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Bitcoin’s bright future in Africa

Photo of: Nathan VDH
by Nathan VDH

One of the strengths of cryptocurrency is that it is accessible to all. To cope with inflation or to protect capital, cryptos are widely used in countries facing a significant economic crisis. For example, there is a significant use of crypto in Africa. As the head of the movement, Bitcoin is becoming more and more democratized in this continent. Back to the recent ranking of the most Bitcoin friendly African countries!

The Paxful exchange platform was launched in 2015. Since October 2019, the growth in the number of transactions recorded on the platform has been around 25%! Most of the transactions concern the African cryptos market, with Nigeria being the leader in this market.

Paxful’s main mission is to bring banking solutions to populations outside the system. Currently, Paxful has more than 4.5 million users worldwide. The platform allows instant buying and selling of Bitcoin (BTC) and Tether (USDT). To be as accessible as possible, Paxful brings together more than 300 payment solutions such as BuyCoins, Bitsika or Carbon.

The most Bitcoin friendly countries in Africa
Recently, the company Paxful communicated data on the African cryptos market. It clearly emerged that Nigeria was the leading country in Africa for Bitcoin transactions. Paxful thus indicated that Nigeria represented a monthly transaction volume of around 66 million dollars! A record for the volume of Bitcoin transactions was even reached in 2020. Thus, in April 2020, the platform recorded more than 15 million dollars of transactions! Currently, the Paxful platform has about 620,000 users in Nigeria.

Behind Nigeria, what other countries in Africa use Bitcoin a lot? According to Paxful data, Nigeria is followed by the following trio: Ghana, Kenya and South Africa.

These data confirm all the good that many investors think about cryptocurrencies. Thanks to the decentralization of their system, cryptocurrencies and Bitcoin first represent a real solution for struggling economies. It is even in these countries that the future of cryptos is at stake for many investors.

“Nigeria, Ghana, Kenya and South Africa are our main markets in Africa. There is no doubt that these emerging markets represent the future of the crypto economy. These daily data confirm what we have long been convinced that technology-minded Africans are using Bitcoin to invest, trade, send money abroad and create capital.” Ray Youssef, CEO of Paxful