Crypto-Currency in Africa

[Agbe]

Portuguese were the first to discovered Africa and Nigeria in particular in 1384, they had treaties with traditional leaders on trade. The only method of transaction was "Trade by Barter", in which the exchange rate was goods to goods. Even when the British came after the Portuguese, the same form of transacting was still maintain. And that period was known as "Agrirarian era".

When the industrial revolution came, African economy was monetized to suit the capitalist system abandoning the African way of trading.

Different currencies were introduced in African countries. Mostly the farmers who could not get the white cola job to have the newly introduced currencies for transaction became frustrated and most of them died in the process.

After the introduction of currencies in the continent, African currencies were made lower in the world. And Africans were trying to upgrade, increase and make sure that their currencies should be equal with Pounds and Dollars in the physical and the stock-exchange market when Crypto-Currency Storms the continent with its digital appearance that making the citizenries more confused.

Crypto-currency is not a physical cash or currency that the primitive men or market women can easily use for their transaction of goods and services in Africa. But internet base or computerized currency. Statistically, about 80% of inhabitants in Africa can't access Internet plus high cost of devices.

Africa being a developing continent, have deficiencies in the technological atmosphere, mostly internet and light.

Most of the Communities in Africa have no internet services and light to access the currency or use it for transactions.

So, to what extend can everyone in Africa uses the Crypto-Currency for transaction of goods and services.

Also, how can Crypto-Currency help the indigenous Fiat currencies and grow the African Nations Economy.

[1715291180]

1715291180

[kryptqnick]

While it's very popular to generalize the whole continent of Africa and talk about it as if it were a country, I think it's a misleading and unhelpful strategy. Imagine talking about 'cryptocurrency in Eurasia', for example, which is comprised of many nations and regional powers with their own crypto policies that can differ from friendly to hostile and everything in between.
As for the idea that money isn't traditional in Africa but imported with colonisation, this claim caught my attention, so I fact-checked it. And, apparently, it's incorrect, and here it's said that

The earliest example of coins minted in Africa comes from the kingdom of Axum, which struck money from the 3rd until the 8th century CE.18 In the 8th century CE, the Swahili sultanates of the East African coast also started to mint their own coins. The biggest part of the coins excavated by archaeologists along the coast are copper coins produced in the town of Kilwa.

As for the Internet access, it's a huge obstacle on the way toward crypto adoption, but it's again different in different areas and countries. Nigeria has Internet penetration of 50% which is high enough for significant crypto adoption. Improving the penetration here and in other regions in crucial to ensure that there's at least a possibility of crypto adoption. Then, crypto adoption can create new jobs and some influx of money from investments.

[Accardo]

Africa is a continent that have a good number of tech savvy people and because of the nature of the continent most countries in Africa experience bad governance. And the only way they can get out of the dangling economy is to embrace the internet and make money through trading goods and services online.

I have met alot of cryptocurrency traders online who are from Nigeria. They have good knowledge of how the market works despite the fact that some countries in African like Nigeria cannot boost of 24hrs electricity they still find a way to wax their trading online and staying relevant in the digital world.

[Upgrade00]

Africa being a developing continent, have deficiencies in the technological atmosphere, mostly internet and light.

Africa is not deficient in the technological scene. The continent has a fast growing internet population and a teeming amount of youths in the population who are very interested in tech.

Most of the Communities in Africa have no internet services and light to access the currency or use it for transactions.

What is your statistics on this? In Nigeria, where I am from; Internet is quite popular and has penetrated almost the entirety of the nation, same with many other African nations.

So, to what extend can everyone in Africa uses the Crypto-Currency for transaction of goods and services.

To a very large extent. The continent has a large following for cryptocurrencies and is only limited by some government policies.

Also, how can Crypto-Currency help the indigenous Fiat currencies and grow the African Nations Economy.

Cryptocurrencies cannot support economies, neither can it help fiat currencies. It is a peer-to-peer network which bypasses the need for a third party.

[24Kt]

Africa being a developing continent, have deficiencies in the technological atmosphere, mostly internet and light.

Africa is not deficient in the technological scene. The continent has a fast growing internet population and a teeming amount of youths in the population who are very interested in tech.

Most of the Communities in Africa have no internet services and light to access the currency or use it for transactions.

What is your statistics on this? In Nigeria, where I am from; Internet is quite popular and has penetrated almost the entirety of the nation, same with many other African nations.

So, to what extend can everyone in Africa uses the Crypto-Currency for transaction of goods and services.

