As the world moving from using the old currencies to cryptocurrencies, in Africa i think this will not work perfect as in different parts of the world like in America and Europe due to the following reasons;
First of all, what is cryptocurrency?
Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
The cryptocurrency has found it difficult to break the stranglehold of convenience, simplicity and efficiency that, like a magnet, draws millions of Africans to mobile money. The continent of 1.2 billion people is home to over 50 percent of the world’s mobile money services.
For example, with a basic telephone handset, one can send or receive money via SMS anywhere within a particular country, without the need of an "internet" connection which is the problem in Africa.
If that is the case, cryptocurrencies will likely have to fight tooth and nail to gain any reasonable market share in the mobile money-dominated payment systems in Africa, a region often touted as the next frontier for virtual currencies.
A litany of fake bitcoin schemes have not helped the cryptocurrency cause either. In Uganda, for example, thousands of people have fallen victim to a number of Ponzi schemes, including the D9 Club, which promised to pay members in BTC. The scheme, now collapsed, masqueraded as a sports trading company, promising members hefty weekly payouts in bitcoin on initial investment of between $250 and $2,000. “Scams give Africa [and crypto] a bad name,” decried Chimezie Chuta, an IT specialist and bitcoin enthusiast from Nigeria. Regulation has, as always, been a sticky issue where bitcoin is concerned.
What do think about cryptocurrency adoption in Africa? Let us discus in the comments section below.
