Crypto-Currency in Africa

[ItsNotSean]

As of December 2020 (https://www.statista.com/statistics/505883/number-of-internet-users-in-african-countries/):
- 575 million Africans had "internet access"; and
- 1.25 billion Africa's population.

Assuming some growth for the year, we can project 45% of Africa have some internet connection.

How the connected 45% breaks down in terms of
- 60% roaming mobile access vs.
- 40% hard line broadband.

Its reasonable to say that about 20% have reliable, non-intermittent broadband internet access.


Any online discussion about Africa must conclude:

"white Christians are to blame for every negative aspect of Arica's current situation. The only resolution is for whites of today to pay the rulers of Africa's countries billions to atone."

Any other suggestion proves the commenter is racist, homophobic and antisemitic.

[moderator's note: consecutive posts merged]

[uneng]

As of December 2020 (https://www.statista.com/statistics/505883/number-of-internet-users-in-african-countries/):
- 575 million Africans had "internet access"; and
- 1.25 billion Africa's population.

Assuming some growth for the year, we can project 45% of Africa have some internet connection.

How the connected 45% breaks down in terms of
- 60% roaming mobile access vs.
- 40% hard line broadband.

Its reasonable to say that about 20% have reliable, non-intermittent broadband internet access.

Indeed very bad results for african continent, considering the age of technology the world is living right now. Every person in the world should have free access to internet connection. Actually, that should be included in the human rights.

But I can't deny access to internet in Africa is increasing faster than ever! I can see this fact on practice, as more and more profiles from african people are appearing at social medias these days, at same time making more evident news related to the continent on the internet. In crypto community, african participation increasement is also very clear, although not from every countries.

I risk saying the tendency is to see those 20% which have access to quality and full time internet tripling to 60% in the next couple of years... Anyway, foreigner investors from another continents are needed.

[taufik123]

-snip-

The development of cryptocurrencies in Africa has also made a rapid development in the income level of people in Africa. This is certainly a new chapter that makes Africa more advanced and some great people emerge from Africa. Constrained by internet connection problems, there is indeed an increase in internet users, but the cost to be able to connect to the internet is still quite expensive compared to other countries. Internet data prices in Africa are around 7.12% of total revenue for 1GB of data and are still quite expensive. but the possibility of the longer the internet will also adjust. Most of the people who are still not connected to the internet are not even from the African continent, but in southern Asia.
https://databoks.katadata.co.id/datapublish/2022/02/04/pertama-kalinya-jumlah-orang-yang-tidak-terkoneksi-internet-menyentuh-di-bawah-3-miliar

Cryptocurrency is the backbone of the future economy and can realize every dream of every poor and underdeveloped country. Crypto can be an alternative that will provide many advantages if used properly.

[franky1]

As of December 2020 (https://www.statista.com/statistics/505883/number-of-internet-users-in-african-countries/):
- 575 million Africans had "internet access"; and
- 1.25 billion Africa's population.

be aware there are 381million africans under the age of 10.
infact there are 678million under the age of 19
so dont downplay how many have internet access.

2 parents 2 kid with internet in the HOUSEHOLD is more like 4 of 4 not 1 of 4, even if there is only 1 name on the bill

[ItsNotSean]

...Anyway, foreigner investors from another continents are needed.

If Africans do not start doing these things themselves, they will continue paying away the fruits of the continents labor to China to do the work for them.

Africa governments get, all tolled, easily $100+ billion** every year in royalties as their cut from natural resource extraction (e.g. petroleum, minerals, lumber, energy, etc). Africa could fund the tech rollout themselves, if they held their leaders accountable, instead of letting the leaders pocket most of it.

** Nigeria takes in over $10 billion per year in royalties for petroleum extraction alone. Then there's natural gas, mining, forestry, etc. Between the 50 other countries rich in natural resources, they collect an additional $90+ billion more from foreign corporations.

[Agbe]

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.

Sir, I, OP  saying base on experience, " not they said". If someone is from Africa, Nigeria in particular we will definitely have different experience on a particular issue mostly if we are in different field of study.

Where I am right now, there is no internet in Nigeria, I access the internet when I travel to the city. Now I am using this deficiencies as the inductive analysis.

With this most Communities in Nigeria has internet deficiencies. I am not a city boy but a village boy.

