Africa’s crypto market has grown by more than 1,200% since 2020: Chainalysis

[Silberman]

Cryptocurrency analysis The adoption of cryptocurrencies in africa is rapidly increasing. The African cryptocurrency market has gotten through because everything was closed in the epidemic and the financial crisis has been overcome by investing in crypto kenya nigeria south africa and tanzania are among the top 20 countries in the global crypto adoption index and together african countries represent the world's third fastest growing cryptocurrency market.

This should not be surprising at all, the pandemic hit every single person around the world whether they know it or not, and those that were in more difficult situations to begin with will look for alternatives to their problems so they have found in bitcoin a way to earn some money, store their wealth more effectively than what they can do with their fiat and now they are able to send payments all over the world, so it makes sense people are adopting bitcoin at a very fast rate in countries where the pandemic has hit the economy the hardest.

[tygeade]

They just did the best thing for themselves, switching to peer to peer exchanges was the best thing that Nigerians did for themselves. If you follow up with what’s happening in Nigeria (and not just in Nigeria, but in most countries in the world,) you will see that cryptocurrency has really provided so many opportunities for people around the world. So, government trying to ban cryptocurrency in these countries means that they are going to be rendering the source of income for most people useless.

When cryptocurrency was banned in Nigeria a lot of exchanges that were functioning there stopped functioning, and they all had to move to a different location to continue. So, imagine youth who had jobs in these companies and what’s going to happen to them after the government has banned cryptocurrency, they are going to end up losing their means of income which is very bad. So, in a situation like this I stand with the people.

[wxa7115]

This could just be attributed to the price of bitcoin and other cryptos rising substantially.

I would classify this as sort of a non-news. It is exactly what we expect.

An increase in trading volume etc. is not an indication of whether or not people are actually adopting bitcoin/other cryptos as a form of day to day transaction, which is actually what we need.

But you need to also look at this in terms of probabilities, what is more likely that people begin to use bitcoin out of nowhere or that once they discovered the profits they could get out of bitcoin and they get some of them then they decide to also use bitcoin on their everyday lives?

It is obvious the latter is more likely than the former, so even if most of the volume increase in African countries comes from speculation this will eventually transform in demand coming from the people to be able to use those profits to buy what they need.

[wiss19]

Cryptocurrency analysis The adoption of cryptocurrencies in africa is rapidly increasing. The African cryptocurrency market has gotten through because everything was closed in the epidemic and the financial crisis has been overcome by investing in crypto kenya nigeria south africa and tanzania are among the top 20 countries in the global crypto adoption index and together african countries represent the world's third fastest growing cryptocurrency market.

South Africa and Nigeria was always ahead in Africa for adopting technology and many new things for their peoples but now few other countries also running on their footstep which is very good for African nation as they were living in Dark but suddenly this cryptocurrency bringing some good change for millions of peoples after reading about Kenya and Tanzania feeling now this is spreading like pandemic its very fruitful and can bring big changes in common peoples.

Sadly few countries still in civil war or many other issues now time for them to sit and talk because it's very long time we are reading and hearing this all so for better future adopt and run with this new technology crypto.

[dezoel]

This should not be surprising at all, the pandemic hit every single person around the world whether they know it or not, and those that were in more difficult situations to begin with will look for alternatives to their problems so they have found in bitcoin a way to earn some money, store their wealth more effectively than what they can do with their fiat and now they are able to send payments all over the world, so it makes sense people are adopting bitcoin at a very fast rate in countries where the pandemic has hit the economy the hardest.

I did sort of something similar as well, I have been a freelancer anyway so I was already at home and did not lose my job thankfully, in fact it got a little bigger I believe, I am not sure but my income certainly did grow, that could be because of the rate maybe.

In the end, I got so many offers from so many other places as well, there were times I accepted one or two times and tested it, but it was seriously impossible for me, I already have a job that takes most of my day, and I do not like to work after 18:00 until I go to bed, for me work should be 9 am to 6 pm and whatever you can do in between them and even that sometimes is broken and I work after 6 pm, so getting another job on top of the current one was impossible.

However I did try to "enjoy" crypto during pandemic and started a project and did few things of my own, they were still sort of like work, but they were mine so I am quite happy about what I got, the return was awful and I lost all my money but I was quite happy about saying I did this.

