This archive report was first published on 24 August 2020.
On August 23, 2020, Modibe Matsepane, Community Coordinator for Africa at Paxful, shared insights on Bitcoin's use cases in Africa during an online podcast interview with the Kenyan Wallstreet.
Paxful, established in 2015, enables users to trade Bitcoin with each other using over 355 payment methods, including mobile money and bank transfers.
Matsepane highlighted several use cases that are well-suited for the African marketplace, including:
- International money remittances, which have seen significant cost reductions and near-instant transaction times with Bitcoin.
- Alternative investment assets for wealth preservation, as seen in the shift from currencies to assets like gold and cryptocurrencies in 2020.
- Freelancer payments, where peer-to-peer cryptocurrency marketplaces like Paxful provide an affordable and quick payment platform for online freelancers.
- E-commerce payments, which enable online business owners to receive payments from customers without access to formalized payment channels.
- Donations and philanthropy work, where Bitcoin and other cryptocurrencies can be used to donate to charitable projects globally.
One such project is Paxful's #BuiltWithBitcoin initiative, which aims to build 100 schools in Africa, with one school currently under construction in Machakos county, Kenya.
