Download: The State of Crypto Africa. Arcane Research 2020 31 Page Pdf Report
Summary Africa is one of, if not the most promising region for the adoption of cryptocurrencies. This is due to its unique combination of economic and demographic trends.
While the overall adoption is relatively low, the potential is enormous, the growth is rapid, and the development is likely to become defining for the cryptocurrency industry going forward.
A young population, failing currencies and costly payments Although it is a diverse region, African nations share some key similarities and trends.
Economic problems, from high inflation rates and volatile currencies to financial issues such as capital controls and a lack of banking infrastructure, create a fertile ground for an alternative to germinate. Cryptocurrencies are positioned to become the ideal antidote to these challenges.
Bitcoin and some other crypto assets are unique in that they combine the wealth preservation properties of hard assets such as gold with the portability of digital currencies, combined with an unparalleled degree of censorship resistance.
A real use case Remittances are an important source of income to many families and a source of foreign currency to many countries. Last year, expats sent around $48 billion back to families in Sub Saharan Africa according to the World Bank. Yet, traditional money transmitting services charge very high fees, with an average of 9% for $200 remittances sent to the region.
Similarly, intra-African payments struggle with both high costs and low speed. Services like Bitpesa leverage bitcoin to overcome these issues, and P2P-platforms like Paxful are used in innovative ways to move money faster.
In addition, the use of stablecoins and decentralized finance (DeFi) can help overcome many of the problems experienced by those who are currently underbanked and excluded from international finance.
Add the demographic and societal trends, with a fast-growing, young and mobile-native population, there is no doubt that Africa is well-suited to the rapid adoption of cryptocurrencies.
While much of the focus elsewhere has been on investment, speculation, and trading, Africa, more than any other continent has a need for the utility of cryptocurrencies.
Click to Download the 31 Page Report Here:
https://static1.squarespace.com/static/5df0fdb6a73a4b1d59c74702/t/5ec7ad559bcd1c641938615d/1590144351147/The+State+of+Crypto+-+Africa.pdf
While the overall adoption is relatively low, the potential is enormous, the growth is rapid, and the development is likely to become defining for the cryptocurrency industry going forward.
A young population, failing currencies and costly payments Although it is a diverse region, African nations share some key similarities and trends.
Economic problems, from high inflation rates and volatile currencies to financial issues such as capital controls and a lack of banking infrastructure, create a fertile ground for an alternative to germinate. Cryptocurrencies are positioned to become the ideal antidote to these challenges.
Bitcoin and some other crypto assets are unique in that they combine the wealth preservation properties of hard assets such as gold with the portability of digital currencies, combined with an unparalleled degree of censorship resistance.
A real use case Remittances are an important source of income to many families and a source of foreign currency to many countries. Last year, expats sent around $48 billion back to families in Sub Saharan Africa according to the World Bank. Yet, traditional money transmitting services charge very high fees, with an average of 9% for $200 remittances sent to the region.
Similarly, intra-African payments struggle with both high costs and low speed. Services like Bitpesa leverage bitcoin to overcome these issues, and P2P-platforms like Paxful are used in innovative ways to move money faster.
In addition, the use of stablecoins and decentralized finance (DeFi) can help overcome many of the problems experienced by those who are currently underbanked and excluded from international finance.
Add the demographic and societal trends, with a fast-growing, young and mobile-native population, there is no doubt that Africa is well-suited to the rapid adoption of cryptocurrencies.
While much of the focus elsewhere has been on investment, speculation, and trading, Africa, more than any other continent has a need for the utility of cryptocurrencies.
Click to Download the 31 Page Report Here:
https://static1.squarespace.com/static/5df0fdb6a73a4b1d59c74702/t/5ec7ad559bcd1c641938615d/1590144351147/The+State+of+Crypto+-+Africa.pdf