So you can't judge me from the city to my village, I know what is happening in my village. 

[Agbe]

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

Slow Death has said it all. Africa is blessed with natural resources to develop the continent to a standard way, but the world order is not allowing the Leaders to develop their own countries. And the small one that is receive by the leaders are primitively accumulated. That is the leaders are very much corrupt that nothing can be produced technologically.

[Agbe]

Nigeria is blessed with resources like Crude oil, Gold, Palm oil etc yet our leaders are not utilizing them to develop the country mostly the technological atmosphere, but to in-rich themselves.

Nigeria has all it takes to develop the country technological atmosphere but the leaders are corrupt so they are not interested to develop the country but themselves.

I don't have internet in my village and no light...I only browse if I am in the city.

[tippytoes]

Nigeria is blessed with resources like Crude oil, Gold, Palm oil etc yet our leaders are not utilizing them to develop the country mostly the technological atmosphere, but to in-rich themselves.

Nigeria has all it takes to develop the country technological atmosphere but the leaders are corrupt so they are not interested to develop the country but themselves.

I don't have internet in my village and no light...I only browse if I am in the city.

Corruption is one major reasons why it is hard to develop a certain country. And I don't think there will be drastic change that will happen to this region. So the responsibility will depend now on their citizens, how they will optimize the benefits brought by crypto market in their lives. As long as their government is not totally banning the usage of it, they can always find a way how to explore this market to improve their lives.

[Xinarae*]

Correct corruption is basically a big problem corruption is hindering the development of the country. It is necessary to ensure proper implementation of the government's incentive package it is possible to encourage private sector investment through proper implementation the bulk of this incentive package is being channeled through the banking sector, which has already put additional strain on the weak banking sector. Therefore it is time to take urgent reform measures to address the long standing major institutional weaknesses of the banking sector. The situation in south africa and kenya is deteriorating due to corruption it is important to incite resentment and impatience against corruption.

[CryptopreneurBrainboss]

***

Investment in Bitcoin is the only answer on how the African Nation can approach this. Bitcoin has been giving positive returns in the last 10 years, mention one thing the government has invested in that has been giving a positive returns in the last 10 years, nothing instead they keep printing fiats and devaluing our local currency. Our leaders needs to understand how El Salvador took advantage of the currency by making it a national currency. If this is done in Africa country, it'll draw the attention of crypto related projects to the nations.

Africans have to stop fighting this innovation and accept it. Make it the nations investment vehicle and hold as much Bitcoin as possible. Among the top countries holding Bitcoin either as investment or from seizure, I don't think there's any African on the list. Use Bitcoin as an investment vehicle and the country will be receiving positive ROI that they can use the funds for building institutes and infrastructure for creating job for their citizens.

[KaliLinux]

***

Investment in Bitcoin is the only answer on how the African Nation can approach this. Bitcoin has been giving positive returns in the last 10 years, mention one thing the government has invested in that has been giving a positive returns in the last 10 years, nothing instead they keep printing fiats and devaluing our local currency. Our leaders needs to understand how El Salvador took advantage of the currency by making it a national currency. If this is done in Africa country, it'll draw the attention of crypto related projects to the nations.

Africans have to stop fighting this innovation and accept it. Make it the nations investment vehicle and hold as much Bitcoin as possible. Among the top countries holding Bitcoin either as investment or from seizure, I don't think there's any African on the list. Use Bitcoin as an investment vehicle and the country will be receiving positive ROI that they can use the funds for building institutes and infrastructure for creating job for their citizens.

Bros you hit the nail on the head, I believe even our Government knows this. They all, (from the Federal to State Governments) have financial advisers that can see this, or is it just us that sees it? of cause not but like we have all pointed out, it is the level of corruption that is keeping the country and the continent in general, back where it still is now.

[Renampun]

...

you should be more specific (which country you mean) because Africa is a continent and not all countries in Africa are left behind...

Libya, South Africa, Nigeria and Aljazair are countries on the continent of Africa which have sufficient infrastructure to accept digital/cryptocurrencies transactions. but other countries that are categorized as poor need large infrastructure development to be able to adopt digital transactions. I think what is happening in Africa is not much different from Asia and the Americas, there are still many countries that are categorized as poor and need large infrastructure development to be able to accept digital transactions..

[Kakmakr]

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.