[Sithara007]

South Africa and Nigeria was always ahead in Africa for adopting technology and many new things for their peoples but now few other countries also running on their footstep which is very good for African nation as they were living in Dark but suddenly this cryptocurrency bringing some good change for millions of peoples after reading about Kenya and Tanzania feeling now this is spreading like pandemic its very fruitful and can bring big changes in common peoples.

Sadly few countries still in civil war or many other issues now time for them to sit and talk because it's very long time we are reading and hearing this all so for better future adopt and run with this new technology crypto.

If I am not wrong, Nigeria and South Africa are late entrants to the cryptocurrency sector. First it was Kenya and Tanzania, where the M-Pesa tried to integrate Bitcoin in to its platform, for the remittance payments. The biggest issue in all of these countries is that the government is not very supportive of cryptocurrency. Most of them have national currencies that are prone to inflation and the governments are afraid that cryptocurrency would create even more competition for the local currencies.

[Victorycoin]

Nigeria and south africa have had dire consequences for their late entry into the cryptocurrency sector south africa's economy is in recession for the second time in two years the economy contracted more than forecast in the fourth quarter of last year. South africa's economy has shrunk largely due to power outages and declining business confidence but the rapid growth of the nigerian economy for crypto will continue, this is good news for africans crypto will help them improve their economy.

[wxa7115]

South Africa and Nigeria was always ahead in Africa for adopting technology and many new things for their peoples but now few other countries also running on their footstep which is very good for African nation as they were living in Dark but suddenly this cryptocurrency bringing some good change for millions of peoples after reading about Kenya and Tanzania feeling now this is spreading like pandemic its very fruitful and can bring big changes in common peoples.

Sadly few countries still in civil war or many other issues now time for them to sit and talk because it's very long time we are reading and hearing this all so for better future adopt and run with this new technology crypto.

If I am not wrong, Nigeria and South Africa are late entrants to the cryptocurrency sector. First it was Kenya and Tanzania, where the M-Pesa tried to integrate Bitcoin in to its platform, for the remittance payments. The biggest issue in all of these countries is that the government is not very supportive of cryptocurrency. Most of them have national currencies that are prone to inflation and the governments are afraid that cryptocurrency would create even more competition for the local currencies.

It is very interesting what is happening in those countries, governments are always speaking of the free markets and how competition is good for all industries and the people that use the products those industries produce, and they are not wrong, however when they are the ones that face that competition they immediately try to create laws to forbid bitcoin or to regulate it to extreme levels.

Instead what they should do is to improve their management of their economies, if people did not felt that they were cheated all the time by the governments then the motivation for satoshi to create bitcoin on the first place would not have existed, and people will not have any motivation to use bitcoin as they will not see the point, but it seems they have no intention to change and as such bitcoin will keep increasing its user base and its price as well.

[darewaller]

I don’t know why the government would, above all things that the country is facing, think that cryptocurrency is their main problem. There are many issues that the country is facing, and cryptocurrency is the least thing that the government should be worried about. There is a high rate of poverty in the country, Nigeria, and they are not doing to help their citizens by creating more jobs and giving out supports, rather they are only looking for a way to ban cryptocurrency. This goes to show how foolish that this government is.

It is good that people have looked for other means to override the ban and continue their cryptocurrency business. I am also hoping that countries like China, and other places where Bitcoin has been banned, people are going to do the same thing.

[wxa7115]

I don’t know why the government would, above all things that the country is facing, think that cryptocurrency is their main problem. There are many issues that the country is facing, and cryptocurrency is the least thing that the government should be worried about. There is a high rate of poverty in the country, Nigeria, and they are not doing to help their citizens by creating more jobs and giving out supports, rather they are only looking for a way to ban cryptocurrency. This goes to show how foolish that this government is.

It is good that people have looked for other means to override the ban and continue their cryptocurrency business. I am also hoping that countries like China, and other places where Bitcoin has been banned, people are going to do the same thing.

It is very easy to see why they think this way, the goal of any politician is to get to a position of power, and once they get there then their next goal is to retain that power, governments are afraid of what bitcoin can do as they can see one of their sources of power which are fiat currencies are going to have problems resisting bitcoin and its influence.

