What is the future of cryptocurrency in Africa?

In Summary

• Ever since the start, Africans had a deep and sincere enthusiasm towards cryptocurrency and soon realized the value it will provide in a few upcoming years. 

• Despite being well-acquainted with its high volatile nature, fluctuating prices, irregulated use, government taxation, and other problems.

Bitcoin
Bitcoin
Image: REUTERS

Among all the fast-paced financially thriving countries, it has always been hard to count Africa on the list. Not too back that the invasion of cryptocurrency in the continent proved as a major turning point for Africans.

The region has a long known history of struggling with its radical poverty issues, ignorant government, lack of good investments, miserable debts, etc. 

But, the globally strong yet revolutionary cryptocurrency today has enlightened a ray of hope in the continent to look for better days by successfully using cryptocurrency through Bitcoin Storm.

Ever since the start, Africans had a deep and sincere enthusiasm towards cryptocurrency and soon realized the value it will provide in a few upcoming years. 

Despite being well-acquainted with its high volatile nature, fluctuating prices, irregulated use, government taxation, and other problems. Africa has still remarkably managed to be the frontier of cryptocurrency by transferring a whopping $300 million every month. 

Right after facing the huge economic downturn in 2009, the whole world met the first, real, largest, and today’s most successful cryptocurrency - Bitcoin. Earlier, it was not as obvious and easy as it is today to evaluate the significance of cryptocurrency and predict its integral role in the future.

However, the long list of statistics that simply predicts the successful use of cryptocurrency and its favors globally makes it quite straightforward to predict the future of cryptocurrency in Africa 

The real truth is that the last 5 years have surely been the golden years for Africa when we see its staggering growth, progress, and ultimate success in cryptocurrency.

Africa is today the landmark of cryptocurrency with progressively trading cryptocurrency to and from nearly all crypto-rich parts of the world. The crypto traders from Africa have found cryptocurrency the answer to all their problems and have a strong belief for it to last for many more years around Africa. 

According to the recent statistics regarding cryptocurrency, the largest crypto exchange-Paxful states that Africa has broken records from all over the world by producing 3mn crypto wallets out of which a whopping 45 per cent come solely from Africa.

This predicts that we can certainly hope for Africa to produce a diversified variety of crypto wallets that will be a great help to diminish poverty and elevate the crypto growth in the region.

The large customer base and numerous incredible P2P crypto exchange systems in Africa have allowed the continent's participation in global peer-peer finance markets. As a result, Africa is planning to expand its crypto territory into other countries. This will serve as an inevitable benefit in so many ways including.

Such as the successful crypto traders in Africa could use their cryptocurrency anywhere from the world by making it remarkably recognized all over the world. Plus, this crucial step will also help in educating other beginners or miserable crypto traders who are not able to progress with their crypto journey.

Africa holds immense importance in the global Crypto market and believes it to be the future of African currency in the next few years. However, the multiple price fluctuations of African currency like Naira, Zimbabwean dollar, etc. is already a threat to the current financial state of the continent.

As long as we predict, this will also serve as an easy and smooth passageway for cryptocurrency to take over the present financial weapons of the African region.

The long known financial instability of the region has always severely disturbed the African's financial progress. From surging prices of local currencies, heavy debts, to dispersed government, numerous factors still serve as barriers whenever a huge project is a soon-to-launch in Africa.

But, the easy, smooth, and hassle-free transactions from cryptocurrency not only have built a remarkable reputation of ease, accessibility, and affordability to the crypto users. But this specific use of cryptocurrency also looks forward to a drastic influence in the e-commerce ecosystem of Africa.