries more people have access to a mobile phone than to clean water, a bank account or electricity, the agencies add.

https://www.un.org/africarenewal/magazine/may-2013/africa%E2%80%99s-mobile-youth-drive-change

[Upgrade00]

Yes, there could be one problem, that is the support infrastructure coming from the government. But we all know that a simple cellphone can make a lot of difference. They can transact, trade and over buy crypto which is a good start for that continent. So probably in the next 2-5 years, we're going to see a big growth in terms of numbers of traders and crypto enthusiast.

The World Bank and African Development Bank report there are 650 million mobile users in Africa, surpassing the number in the United States or Europe. In some African countries more people have access to a mobile phone than to clean water, a bank account or electricity, the agencies add.

Mobile phone usage has really grown in the continent, in Nigeria for example, it was introduced in the early 2000s and in less than 2 decades, it's become a very common commodity. Internet enabled phones usage may still be limited, but it's also on the rise.
Government intervention is not a necessity in the growth of cryptocurrency, infact major governments around the world are restricting it's adoption within their nation due to it's decentralized nature, most African nations may not be receptive to it, but there are few laws that restricts it's growth.

[mnporter2001]

One of the main problems can be in lack of number of PCs in Africa. Yes, crypto available on android phones, but a lot of important features available on PC only

I think this is not a big deal. because people in Africa still have enough supply to provide cheap PCs to work normally. instead of buying PCs for several thousand dollars, they would buy them for several hundred dollars to work on the internet. That is a simple problem that can be solved.

[Nellayar]

I remembered an ICO before regarding with the efficiency that they will do for entire Africa by putting up large cables to give fast internet throughout the continent. I just don't know if it was successfully launched or not. Anyway, I can say that Africa is moving faster when it comes in adopting globalization. Though there are some countries that are not yet fully developed, someday they will progress.

CryptopreneurBrainboss is one of example that cryptocurrency is adopted in Africa. And someday, I am sure that Africe will become a giant tech and commerce since they are blessed in resources. They just only need to utilize everything.

Education nowadays becomes accessible by anyone. Since a lot of us are connected already in Internet. Therefore, soon Africans will full adopt the crypto space.

[CryptopreneurBrainboss]

I remembered an ICO before regarding with the efficiency that they will do for entire Africa by putting up large cables to give fast internet throughout the continent. I just don't know if it was successfully launched or not.  

I have my doubts if that particular project you speak off is still in existence or ongoing with the idea they used to decieve Investors to raise thousands (probably millions) of dollars. Africa is seen as a hurting ground for scammers since it's citizens are desperate to win the rat race to defeat poverty. They promise all sort of mouthwatering offers and the sad part is, most of them succeed and run away with millions which would had better the continent to some extent if half of the funds were used as they were intended for. Just like the Akoins project trending currently many will pop up soon with the ideas of bettering the continent and eliminating poverty but they're no different from our corrupt politicians.

Responding to the OP; I think it's no longer news on how African as a continent are seizing the opportunities the industry has to offer. Before now, we were been neglected but from recent news and update I have seen like Binance listing NGN as the first fiat currency to other news. Although, I still think we're far behind in regards to real life adoption but we're recording progress. Did a similar thread something ago title; The used of Bitcoin in Africa that give some insight on how bitcoin (cryptocurrency) are been used over here.