Africa Leading Retail-Sized Bitcoin Payments Suggests Increasing Adoption
The continent is fast becoming a hotspot for growing usage of bitcoin for transactions on a day-to-day basis.The global bitcoin and cryptocurrency market is growing every day and Africa is not an exception to this. Although Africa is the smallest cryptocurrency economy by continent, it is the most dynamic. It has grown massively, receiving over $105.6 billion from July 2020 to mid-2021. In fact, it ranks as the third fastest-growing bitcoin and cryptocurrency economy in the world per Chainalysis. What’s more, Nigeria, South Africa, and Kenya all rank in their 2021 Top 20 Global Crypto....
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According to the World Bank’s Global Financial Inclusion Index, Africa has the highest mobile money adoption rate in the world. Worldwide, only 2 percent of the population possesses a mobile money account; in Africa, 12 percent of the population uses mobile money. Africa’s affinity for mobile money is one of the main reasons why many members of the Bitcoin community believe that the region is fertile ground for bitcoin adoption, especially to meet the needs of the large underbanked population that often relies on mobile money to send and receive payments. However, the reality is that....
Chainalysis has determined that most NFT transactions so far this year were from retail buyers, but the big volumes were driven by collectors and institutions. More than 80% of all nonfungible token (NFT) transactions were worth less than $10,000 in 2021 according to Chainalysis which categorized them as "retail" in recent research.A Dec. 6 report from blockchain analytics firm Chainalysis titled “The 2021 NFT Market Explained” detailed NFT transaction trends throughout 2021. Researchers at Chainalysis studied on-chain data between January and October 2021. While retail transactions....
While Africa is seen as one of the smallest cryptocurrency markets, according to a preview of Chainalysis’ Geography of Cryptocurrency annual report, this region has “some of the highest grassroots adoptions in the world.” African Volumes Mainly Composed of Retail Transfers The crypto adoption observation for Africa is corroborated by the blockchain analysis firm’s latest Global Crypto Adoption Index. According to this index, four African countries, namely Kenya, Nigeria, South Africa, and Tanzania, are all in the top 20. In addition to being the region with one....
In terms of Crypto Adoption, the developing countries are not behind. Emerging crypto markets in West Africa, such as Nigeria and Kenya, are leading the fronts in adoption. Chainalysis reported that Nigeria and Kenya ranked among the top 20 countries in the crypto adoption index. More countries in West Africa are joining the league. Ghana, […]
P2P platforms, the need for remittances to circumvent restrictions from banks, and putting savings into crypto as a means of avoiding inflation could have contributed to the growing market in Africa. Digital analytics firm Chainalysis reported that the cryptocurrency market in Africa has grown significantly since last year in addition to the region having a larger share of overall retail transaction volume compared to the global average.In a report released on Sept. 14, Chainalysis said Africa’s crypto market has increased in value by more than 1,200% between July 2020 and June 2021, with....