Why Bitcoin's adoption in Africa may not first be institutional.

[CTO114]

I'm talking Africa now because the countries in that region are usually referred to as developing countries, instead of developed countries and we can see why because, they share the same institutional issues like; currency instability inflation pressure and weak banking trust.

They also share high youth population, and just recently starting to experience and increased entrepreneurship culture and the need for  cross border payments.

As a result But in in the African region may not be adopted through institutions, we could see it's adoption through measures like; informal trade, freelancing, remittances.

Right now Bitcoins adoption is taking the underground route, but not for long, as its getting to a stage where it's unavoidable.

[Hatchy]

I'm talking Africa now because the countries in that region are usually referred to as developing countries, instead of developed countries and we can see why because, they share the same institutional issues like; currency instability inflation pressure and weak banking trust.

They also share high youth population, and just recently starting to experience and increased entrepreneurship culture and the need for  cross border payments.

As a result But in in the African region may not be adopted through institutions, we could see it's adoption through measures like; informal trade, freelancing, remittances.

Right now Bitcoins adoption is taking the underground route, but not for long, as its getting to a stage where it's unavoidable.

We still have many African countries whose governments are not yet involved in cryptocurrency yet Bitcoin adoption among the people continues to grow rapidly. With the high cost of living and persistent inflation in many of these countries uoung people are beginning to think outside the box because for many survival is their main goal.The truth is that adoption has to start at the individual level. People need to become familiar with Bitcoin's use cases in their everyday lives. Once governments and institutions see that people are using and trusting the network, they may begin to explore ways of incorporating it into the system..If we eventually reach a point where a significant portion of the African population trusts and uses Bitcoin without fear, adoption rates could increase dramatically. At that stage, institutions and governments may find it difficult to ignore and could be compelled to follow suit..

[pooya87]

Bitcoin adoption was not institutional-first anywhere else either! It was always regular people who first adopted it and then the institutional investors jumped on board and tried to take their own fish from the "stormy waters" that is the bitcoin market.

[GeorgeJohn]

Right now Bitcoins adoption is taking the underground route, but not for long, as its getting to a stage where it's unavoidable.

Really, people get acquainted to something they dont know gradually...African is not taking any underground route in bitcoin adoption late, because some countries that are civilised have not fully adopted bitcoin...or make bitcoin a legal tender and it remains bitcoin...Their's something I understand in bitcoin adoption, countries doesn’t openly or fully adopt bitcoin...it's individuals that fully adopt the use of Bitcoin faster not a country...

[KingsDen]

Bitcoin adoption was not institutional-first anywhere else either! It was always regular people who first adopted it and then the institutional investors jumped on board and tried to take their own fish from the "stormy waters" that is the bitcoin market.

The exact things I wanted to say.
Even in the global scene, institutions and government came last in the adoption hierarchy.
I'm happy to see you again pooya87, never knew you are back.

[Donk1]

We are certainly seeing a rising of interest across Africa regarding things like self custody and entrepreneurship and so many more . Because of that I believe this momentum /growth will almost certainly be unstoppable, especially since the government leaves the people with no choice but to look for alternatives.that said to me all that is left is making Bitcoin easier for the average person to use not just the tech savvy guys in Africa for that it's easy to say Africa is currently standing on the edge of revolution where by it’s either endless innovation or more suffering.

Overall ​While Bitcoin adoption has brought a little bit of  stability, as long as African's lack good leadership it can start to feel like an endless loop because the more you earn, the higher the cost of living becomes due to inflation and demand-and-supply pressures. That's all for me...

[Cryptomultiplier]

Bitcoin adoption was not institutional-first anywhere else either! It was always regular people who first adopted it and then the institutional investors jumped on board and tried to take their own fish from the "stormy waters" that is the bitcoin market.

The exact things I wanted to say.
Even in the global scene, institutions and government came last in the adoption hierarchy.
I'm happy to see you again pooya87, never knew you are back.

You guys are definitely right because by default or if we look at the origin of adoption, institutional bodies and regulations came last and it's still difficult for them to gain control of the market now, no matter how they try to regulate or force compliance.

The volume of those who have adopted cryptocurrency so far has grown tremendously mostly in Africa where inflation hits harder and government corruption is high while economic growth is ignored.
It's no fault that decentralization works better than the legal default banking system, hence why institutions are getting onboard just to bridge the gap and earn revenue from it.

