The Bitcoin boom in africa isn’t as good as it seems

A recent report analyzes the status quo of cryptocurrencies in Africa. After that, Bitcoin and Co. are enjoying growing popularity on the continent – but the path to mass adaptation is also a rocky one in Africa.Africa has what it takes to be a crypto continent: at least a report by the analysis company Arcane Research suggests that. According to him, Africa is an ideal breeding ground for cryptocurrencies – especially as far as the use case of cross-border transfers is concerned.

 

“While elsewhere, the focus has been on investment, speculation, and trade, Africa has a greater need to use cryptocurrencies than any other continent”

 

Increasing in popularity

No wonder that peer-to-peer currencies like Bitcoin are becoming increasingly popular in Africa. South Africa has the most Hodler, according to the report; 13 percent of Internet users between the ages of 16 and 64 hold cryptocurrencies. Nigeria follows with 11 percent. South Africa and Nigeria could possibly switch places in the foreseeable future: Nigeria has seen a steep increase in bitcoin trading on the localbitcoins platform since the spring. Localbitcoins competition Paxful is also one of the larger crypto players active on the continent. At the beginning of May, the Bitcoin exchange platform launched a corona donation campaign for Africa.