Expert Roundup: Cryptocurrency & Peer to Peer Bitcoin Trading in Africa: The Paxful Blog
Cryptocurrency and peer to peer bitcoin trading have proven to become a financial boon for emerging economies in Africa. Since their inception, these digital currencies have provided a financial platform for the underbanked which traditional banks had not been able to do for centuries.
Be it e-commerce, remittance, wealth preservation, or gray markets, cryptocurrencies, in general, have provided a much larger avenue for the Africans who were severely limited before the launch of bitcoin. Another sector where cryptocurrencies are revolutionizing African economy is through peer to peer finance.
There are several restrictions set to an Average African that we take for granted. For example, the usual spending allocated to Nigerian debit card is about $100. Also, there is a limit of money which you can take with you while flying abroad–usually less than 5 thousand euros.
Amid these seemingly relentless impositions of arbitrary rules, peer to peer finance gives them the liberty they yearn for and deserve. Such is the growth of P2P finance in Africa that Paxful grew by 46% in trade volume compared to the same term last year.
We decided to reach out to 33 cryptocurrency experts and asked them the following question:
What do you think of the potential of cryptocurrency and peer to peer bitcoin trading to bootstrap African economies?
“Africa is a promising market with huge potential in the cryptocurrency industry. Bitcoin provides a safe haven for economic instabilities in the majority of African countries.
For example, M-pesa (a mobile phone-based money transfer service) has become one of the most usable apps in Kenya; Binance, one of the leading crypto exchanges, is expanding in Africa by opening Binance Uganda. There is a huge demand for financial innovations including cryptocurrency in African countries.
I was born in Egypt, one of the most popular countries in North Africa, and I know for the fact that the number of people buying bitcoin as a store of value is increasing dramatically, especially after the country floated the Egyptian pound and put extreme measures on international wire transfers. A lot of people there started to use bitcoin to move money in a low-cost and efficient way.
One of our short-term goals at BelcoBTM, a cryptocurrency kiosks company, is to install bitcoin ATMs in Africa, especially after the new ATM software update started to support different African languages and currencies.
A lot of people ask me about the effect of Bitcoin current price on the cryptocurrency industry: The sales volume in BelcoBTM Kiosks in November spiked at least twice since April while Bitcoin price falls under 4k – there is a huge demand right now in crypto market everywhere.”
Read the full article here.
Author: Minuca Elena