Africa was hotly tipped to be the next frontier for cryptocurrencies a while ago, with Bitcoin very much the focus. Since then, there has been steady growth recorded in the continent, especially over the last several years, with it now a very realistic possibility that Africa will indeed be a hotbed of activity for cryptocurrencies.
After experiencing steady growth over the last few years, Africa and several of the countries within it, have established themselves as leaders in the crypto market. This is due to the demand for a way to keep funds secure, while also being able to conduct transactions, from residents within these regions. Africa as an environment is perfect for cryptocurrencies, and with reputable companies such as Luno able to provide bitcoin wallet applications, keeping digital funds safe and secure is very much a breeze.
Countries within Africa such as Nigeria and South Africa are already leaders in the market, however, their continued growth and forthright approach could see them become the most dominant forces in the scene soon. There are new subscriptions recorded on a daily basis in Africa, with the number exceeding that of any other region on the planet, and with the popularity of cryptos, and especially Bitcoin, showing no sign of waning, this means there’s still a hell of a lot more to come.
The increases recorded across the board in Africa in terms of new users are mind blowing, and again support the idea that this is the next frontier for cryptocurrencies. In South Africa, transactions taking place have climbed by a quarter, while in Nigeria there was a huge 60% increase recorded. In other areas, increases of up to a staggering 100% were in play, not only proving how popular cryptos are in Africa, but also how integral they are too. Further evidence is seen in Kenya where LocalBitcoins trading volume was in excess of $8 million at the end of 2017.
When you consider that studies estimate there will be a stunning 720 million mobile users active in a years’ time, it’s clear to see that cryptocurrencies and related services will have a huge role to play where Africa is concerned. 2019 has already proven to be a huge year for cryptos, with more industries than ever using it to their advantage, and while things will continue in the same manner as we head towards the end of the year, 2020 could prove to be even bigger and better, with mobile access being a massive factor in terms of accessibility of a viable banking/payment alternative. Thus, making Africa a real prospect of being the next frontier for cryptocurrencies.
You must bear in mind that, as well as industries, civilians in Africa also benefit from cryptos, and there are advantages when it comes to humanitarian activities too. With cryptocurrencies and the technology behind them able to benefit so many people, it’s easy to see why Africa has shot to prominence as a leader in the cryptocurrency scene. And, while popularity stalls elsewhere, things are only really just beginning in countries such as South Africa, Nigeria, Ghana and the rest.