Bitcoin has proven to be the most stable and reliable cryptocurrency to date. Not just that, simply put, it is now clear that Bitcoin has opened its way for many opportunities in various fields. One of those places has seen a massive change due to bitcoin adoption in Africa.
Although so many more changes are required, the current currency control being implemented in Africa has been a great contributor to bitcoin adoption.
The African countries where Bitcoin is growing and these African countries’ economies if they continue to follow bitcoin.
Bitcoin Adoption In Africa
Africa holds one of the lowest internet penetration rates globally and the highest number of under-banked or unbanked people.
The African continent has a massive population, and still, many don’t have access to banking services and the other basic facilities needed in life. It is estimated that over 50% of total Africans fall in this category. Although, The number may vary from source to source because of the high illiteracy rate and less documentation.
About 30% of the African population is under 25 years old. They are a tech-savvy young generation who can understand, adapt and work with new technology like bitcoin to improve their lifestyle. This shows that Africa has more tech-savvy people than you believe, and they will undoubtedly continue to work on the upcoming technologies to solve the problems they are facing.
Although it is still early to say that Africa has fully adopted bitcoin, if you look closely, some interesting facts about Bitcoin in Africa show that this continent will become one of the biggest adopters of Bitcoin. Check out the cryptocurrency investment to know more.
• The first-ever Hardware Wallet for Cryptocurrencies called “Trezor” was made for bitcoin, but the sales of razors in Africa have been more than in any other country.
• Zimbabwe is the only country where people are using Bitcoin to pay school fees, increasing the awareness of bitcoin.
• Botswana is the only country where the most significant conferences on Blockchain technology and cryptocurrencies were held, which helped them develop blockchain projects.
• There are google searches on Bitcoin that are more in Africa than any other country, and it has risen almost 200% since last year [2].
If you see some of these facts, you can say that Africa is slowly but steadily adopting bitcoins, and there’s no doubt that this content will continue to grow with bitcoins in the future.
Bitcoin and Economy of Africa
Although many countries in Africa still haven’t started adopting bitcoin, you can indeed say that most countries will start accepting bitcoins and other cryptocurrencies sooner or later if they continue to follow this path. This is because; Cryptocurrencies like bitcoin have a great potential to solve the monetary problems faced by many African countries.
Some of those benefits are:
• Sending and receiving money in no time to anyone worldwide without any intermediary, saving a lot of money on fees almost close to 0%. And if you consider the inflation rate so high in Africa, anything with zero fees will attract more people.
• Having an Identity of their own without depending on any central authority. A great example is how South Sudan became a separate country in 2017 by only a straightforward decision.
This shows that no matter how powerful or wealthy you are but to create your identity, you need to follow specific steps like voting, establishing your place in government, etc. This can be done quickly in cryptocurrencies by creating your wallet.
• So far, very few companies accept bitcoin/cryptocurrency payments. Still, with the increase in demand for bitcoins, more companies will surely start accepting it as a payment method to attract more customers and make a business grow.
• All these benefits will lead to economic growth and help the country grow by investing more in infrastructure, education, and health care, improving people’s conditions.
• There are many countries like Zimbabwe, Nigeria, etc., where the inflation rate has been very high, and their fiat currency has lost most of its value, making it hard for people to make a decent living with monthly income.
Conclusion:
There are many benefits of using cryptocurrency, and there are several reasons why it is beneficial for African countries to use bitcoin.
There will be more to come in the future; as you all know, Africa and bitcoin belong together, and there’s no doubt that Africa will prosper by using cryptocurrencies like Bitcoin.