Tech & Crypto In Africa: Why Is There An Unfair Saturation? ( Part 2)
One thing about some Africans is that some of them wrongly tailor their accessibility, looking and spending internet time in the wrong place and things, thereby missing out on the opportunities that the 21st-century internet offers.
For example, Nigeria has a high rate of internet users, mostly Web2 applications.
The amount of money some people spend on internet time (in Nigeria) forms a huge part of their net worth when calculated overtime. spending meaningful income to gain access to WhatsApp, Instagram, and mainly Facebook.
A social slave?
I can't say, maybe too extreme?
Some people spend their screen time on these apps, using over 90% of their internet access to browse these applications. I must tell you that access to web2 applications means exposure to a myriad of information.
I mean, we mostly transcend from Web2 to web3, but a lot of people are not actually exploring the internet, they're vested in the social aspect, staying there for more than 50% of their lives.
I know people who could tell you all the trending issues, from celebrity news to sports and it's amazing how these people have the tools to access unlimited information but choose to be limited to web2 apps alone.
Web2 is the definition of limitation
Here's the thing
So one of the reasons why people are not really aware of crypto is because of their inability to consciously seek information that might tilt their finances differently.
This isn't to say some people aren't hustlers, they are, but crypto is a whole new wild wild west to them and therefore deemed too hard to understand.
People would prefer the simplicity of Ponzi scheme: invest $100 and get 70% ROI weekly not minding that ventures like this scream SCAM!
Almost everyone young person in Nigeria has read about crypto. Let's forget about the older generation, it's either 9-to-5 to them or nothing.
The older generation might never transcend to the change that's currently happening
So if crypto is going to saturate, the older generation has nothing to do to help because it's difficult to get them to come to terms and accept the idea that the sophistication of the internet has gotten so robust that it can now create life-changing opportunities.
In a nutshell, almost everyone between the age of 19 to 40 has heard about crypto here in Nigeria.
inasmuch as I might make the excuse that there aren't enough crypto outlets in Africa, I do believe that people are waiting to be spoon-fed, cajoled, and pampered to see the light, but sadly this wouldn't happen anytime soon.
The Difficulty Phrase Is Always Overemphasized
So the idea that crypto is too sophisticated and difficult is crazy because there are so many Nigerians who have defied the odds to master so many programming languages and go on to earn thousands of dollars while doing coding gigs.
In fact, it might surprise you to know that the influx of people going into tech in Nigeria is astonishing.
This is because five years ago, tech was touted to become of of the biggest money-making venture in Nigeria.
The industry of tech is now saturated, and we now have more programmers than actual programming gigs, but still, crypto has not gained that massive acceptance just like programming has.
Time Settles Everything
I still believe that this is because of the idea that crypto is too complex. One of the most amazing things about crypto is that expansion and more adoption means more value, the space is virtually big enough (pun intended).
while a lot of things will become saturated and lose the value that comes will further traction, crypto wouldn't. It is the 21st century and the sophistication of technology that is making it possible for people to build doors for themselves rather than wait for already-built doors that they can open.
On the flip side, I think the crypto innovation will happen massively in many industries in Nigeria, but being an early adopter comes with multiple advantages.
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Considering the rate at wish network data are been exhausted in a short period of time, this is not the time go online looking for things to entertain one's self, its high time Africans look for things rewarding with the several opportunity in the web3 internet today.
We keep complaining that our government does not do right by us, but yet we close our eyes to the opportunity of getting financially free without the help of the government.
The cost of entertainment is high, either you go to celebrity shows or you stay online viewing their videos, you're paying massively.
I see most youth stay online 2/3 hours of their day, spending the little they have on data, just to view everyday celebrity lifestyles and wish they have the same life as they do, not knowing that these celebrities get paid from your data through there social account as well, so why not leave them along and face your life on web3 ?