To a very large extent. The continent has a large following for cryptocurrencies and is only limited by some government policies.

Also, how can Crypto-Currency help the indigenous Fiat currencies and grow the African Nations Economy.

Cryptocurrencies cannot support economies, neither can it help fiat currencies. It is a peer-to-peer network which bypasses the need for a third party.

Maybe, the OP will enlighten himself about your answers here because you come from the African region. And you are responding according to your actual experience. For people outside your region, some are having different perspectives on what is happening in your region. But if you will research via net, you will already get the answer and Africa is not tailing behind with regards to cryptocurrency market.

If the OP wants more discussion on "The Outlook for Blockchain and Crypto in Africa", this 10-page document is a good read to clarify his doubts.

https://icintelligence.co.uk/wp-content/uploads/2021/05/Insight-IC_04_intelligence-INT.pdf

[BIT-BENDER]

Africa is wide and fast developing, and I think crypto-currency is always going to have a head way in Africa, although Africa has alot of challenges in terms of technical development and high tech knowledge, and this is due to the fact that Africa is still a developing continent, but this hasn't stopped the influx of African citizens into crypto-currency, and I think the government right now are our biggest challenges, but with time it would fade away, I see Africa making head ways in crypto-currency, Nigeria has one of the largest crypto-currency community, this is a testimonial of africa's influence.

[Bitcoin_Arena]

Crypto-Currency Storms the continent with its digital appearance that making the citizenries more confused.

Cryptocurrencies are actually a getaway card from the old fiancial system that has been keeping Africa underdeveloped

Crypto-currency is not a physical cash or currency that the primitive men or market women can easily use for their transaction of goods and services in Africa. But internet base or computerized currency. Statistically, about 80% of inhabitants in Africa can't access Internet plus high cost of devices.

Lol. 80% of the inhabitants can't access internet? Where do you get these stats from. I don't know Africa well but this can't be true.

[SatoPrincess]

Crypto-currency is not a physical cash or currency that the primitive men or market women can easily use for their transaction of goods and services in Africa. But internet base or computerized currency. Statistically, about 80% of inhabitants in Africa can't access Internet plus high cost of devices.

Lol. 80% of the inhabitants can't access internet? Where do you get these stats from. I don't know Africa well but this can't be true.

Definitely not true. I don’t why is selling that narrative. I am Nigerian, I was born here. I don’t have to be Dangote rich to access the internet. Everybody has a mobile phone even kids do... I have been to the trenches and I can boldly challenge the narrative presented here that 80% of the population can’t access the internet.

[Tumanggor]

~

Also, how can Crypto-Currency help the indigenous Fiat currencies and grow the African Nations Economy.

for now only technology, such as the internet, computers and smartphones can be used as a liaison for crypto transactions, without it will be very difficult

it takes a long time to make African citizens actively transact with crypto but slowly if education is intensively carried out it will definitely make it easier for other African citizens to transact with crypto

The role of the government in accelerating infrastructure development in Africa is very much needed

[Poker Player]

Africa is not deficient in the technological scene. The continent has a fast growing internet population and a teeming amount of youths in the population who are very interested in tech.
...

Most of the Communities in Africa have no internet services and light to access the currency or use it for transactions.

What is your statistics on this? In Nigeria, where I am from; Internet is quite popular and has penetrated almost the entirety of the nation, same with many other African nations.

...
To a very large extent. The continent has a large following for cryptocurrencies and is only limited by some government policies.

When I read the OP, I thought something like this but I wasn't sure, as I don't live in Africa, but I would say Agbe has expressed what he thinks, which may apply to some country or countries in Africa, but generalizing without any basis.

The Nigerian community is large in Bitcointalk and we can't generalize as the fellow has commented above:

While it's very popular to generalize the whole continent of Africa and talk about it as if it were a country, I think it's a misleading and unhelpful strategy.

Egypt, Morocco, Nigeria and South Africa have different situations, to name a few.

Is it possible that the Nigerian community is the largest African community on Bitcointalk?

[OcTradism]

According to 2021 Global crypto adoption index from Chainalysis and Usefultulips.org data, the adoption and trading volume of cryptocurrency in Africa continent has been increasing very dramatically last couple of years.

You can see many nations in this continent mentioned in the report, as top nations in terms of crypto adoption. From usefultulips' data, trading volume there on Peer to peer marketplaces has been climbing considerably since 2020.

