Editors Note: The main content comes fromNEWS.BTC, compiled by Odaily reporter Wu Suixin.
For many in the so-called developed world, Bitcoin is at best a tool of speculators and at worst a tool of crime. As respected Bitcoin evangelist Andreas Antonopoulos puts it, one of Bitcoin’s most revolutionary use cases won’t happen in the US, UK or Australia.
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continent with weak banking system
ReportReportnoted that in 2014, more than 2.16 billion people lived in sub-Saharan Africa, of which66％ of people do not have bank accounts. Small national markets, lack of financial literacy, low income levels, political instability, and weak judicial systems have contributed to constraints on African banking systems. Banks continue to rely on the traditional banking model of branch networks, expensive technology, imperfect systems and limited talent pools.
The report also notes that, despite these challenges, financial inclusion in sub-Saharan Africa has increased significantly with the advent of mobile money accounts. The low penetration rate of the banking industry and the high proportion of millennials have provided opportunities for the vigorous development of fintech in Africa. In just a few years, the rise of mobile phones has brought about a revolution in the field of financial services in Africa. At the end of 2016, the number of registered mobile money accounts in Africa was227 million, more than the total number of bank accounts in the region, and more than one million of these accounts are classified as active.
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source:Africa Key Partners, 2016
As can be seen from the graph above, 167,335,676 people in the African continent use the Internet and 11% have access to a broadband connection. Of course, since the above infographic is from 2016, we can assume that these numbers will be even higher two years later. With high levels of internet users and low levels of banking services, Africa is likely ready for Bitcoin.
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Is Africa ready?
Two useful but ultimately uncertain measures of bitcoin usage are the number of bitcoin transactions taking place in a given area, and the number of companies that choose to accept the digital currency in exchange for goods and services.
First, the volume reported by CoinDance shows that more than 1,380 bitcoins were traded in the regions covered by the analysis, including 903 in Nigeria, 288 in South Africa, and 88 in Kenya. But this is by no means a complete list of African countries and their bitcoin transactions.
At first glance, comparisons with other important markets may seem to favor the continent, as the total amount of bitcoin in Africa is higher than that in Europe as a whole. But there are many problems with this comparison.
data sitedata siteIt shows that in the past week, more than 53,000 bitcoins were traded on exchanges that use the euro. In contrast, African currencies traded at zero.
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Image source: CoinMap.org
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Bitcoin Competition: The Rise of Mobile Money Service Providers
However, African countries have recently been identified as the most popular countries for mobile money service providers. One such provider is M-Pesa, which currently has 30 million users in seven African countries. In fact, non-bank payment service providers are reportedly penetrating the fastest in Africa. The Elixxr report states that in 2016 there were more registered accounts with mobile money service providers than registered bank accounts in the region.
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current development
Data DisplayData DisplayAccording to the report, African users conduct an average of 17,351 bitcoin transactions per day, which has led to an increase of more than 130% in transaction volume in the past year, echoing the predictions of many analysts that Africa will become the next major cryptocurrency market.
Recently there are alsomedia reports saidUganda is quietly becoming a pioneer in cryptocurrencies on the continent. Uganda is currently rapidly cementing itself as the continent’s blockchain country of choice. For example, the Ugandan coffee shop CaricoCafé Connoisseur announced that it has begun using blockchain technology in its coffee supply; the Binance Uganda fiat currency exchange officially launched in the country last October; Residents of the country impart knowledge and educate others on how to use cryptocurrencies, etc. All of this speaks to Ugandas determination to be a pioneer in crypto adoption in Africa.
According to a joint study between social media management company Hootsuite and global agency Wearesocialglobal survey, the report listed sub-Saharan African countries such as Ghana and Kenya among the 45 countries with the largest number of cryptocurrencies in the world.
reported thatreported thatI am Odaily reporter Suixin (WeChat ID wsuixin12), please note your name, unit, title and reason when adding friends.
I am Odaily reporter Suixin (WeChat ID wsuixin12), please note your name, unit, title and reason when adding friends.
