Why and how has Africa fully embraced cryptocurrency?




Africa is an interesting continent and one that has shown that it can be extremely diverse.

Of course, many may immediately associate the region with poverty and corruption, however there are some that may not have known that it can be associated with some of the biggest adoption rates of cryptocurrency around the world.

In fact, many have cited Africa as being the pioneer in global Bitcoin adoption, with the continent the third-fastest growing crypto economy in the world currently. This is perhaps due to the fact that four countries appear in Chainalysis’ Top 20 Global Crypto Adoption Index with Kenya, Nigeria, South Africa, and Tanzania all appearing on the list.

But, why has the continent been able to emerge as a global pioneer? Why have so many Africans decided to embrace and adopt Bitcoin and cryptocurrency? Well, there are a number of good reasons why this has been the case recently.

A plethora of reasons why Africans have adopted cryptocurrency

Firstly, many are now using crypto as an alternative to fiat currency due to the issues that have been experienced in the past in regard to inflation levels that have been experienced with traditional fiat currency. Citizens have immediately found that their money has become seemingly worthless at times because of the rate of inflation, therefore some are now using virtual currency to protect their personal wealth, whilst also using it as a means of investment.

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Younger generation has had a profound impact

Younger generations of Africans have played a significant role in adopting and embracing cryptocurrency in their numbers, as this generation of the population is more tech-savvy than those that are older whilst also being educated on the subject, too.

According to figures that have been released, it is understood that over 75% of the population is under the age of 35, which is why technology has managed to boom and why so many have started to take a keen interest in what virtual currency can provide them with.

More and more Africans have access to technological platforms and gadgets including smartphones and tablets, as well as internet services, thus making it even easier for them to be able to access crypto transactions, so they can purchase, sell, and trade various digital assets.

Additionally, many are gaining an education on financial literacy that previous generations of the African population would never have received in the past, which could account for one of the reasons why there has been a huge uptake in recent years.

It is clear to see the impact that cryptocurrency has been having in Africa, and it would be hard to deny that it has started to revolutionize the continent’s economy. Indeed, to state that the region is a global pioneer would not be an exaggeration at this juncture, and it could perhaps be one that has a profound impact on other areas in the world in the future.

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