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Africa’s Bitcoin adoption grows by 1,200% within a year

Over the past year, Bitcoin adoption in Africa has grown by over 1,200%. According to a report by blockchain analytics firm Chainalysis, Africa is the third-fastest growing Bitcoin...
Africa’s Bitcoin adoption grows by 1,200% within a year © Reuters. Africa’s Bitcoin adoption grows by 1,200% within a year

Over the past year, Bitcoin adoption in Africa has grown by over 1,200%.

According to a report by blockchain analytics firm Chainalysis, Africa is the third-fastest growing Bitcoin economy globally. The increased crypto activity in the region has been fuelled by retail investors who turn to Bitcoin for savings, remittances, and peer-to-peer (P2P) trading.

Artur Schaback, COO and co-founder of P2P exchange Paxful, told Chainalysis that his platform had seen immense growth in African countries over the past year, notably 57% in Nigeria and over 300% in Kenya. In fact, Africa has the largest volume of P2P Bitcoin trading in the world due to banking restrictions from authorities.

African citizens have been able to bypass government restrictions on remittances and transfer funds across borders by purchasing Bitcoin through P2P markets.

Schaback also explained that Bitcoin allows African businesses to make international transactions more efficiently. They resort to P2P markets for purchasing Bitcoin and for paying for goods they wish to import, a more efficient way than using the traditional banking system.

If you’re working with a partner in China to import goods to sell in Nigeria or Kenya, it can be hard to send enough fiat currency to China to complete your purchases […] It’s often easier to just buy bitcoin locally on a P2P exchange and then send it to your partner.
Another use case that is fueling Bitcoin adoption in Africa is the continent’s hostile economic conditions, where fiat currency debasement is often the norm.

Meanwhile, the Nigerian government has decided to tackle rising Bitcoin awareness and usage in its jurisdiction by developing its own central bank digital currency (CBDC). Its citizens have not shown much interest in the e-naira project and might continue using the far superior Bitcoin, according to Adedeji Owonibi, CEO of blockchain consultancy firm Convexity.

Last week in a Clubhouse room of Nigerian crypto users, I asked the group if they would use the e-Naira when the central bank rolls it out […] The overwhelming majority of attendees said no because they expect it to have the same instability and management issues the Naira has today.

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22-09-2021 10:11:25 (UTC+7)

EUR/USD

1.1724

+0.0001 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (6)

Sell (0)

EUR/USD

1.1724

+0.0001 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (6)

Sell (0)

GBP/USD

1.3661

+0.0001 (+0.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (8)

USD/JPY

109.43

+0.22 (+0.21%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (1)

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AUD/USD

0.7252

+0.0021 (+0.29%)

Summary

Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (4)

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USD/CAD

1.2787

-0.0028 (-0.22%)

Summary

Sell

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Buy (5)

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EUR/JPY

128.30

+0.27 (+0.21%)

Summary

Neutral

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EUR/CHF

1.0836

+0.0013 (+0.12%)

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↑ Buy

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Gold Futures

1,778.60

+0.40 (+0.02%)

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Silver Futures

22.820

+0.209 (+0.92%)

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Copper Futures

4.2285

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Crude Oil WTI Futures

71.19

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Brent Oil Futures

74.99

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Natural Gas Futures

4.839

+0.036 (+0.75%)

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US Coffee C Futures

183.70

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Euro Stoxx 50

4,097.51

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S&P 500

4,354.18

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DAX

15,348.53

+216.47 (+1.43%)

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FTSE 100

6,980.98

+77.07 (+1.12%)

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↑ Buy

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Hang Seng

24,221.54

+122.40 (+0.51%)

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Neutral

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US Small Cap 2000

2,190.36

+8.15 (+0.37%)

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↑ Sell

Moving Avg:

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IBEX 35

8,756.00

+100.60 (+1.16%)

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Neutral

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BASF SE NA O.N.

62.280

+0.620 (+1.01%)

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↑ Sell

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Bayer AG NA

45.70

+0.47 (+1.04%)

Summary

↑ Buy

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Buy (7)

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Allianz SE VNA O.N.

187.45

+3.59 (+1.95%)

Summary

↑ Buy

Moving Avg:

Buy (7)

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Adidas AG

281.90

+1.38 (+0.49%)

Summary

↑ Sell

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Buy (0)

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Deutsche Lufthansa AG

8.377

-0.287 (-3.31%)

Summary

↑ Sell

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Siemens AG Class N

145.32

+3.06 (+2.15%)

Summary

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Deutsche Bank AG

10.095

-0.135 (-1.32%)

Summary

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Moving Avg:

Buy (6)

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Sell (3)

 EUR/USD1.1724↑ Buy
 GBP/USD1.3661↑ Sell
 USD/JPY109.43Neutral
 AUD/USD0.7252Buy
 USD/CAD1.2787Sell
 EUR/JPY128.30Neutral
 EUR/CHF1.0836↑ Buy
 Gold1,778.60Sell
 Silver22.820↑ Buy
 Copper4.2285↑ Buy
 Crude Oil WTI71.19↑ Buy
 Brent Oil74.99↑ Buy
 Natural Gas4.839Neutral
 US Coffee C183.70↑ Buy
 Euro Stoxx 504,097.51↑ Buy
 S&P 5004,354.18↑ Sell
 DAX15,348.53↑ Buy
 FTSE 1006,980.98↑ Buy
 Hang Seng24,221.54Neutral
 Small Cap 20002,190.36↑ Sell
 IBEX 358,756.00Neutral
 BASF62.280↑ Sell
 Bayer45.70↑ Buy
 Allianz187.45↑ Buy
 Adidas281.90↑ Sell
 Lufthansa8.377↑ Sell
 Siemens AG145.32↑ Sell
 Deutsche Bank AG10.095Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,660/ 5,710
(10/ 10) # 815
SJC HCM5,650/ 5,715
(5/ 5) # 819
SJC Hanoi5,650/ 5,717
(5/ 5) # 821
SJC Danang5,650/ 5,717
(5/ 5) # 821
SJC Nhatrang5,650/ 5,717
(5/ 5) # 821
SJC Cantho5,650/ 5,717
(5/ 5) # 821
Cập nhật 22-09-2021 10:11:27
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ↀ Giá vàng thế giới
$1,777.70+12.580.71%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-IV2149021910
RON 95-II,III2139021810
E5 RON 92-II2014020540
DO 0.05S1602016340
DO 0,001S-V1637016690
Dầu hỏa1508015380
ↂ Giá dầu thô thế giới
WTI$71.19-0.87-1.23%
Brent$74.99-0.87-1.16%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD22.630,0022.860,00
EUR26.007,0827.360,60
GBP30.295,3831.561,13
JPY203,28215,04
KRW16,6220,24
Cập nhật lúc 10:04:54 22/09/2021
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