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Wednesday, October 11, 2017

Crypto News: Why is Africa Slow on the Bitcoin Uptake?

Why is Africa Slow on the Bitcoin Uptake?

There are masses of potential for Bitcoin in Africa. It’s a monetary system for the unbanked, it’s trustless and far less corruptible, and it can create a new monetary system where there’s no long legacy of banking and financials.

However, across the continent, in different countries, the uptake has been surprisingly slow. From South Africa and Nigeria, as the biggest players in Bitcoin, to smaller nations like Tanzania who are seeing big growth, but with small numbers.

Perhaps one of the biggest issues facing Bitcoin adoption in Africa is educating people about digital currencies. Bitcoin and the cryptocurrency world is still a foggy minefield for those who are actively using it, so it’s difficult to try and educate a whole continent

Africa is largely a cash-based infrastructure with a simplistic model, even banking is still a novel concept to a large portion of the population.

Full story at

Source: CoinTelegraph

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