And since they do not like anything that reduces their power then they do not like bitcoin, so people despite all what governments say need to keep looking after themselves and their own interests because no one is going to do it for them as governments are only interested on what is best for them.

[impulse709]

In Africa, there are developers of more than 10 years that will jump into the market and compete for it, which allows Africans to get a job a lot easier, as they are also developers. developers are no less great than people from just one country with a bad economy, so companies in the crypto world hire them partly because it's cheap to hire people in Europe and they bring money to your country. them, and now in the Africa region and a lot of people in this region will actually choose to hide their wealth in other ways like putting it in cryptocurrencies. so they have no problem converting their crypto to fiat when they need to launder the nefarious money into fiat and use it openly.

[FanEagle]

Sometimes the government leave the people with no choice to make, in the case of Nigerians, I can remember that when they started making use of crypto currency was during their ENDSARS protest. And that was what led to their government deciding to place a ban on cryptocurrencies in the country, so that they can prevent the protesters from having access to funds for the protest.

Unfortunately for them this didn’t work out because immediately they banned cryptocurrency in the country people quickly switched to decentralized exchanges. Now nobody in that country is ready to make use of any exchange that is centralized, and this is going to be the same for other countries that will ban cryptocurrencies, their citizens will switch to decentralized exchanges immediately.

[wxa7115]

Sometimes the government leave the people with no choice to make, in the case of Nigerians, I can remember that when they started making use of crypto currency was during their ENDSARS protest. And that was what led to their government deciding to place a ban on cryptocurrencies in the country, so that they can prevent the protesters from having access to funds for the protest.

Unfortunately for them this didn’t work out because immediately they banned cryptocurrency in the country people quickly switched to decentralized exchanges. Now nobody in that country is ready to make use of any exchange that is centralized, and this is going to be the same for other countries that will ban cryptocurrencies, their citizens will switch to decentralized exchanges immediately.

And this is why the existence of bitcoin is important, when there were protests at Honk Kong due to the increase of the influence of China, protesters got donations from others on bank accounts they opened and immediately those accounts were frozen despite the fact their protests were legitimate.

As such we cannot let the governments and banks to have complete control of money and banking because they are abusing that power more than ever, and as such we need something they cannot control so they cannot censor you just because you have an opinion and stance different from what they approve.

[FloridaKid]

I'm not surprised, crypto is the best way to change many lives for the better right now and countries in Africa needed it the most because there are too many African countries with many poor people today, I myself I'm from Africa and I've been able to live a good life thanks to crypto

[romero121]

Sometimes the government leave the people with no choice to make, in the case of Nigerians, I can remember that when they started making use of crypto currency was during their ENDSARS protest. And that was what led to their government deciding to place a ban on cryptocurrencies in the country, so that they can prevent the protesters from having access to funds for the protest.

Unfortunately for them this didn’t work out because immediately they banned cryptocurrency in the country people quickly switched to decentralized exchanges. Now nobody in that country is ready to make use of any exchange that is centralized, and this is going to be the same for other countries that will ban cryptocurrencies, their citizens will switch to decentralized exchanges immediately.

And this is why the existence of bitcoin is important, when there were protests at Honk Kong due to the increase of the influence of China, protesters got donations from others on bank accounts they opened and immediately those accounts were frozen despite the fact their protests were legitimate.

As such we cannot let the governments and banks to have complete control of money and banking because they are abusing that power more than ever, and as such we need something they cannot control so they cannot censor you just because you have an opinion and stance different from what they approve.

Governments fear on this, because when people are the king the government doesn't have anything to do. Governments that are thinking good for its citizens will understand the need for it, and regulate the usage. When the government isn't able to enjoy out of its citizens it tries to ban and keep them under restrictions.

Africa's crypto adoption hadn't happened in a short. It is a gradual growth, because long back itself it is possible to see large number of people using cryptocurrency as they weren't able to carry a large volume of currency that is under hard inflation. Now this has taken fast phase adoption.

[OnlineCasinoBoard]

Goodnews over Africa in the crypto world as it was rank one of the most effective active user of p2p exchanges such as Paxful among others, Nigeria to be precise has recorded a tremendous performances in this regards with an outstanding increase in numbers of users with active account, you could recall her recent ban of crypto by the government and the citizens have soughted for an alternative crypto trading platforms (exchanges) which is more preferred than the cross boarder transactions by Fiat with high cost on transaction fee/charges in a bid to avoid inflation, this has also help in the increase of Nigeria's Economy and more visible chances could lead to it adoption by the government at a later run.

