How cryptocurrency is going big in Africa
Published on: March 24, 2021 09:06 (EAT)
It’s no surprise to know that the US and Russia are the two leading countries in the world of cryptocurrencies but who settled on the third? It’s Africa. Africa has long been known for its miserable poverty issues, ignorant government, lack of technology, and whatnot. But, today they have surpassed the monthly cryptocurrency transfers from $10,000 to $316 million. As surprising as it may sound, the crypto works in a way crazier, especially the bitcoin – world’s first, largest, and original digital currency present. Not much new to Africans as they were already introduced too much preferred digital money, online transactions, and international currency exchange to carry out daily money matters. This made it much easier and enthusiastic for the young-tech savvy generation of Africa to explore more convenient options. With that in mind, Africans always have an in-depth interest in financial education that urged them to explore and create something new for generating money value. Cryptocurrency has set its hallmark in nearly every developing and developed country concerning the benefits it provides as compared to the local currency. But, the steady growth in Africa shocked many investors as it is not bounded with a high inflation rate or supported much through the legal government. Simply put, here are some more factors that influenced the rise of cryptocurrency in Africa and the reason for it reaching peaks day by day. Financial Instability Like many other developing countries, Africa is also severely disturbed in terms of financial instability at recent times. With already a higher poverty rate, it was an awakening moment for African investors to expand their investments and look for sources to make more money. In the meanwhile, the Zimbabwean dollar also surged in price, making it hard for investors and e-commerce owners to make transactions with already paying huge sums of money to other services. To rescue at this time, cryptocurrency helped Africans make easy, affordable, and safe transactions that you can access from anywhere in the world and sustain good financial stability. For Raising Capital The high rate of unemployment and depleted financial conditions of individuals living in Africa also strengthened the notion to invest in cryptocurrency. From university graduates to successful entrepreneurs; everyone needs good capital to start off with something big. Let’s look at a bigger picture here, suppose you purchased bitcoin for $100 and trade it for $2000+; this might not look like something huge but starting off with a small capital and using the formula of buying small sell big has made cryptocurrency the largest profitable money source in the finance world. Money Transfers As already mentioned, the additional costs were extremely expensive and kept surging to no limit. Africa is a huge continent and sending money locally or to and from internationally complicates the money transfers which forces people to look for better alternatives. Africans were clearly able to see their hard-earned money getting consumed in the names of taxes, funds, service costs, etc. Whereas, cryptocurrency is free from all the authorities of any centralized government, taxes, or third-party interference; that ease investors to save their money from additional costs, hassles, and suspicious networks with their cryptocurrency trading. Crypto Spread From the start with few investors who risked their money in this volatile asset to today, nearly every Nigerian trade bitcoin. The spread of cryptocurrency in Africa has experienced quite a lot of variation from country to country. Stephen Aluxo – a native of Africa says that his first $100 invested in 2017 has today helped him live a debt-free life full of luxuries. The encouragement for trading cryptocurrency then influenced every other person in Africa who’s trying to earn a living effortlessly. Conclusion The rise of cryptocurrency in Africa has intrigued many other states to consider investing in it and making maximum profits. Being a third-world country, Africa still managed to top the list for owning a great number of crypto and set the hallmark for a progressive state with financially strong individuals. In case you’re making up your mind to change your fortune by investing in crypto then have a great start with bitcoin. You can also take help from bitcoin mastery, which is the largest auto trading platform to kickstart your crypto journey like many other Africans out there.