Cryptocurrency Impact & Adoption In Africa
Hello everyone it's @Joetunex and @Josediccus here again, in today's session we talked about Crypto in Africa. @joetunex who has been living in South Africa took the time to analyze the crypto-friendliness of the new country in which he now resides, in comparison to when he was living in South Africa.
In one of his posts, he mentioned meeting a Hiver in the republic of Benin where he now resides. This created a conversation about the crypto-friendliness of different African countries and why we have seen a lot of adoption in Africa compared to what we've seen in other continents.
However, the fact that we're both Nigerian is the reason why we analyzed crypto in Nigeria as the country in Africa with the biggest rate of adoption and how the country itself has been putting a lot of government policies in place through the commercial banks to prevent its seamless use and adoption by even more people.
At the end of the day, we came to a Conclusion that fear and ignorance from both countries and citizens is why we haven't had a blistering rate of crypto adoption in Africa.
We discussed a workable theory as to why Nigeria is still adopting cryptocurrency despite the country's major clampdown, and why it's not been so in other African countries, then lastly, we talked about crypto's individual impact on Africans, scattered across the continent.
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Great talk on cryptos and Africa. In Kenya, the centralized system is working for many people and that's why they are not enlightened or interested in crypto. The government hasn't cracked down on cryptos because they don't see it as a threat yet. The enlightened ones are not a majority, you don't even need to have a bank account to buy BTC. You only need mobile money and a binance, paxful account and you are in business. Local bitcoins had been great but they are exiting the market.
Most centralized systems will definitely ban or try to ban crypto like Nigeria, China and recently the US. The fallen banks in the US were related to crypto, even the fall of FTX was deliberate and supposed to paint a bad picture of cryptos. The SEC in the US will stop at nothing to make cryptos look bad, but we all know the truth. Decentralization, BTC and cryptos like hive is where it's at. The sooner majority of the population know this the better.
Thank you both for sharing your experiences and wishing you a wonderful weekend ahead :}
Oh that's for the amazing enlightenment on how the system works in Kenya. I thought as much. A lot of African countries aren't explorers, they're comfortable with the centralized system provided it works for them and it's difficult for them to explore.
Crypto is rapid in Nigeria, almost 50% of the population owns or have gotten involved with crypto at some point, so it's very difficult to actually tame the herd.
In US I believe the traditional finance system is really wavering and this is the main reason for the existence of crypto.
I hope we can see more adoption in places like Kenya, Africa really needs crypto's dominance.
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That's amazing bro, I love the way Nigerians have moved with crypto and realized how centralized fiat is not in their favour. Things are slowly changing in Kenya and pretty soon we will see a reaction from govt as more young people get into the crypto space. And am sure they will as most are graduating with no jobs.
Thanks for the amazing comment and support always.
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You are welcome, keep enjoying your weekend :}
Most of us humans are wired that way, we get comfortable with things and never get curious about another way of doing things out there. Finding ways to better ourselves, will lead us to discoveries that might be of benefit.
Hopefully, Kenya continues to see crypto as not a threat, to give the youths time to discover cryptocurrency. The more time countries waste on clampdowns the better for their citizens.
Being in Benin pushed me to discover Paxful and mobile money and I am loving it! The bank is excluded from on and off-ramp cryptocurrency through this means and I hope we get more of this out there and for people to discover them.
For Africa and the world at large, I hope decentralization is understood and prioritized, that way we should be retaining the value crypto offers us, true ownership, and decentralization...
Many thanks for listening bro.
Have a great Caturday with Bob 🙂
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I didn't even know about paxful and mobile money, I think it's because peer to peer is more rampant in the country.
It is a discovery am very pleased with, the use of Paxful is quite high in Nigeria, when I listened to the podcast of the Paxful founder, he is quite bullish on Nigeria's cryptocurrency stand. The podcast was shared in my article by dalz when I wrote about my Paxful experience.
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Oh yes bro, the fact that banks aren't involved is just amazing. Mobile money and crypto made it possible to be our own bank, no need to queue for hours at a bank hall waiting your turn to withdraw your money. Now we can just keep it on the phone, log in and do transactions any time of day or night. It's liberating and amazing.
Thank you and do keep enjoying the weekend :}
A broader look might just give us a glimpse of what the future holds now that we are starting to have ways to transact out the banks like this. This is truly amazing.
A blessed Sunday to you bro.
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Peace,
I love your point about the adoption struggle Africans are facing in their respective countries.
The regulations are not all implemented in the countries so the effect varies a lot from one Nation to the next Nation.
The adoption is occurring underground as the rules change in each country. The informal aspect of these transactions can generate terrible loss or even incarceration. However, well-spirited young entrepreneurs are actively teaching and creating collaboration to ease the onboarding process into the blockchain world and cryptocurrencies.
I can't wait to watch your next episode. Your brother from Benin Republic.
Regards
We are still dealing with unclear regulations or respective government stance on cryptocurrency and with cryptocurrency still being a its early stages we regulation issues might remain the way they are now for a while.
Preventing the loss of money as much as possible should be our goal collectively as we get involve in cryptocurrency both old and new users with one of the ways being to stop seeing cryptocurrency as the opportunity to make quick money.
I get blown away seeing some young African entrepreneur like a Ghanian teenager that interviewed Jack Dorsey some time last year about Bitcoin. We need the young and the youth of our continent to take advantage of the cryptocurrency opportunity.
The challenge lies in onboarding, sharing crypto with our friends and family which is going to be the focus of our next talk and am glad you are looking forward to it.
Many thanks for watching brother, it is appreciated.
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