In developing countries, cryptocurrency is getting a lot of traction. Young Africans, who only have access to cellphones rather than traditional banking, are driving this growth.
For the first time, the cryptocurrency market has attracted the attention of millennials, who have the capacity to further reinvigorate it. TikTok accounts, memetic crypto marketing, and other cutting-edge community activities have elevated crypto behavior to new heights.
The crypto sector is making a mistake by assuming that the bulk of the populace is properly versed with cryptography. Cryptocurrency does not yet play a substantial role in the majority of people’s daily lives.
Outlook on Crypto in Africa
- A large percentage of Africans are ignorant about cryptocurrencies, which is why they are unwilling to invest in them.
- A recent Luno survey found that 55% of Nigerians knew nothing about crypto, whereas that number was 56% in South Africa and 64% in Kenya.
- Moreover, according to a Kucoin report, crypto transactions in Africa account for roughly 2.8% of global volumes, suggesting there is still a long way to go to boost adoption
- Economies in Africa are undergoing a revolution. It appears that the trend toward everyday commerce continues. Whereas cryptocurrencies are often considered financial speculation in Africa, they are becoming increasingly popular in developing nations.
An outstanding example of cryptocurrencies in development demonstrates how they might assist the African continent.
It’s crucial to note that, thanks to blockchain technology, many Africans can now open their own bank accounts.
To ensure that Africa and Africans do not fall behind, it is critical to overcome the knowledge gap and integrate future web3 professionals.
Platforms like Bloomone aim to increase acceptance through educating a large number of Africans through educational blockchain initiatives, in addition to increasing adoption and developing an ecosystem.
As a result, Binance, the world’s largest cryptocurrency exchange by trading volume, is at the forefront of cryptocurrency education, ensuring that cryptocurrency aficionados have access to the most up-to-date knowledge.
The Binance Masterclass program, which teaches everything from cryptocurrency trading to blockchain employment options, debuted in January 2020 with the goal of raising crypto literacy in Africa. Since then, Binance has provided free crypto education to over 541,000 Africans.
Such programs are especially critical, given that the blockchain industry is opening up new possibilities for Africans to escape poverty, obtain skills, find work, and access financial services that were previously unavailable to them.