For example, the South African Rand has lost more than 50% of its value against the US dollar in the past decade. Similar scenarios take place in Nigeria, Egypt, Algeria, Ethiopia and Ghana. According to the report, the scarcity of bitcoin is interesting for residents of these countries for economic reasons, while its decentralized and neutral nature offers protection against political chaos and instability.
Moreover, the majority of roughly 1 billion people south of the Sahara have no or inadequate access to the banking system, according to The World Bank. The costs of international money transactions to Africa are also among the highest in the world. Unlike in the Western world where bitcoin is mainly a speculative tool, bitcoin could offer real solutions for the African continent. Read more about Bitcoin at Mrbitcoinexchange.com
“Africa is one of, if not the most promising region for the adoption of cryptocurrencies due to its unique combination of economic and demographic trends. We already see a lot of growth related to cryptocurrency in Africa and expect this development to accelerate in the years ahead . ” – report The State of Crypto – Africa
Just like South America, many eyes are therefore focused on Africa, because conditions seem ripe for the adoption of bitcoin and the population could benefit greatly. According to the recent documentary ‘Banking on Africa – The Bitcoin Revolution’, Africa could even catch up on technology.
Bitcoin’s enormous potential for Africa is also being noticed by others. For example, the CEO of Twitter and Square Jack Dorsey wrote in a tweet six months ago: “Africa will define the future (especially the bitcoin one!)”. Dorsey is rumored to have plans to do ‘something’ with Africa and bitcoin.