Blockchain

Can Cryptocurrency Decode The Financial Crisis Of Africa?

Cryptocurrency may turn the financial fortune for good in Africa

Cryptocurrency

Africa remains one of the regions where the significant chunk of the population doesn’t own bank accounts. Banking system stays to be in deplorable condition. People in Africa believes more in cash or barter system for the local payments, which can drastically pull-down any economy. So, some methodology needs to be devised to address such a grave concern. 

As per World Bank’s report, nearly 2 billion people don’t own a bank account which paralyzes them for making any online transactions. According to another report by Bill and Melinda Gates Foundation, in developing countries, only 41 percent of people hold a bank account, leaving behind 60 percent of the population in dark; and if we talk about the people living in extreme poverty, the number drops to 20 percent, which indeed calls for some much-needed attention.

Many factors roll the possibility of cryptocurrencies success chances in Africa. The notion of Cryptocurrency can very well come into play here. In Africa, almost 40 percent of adults are active through mobile banking and payment systems which indicates that technology is not a barrier.

The steep hike in phone usage in Africa will only further encourage the involvement of cryptocurrency. The sayings that “Cryptocurrencies Will Make You Super Rich” doesn’t sound weird now because of the enormous success it garnered recently.

In many of the African countries, Bitcoin and other cryptocurrencies are already making huge strides. By far, Nigeria stays a substantial explorer of virtual currency. In 2017, Nigeria’s P2P Bitcoin trading jumped about 1,500 percent; the figures stand second only to China. Soon, Zimbabwe also moved towards cryptocurrency to enhance their economic value.

Cryptocurrency

Zimbabwe has already experienced economy collapse due to its currency crisis, and after opting out for the same, the country was able to record the highest Bitcoin currency in the world. Therefore, bringing Africa under the cryptocurrency umbrella wouldn’t be that tough and would turn out to a wise decision.

South Africa is also doing reasonably well in uplifting the virtual currency outlook. Here, more than 1000 merchants have already opened up the online transaction for Bitcoins. 

The particulars as mentioned above and figures certainly cement the facts that cryptocurrencies will survive in Africa. The government should come forward and infuse some sense of conviction for the cryptocurrency operations and why not?

If bridging the people with online payment can be achieved by playing the card of virtual currency, then it should be pushed immediately. Coinbase, Crypto Trax, Enjin Wallet, and BitWorth are some of the impressive Bitcoin Mobile Apps that can come handy for using cryptocurrency.

Vikram <span>Content Manager</span>
Written By
Vikram Content Manager

Vikram is an experienced wunderkind, who embraced technology at a very early age, and today he is at the helm of it. Mobile apps are something that excites him the most, and now he is up to give this vertical the best shot. He routinely catches up with the new apps and comes up with the top apps that can excite you to the core.

Want To Hire The Best Service Provider?
MobileAppDaily will help you explore the best service providers depending on your vision, budget, project requirements and industry. Get in touch and create a list of best-suited companies for your needs.
Blockchain

Blockchain Technology: From Bitcoin To Crypto-Wallet Know It All

4 min read  

You must have heard about the term ‘Blockchain Technology’ frequently and wondering why exactly in the world everyone is talking about it. Many of us believe that the blockchain is the technology only behind the bitcoins. However, the blockchain holds the potential beyond managi

Blockchain

Global Blockchain Congress 2018, Kolkata

4 min read  

Revolutionizing every business sector, Blockchain is considered as the biggest game-changer since the invention of the Internet. The tech domain never seems to cease as developers and scientists continue to push technological limits to new heights. In recent years, theBlockchain technology has b

Blockchain

10 Ways How Bitcoin Could be Hacked

4 min read  

The blockchain system is considered one of the safest in the world at the moment. Together with other factors, it makes the price for a coin unexpectedly high. The bitcoin owners believe this is the safest and the most perspective cryptocurrency in the world which will lead humanity to financial uto

Blockchain

Bitcoin Trading App, Coinbase Grabs The Top Spot At App Store While Users Struggles To Sign In

4 min read  

Bitcoins, the cryptocurrency which is getting an enormous amount of hit nowadays and topping the tech news chart everywhere. Seems like the buzz is not only hiking the bitcoin price but also made Coinbase rank top in the Apple’s App Store. The app is used to access the digital wallet for buyin

MAD Originals
MAD Originals

Cut to the chase content that’s credible, insightful & actionable.

Get the latest mashup of the App Industry Exclusively Inboxed

  • PRODUCTS
  • SERVICES
  • BOTH
Join our expansive network, build connections and expand your brand presence.