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Bitcoin Adoption Blossoms In African Boundaries

Jan 09, 2018 Posted /  9414 Views

Bitcoin Adoption Blossoms In African Boundaries

There have been many reports in the media recently that bitcoin- the world’s most widely accepted digital currency is getting extremely popular in many African countries. Because of this fact, many domestic cryptocurrency exchanges and peer-to-peer trading platforms’ are witnessing high volumes of viewers. In fact, many digital currencies are also selling at a premium in most of the African countries.

The Google’s aggregated trend data depicts that bitcoin is trending in African countries and especially one specific age group is getting hugely attracted to it, that is, African millennials. Columnist Catherine Byaruhanga who enlightened about the fad in Uganda submitted this article in various newspapers. There were some stories added to increase empathy, for instance, a young resident from Kampala, Peace Akware, expects that her investment in bitcoin will grow enough for her to purchase a vehicle, and probably he will even buy land some day.

In one other soft news story an individual from Kampala, Martin Serugga, is teaching millennials about cryptocurrencies in his weekly class. Over 50 people attend this class; Serugga educates the class about how to trade cryptocurrencies against fiat in the region.

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Many other reports elaborate that as there was financial and political mayhem in South Africa, the country’s residents started searching for other alternatives to bitcoin. The exchange, Etoro saw a surge in the number of users, when in March, the region’s finance minister Pravin Gordhan lost his status.

Mati Greenspan, an analyst for Etoro details that the exact figures for new users in South Africa surged through eToro by 671% from January to the end of November in the year 2017, however for the same period of time there was more than the 574% complete growth.

The trades and the Bitcoin adoption

If we look at the figures in more inhabited areas like Sudan, South Africa, and Kenya, the adoption levels have persisted and risen hugely. The chief of marketing for digital asset platform Luno, Werner van Rooyen, elaborated, “thousands of trades are being made by South Africans every week.” Moreover, as reported by media a few weeks back, the hot topic remains the resignation of Robert Mugabe. This particular event has caused BTC prices in Zimbabwe to ascend exponentially even more than the worldwide average. The turbulent economy in Zimbabwe has reasoned the price of bitcoin to surpass global averages multifold times over the last year.

Neil Blazevic, the digital security expert, believes that these promising technologies will definitely transform Africa one day.     

“With the right support for innovation and collaboration Africa could once again leapfrog over the digital divide and become a market leader just like it did in the move from landline communications infrastructure to the mobile phone ecosystem,” Blazevic says.

Even local bitcoins volumes in Africa have skyrocketed despite several warnings issued by the Central Banks. The tendency of populous from various African countries has worried the East African Community (EAC), an intergovernmental central bank organization that constitutes six countries in eastern Africa. The group is expecting to develop a solitary currency for all six countries in equal lines to the euro, but member nations think that “bitcoin interest” in Africa is obstructing the process.

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Tags: Bitcoin Adoption bitcoin bitcoin is trending

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