According to Chris Maurice, CEO of Yellow Card, a cryptocurrency exchange based in Lagos, Nigeria, the use and trading of cryptocurrencies has spread across Africa and across the continent.
“In terms of the crypto scene and everything related to it, things are growing very quickly, really across the continent, but especially in Nigeria, South Africa, Ghana and Kenya.” said Maurice Cointelegraph in an interview.
With the above four countries leading the cryptocurrency boom, Maurice added: “At this point, it’s only a matter of time before it continues to expand to the rest of the continent.”
The use of cryptocurrencies in Africa is not shown on the paper
Unlike North America with its large number of exchanges, Africa sees more trading, transactions and use of cryptocurrencies free or OTC (over-the-counter), that does that The volume defined by a stock exchange is an inaccurate representation of the prevalence of the asset class.
“Most don’t go through formal exchanges.” Maurice said about the transaction volume of crypto assets. “They are carried out via WhatsApp, telegram or informal operations”, he mentioned and pointed out some examples otherwise the use of crypto across the continent.
“I would estimate that the actual volume in Africa is at least five to eight times higher than any actual number of volumes that can be found, based only on the amount of money moving through dark groups, essentially through these groups of telegram and WhatsApp” .
Maurice has seen the spread of cryptos in Africa
“I’ve heard estimates that Nigeria and South Africa are among the top 5 per capita in cryptocurrency users” Said Maurice. “I’ve seen estimates of up to 10% of people in South Africa who have or ever had Bitcoin.” added. Current Cointelegraph reports confirm this high headlines and the use of cryptocurrencies in the region.
Maurice used his experiences with the exchange, the yellow card, as well as his participation in crypto assets across the continent and found that this data was logical. “It’s very unique, especially in Nigeria and South Africa, since almost everyone you talk to has at least a basic understanding of Bitcoin.” he said, comparing the situation to that of the United States.
The use of cryptocurrencies is logical for the region
The use of cryptocurrencies is a logical option for people in the region. Maurice explained. As a global digital asset managed by people outside government control, Bitcoin has the potential to ensure fast transactions and self-managed money storage.
Maurice explained the aspects of Bitcoin as attractive to people in Africa. given the difficulties in accessing similar and more traditional options. He also mentioned this type of asset as an alternative source of income for mainland residents.
Africa’s interest in cryptocurrencies started about six years ago
African residents were interested in cryptocurrencies between 2014 and 2015. And the industry saw tremendous public transport in 2017, Maurice said.
An important year for the crypto industry, 2017 also made headlines related to cryptocurrency in Asia, North America and Europe. The industry took its place as the conventional care center, how Bitcoin has dramatically increased its price amid speculation and exaggeration. The whole global movement facilitated education about the branch, Said Maurice.
“Everyone I’ve met in Africa is very resourceful,” he explained. “If you see such an opportunity, you are interested, you want to learn more.”
Cryptocurrencies are inherently a global asset class and have grown significantly since the introduction of Bitcoin in 2009. They offer a solution to a number of problems ranging from an inflation solution in Venezuela to a financial asset class in Venezuela. North America.