What is it with Africa and Bitcoin

[tbct_mt2]

Why is Africa Using Bitcoin

People in African countries don't have good access to banks that caused them to find alternatives like Bitcoin and cryptocurrency or giftcards. Population from those countries have very high rate of unbanked. The article mentioned the rate was 77% in 2017 and with complicated situations for economy and politic in that continent, I think the rate has yet changed a lot in last 5 years.

With Bitcoin and good wallet (non custodial), they have their own banks and can make transactions to any receiver who is living in their nation or anywhere in the world.

[MiliMil]

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.

Outside of the USA (which I assume has the largest amount of crypto users) which continent would you say has the most?

[KFC786]

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?

In Africa mostly countries are just small with small GDP and they have not so much Growth and I have  heard that these people have low literacy than the European countries. And that's there will be slow adoption of crypto in their country..

[cabron]

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.

Outside of the USA (which I assume has the largest amount of crypto users) which continent would you say has the most?

Nigeria: 32%
Vietnam: 21%
Philippines: 20%
Turkey: 16%
Peru: 16%
Switzerland: 11%
India: 9%

Nigeria's 32% of the population is said to be using crypto according to yahoo finance news. Most Nigerian are unbank I guess this is where they see crypto wallets on phones fit to use and the inflation in the country is also rising.

People in Nigeria are active internet users and they spread the word fast as they share where they could earn. Bitcoin must be among their discussion every day.

[jrrsparkles]

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?

Yes, the main reason why most countries from African continent is going towards crypto is their local fiat is losing its value drastically and also government is printing more and more money so its like they pay billion in local fiat to get a coffee or meal so they find bitcoin is highly valuable and also it eliminates the hidden fees by governments and an easy way to make cross border transactions.

I don't know do they really use it for everyday purchase but I witnessed even very small shops with bitcoin accepted sign for making ohone calls and even charging station from international vlogs.

[_BlackStar]

People in Nigeria are active internet users and they spread the word fast as they share where they could earn. Bitcoin must be among their discussion every day.

This is what has actually made some users of this forum adopt bitcoin as a means of payment in their business. I don't have much of a negative impression of such an attempt, but perhaps some forum users will consider it a merit-fishing attempt. Yes it is point, but to hell what they say obviously it's a good effort to tell people that bitcoin is actually useful.

But I don't know, I think the adoption will also benefit them as long as they manage their business well. Instead of just bitcoin I guess stablecoin are also becoming an accepted payment option, I guess.

[AmoreJaz]

People in Nigeria are active internet users and they spread the word fast as they share where they could earn. Bitcoin must be among their discussion every day.

This is what has actually made some users of this forum adopt bitcoin as a means of payment in their business. I don't have much of a negative impression of such an attempt, but perhaps some forum users will consider it a merit-fishing attempt. Yes it is point, but to hell what they say obviously it's a good effort to tell people that bitcoin is actually useful.

But I don't know, I think the adoption will also benefit them as long as they manage their business well. Instead of just bitcoin I guess stablecoin are also becoming an accepted payment option, I guess.

i guess, they are only too proud that they are accepting btc in their shops or stores. nothing big deal out of it. it is good to know also because here in the forum, we are all coming from different parts of the world, and such small news usually doesn't hit the newsstand. so it is great that we are hearing those stories directly from them and how btc or crypto itself is creating an impact on their daily lives.

[bittraffic]

This video about the Silent Bitcoin Revolution of Africa says what's with Africa. https://www.youtube.com/watch?v=d5AvBsxRMYk

It must be the reality of teens there where their money is taken by thier family members because they were using cash all the time but when BTC came, it all changed. I think the developers in the region can make its adoption up to its fullest since grocery stores are already accepting.

[wxa7115]

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?

Yes, the main reason why most countries from African continent is going towards crypto is their local fiat is losing its value drastically and also government is printing more and more money so its like they pay billion in local fiat to get a coffee or meal so they find bitcoin is highly valuable and also it eliminates the hidden fees by governments and an easy way to make cross border transactions.

I don't know do they really use it for everyday purchase but I witnessed even very small shops with bitcoin accepted sign for making ohone calls and even charging station from international vlogs.

Those which have lived most of their lives on a first world country do not really know how a currency crisis looks like, those living under those conditions find out that the savings they have spent their whole lives accumulating suddenly are worth nothing or at least very little, this is a terrible blow as it is common such crisis also comes with huge unemployment and now they have to get indebted under the new rates.

So someone could have done everything right and still get their life destroyed because of the mistakes of the politicians and bankers, bitcoin is gaining adoption in countries like those as people have not forgotten those days and they find in bitcoin a way to store their wealth, now bitcoin is still quite imperfect when it comes to performing this function and despite of this fact they are still deciding to adopt it as a way to protect themselves from the fiat of their governments.

[xSkylarx]

People in Nigeria are active internet users and they spread the word fast as they share where they could earn. Bitcoin must be among their discussion every day.

In Nigeria, Paypal was banned, so it was very difficult to send money online. That is why they discovered crypto. My workmate is from Nigeria, and his first salary was bitcoin since they don't have Paypal there, and we almost tried Western Union that time, but it was sort of time consuming, so that is why I told him to tell our boss to pay via bitcoin, which he just created a wallet for online and received. But the second  salary was that he opened a bank account as required by our boss, who wants to use Paypal for his salary.

[Bitstar_coin]

I would say in addition to government restrictions on cards to shop online has drastically increased the demand for btc transactions in Africa particularly Nigeria.
It is great to see btc interest is growing in this place because the possibility to use most of these financial services are some how limited. I believe this will keep growing.

[yazher]

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.

It's better to use bitcoins for their safety if that is the case there and they could not be worried about being robbed in the market because with the inflation going on, there are lots of bad things will gonna happen and one thing is the frequent snatchers and scammers. When they see nothing with you, they will just snob you and walk away because they thought you don't have any money at all. Also, I experienced people being dishonest and more and more becoming crooks when it comes to transactions because they don't care anymore as long as they are bringing food to the house.