Africa is a huge potential cryptocurrency market as the continent is constantly looking for alternatives given the problems of the financial systemIn a continent where internet penetration is higher than bank account access, the unexplored potential of a peer-to-peer electronic money system seems immense. That is why cryptocurrencies are often seen as a way to realize Africa’s pursuit of financial freedom. Meeting these urgent requirements for a global decentralized financial system was part of the vision of Bitcoin creator Satoshi Nakamoto. However, the introduction of cryptocurrencies on the continent is hampered by the numerous challenges in the region.
Bitcoin in Africa
Nevertheless, the introduction of Bitcoin in Africa continues to face a whole range of challenges. Shipping bitcoins in Africa costs around $ 6. Although this can be considered appropriate for cross-border transactions, the daily use fee for the digital currency is exorbitantly high. Transaction speed is also a problem. Without sufficient infrastructure to process crypto transactions, processing a Bitcoin payment can take up to an hour.African cryptocurrencies are being created to solve these existing problems. From Akoin to Zimbocash, crypto projects across the continent have started using blockchain technology to serve specific and unique financial needs of the African population.