Cryptocurrencies like Bitcoin have increased in popularity in recent years and have made their way into African states as well, but which top 3 African countries have the highest adoption rates?
Nigeria, South Africa and Ghana have been identified by as some of the highest users of bitcoin.
Some factors that lead to this are that local currencies are affected by inflation much more easily than Bitcoin and that the value of 1 Bitcoin has also been steadily increasing since inception.
Why is cryptocurrency usage rising?
It only requires one to have internet access. It is simpler than differs from other systems like Visa/Mastercard in that it is unregulated by governments. There is no need to involve third parties and transfers or transactions can happen anywhere globally.
Some cryptocurrency wallets like Luno Bitcoin Wallet are seeing an increase in customers due to this, and can be attributed to increasing adoption of the cryptocurrency. Why is Bitcoin popular? what are its advantages? Well, here are some of them according to Bitcoin Co Ltd:
Unlike credit card payments, there are no reversals on Bitcoin transfers so payees can be assured once they are sent any cryptocurrency the sender cannot reverse the transaction, nor will the cheque bounce because sender does not have enough fund in their account.
Users do not need documents like an ID proof of address that traditional banks require to open an account. All that’s needed is a Bitcoin address and you can have multiple addresses, there is no limit.
Initially, the value of Bitcoin was volatile due to low adoption, but as more users engaged the value started appreciating daily.
Quick and Cheap Transactions
Bitcoin transfers cost very little compared to normal credit card transactions. The transactions also take less than an hour while international transfers can take days.