I worked on contract in a lot of African countries as part of my work and I have seen what rural Africans can do with limited resources, so this blame shifting and excuses in your post is unacceptable. Stop playing the victim and use African creativity and ingenuity to get past these limitations.  

You know that MPesa was developed before Bitcoin.. right? It is predominantly used in African countries on mobile phones ... so if the Africans can do that, before Bitcoin was even developed... what else can they do for themselves?

I have a pet hate in this African mindset of some people that they were the victim of the Western influences .... when there are brilliant people in Africa that can do great things with limited resources. I worked close to many of them and I even trained a lot of them and they are my friends to this day.  

[GeorgeJohn]

...

you should be more specific (which country you mean) because Africa is a continent and not all countries in Africa are left behind...

Libya, South Africa, Nigeria and Aljazair are countries on the continent of Africa which have sufficient infrastructure to accept digital/cryptocurrencies transactions. but other countries that are categorized as poor need large infrastructure development to be able to adopt digital transactions. I think what is happening in Africa is not much different from Asia and the Americas, there are still many countries that are categorized as poor and need large infrastructure development to be able to accept digital transactions..

You made it understandable to everyone buddy,o so op have to be specific for the country in particular, because generalizing it to Africa continent, it looks like African continent is one country and besides Many African nations are taking immensely impact in cryptocurrency community as you mentioned buddy, what is happening in Africa continent via cryptocurrency it's also happening in any other continent, you can not devalue your nation while you have not traveled round the continent to know the way about of others before conclusion.

[Renampun]

...

...

You made it understandable to everyone buddy,o so op have to be specific for the country in particular, because generalizing it to Africa continent, it looks like African continent is one country and besides Many African nations are taking immensely impact in cryptocurrency community as you mentioned buddy, what is happening in Africa continent via cryptocurrency it's also happening in any other continent, you can not devalue your nation while you have not traveled round the continent to know the way about of others before conclusion.

I quite disagree with those who discredit the African continent as if the left behind that occurred was a whole...

I have never traveled around the world let alone explored the African continent but I often see the news so I know that there are many rich and developing countries (towards developed countries) on the African continent. Besides that, crypto transaction activity, especially bitcoin, is quite high in several countries on the African continent.

[gantez]

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.

Bad government never good for any continent and third world countries having the issue of high level of corruption. That is what the African people facing in their situation.

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.

Not only Africa know and understand the market and things have been made easier with the growth in technology, now exist android phone, iPhone and good laptops that can be powered to last a long time. There are phones whose power strength can go beyond 24 hours. Also power banks for those that use phones always.

[jostorres]

Corruption is one major reasons why it is hard to develop a certain country. And I don't think there will be drastic change that will happen to this region. So the responsibility will depend now on their citizens, how they will optimize the benefits brought by crypto market in their lives. As long as their government is not totally banning the usage of it, they can always find a way how to explore this market to improve their lives.

But, I think its not right if we put all the blame to the government. On some countries they also have a corrupt officials but people managed to get successful with their living. They strive and find a way on how to improve their lives and they do not waste their energy blaming the government because they know that wont help them.

Cryptos are not just a currency but it can be a very good tool to help us in our journey achieving a good life. Let's not lose hope but we must think positive that there will be a change that will happen. Elections is coming on some countries while idk if when on this country but they should vote wisely next time.

[uchegod-21]

It is true that Internet access or coverage in Africa is poor compare to other Western countries. But it is not only the Internet that is the problem of Africa people to adopt bitcoin. Another problem is information and mindset. When the government has spoilt the mindset of the people and the people does not get good information.
I am saying this is because the number of people using Facebook in Africa is high. You cannot use Facebook without Internet. That mean some people use their own internet to do other things.

[Lucius]

It is not just a problem in how many people in Africa have internet access, but how many people have at least some basic education that would then allow them to use Bitcoin. The problem is that many live in the belief that Bitcoin is some sort of magic internet money, resulting in a lot of people who become victims of scams. Although scam succeeds in most cases due to human greed, an even better environment is in the poverty of most African countries where people sometimes simply do not see any other way out, than to bet on some too good to be true crypto projects.

If Bitcoin can help anyone in Africa live better in the way to allow him to circumvent corrupted systems, then it is a great success - because I can agree with @kakmakr about the fact that these people with very little resources make very good results.