Africa is prime to be the next frontier for cryptocurrency. Initially, many African investors considered crypto a fad.
However, with increased use cases in the financial world, crypto is going mainstream in Africa. Ease of access and fast transactions underpin the nascent investment class.
For the apprehensive investor, our Betway review educates you on the different crypto uses in Africa. An investor who gets it right will dominate the still largely untapped African market.
Cash flows and prompt payments are the blood of a business, and cryptocurrencies are the veins. Considering 57% of Africa is still unbanked, there has to be a more accessible mode of payment.
Crypto has established itself as a mode of payment that many business owners use to bypass the high transaction costs when using traditional payment methods such as banks.
The multilayer encryption used to develop the cryptocurrency ensures that standard bookmakers at betway casino zambia remit money to the correct address. The current market capitalization in Africa for crypto is $105.6 million, and businesses are at the domineering facet of it.
Bookies in Africa recognized the apparent benefits of crypto before other businesses. Bettors now have more depositing options on Betway that recognize different coins.
A famous example is when the Zambian Kwacha weakened due to skyrocketing feed prices in 2021. Many gamblers resorted to paying at exclusive Betway sites with crypto rather than using the Kwacha.
Technically, crypto provided ‘more money in their accounts. No deposit fees and the market volatility that favors gamblers on the upswing are predominantly why casinos and betting sites are more receptive to crypto payments.
The famous saying, “the surest way to lose money is to keep it in a bank,” holds. Fiat currencies fluctuate due to geographical aspects, civil unrest, rising oil prices, and the ensemble.
Kenya and Nigeria, which had similar hostile edicts on crypto, have registered a 7% and 52% decline in currency value since 2015 to date.
Many crypto holders use the nascent asset class to hedge against inflation against weakening currencies. In the long term, the mean of crypto returns surpasses the inflation rate, which stands at an average of 6% for most African countries.
Cryptocurrency and blockchain provide a lucrative investment option for the younger generation. While the senior population is still apprehensive about crypto, young investors like Yele Bademose are already jumping at the opportunity.
Bademosi is the co-founder of Nestcoin, which aims to be the Binance for Africa. The investment class is risky and has the potential to generate ridiculously high returns or wipe out your wealth in seconds.
Africans with the know-how to navigate the crypto market are making a killing in the market. As more platforms impart knowledge through webinars and crypto events, cryptocurrency will be a mainstream investment class like stocks or bonds.
Africa has a challenge with fast, secure payments. Up to date, people still send money via mail and other courier services. Mobile technology is a welcome technology, but even that has geographical restrictions.
Cryptocurrency has no restrictions and is quick. You can send Bitcoin from your home in Abuja to a Betway account in Dar es Salaam, and it will reflect almost instantly.
The peer-to-peer payment method allows users to carry out high-value transactions with no significant fees. The unique selling point of peer-to-peer payment is anonymity after the transaction is complete.
Blockchain and cryptocurrency are fast gaining ground in Africa. African governments are bucking the trend of banning and imposing crypto restrictions. Soon you will have crypto on your mainstream finance platforms. It is best to stay ahead of the curve by learning more about crypto.
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