A lot of people knows this and probably still do not care enough to Change their routine. Although we cannot doubt the fact that some people have taken advantage of the web to build excellent skills for themselves. I think the endSARS protest was the only period Nigerians came to truly knowing the impact of crypto, but of course, the government outrightly bans it, putting us in our places. People have since chosen things like MMM and other pyramid scheme, but still do not try to still know about crypto and take advantage of it
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Like you said earlier said, the thought of crypto and web3 being tasking and wild has discouraged a lot, MMM and and likes offers you no task, just bring your money and in no time you get double or more, but what people don't understand is that, good and real things don't come easily
It's true that a lot of people in Africa (I am also from Africa), spend a lot of time on the internet on social media apps. This means that they may be missing out on opportunities the internet has to offer, including in the world of cryptocurrency. Even though it's understandable that some people might find crypto too complicated or hard to understand, everyone should take the time to learn about this new technology and how it could change their financial futures.
I agree that time will solve everything but I think there are a lot of people who see crypto negatively due to all the scams and hacks. So I think there need to be good applications on crypto that fit the Web3 narrative and that people want to use. When they do so, crypto will start to take off and I agree that people tend to crowd the same thing until it no longer makes them the same amount of money.
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Currently, there aren't a lot of web3 applications, in reality crypto is more represented by the centralized aspect. More people are familiar with crypto apps like binance more than they know splinterlands or koinos for example, so there has to be more apps, like you've mentioned.
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Isn’t hive just another social app
That's an aspect of it, it's bigger than that.
I also think that crypto will be massive enough to create life changing opportunities for many many people provided they take the time to build doors for themselves. They only need to have the curiosity to explore, willingness to learn and put in the work. For the early adopter, making the right moves like picking the right projects, will pay huge dividends in the future.
Crypto is still in its earliest stage, yeah. I'm thinking about 30 to 40 year of crypto, it'll be massive. Of course whoever is an early adopter in anything enjoys some certain dividends of being early. Like you've used, the willingness to explore is lacking.
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The world will probably be very different by then. Perhaps there will be many more billionaires at that time thanks to crypto/blockchain technology.
It could be that they haven't seem many relatable people who have made it big with crypto.
Yea, most persons that people here about crypto from make it out to be so difficult to learn or even master, they say it in a way as to limit the other person like it’s a difficult concept to grasp and ever understand. One has to do their own research and hear from people who are willing to tell you more about it even if it might be difficult at first but is still doable.
It's true that crypto is complicated, but it's not impossible to gain the knowledge you need to be up and doing. I think another thing is that the person who is willing to learn, but be willing to do so by themselves, even if they have people putting them through.
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Yes, the learner have to put in the work.
Yeah, it's a two-way thing. 🤗🤗
Absolutely
Yeah this is true, many also feel you need a lot of capital which isn’t true.
I was doing a microsourcing gig in 2015 online, I earned about 20$ a month, it wasn't much, but a lot of people I introduced felt it was too stressful. Naija people. Girls especially.
Fact!
We have all the spectrum of internet and many internet providers here. We also spend good sum of money over it for accessibility so its not our problem. We have good internet presence and can contest with other nation of the world. But its still expensive and the problem of the logistic in accessibility of the internet.
Fact!
By the use of the word "Slave" can be an insult based on our sensibilities but its rightly fitted into how much time and resources, we spend on internet without any visible benefit. Take a look at our content creators on web2, they are making money due to high traffic but what is those users getting? Nothing! They should transcend to web3 like we have done and hope for better as I do.
Large number of Nigerian youth are aware of crypto and its potential. Many have hodl many tokens and still trade on them despite government bans. Fact therein, Many into it are for crime related and that scares others away.
Fact!
Many don't want to work hard or be creative. Still believe on bringing people to climb a supposed pyramid of greatness.
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You are not far from the truth if not entirely the whole truth. I have some friends who will prefer spending their meal ticket on data just to follow up a particlar celebrity on WhatsApp and Instagram to know the latest. It is so painful to me sometimes when I tried talking them out.