What is it with Africa and Bitcoin

[hZti]

Every few days I see postings about new places accepting bitcoin for daily payments. It is basically always a small (usually not very digital looking) store in Africa. I really like that this is happening and I am wondering what are the experiences of users from Africa.

Is it really common to use bitcoin in the everyday payment?
What types of wallets do people usually use to complete these transactions?
What are advantages/disadvantages of bitcoin payments in Africa?

[jackg]

If this was also a "why Africans are using crypto so much" I think information like this might go quite well to explain that: https://www.statista.com/statistics/1175891/distribution-of-credit-and-debit-cards-scheme-in-nigeria/

(from information about Nigeria that seems to be quite a popular place for these sorts of companies) About 28% of card holders have a mastercard and 18% hold visas while the majority of card owners hold cards from local transaction processors.

I can imagine that means there's places visa isn't accepted (I've been in shops in the UK where Amex isn't accepted and some places also used to not accept mastercard years ago when it was much less popular).

[OgNasty]

One of Bitcoin's goals was originally to be a self-bank for the unbanked.  In poorer countries people are subjected to all sorts of financial transaction fees that people in richer countries would feel are outrageous, but due to their lack of options are forced to adhere to.  The way they have embraced Bitcoin's use on their cellular phones through text messaging has been surprising and took a lot of work from someone to develop and market.  When you think that cellular phone minutes are one of the most common currencies in some places, it becomes clear how much Bitcoin is needed.

[Obari]

There are actually alot going on with Bitcoin and Africa.
Africa is a very beautiful continent and it is very blessed but we are oppressed by our leaders who are selfish and very self centered.
Bitcoin seems to be the only way out  and that is why you see and hear so much of  people diving seriously into the cryprocurrency industry and with the decentralization of Bitcoin, users feel safer with their money because they're now solely in charge of their monies with the interferance of a third party which what the banks and government do and intentionally violate the rights of its citizens.

[Wakate]

Every few days I see postings about new places accepting bitcoin for daily payments. It is basically always a small (usually not very digital looking) store in Africa. I really like that this is happening and I am wondering what are the experiences of users from Africa.

Is it really common to use bitcoin in the everyday payment?
What types of wallets do people usually use to complete these transactions?
What are advantages/disadvantages of bitcoin payments in Africa?

Using Bitcoin as payment all depends on those who are interested in paying for services or goods with it and the type of wallet many persons mostly use are custodial wallet. We have recently seen a great increase in the adoption of Bitcoin in Africa in respective of many African countries that still refuse there citizens from using any means of cryptocurrency. Just like we have seen some countries that had implemented the use of Bitcoin for payment of services and goods, we should expect more because the reality of what cryptocurrency can effect in our lives is steadily being visible to people many the use keep increasing.

[mk4]

If this was also a "why Africans are using crypto so much" I think information like this might go quite well to explain that: https://www.statista.com/statistics/1175891/distribution-of-credit-and-debit-cards-scheme-in-nigeria/

(from information about Nigeria that seems to be quite a popular place for these sorts of companies) About 28% of card holders have a mastercard and 18% hold visas while the majority of card owners hold cards from local transaction processors.

I can imagine that means there's places visa isn't accepted (I've been in shops in the UK where Amex isn't accepted and some places also used to not accept mastercard years ago when it was much less popular).

Since crypto was mentioned and not specifically bitcoin, I assume a sizable amount of usage is through stablecoins, right? Idunno, it just makes sense for the majority of the people to want to use USD instead of a volatile currency.

[bittraffic]

I think because of the economy they have and the prices of products are cents where you can already satisfy yourself with unique delicacies and streetfood. Have not been near Africa but I watched some shows about living in Africa where you can have a decent meal for $1. If this is true, you only need an LN wallet and you can live comfortably in this country and forget Bitcoin Beach and El Salvador. Or go straight to Timbuktu

[Die_empty]

Every few days I see postings about new places accepting bitcoin for daily payments. It is basically always a small (usually not very digital looking) store in Africa. I really like that this is happening and I am wondering what are the experiences of users from Africa.

One country in Africa (The Central African Republic) has made bitcoin a legal tender and many others accept bitcoin as means of payment. Out of the fifty-four countries of Africa, bitcoin is banned in just six countries ( Ethiopia, Tanzania, Lesotho, Sierra Leone, Cameroon, and Congo DRC).

One of the major attractions to bitcoin in Africa is the constant devaluation and loss of value of local currencies.
The high rate of the unbanked population is also driving the increase in bitcoin adoption.
Another factor is the high transaction fees from commercial banks and their unreliable services.

Is it really common to use bitcoin in the everyday payment?

Using bitcoin as a form of payment is unpopular because most people that buy bitcoin usually use it as a hedge against inflation and for investment purposes. Many people are yet to enjoy the benefit of bitcoin as a currency. But with the increase of bitcoin awareness, many businesses have started accepting bitcoin.

What types of wallets do people usually use to complete these transactions?

Sadly most people still keep their funds in centralized exchanges. This is because these exchange firms engage in expensive and attractive advertisements. Some of them at unaware of the dangers of keeping their coins in these exchanges. But the current fall of these exchanges in recent times has improved and spread more awareness about the need to keep their funds in decentralized wallets.

