The Growing Interest In Cryptocurrrencies Across Africa

Hi! everyone, this is @akomoajong. Hope you are having a great Sunday from wherever you may be reading this post. As always, I have come up with yet another post on Cryptocurrency and Blockchain related activities in Africa. You might want to visit my blog and check out more.

The growing interest in Cryptocurrencies and Blockchain technology by mostly the youthful population of Africa makes one to see Cryptocurrencies as a disruptive innovation that has blossom across the African continent. Indeed, Bitcoin is the most popular Cryptocurrency in Africa and is very popular in some countries such as Nigeria, South Africa, Ghana, Kenya and Zimbabwe. Other Cryptos such as Steem and Ethereum are equally gaining popularity.

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Africa is rarely mentioned among the largest markets for Cryptocurrencies. However, it may be set to steal a march over other markets, Rakesh Sharma, a technology Journalist.

More than twenty Cryptocurrency operations have be launched in Africa, with Luno, a South Africa based Cryptocurrency exchange being the first. Luno is currently boasting of over 1.5 million customers in over 40 countries worldwide. Other great Cryptocurrency projects or organizations in Africa include Abra in Malawi, BitPesa in Kenya, Golix in Zimbabwe and Sygnia in South Africa.

Moreover, some governments are already in to digital currencies. eDinar is a government-issued digital currency used in Morrocco and eCFA is still in the making process by Senegal. We are equally anticipating more government-issued Cryptocurrencies in Africa.

Points To Note

1. Even though Cryptocurrencies and Blockchain technology looks clear to provide a major solution to the African Economy, Cryptocurrencies still remain a double edge sword. A crash in price like we often witness may leave poor Africans frustrated.

2. Also, Africans due to less knowledge and education about Cryptocurrencies turn out to be most of those who are victims of ponzi shemes. They turn to invest in HYIP Cryptocurrency companies thinking it is always genuine but most of these companies do not always last or shutdown in due time. Examples of some these companies include Boost Bitcoin, Atlantic profit and Bitclub Advantage.

Despite all these, Truth be to, Africa needs blockchain technology and Cryptocurrencies more than any part of the world.

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