2020 was unforgettable, especially for Bitcoin. To help memorialize this year for our readers, we asked our network of contributors to reflect on Bitcoin’s price action, technological development, community growth and more in 2020, and to reflect on what all of this might mean for 2021. These writers responded with a collection of thoughtful and thought-provoking articles. Click here to read all of the stories from our End Of Year 2020 Series.
The shift toward the adoption of bitcoin and other cryptocurrencies in Africa did not take off until 2014. That was when Bitcoin exchanges and transactions kicked off, with adoption led by Nigeria. Since then, the number of Bitcoin users and transactions done in bitcoin and other cryptocurrencies has exploded.
At no time in history has the use of Bitcoin in Africa been so frequent as it is today. Bitcoin has thrived in Africa, and 2020 has been a breakout year for Bitcoin in the continent. But where exactly was Africa coming from before this surge and where is it headed in 2021 and beyond as far as Bitcoin usage and adoption is concerned?
The Response Of African Governments To Bitcoin
As far as technology is concerned, Africa has not been the world’s center of innovation. Africa has usually tended toward slow adaptation to change and adoption of new technologies. Once adoption sets in, though, it tends to explode and outstrip the usage of the same technologies in other climes.
However, governments in Africa have traditionally been apathetic toward new technologies. They tend to lag in harnessing their potential and generally leave the ecosystem’s development for these emergent technologies to the populace.
This has been the story of Bitcoin and cryptocurrencies in Africa, as governments in the continent have been very slow in understanding or harnessing the potential of distributed ledger technology. Indeed, some African governments tend to view emergent technologies with…