The race for bitcoin investments is not limited to just the borders of Western or Asian countries. With a vast network of open exchanges within its territory, Africa today emerges as one of the continents where numerous needs are met, just like some Western countries. Often left behind in the economy and scientific invention, Africa is nonetheless as concerned with cryptocurrency as the other continents of the world. Let’s zoom in on the various bitcoin movements on the African continent.
Countries with the Highest Number of Bitcoin Transactions in Africa
Bitcoin has experienced significant growth globally since its creation in 2009. This growth was characterized by emerging cryptocurrency markets, significant fluctuations in fiat currencies, and infrastructure development. This news was adopted by the vast majority of countries worldwide, notably those on the African continent, with the following countries leading the list:
1. Nigeria
Nigeria is considered the leading country among African nations that have adopted cryptocurrency and one of the international leaders in bitcoins. Practiced by thousands of young people in Nigeria, bitcoin transactions account for a significant figure in this part of the world.
This is the case, for example, of the young Nigerian Tola Fadugbagbe, who was able to realize his dream thanks to bitcoin. In 2016, as he left his country seeking a better life, this young Nigerian said he was motivated to join bitcoin users, thanks to advertisements that managed to pique his curiosity. So he decided to embark on this project, with a total investment of only $100. Today, he feels happy to have made an investment that allowed him to build his own house and open a large farm.
Another example is Michael Ugwu, a young entrepreneur in the media field, who sold his land to invest in bitcoins. This investment resulted in a 50-fold increase over the gains he would have invested.
Nigeria is currently ranked third in the top 10 countries with the largest volume of bitcoin exchanges. However, Nigeria has recently faced an economic crisis that has pushed the country into a second recession in five years. In addition, the country recently devalued its local currency, the naira, by 24% and is facing a potential further 10% drop. In light of this situation, bitcoin appears to be an alternative currency that will allow many Nigerians to overcome the impasse and invest in https://bitcoin-code.io/fr/
One of the major issues with the deployment of bitcoin in Nigeria is the government restrictions regarding cryptocurrency, which they perceive as a threat to the country’s internal security. Some users claim to have been forced to open accounts outside the country.
2. South Africa
After Nigeria, South Africa is one of the most active African countries in terms of bitcoin exchanges. Considered one of the most advanced countries in terms of economy in Africa, South Africa achieved a figure of over $2.5 million in bitcoins in a single year, according to the cryptocurrency exchange Paxful.
Many young South Africans have shown particular interest in bitcoins on research networks like Google. It is believed that this interest is fueled by the need of young South Africans to familiarize themselves with literacy technologies, like those used by bitcoin through its blockchains.
