BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
FOLLOW
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result

Africa Is the World Leader in Bitcoin Adoption

BlockNews Team by BlockNews Team
October 7, 2022
in Crypto, Media, Social
Africa-Bitcoin
Share on TwitterShare on Reddit

Africa’s vast adoption of cryptocurrency, especially bitcoin, continuously headlines several crypto news websites. Africa has been one of the fastest-growing markets for adopting cryptocurrency over the past year.

Africa’s Growing Appetite for Crypto

To be specific, Africa’s crypto market has increased by $105.6 billion in the last year, according to a new report by analytics firm Chainalysis and blockchain research.

The analytics firm Chainalysis estimated that African nations collectively got $105.6 billion worth of crypto between June 2021 and July 2020. This is equal to a growth rate of over 1200% in terms of value received by Africa in the past year.

Using this data, Africa has the highest peer-to-peer payment platforms in terms of transaction capacity across all regions.

“No region uses P2P platforms at a higher rate than African cryptocurrency users, as they account for 1.2% of all African transaction volume and 2.6% of all volume for Bitcoin specifically,” the report partly read.

However, the Chainalysis report disclosed that Africa’s cryptocurrency market share is the most minor compared to other markets. Per WorldBank, Sub-Saharan Africa’s median GDP per capita is $1,483. Comparing this value to the European Union’s GDP, which is $33,927 per capita, Africa’s wealth output is 22 times lower.

Regardless of its small crypto economy, Africa “has some of the highest grassroots adoptions in the world, with Kenya, Nigeria, South Africa, and Tanzania all ranking in the top 20 of our Global Crypto Adoption Index “, as noted by Chainalysis. The numerical value to indicate Africa’s grassroots adoption, confirmed by Chainalysis, is above 7%, higher than 5.5%, the global average.

The report further stated,

“Drilling down further, Africa also sees a bigger share of its transaction volume made up of professional, large retail, and small retail-sized payments than the global average. These numbers are a big part of why many African countries rank high on our adoption index, as smaller transfer sizes suggest higher grassroots adoption amongst everyday users.”

Remittances in the Form of Cryptocurrency

“Cross-region transfers also make up a bigger share of Africa’s cryptocurrency market than any other region at 96% of all transaction volume, versus 78% for all regions combined”, Chainalysis said in their report.

From all the regions Chainalysis studied between July 2019 and June 2020, Africa’s cross-region value received topped. This means that more Africans get their remittances via crypto. Chainalysis also reported that the monthly growth of crypto payments below $1000 is a possible indication of an increase in crypto-based remittances to Africa. The research company considers the upper boundary of approximated remittances sent to the continent of $1000.

Besides, a study found that Sub-Saharan Africa got roughly $48 billion in remittances in 2019, and Nigeria received half of this amount, according to a study conducted by Brookings Institute. Additionally, World Bank remittance data indicates that Sub-Saharan Africa is the most expensive region to send money to. Therefore, cryptocurrencies, commonly bitcoins, have always been used to reduce the cost and speed of remittances.

Africans are accustomed to using phones for payments because of the widely used M-pesa. This is a small step to shift to a blockchain-based P2P. from a fiat-based P2P, which might increase the adoption rate of Bitcoin and other cryptocurrencies.

Tags: AfricaBitcoincrypto
Tweet1ShareShare1

DON'T MISS THESE! HOT OFF THE PRESS

Members of Pop Social
Media

Pop Social Raises $4M in Strategic Seed Round

September 27, 2023
Riot Bitcoin Farming Facility
Featured

Texas now leads U.S. Bitcoin mining, outpacing former leaders Georgia and New York

September 27, 2023
binance bitcoin - Eth
Business

Binance Makes a Comeback in Belgium, Three Months After Order to Stop

September 27, 2023
Coinbase Logo over dotted map of Europe
Business

Coinbase Strengthens European Footprint with Bank of Spain Registration

September 27, 2023
Crypto Coins on European Flag
Crypto

European Investors’ Rising Confidence in Cryptocurrency Divergent From US Sentiments

September 27, 2023
Terra Luna Logo
Crypto

Terra Classic Community Votes to Stop Minting and Reminting USTC Tokens

September 27, 2023
Load More
Next Post
MakerDAO-Logo

MakerDAO to Invest $500M in US Treasurys, Corporate Bonds

Italy-bitcoin

73 Unvetted Crypto Firms Secure Regulatory Approval in Italy, Yet to Be Vetted

Deso-Logo

Decentralized Social Network’s DeSo Token Rallies Amid Stablecoin Plans

Related News

coinbase protocol

Coinbase Protocol Lead’s Bold Prediction: 8 Billion On-Chain Users by 2033

July 21, 2023
Binance-Logo

Binance Still Funding Elon Musk’s Twitter Takeover

October 11, 2022
Mitsubishi Trust and Banking Building

Mitsubishi Trust and Banking and Binance Japan Partner for New Stablecoin Development

September 26, 2023

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
Discord Twitter Instagram TikTok
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Featured
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Pop Social Raises $4M in Strategic Seed Round September 27, 2023
  • Texas now leads U.S. Bitcoin mining, outpacing former leaders Georgia and New York September 27, 2023
  • Binance Makes a Comeback in Belgium, Three Months After Order to Stop September 27, 2023

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022-2023 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?