What are the advantages/disadvantages of bitcoin payments in Africa?

Some of the advantages include cheap transaction fees, reliable transaction process, access to quality and unrestricted banking facilities, hedge against inflation and currency devaluation, profitable investment opportunities, and promotion of privacy.

Some pitfall of bitcoin in Africa is that most Africans are not enlightened enough to understand the coin. Unstable power supply and internet connection have made bitcoin inaccessible to some people. Most Africans might not have enough money to buy bitcoin because of harsh economic conditions.

[BIT-BENDER]

Africa is fast becoming the home of crypto-Currency the adoption of Crypto-currency by African is as a result of a long hunger from citizens to have something to escape them from the government.

I know people who are paying to learn more about Bitcoin this are people who were forced to go to school and also attend classes but with crypto-Currency the hunger is instantaneous.

The only hindrance Africa is seeing and why the competition with the western world is that capital for start up are no available in Africa and you would need to start with what you have and technology wise Africa is still developing.

[CryptoPanda]

It’s not surprising that third world nations are adopting bitcoin faster than developed countries. The answer is simple, these people have been looking for a way for escape the corrupt government and poor banking system. There is a distrust between the banks and the people, whereas in Europe and Asia the citizens have more faith in the system.

More than 42 million Nigerian adults live in rural areas that lack basic banking services. According to a 2021 EFInA study on trends in access to financial services in Nigeria, there are numerous gaps to fill in the rural areas populated by unbanked people excluded from the financial ecosystem. https://www.premiumtimesng.com/news/headlines/543413-as-pos-merchants-target-nigerias-unbanked-population-banks-troubles-haunt-them.html

[bitzizzix]

Bitcoin adoption or growth in Africa continues to increase at a faster pace than in other parts of the world, and is driven by young people looking for alternative ways to generate income, and besides being able to carry out payment transactions including their business.
most African people do not have access to banking services, due to the wild nature and many remote villages and it is not easy for someone to go to a bank. And the solution is bitcoin because it doesn't require bank infrastructure, and it's also a self-controlled bank, so it's easy to use anywhere as long as there's an internet connection.

[drwhobox]

Actually, it doesn't matter how big or small the store is. The only thing that matter is new people will learn about bitcoins from these stores. Either Customer will do their own research or the owner is enthusiastic enough to give knowledge about bitcoin by themself.

It is true that people from Africa just stepping ahead to implement bitcoin into their businesses, but we don't see anyone here from Asia or Europe that is interested in introducing to their business or maybe they are not sharing that on this forum.

Is it really common to use bitcoin in the everyday payment?
What types of wallets do people usually use to complete these transactions?
What are advantages/disadvantages of bitcoin payments in Africa?

Also I want to hear from the actual people who implemented bitcoin in their business and also what is the actual ratio of people customers using bitcoin to pay.

[n0ne]

Africa have turned itself as a major hub for financial technology development for various reasons. The major one being the large number of people under the un-banked sector. Next thing is the inflation. The inflation have made them carry big bundles of money to buy little goods. With bitcoin these difficulties were easily overcome and people doesn't want to depend on the banks. African countries have got good resources, but they weren't used in the right way.

[coupable]

Is it really common to use bitcoin in the everyday payment?
What types of wallets do people usually use to complete these transactions?
What are advantages/disadvantages of bitcoin payments in Africa?

1- I do not think that this actually happens in daily business for technical reasons, the most important of which is the unstable value of the Bitcoin price. On the other hand, I do not rule out the use of a stable currency such as USDT due to the stability of its price linked to the price of the dollar.
2- The Binance platform offers many good options for carrying out regular transactions, including the internal transfer system that enables transfers between members for free in real time and the BinancePay system in addition to the Trust wallet that gives many features. I think Binance is the most used.
3- Crypto payments can help people bypass their miserable financial systems and achieve greater financial stability. However, this system has no benefits for the state because it uses a classical financial system that does not allow transactions that are not under the control of the state.

[serjent05]

Every few days I see postings about new places accepting bitcoin for daily payments. It is basically always a small (usually not very digital looking) store in Africa. I really like that this is happening and I am wondering what are the experiences of users from Africa.

If you are talking about the posts in forum, I think they are created to get merit for ranking up.  I do not know its relation to the current status of Bitcoin to Africa.  IMO, this isn't actually adoption but staged adoption in order to fish for merit.  I maybe wrong though and sorry if it offended anyone.

Is it really common to use bitcoin in the everyday payment?

It is uncomon in the current situation because there are not many physical establishment that accept Bitcoin payment.  It maybe common online due to 3rd party processor but I do not think it is common in the local marketplace.

What types of wallets do people usually use to complete these transactions?

I use electrum because it is lightweight, others maybe us mobile apps since it is easier to pay by just scanning qr.

What are advantages/disadvantages of bitcoin payments in Africa?

I am not from africa but I think the advantage is the same all over the world.  It is not monitored by the government and if even if they intend to, unless we give them hint, they will be in the blind.

