When it comes to technology,Africa,frantically speaking has always lagged behind and it usually take some period of time before Africans have knowledge of and accept things that are revolutionary.This will always be a challenge for bitcoin and other cryptocurrencies to be widely embraced in Africa.The skepticism about internet activities not being secured is also what pushes bitcoin off the mind of most Africans.Seeing the immense movement of people from flat currency to bitcoin and acceptance of bitcoin by big companies in other parts of the world,this is building some confidence about bitcoin.The most important thing that could stand in the path of bitcoin in Africa is the level of literacy of most Africans.
AWARENESS AND USAGE
Although,bitcoin has not really much gain ground in Africa.But the knowledge of and awareness of bitcoin is growing everyday from the past years.Just on march 3-4 2016 The Blockchain and Bitcoin Africa conference took place and this has been a tremendous trigger to the awareness level of bitcoin in Africa.Mechants are now beginning to accept bitcoins as payment option.The start of 2016 also witnessed the most popular shopping platform in South Africa accepting bitcoin.
Anarie Sengbe the co-founder of ProducTank believes the ripple effeectb is imminent from this particular event.Speaking to cointelegraph,Anari said;
“Bidorbuy is the most popular shopping platform in South Africa.I think the fact that it started accepting bitcoin will cause the ripple effect.It should have a bigger ripple effect than Overstock.Overstcck accepting bitcoin didn’t see ebay accepting bitcoins,but this could be reverse.If the biggest shopping site is accepting bitcoin,that means its competitors now have to at least think about it.This is really good for South African shoppersbecuse a discount war should start when five or more big sites start accepting bitcoin.I lso do not think there will be too many challenges for bidorbuy because they have accepted the biggest challenges so far,whuch is just being willing t accept bitcoin,in doing so they have also accepted the challenge of educating their about bitcoin.They’ll find more loyal customers now than ever before.Everyone remember when they got or spent their first bitcoins. ”
Werner Van Rooyen ,head of business Development and Growth at Bitx,the biggest bitcoin exchange in South Africa in terms of user base and average trading volume,speaks with cointelegraph about the bitcoin penetration in South Africa.He stated there are tens of thousands of merchants accepting bitcoin in South Africa as the Government is friendly.
Recently also,there is a growth in bitcoin adoption in the giant of Africa.There was an increased movement from flat currency to bitcoins.This could be as a result of economic recession that is hitting the country really hard.Interest in the worlds digital currency is growing rapidly in Nigeria,says an official of Bitx hich recently announced that its smart wallet hit 100,000donloads on Google Play.
The trading volumes have since been increasing across the African continent,as people are no seeing bitcoin as a safe haven for their wealth.Bitcoin has proven itself as a matured cryptocurrency with tremendous growth in time.
Bitcoin is open,fast and cheap and soon will see more increased growth and more people will adopt bitcoin.Bitcoin as a brighter future and people are already seeing it as alternative to flat currency.