[Elbecca]

Well it's quite impressive Africans are getting interested in crypto and have gone out of the belief of investment being a scam

And that's why IRS has brought an avenue to pay investors in USDT when they hold $IRS instead of knocking on your door collecting tax

[KaliLinux]

Africa being a developing continent, have deficiencies in the technological atmosphere, mostly internet and light.

Is there a source for this? This is what people might think about the continent and even though when compared to some other part of the world, it might seem this way but I wouldn't label it as such.

Most of the Communities in Africa have no internet services and light to access the currency or use it for transactions.

While some major interior locations might not have a connection to the main power grid this does not mean they don't have access to electricity. There is hardly a community without Generators for power or solar-powered system now.

So, to what extend can everyone in Africa uses the Crypto-Currency for transaction of goods and services.

Also, how can Crypto-Currency help the indigenous Fiat currencies and grow the African Nations Economy.

If you check back just like 2-3 years ago, you would realize that some African countries are major crypto traders by volume according to data and Why are you even asking about "how can Crypto-Currency help the indigenous Fiat currencies and grow the African Nations Economy." or maybe you can tell us how cryptocurrency has helped any Fiat currency in other Nations.

[hugeblack]

Statistically, about 80% of inhabitants in Africa can't access Internet plus high cost of devices.

I don't know where you got these stats from but you need to update your information on internet coverage in Africa.
It has increased since 2019, and most of the countries that make the Internet coverage rate in Africa low are in number, but many countries have coverage of more than 50% and the indicators are increasing.

https://data.worldbank.org/indicator/IT.NET.USER.ZS?end=2019&locations=ZG&start=1990&view=chart

Some financial services have succeeded in that African country, and therefore I think it is time to add a dimension of digitization, especially since many African countries are open to this technology.

Digital currencies & cryptos will contribute to changing these countries, but the resources that these countries possess, with the absence of infrastructure and with the large area of ​​the continent compared to the population, we expect more positive adoption during the next 10 years.

[Gamerholic]

It's nice to see and hear how bitcoin and cryptocurrencies are capturing new territories and more and more people are studying and mastering them. I realized a long time ago that this is a cool solution, especially for those countries and regions where the financial infrastructure is poorly developed. Where this is the case, blockchain is not just a solution to problems, it is a real working tool for raising the standard of living, creating new jobs and the well-being of citizens. I am sure the future will show us that this approach will have more and more examples in real life.

[Henrobakkara]

Well it's quite impressive Africans are getting interested in crypto and have gone out of the belief of investment being a scam

Please are you just assuming this because you have hard some few cases of scams from Africa or is there any actual data that shows Africans never believed in Investment and see it as a scam? Do you know that the World Richest Black man is actually an African in Africa and not from any other country? World's Richest Black Man And do you think his investment started yesterday? I am just going to leave these two links here for your knowledge:
https://www.bbc.com/news/world-africa-56169917
https://www.vanguardngr.com/2021/04/despite-ban-nigeria-leads-bitcoin-p2p-trading-across-africa-in-q1-2021/
 

And that's why IRS has brought an avenue to pay investors in USDT when they hold $IRS instead of knocking on your door collecting tax

And what does that even mean?

[franky1]

africa skipped over the "land line" telephone based internet (now fibre).
africa went straight to cellular telephone/internet. which was cheaper to set up and allowed more freedom of movement.

setting up cellular towers per village is much cheaper then trying to wire fibre cable to every house in the village and then wire the village to  far distance telephony switch stations.

african remote villages can very easily become more internet accessible very quickly compared to a country village in the UK

when it comes to mining. requiring alot of electric. forget it. .. not due to the electric. but just due to the sure climate of africa, its a hot country.
africa is not a place for miners. so just forget that industry.

as a currency though. using phone apps and desktop wallets. no problem
as for africa's tireless and endless wars and economic instability trying hard to peg their currency units 1:1 with US dollar..
never going to happen

no matter what currency africa uses, america will always want to de-peg the currency.
if america can buy 'cola' or vegetables or clothing in america for $5 why would they buy the same thing from africa for $5
america want to buy it from africa for like $0.50 so america will always try to flex its muscles on the forex to devalue african countries by 10x+ so that america can buy 10x+ more product, rather than making it themselves.

put it this way. china has 4.25x more population than america. meaning if everyone has a house, food on their plate. then china should be like for like 4.45x more wealth than america.

but america dont want to lose american status as the world super power. so america flexes its forex muscles to devalue china by 5x to bring its value to appear as being less than america.

