Blockchain, Use Cases

African Countries To Benefit From Cryptocurrencies, According To Exchange Facilitator; Paxful

Africa’s past is possibly something that every individual wants to put behind and the story is not something that is exciting or joyous. Stricken by major barriers such as Colonialism, massive food shortages, the spread of a number of virulent diseases, armed conflict, and unstable economies have all detered the development of the continent. Yet a new economic and technological force is offering an unprecedented opportunity for those living in the so-called Dark Continent: cryptocurrency.

The growing popularity and use of Bitcoin in Africa is allowing people to take their economic destiny into their own hands, and P2P finance platforms like Paxful are an integral part of this ongoing revolution. Peer-to-peer cryptocurrency exchanges in Africa understand that there many challenges facing Africans today. The use of such devices has doubled over the last few years, and half of the continent’s population has an active mobile phone subscription. People are now realizing that they no longer need access to a bank to be economically active. The millions of unbanked individuals in Africa can just pull out their smartphone to begin buying and selling in the crypto sphere.

The expanding use of Bitcoin in Nigeria and other nations highlights how people are realizing that cryptocurrency is a tremendous opportunity for the entire continent of Africa. It is true that Bitcoin and other virtual currencies have a degree of volatility, but they are often far less than what the fiat of the various African nations undergo. Cryptocurrency is proving to be a stable store of value for many Africans. The use of Bitcoin in Africa offers the opportunity of freedom. It allows people to become part of the global cryptocurrency ecosystem. Individuals are no longer bound to their physical location’s socio-economic features. Overall, cryptocurrency is a tremendous opportunity for Africa.

 

 


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