Why cryptocurrencies are becoming popular in Africa?
In the past 5-6 years, cryptocurrencies managed to revolutionize the way we look at transactions. This new payment method allowed people to complete every transaction in a much more efficient and more secure way.
During the first few years of existence, cryptocurrencies were illegal, primarily used on the black market, and not that popular, but now, their potential is so great, that many experts believe that cryptocurrencies might even become the universal payment method in the future. After all, they have many advantages, especially for the users, and unlike FIAT currencies, they are not bank and government-orientated.
Africa is one of the regions where cryptocurrencies have a spike in popularity in the past couple of years. Bitcoin is by far the most used cryptocurrency, thanks to its value and stability. We wanted to take a closer look and explain why cryptocurrencies have had such a massive spike in popularity here.
Perfect Online Payment Method
Cryptocurrencies are a digital payment method. That means that they are fully optimized for online use. Every transaction with them is instant. Just to make a comparison, when people use standard online payment methods such as credit and debit cards, it can take up to a few days before the transaction is completed because the funds need to pass several verification steps.
That means that cryptocurrencies are far more efficient when it comes to online payment. This is a massive advantage considering the fact that online payments are becoming very popular. Shopping, paying the bills, etc. are done online.
Not only that, but people in Africa also found a new way to entertain themselves. In the recent period, online gaming sites are also on the rise. Africans can enjoy the best table games, card games, and much more, without even leaving the comfort of their home. Nigeria is the country in which this industry is booming right now. The best online casinos in Nigeria offer tons of great features to the registered players. Not only that, but some of them even accept cryptocurrencies as a payment method, which is a big plus for both the players and the admins.
So, in a time when online payments are on the rise, cryptocurrencies give you the most effective payment solutions, hence why it is becoming widely accepted.
Banks are Excluded
Next up, we probably have one of the greatest advantages for African people. When making transactions with regular currencies and methods, banks often impose hidden or added fees, thus increasing your overall expense.
That is not the case with cryptocurrencies. They are self-sustainable, meaning that no authority controls them. Whenever people make transactions with cryptocurrencies, banks do not act as the middlemen – they are completely taken out of the equation. So, people actually save money in this process.
Additionally, the fees for international transactions are very low. Saving money is a huge advantage, especially in Africa, where sadly, a big portion of the population is living below the average standards. Excluding the banks and saving money in that process is the main reason for many Africans that decide to trade with cryptocurrencies.
They Can Make You a Profit
Not only do they save you money with every transaction, but cryptocurrencies can also make you a handsome profit. We’ve all heard stories of how random people who were traders became overnight millionaires thanks to selling cryptocurrencies.
Bitcoin is the most-used cryptocurrency when it comes to making a profit. There was a time when it was valued at over $19,000 and thousands of people made a lot of money in a short period. To make things even more interesting, some experts believe that Bitcoin’s value will rise again by the end of 2020 and possibly reach as much as $50,000.
With the right instinct and the correct information, cryptocurrencies have the potential to make you a rich person. While Bitcoin may be the most popular cryptocurrency of all, that doesn’t mean that there aren’t any other stable and good cryptocurrencies. Some that deserve a mention are Ethereum, Litecoin, Ripple, Tether, Monero, and Bitcoin Cash. Recently, even Facebook decided to step into this world and created Libra.
Lastly, we wanted to mention one feature that cryptocurrencies have which allows people to have increased online security. Although a record is kept on every transaction made with cryptocurrencies, every trader enjoys a certain level of anonymity when trading. They are fairly unknown to the eyes of the public, which makes it very hard for scammers to get a hold of their private data, thus making the traders much safer in this online world.
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