African Bitcoin and “crypto” users increased about 2,500% between January 2021 and January 2022 according to new research by the crypto exchange Kucoin. During the same time span, the average monthly transaction volume increased by about 1,400%.
Despite the fact that Bitcoin transactions on the African continent account for just 2.8% of worldwide volumes, the study from Kucoin implies that there are currently more payments or transfers than last year.
According to Kucoin’s research, the increasing adoption of Bitcoin among Africans may be attributable to the continent’s increasing willingness to adopt new technology. According to the survey, Cairo, Cape Town, and Lagos are driving the continent’s digitalization. According to the survey, Bitcoin transactions in Nairobi are 64% greater than in the rest of the area.
The Kucoin analysis also links the rise in “crypto” users across the continent to factors like inflation and currency rate volatility. It further claims that even in nations with lower inflation rates, informed Africans choose to safeguard their wealth with Bitcoin. There’s a reason Nigeria made the Bitcoin News Top 10 Countries for Bitcoin legal tender in 2022.
Bitcoin Education of Youth Spreading in Africa
Educating the populace about new financial technology is also regarded as contributing to the increase of bitcoin users in Africa. Independent activists lead such educational efforts. Exchanges like Kucoin are increasingly engaging in public education.
The report goes on to explain how Kucoin is attempting to educate Africans about Bitcoin.
“Not only has it [Kucoin] started a university tour-type education promotion from Nigeria in early 2022, but it has also vigorously expanded its influence in Africa on the Internet to help African people gain more information and education with multiple benefits,” the report said.
Moreover, the survey claims that 88.5% of African Bitcoin transactions are actually cross-border transfers. Less than 0.01% transaction fees are what make Bitcoin significantly more practical for cross-border transfers.