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[SCAMEXPOSER]

Nairametric was also to revealed from it research that in the year 2019 Africans sent about $8 billion in term of bitcoin transaction and recieved about $8.1 billion worth of bitcoin , this was a result of the huge transactions fee and inconvenience the local banks made customers pass through.
World Bank recently revealed that the average cost transactions of $200 in Sub Africa is arround 6.8%.
To send $10,000 worth of bitcoin.may take up to $5 fee.

 

[Josemendez]

I think Africa is among the first three continent that has welcomed and use cryptocurrency very well. Of course the high transaction will definitely prompt the high fee too

 

[Niftyicon]

When it comes to embracing Cryptocurrencies, I must admit that Africa has done well. Maybe it is because of the weakened currency that most nations there have, so anything to beat the inflation is welcomed.

 

[highspeed]

Maybe, in my opinion, this is due to the financial crisis that took the frighteningly African banks! (and however, not just those)
So they had to sell most of their savings under the form of cryptocurrency.
But I'm sorry, your statement " To send $10,000 worth of bitcoin.may take up to $5 fee!",! is not at all clear to me.
Are you sure? You know it seems to me anyway a low commission fee!
Greetings.

 

[Josemendez]

When it comes to embracing Cryptocurrencies, I must admit that Africa has done well. Maybe it is because of the weakened currency that most nations there have, so anything to beat the inflation is welcomed.

Yeah. I think this is the major factor . An African who earned as low as $10 online through cryptocurrency will have something tangible in local currency after conversion

 

[highspeed]

Yeah. I think this is the major factor . An African who earned as low as $10 online through cryptocurrency will have something tangible in local currency after conversion

Yes I agree. Even if I don't know the African currencies at all, I can assume that they have a decidedly "trifling" value, especially in this period. And I'm sorry for them, of course ...
greeting.

 

[ELSA-ELI]

When it comes to embracing Cryptocurrencies, I must admit that Africa has done well. Maybe it is because of the weakened currency that most nations there have, so anything to beat the inflation is welcomed.

But most of our transactions for luck of a better term are more less like black market transactions coupled with huge fees if we are to go th right channel and if not less than 2% of African economies and political governments have embraced cryptocurrency in theory meaning there is no law that has been instituted to allow the intergration of crypto in the exchange of goods,commodities and services legally in Africa.

 

[Niftyicon]

But most of our transactions for luck of a better term are more less like black market transactions coupled with huge fees if we are to go th right channel and if not less than 2% of African economies and political governments have embraced cryptocurrency in theory meaning there is no law that has been instituted to allow the intergration of crypto in the exchange of goods,commodities and services legally in Africa.

I get your point however, I don't think legalizing crypto will be happening soon in most African countries because we have too many greedy leaders. About the black market, that has been in vogue way before crypto. For instance people would rather exchange their dollars through black market than any official channels since you get more value for your money.

 

[ELSA-ELI]

I get your point however, I don't think legalizing crypto will be happening soon in most African countries because we have too many greedy leaders. About the black market, that has been in vogue way before crypto. For instance people would rather exchange their dollars through black market than any official channels since you get more value for your money.

ahhh this makes me wonder and even would break me so hard.Why then should we call the world a global village?Look at the case of the pandermic,it did not have to wait till a couple of years to put the entire world on a stand still.We need to be alive to the fact that what trends everywhere is what is actually on the ground happening.It's on us to be liberated from the slamber and drive the economy one person at a time.

We need to capitalise on this huge increase in btc usage in africa and push for it to be integrated and be acknowledged as a legal tender to trade goods,services and commodities.

 

[Josemendez]

I get your point however, I don't think legalizing crypto will be happening soon in most African countries because we have too many greedy leaders. About the black market, that has been in vogue way before crypto. For instance people would rather exchange their dollars through black market than any official channels since you get more value for your money.

On the contrary it will be possible because of these greedy leaders who will love to store up their stolen money using cryptocurrency as the platform .

 

[Niftyicon]

On the contrary it will be possible because of these greedy leaders who will love to store up their stolen money using cryptocurrency as the platform .

Those leaders would not store up their loot in a legal tender in the country just the same way they store up in dollars and pounds now. My thoughts though.

 

[Josemendez]

Those leaders would not store up their loot in a legal tender in the country just the same way they store up in dollars and pounds now. My thoughts though.

If cryptocurrency becomes legal in a country , it doesn't mean that it can be controlled . No one will know about their loot saved in cryptocurrency because of the annoymous nature of cryptocurrency

 

[George10640]

This is because of high restrictions with other payments methods. Sites like PayPal limit a lot users in Africa.With fast payment and easy transactions with bitcoin making people use it.The other thing is that bitcoin has been new with Africans and something new is always in use at most times.I do love also transaction with bitcoin but at sometimes the transactions are higher .

 

[Niftyicon]

This is because of high restrictions with other payments methods. Sites like PayPal limit a lot users in Africa.With fast payment and easy transactions with bitcoin making people use it.The other thing is that bitcoin has been new with Africans and something new is always in use at most times.I do love also transaction with bitcoin but at sometimes the transactions are higher .

Well, the transaction fees are the downside many of us are having with crypto such as ETH and BTC. I am not sure anything can really be done about that but it will be good if there is.

 

[Nicklaus_nick]

Bitcoin has really help Africans in having a smoother transaction with business abroad considering some country's currency is weak against the dollar.

 

[Wisdom01]

What I notice is that many crypto users in Africa are more focused on bitcoin and doesn't care more on other crypto currency for transaction and others

 

[Niftyicon]

What I notice is that many crypto users in Africa are more focused on bitcoin and doesn't care more on other crypto currency for transaction and others

You are right about that. I think we are just gradually getting exposed to the other coins in recent times. I guess it is because bitcoin has been here longer, so many who hear Cryptocurrencies, only think of bitcoin.

 

[Brain]

When it comes to embracing Cryptocurrencies, I must admit that Africa has done well. Maybe it is because of the weakened currency that most nations there have, so anything to beat the inflation is welcomed.

You are the right, most Africans countries have weakened currencies and as such anything to bring more money will be welcomed. Like Bitcoin exchange for naira is high in my country.

 

[SCAMEXPOSER]

The weak currency is what makes lots of African countries to embrace Crypto currencies both in the area of working to earn them, trading and exchanging them too.

 

[Wisdom01]

You are right about that. I think we are just gradually getting exposed to the other coins in recent times. I guess it is because bitcoin has been here longer, so many who hear Cryptocurrencies, only think of bitcoin.

Sure that's just it ? when you check most site that accepts payment in Africa you will see that it covers mostly bitcoin and other crypto currencies are left out