and no expansion, no extra business. no change in currency will affect that.
america will always devalue the currency swap rate in forex to allow america to get more for its money from other countries
a bit of quick history
$1.40=1 ZAR in the 1970's (africa boomed)
but then international policies didnt like africa's policies
$0.50=1 ZAR in the 1980's (africa slumped)
$0.33=1 ZAR in 1991 (africa slumped)
$0.16=1 ZAR in 1999 (africa slumped)
$0.07=1 ZAR in 2001 (africa slumped)
$0.16=1 ZAR in 2005 (africa boomed)
$0.06=1 ZAR in 2021 (africa slumped)

no matter what forex fiat currency africa creates you will always see the powers that be devalue an african currency over time
which is why many africans prefer to avoid the ZAR(rand) and instead take value in USD(us dollar) or GBP(uk pound) EUR(euro)
after all they wont de-peg their own elitist fiats

by adopting a currency thats not on america forex market an instead on its own open market exchange. africa can actually hedge against the dollar using a deflationary currency to beat americas inflated currency. and stay away from US powers playing market manipulation of the wall street forex exchange

[Fortify]

Portuguese were the first to discovered Africa and Nigeria in particular in 1384, they had treaties with traditional leaders on trade. The only method of transaction was "Trade by Barter", in which the exchange rate was goods to goods. Even when the British came after the Portuguese, the same form of transacting was still maintain. And that period was known as "Agrirarian era".

When the industrial revolution came, African economy was monetized to suit the capitalist system abandoning the African way of trading.

Different currencies were introduced in African countries. Mostly the farmers who could not get the white cola job to have the newly introduced currencies for transaction became frustrated and most of them died in the process.

After the introduction of currencies in the continent, African currencies were made lower in the world. And Africans were trying to upgrade, increase and make sure that their currencies should be equal with Pounds and Dollars in the physical and the stock-exchange market when Crypto-Currency Storms the continent with its digital appearance that making the citizenries more confused.

Crypto-currency is not a physical cash or currency that the primitive men or market women can easily use for their transaction of goods and services in Africa. But internet base or computerized currency. Statistically, about 80% of inhabitants in Africa can't access Internet plus high cost of devices.

Africa being a developing continent, have deficiencies in the technological atmosphere, mostly internet and light.

Most of the Communities in Africa have no internet services and light to access the currency or use it for transactions.

So, to what extend can everyone in Africa uses the Crypto-Currency for transaction of goods and services.

Also, how can Crypto-Currency help the indigenous Fiat currencies and grow the African Nations Economy.

Wow that was painful to read. Africa certainly does need help in many areas, but unfortunately many countries have fallen to corruption (in part caused by the nations you describe) and are currently going into heavy debt as their leaders are selling out citizens in exchange for Chinese debt financing. Unlike European and American countries however, the Chinese will happily take control of major infrastructure like ports and airports when the debts cannot be paid - giving them a stranglehold over any future development. It is a tragic story, but unfortunately tribalism has been too strong in this region - both through the indigenous population and through external interference. We can only hope that some people can be saved by joining the internet economy, as jobs seem harder and harder to come by.

[mia_houston]

Well it's quite impressive Africans are getting interested in crypto and have gone out of the belief of investment being a scam

Please are you just assuming this because you have hard some few cases of scams from Africa or is there any actual data that shows Africans never believed in Investment and see it as a scam? Do you know that the World Richest Black man is actually an African in Africa and not from any other country? World's Richest Black Man And do you think hos investment started yesterday?

I think the development of cryptocurrencies has been comprehensive all over the world today, so it is very funny if we say that the African people have become interested in crypto investments recently, compared to other countries, Nigeria which is one in the African countries has their own digital currency, namely eNaira and of course this shows that the development of crypto in Africa has been going on for a long time, so that Nigerian leaders dare to take risks to issue their own digital currency.
I think about the belief that investment is a fraud as @Elbecca said, of course it doesn't only happen in Africa, in developed and developing countries many people also think that way, because of the many fraudulent news that occurs and obviously creates fear for those who want to invest, but I think in that case it's not just crypto investing but investing in general that they think about.

[Slow death]

the political problems of africa that makes corruption not end, on the contrary every year the corruption only increases makes things like bitcoin that would be a good thing not accepted in africa because corrupt politicians always don't want to give freedom to their people and that has been since years. but at least now things are being given up a little more by the corrupt who even accept bitcoin but don't legalize it, they just allow the use of bitcoin