Crypto is gaining tremendous traction in developing countries. This development is being driven by young Africans who have only access to smartphones, not traditional finance.
The cryptocurrency market has been attracting the attention of millennials for the first time, who have the potential to further revitalize it. TikTok accounts, memetic crypto marketing, and other innovative community activities have transformed crypto behaviour into a whole new level
It is a mistake for the crypto industry to think that the majority of the population is sufficiently knowledgeable about cryptography. Crypto does not yet play a significant role in most people’s everyday lives.
Outlook on crypto
- A large percentage of Africans are ignorant of cryptocurrencies, which is why they are unwilling to invest in them.
- A recent Luno survey found that 55% of Nigerians knew nothing about crypto, whereas that number was 56% in South Africa and 64% in Kenya.
- Moreover, according to a Kucoin report, crypto transactions in Africa account for roughly 2.8% of global volumes, suggesting there is still a long way to go to boost adoption
- Economies in Africa are undergoing a revolution. It appears that the trend toward everyday commerce continues: whereas cryptocurrencies are often considered financial speculation in other parts of the world, they are becoming increasingly popular in developing nations.
These trends are being driven by small and medium-sized businesses as well as individuals in third-world countries. An impressive example of cryptocurrencies in development shows how the African continent can benefit from them.
It is important to remember that many Africans have the opportunity to open their own bank accounts due to blockchain technology. The cryptocurrency also facilitates online transactions for Africans, allowing them to enter into contracts for loans in Bitcoin
It is essential to bridge the knowledge gap and onboard future web3 experts to ensure that Africa and Africans do not fall behind.
In addition to boosting adoption and creating an ecosystem, platforms like Bloomone aim to promote adoption by educating a number of Africans via educational powered blockchain programs.
Consequently, Binance, the world’s largest cryptocurrency exchange by trading volume, continues to be at the forefront of cryptocurrency education, ensuring that crypto enthusiasts have the right information at their disposal.
The Binance Masterclass program, which provides education ranging from cryptocurrency trading to career opportunities in blockchain, launched in January 2020, aimed at increasing crypto literacy in Africa. Over 541,000 Africans have received free crypto education from Binance since then
Such programs are also important knowing fully well the blockchain industry is opening up new doors for Africans who are able to escape poverty, acquire skills, get jobs, and gain access to financial services that weren’t previously available to them.
Bottom line: Crypto adoption is still largely driven by education, which is an essential component of creating an inclusive financial system.
