Nigeria Becomes Fastest Growing Crypto Market In The World

[Baofeng]

I think by now everyone understand that usually in a country or in this case a continent, that if there is a breakdown of economy, usually people run to other crypto to hedge their funds. And this could be one reason why Africa is becoming the fastest growing crypto market in the world.

And this is actually not new, the Zimbabwe crisis on 2017, and other economic and political turmoil that is happening up to this day. And what's more interesting is that Nigeria doesn't have bitcoin regulation, and there have been reports that it is planning to ban it, but so far we haven't heard any update.

[Ayiranorea]

From above link above: https://bitcoinworld.co.in/nigeria-becomes-fastest-growing-crypto-market-in-the-world/
Among top countries in Q2, 2020 leading in peer to peer Bitcoin transactional trades on the African continent were:
Nigeria – $34.4 million dollars.
South Africa – $15.2 million dollars.
Kenya – $7.8 million.
Ghana – $640,000.
Tanzania – $600,000.

Out of the 7 continents Africa is probably the highest in government corruption so given this there is no much surprise that cryptocurrency which allows people to escape institutional governance is doing so well. My concern is that many more people from this continent as well as others will not have access to internet so not everyone would be able to take refuge in crypto.

On the other hand, seeing that Africa as a whole is growing rapidly the real challenge will come when all of this will come to a halt due to the poverty line being reached. Realistically there are limitations to how many people can understand BTC and are given even the chance to buy/sell or use.

The growth in terms of usage and adoption is tremendous with the African countries, but for some reason there is also negative things taking place in the name of cryptocurrencies. This needs to be stopped, or else it can ruin the goodness of bitcoin and other cryptocurrencies. In specific understanding the growing demand scammers try to attract people with scam schemes in the name of bitcoin and ethereum as those are much familiar.

[Upgrade00]

And what's more interesting is that Nigeria doesn't have bitcoin regulation, and there have been reports that it is planning to ban it, but so far we haven't heard any update.

Even though Bitcoin is not regulated in Nigeria, the position of the government and banks regarding it has never been positive, it has been painted in a bad light, with focus on its risks rather then the actual network. It would be quite retrogressive for the continent if a ban is issued, but I would not be too surprised considering the current situation.

[but for some reason there is also negative things taking place in the name of cryptocurrencies. This needs to be stopped, or else it can ruin the goodness of bitcoin and other cryptocurrencies.

It is impossible to completely eradicate scams, and they would exploit every available financial venture, including Bitcoin, this does not reflect the purpose of the currency. Fiat has been used for corruption, illegal drug dealing and crime, but isn't associated with them.