P2P platforms, the need for remittances to circumvent restrictions from banks, and putting savings into crypto as a means of avoiding inflation could have contributed to the growing market in Africa.

Chainalysis said Africa’s crypto market increased in value by more than 1,200% between July 2020 and June 2021, with high adoption in Kenya, South Africa, Nigeria and Tanzania. The company added that the popularity of P2P platforms could have been one of the driving factors toward greater crypto adoption in the region, given some countries have restricted or banned residents from sending money to exchanges through local banks.

If the government put in place by the people to effectively work and regulate the economy, make policy and implement strategies to economy development but couldn't than placing restriction on crypto which could have been one of the aiming soughted out solution, the populace have rather in their own way create an alternative to sustain their respective businesses and exchange market thereby avoiding inflation and solving the problem of remittance limiting number of funds to transfer abroad.
With this developments, I hope it will create an upper edge toward the adoption of crypto back in Nigeria specifically and increase the performance and participation the more in Africa as a whole.

In a developing countries, some made a huge impact in the development of Bitcoin price. This only happened because of major involvement of people of such country into the trading and investments.Without the huge demand of bitcoin, it won't reach the valur of 60k$.It was the welcome one for the long term investors. They gained huge from this pump.

[barbara44]

I'm not surprised, crypto is the best way to change many lives for the better right now and countries in Africa needed it the most because there are too many African countries with many poor people today, I myself I'm from Africa and I've been able to live a good life thanks to crypto

Recently we have some very positive changes in few African countries which can bring some big impact on many other countries because now changing is happening around the world and this African culture is also changing very quickly with the help of this crypto even they are facing some serious threats and rules by corrupt governments bug still very positive outlook is coming.

Specially Nigeria, South Africa and Tanzania having great gross rout adoption in this way. Not talking about Nigeria as special country is not good because it's really having some very good impact in this all Continent, and they can do much more than current role.

[Sithara007]

I have a feeling that African countries are ideal for the growth of cryptocurrency adoption and integration. The fiat banking system is not very widespread there (except for a few developed nations like Mauritius and South Africa). So Bitcoin doesn't need to replace an existing system. It just need to spread itself and present as the best option. Fiat system maybe established in many of the countries. But even then digital form of fiat is not that popular. So obviously the resistance against cryptocurrency will be lower in these nations.

[savetheFORUM]

I have a feeling that African countries are ideal for the growth of cryptocurrency adoption and integration. The fiat banking system is not very widespread there (except for a few developed nations like Mauritius and South Africa). So Bitcoin doesn't need to replace an existing system. It just need to spread itself and present as the best option. Fiat system maybe established in many of the countries. But even then digital form of fiat is not that popular. So obviously the resistance against cryptocurrency will be lower in these nations.

I love this idea because here in Africa crypto can do some better banking system is not looked like as we have in other continents so if some government is having guts like El Salvador they can implement crypto or bitcoin for use which will be very helpful and having very good impact on country economy, few big names already suggesting adoption of crypto in Africa could be very helpful, but sadly Governments are not interesting which is nightmare for them and common peoples because if they have just pinned start then this all can go revolutionize all system in this continent from Dark Continent to Digital Continent.

[wxa7115]

I have a feeling that African countries are ideal for the growth of cryptocurrency adoption and integration. The fiat banking system is not very widespread there (except for a few developed nations like Mauritius and South Africa). So Bitcoin doesn't need to replace an existing system. It just need to spread itself and present as the best option. Fiat system maybe established in many of the countries. But even then digital form of fiat is not that popular. So obviously the resistance against cryptocurrency will be lower in these nations.

This is an interesting point, on the developed countries bitcoin is facing a lot of issues with adoption as people see it more as an investment opportunity than a currency, but in countries where the banking system is weak and the fiat printed by the government is subject to high inflation people will immediately see the advantages bitcoin brings as a currency.

So it is interesting how depending on the circumstances bitcoin appeals to people in different ways, on developed countries its main appeal is as an investment but in developing countries its main appeal is as a currency.