This archive report was first published on 27 November 2019.
Bitcoin's Rise in Africa ¶
Launched in 2009, Bitcoin is a decentralized virtual currency that uses peer-to-peer networks to send and receive funds. Its popularity peaked at over $20,000 per coin in 2017, making it a viable alternative to traditional payment methods.
Bitcoin's convenience and security features have made it an attractive option for Africans, who often face limited banking penetration and credit/debit card availability. The cryptocurrency can be purchased using local payment systems like mobile money Mpesa in Kenya and Tanzania, and physical Bitcoin ATM machines are increasingly available on the continent.
4 Reasons Why Africans Are Becoming Interested in Bitcoin ¶
It is Safe, Anonymous and Secure ¶
Bitcoin is a decentralized currency that is not owned by any institution or government. This makes it an attractive option for Africans, who can make safe and secure transactions online without leaving personal details associated with other forms of payments.
With the limited banking penetration and credit/debit card availability in Africa, Bitcoin presents an effective alternative for online transactions. The continent-based credit cards are regularly rejected by many online transaction companies, making Bitcoin a viable option for Africans.
Lucrative Returns ¶
Bitcoin has been termed as the