[Bitcoin-Forever]

I'm talking Africa now because the countries in that region are usually referred to as developing countries, instead of developed countries

Show me one developed country in Africa, they are all developing while majority are even on under-developed.

As a result But in in the African region may not be adopted through institutions, we could see it's adoption through measures like; informal trade, freelancing, remittances.

Right now Bitcoins adoption is taking the underground route, but not for long, as its getting to a stage where it's unavoidable.

Why do we need to do through third party services before bitcoin adoption, bitcoin is made available for everyone to adopt as long as they are willing to independently who needs without going through any means and you can as well get paid or make the payment in it to any international recipients at your discretion.

[PrivacyG]

You should not expect that adoption in any country starts with institutions.  It took a LONG time before the first few institutions jumped in.  It will take a long time for most countries to have one jumping in the wagon.  Bitcoin is not that new any more but it is still something pretty difficult to approach for them for obvious reasons.

[coupable]

Right now Bitcoins adoption is taking the underground route, but not for long, as its getting to a stage where it's unavoidable.

In the majority of African countries, I doubt that governments will allow institutions to adopt bitcoin at any time soon despite it becoming unavoidable. You are talking about countries whose economy and finances are entirely subject to external dictates and can't even control their local currencies. Countries that are excluded from using the global payment systems.

In my country, people aren't allowed to buy products online because they are not allowed to transfer money outside the country (with limited exceptions for some types of companies). In the parliament, voices are still calling for a free banking system.

[Odogwu-Blockchain]

There has already been individual adoption of Bitcoin in Africa way before any institutions coming in to bag theirs, and afterall, Bitcoin purpose isn't for institutional approval before showing herself, it's for every damn individual no matter the continent, to fully interact, transact and spend crypto easily without stress.

What comes later in the future by governmental agencies to dominate the ecosystem by bringing rules that suits them, will not have anything to do with crypto itself.

[TastyChillySauce00]

Pretty normal and institutions are usually the last one to follow the train, considering all the regulations they needed to obey.
Lately I've seen people from Africa adopting crypto for remittance more and more, the rate of growth probably surpassed developed countries. Bitcoin really find its use in there which is great.

Institutional adoption will be there when everybody is already adopting crypto and they can't ignore the growing market anymore.

[tbct_mt2]

I'm talking Africa now because the countries in that region are usually referred to as developing countries, instead of developed countries and we can see why because, they share the same institutional issues like; currency instability inflation pressure and weak banking trust.

Such issues are national and governmental ones, not institutional ones, you misunderstood that.

They also share high youth population, and just recently starting to experience and increased entrepreneurship culture and the need for  cross border payments.

As a result But in in the African region may not be adopted through institutions, we could see it's adoption through measures like; informal trade, freelancing, remittances.

Right now Bitcoins adoption is taking the underground route, but not for long, as its getting to a stage where it's unavoidable.

Bitcoin, cryptocurrencies and blockchains provide very good solutions for African people with permissionless and cross border transactions. It means a lot for people who belong to unbanked or underbanked class by opening gates to the world monetary systems without needs of having a bank account or using bank transfer.

Of course people can deal with each other and complete their trades completely by bitcoin or altcoins but they can use bank accounts and bank transfers for their deals as well. There are other options such as gift cards and in the Global South nations, trading with gift cards is very popular and one of their favorites.

[List] Gift cards providers.

[joniboini]

Lately I've seen people from Africa adopting crypto for remittance more and more, the rate of growth probably surpassed developed countries.

I heard this too but I don't have the number. I remember reading a thread where someone says they're using crypto to make payments overseas and whatnot.

Is there any reliable report on this? Saying it surpassed developed countries can mean many things. Even "rate of growth" can be debatable. It would be great if the report mentions how they calculate and what category they used to determine that.

Even in my country where the use case is limited to trading, it was counted as "adoption" in many reports that I've read.

[Peanutswar]

We must need to consider here a poor governance now if you can't see the government does not take any action to help their community there is no chance that they will grow and learn throughout about innovation and especially with the bitcoin. Also, people will seek for their daily needs and there is no time, resources, and of course money to make an investment so they will choose to survive then having an investment.