[kamvreto]

Actually, it doesn't matter how big or small the store is. The only thing that matter is new people will learn about bitcoins from these stores. Either Customer will do their own research or the owner is enthusiastic enough to give knowledge about bitcoin by themself.

the goal of adoption is as you mentioned, to get bitcoin to as many people as new users so they can use it for transactions or as an investment. they will also do some research to find out more about bitcoin.

It is true that people from Africa just stepping ahead to implement bitcoin into their businesses, but we don't see anyone here from Asia or Europe that is interested in introducing to their business or maybe they are not sharing that on this forum.

The Africans made a small adoption in the shop because they are more comfortable using bitcoin than their native currency, massive inflation might be a good reason, whereas bitcoin will not be affected by inflation. and also Africa gives full regulation on bitcoin to be used as legal payment too.
But for parts of Asia like where I live, Bitcoin regulations are only limited to commodity assets that cannot be used as legal tender. so innovation to accept bitcoin as payment is still not allowed.

[Baofeng]

Every few days I see postings about new places accepting bitcoin for daily payments. It is basically always a small (usually not very digital looking) store in Africa. I really like that this is happening and I am wondering what are the experiences of users from Africa.

Is it really common to use bitcoin in the everyday payment?
What types of wallets do people usually use to complete these transactions?
What are advantages/disadvantages of bitcoin payments in Africa?

It's because Africa as a continent could be the biggest catalyst for bitcoin adoption. Even Jack Dorsey himself has been promoting bitcoin in Africa for many years,  Jack Dorsey is back in Africa, this time for Crypto.

I mean bitcoin was initially design as a micro payment scheme, so yeah it should be common to use it. The problem is that bitcoin is not treated to be one of the best assets but I will assume that it is still being using as payment method by some of us, or used LN for transactions. I guess the advantage is that it could be really big and so it will be adopted globally starting in Africa.

[hatshepsut93]

Is it really common to use bitcoin in the everyday payment?

Bitcoin has 300k transactions per day. Africa has 1.2 billion people. If we imagine that all Bitcoin transactions are done by Africans, that would mean that every day 1 in 4000 Africans is making one Bitcoin transaction. That's 0.025% adoption. And the real adoption is a tiny fraction of this number.

[dothebeats]

If this was also a "why Africans are using crypto so much" I think information like this might go quite well to explain that: https://www.statista.com/statistics/1175891/distribution-of-credit-and-debit-cards-scheme-in-nigeria/

(from information about Nigeria that seems to be quite a popular place for these sorts of companies) About 28% of card holders have a mastercard and 18% hold visas while the majority of card owners hold cards from local transaction processors.

I can imagine that means there's places visa isn't accepted (I've been in shops in the UK where Amex isn't accepted and some places also used to not accept mastercard years ago when it was much less popular).

Since crypto was mentioned and not specifically bitcoin, I assume a sizable amount of usage is through stablecoins, right? Idunno, it just makes sense for the majority of the people to want to use USD instead of a volatile currency.

Right. Why go the obvious shaky path when you can always travel the already-paved road anyway? But I guess it also has something to do with the earning opportunities that bitcoin and crypto presents to the African people. There's not much opportunity for Africans to earn money due to a lot of corrupt leaders and public officials that hinder the economic growth of their countries. With bitcoin, you can easily buy those or work for those and keep it, and hope for the best—at least that's the way I see it.

Is it really common to use bitcoin in the everyday payment?

Bitcoin has 300k transactions per day. Africa has 1.2 billion people. If we imagine that all Bitcoin transactions are done by Africans, that would mean that every day 1 in 4000 Africans is making one Bitcoin transaction. That's 0.025% adoption. And the real adoption is a tiny fraction of this number.

Much, much less for sure. Most of these transactions don't even include payments too, as it's just traders and speculators, big exchanges, and other entities moving funds around trying to keep up with the market or just trying to get their money somewhere else.

I mean bitcoin was initially design as a micro payment scheme, so yeah it should be common to use it. The problem is that bitcoin is not treated to be one of the best assets but I will assume that it is still being using as payment method by some of us, or used LN for transactions. I guess the advantage is that it could be really big and so it will be adopted globally starting in Africa.

But if micropayments is what the Africans want, they can use their own currencies for that, or even USD if the value of their currency is really low. The state of bitcoin right now isn't really great for micropayments unfortunately, and obviously Africans know this. Given how bitcoin boomed a lot in the past years, I think the line of thinking is to be able to get as much bitcoin as possible before it booms again and make a fortune for these merchants. It's as if they're banking heavily on the possibility of bitcoin going off again in terms of its price.

[uneng]

Every few days I see postings about new places accepting bitcoin for daily payments. It is basically always a small (usually not very digital looking) store in Africa. I really like that this is happening and I am wondering what are the experiences of users from Africa.

To be more accurate I think we could say in Nigeria.

It seems the national currency there is very devalued and it's becoming worse day after day, so nigerians became adopters of bitcoin in a very short time period. Bitcoin is helping them with daily negotiations, while avoiding the depreciation of Naira. I don't know how frequently they are transacting with bitcoin, as the threads they open here don't bring further details of the progress of their shops.