Africa was last in the news when there was an enormous traffic observed on google regarding the Bitcoin and other cryptocurrencies. The popularity of Bitcoin in Africa apparently doesn’t seem to have taken a halt. Paxful, which is a p2p cryptocurrency marketplace, is offering Africans hundreds of options to either buy or sell the world’s most popular digital currency.
Most of the cryptocurrency related activities take place in Asia, mostly owing to the regulation and speculations. But when it comes to cryptocurrency trading, Africa is breaking the barriers by being an active hub for cryptocurrency trading, especially Bitcoin. An eye-opening $40,000,000 of buying and selling of Bitcoin in Africa takes place on a monthly basis upon the Paxful exchange.
As a matter of fact, a couple of African countries occupy two of the top three market spots on Paxful. The United States is number one, Nigeria and Ghana at second and third respectively.
People in Africa have been making full use of the platform, Paxful in order to purchase cryptocurrencies on the peer-to-peer cryptocurrency exchange. The exchange business is a hot business in Africa. Paxful understands many people in Africa are unbanked and need access to the online economic marketplace. The exchange also offers hundreds of methods for buying and selling Bitcoin in Africa, even as gift cards.
Paxful co-founder Ray Youssef explains why people in Nigeria, Ghana, Zimbabwe, and other African nations have eagerly accepted cryptocurrencies.
“[Africans are] converting their savings into crypto to preserve their wealth from hyperinflation. Nigeria’s fiat currency, Naira, has lost 90% of its value when compared to the USD and EUR in the past two years alone. Meanwhile, Bitcoin rose over 1,000% in 2017.”
In fact, buying and selling of Bitcoin in Africa has become increasingly popular because the cryptocurrency allows for very new economic opportunities. Vendors can sell their wares to a worldwide audience and be paid in Bitcoin, even despite the bitcoin volatility. This participation earns successful entrepreneurs better rewards. They can then hire more employees, which then helps boost the local economy.
Another reason why buying Bitcoin in Africa has become so popular is that it allows individuals to navigate around a heavy bunch of stressful regulations. For example, banks in Nigeria limit a person to only being able to spend $100 a month for online purchases. If you want something that costs more than a hundred dollars, then you’re out of luck. However, Paxful customers can use their Bitcoin wallets to escape such stringent policies. The decentralized, peer-to-peer aspect of cryptocurrency allows people to take their economic freedom back into their own hands and out of those of centralized institutions.
Thus, cryptocurrency is not a only new means of buying things but also doing them in order to escape and break the barriers and the obstacles that one has to encounter with physical money or other forms of currency for that matter.
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