South Africa is, without doubt, one of the most advanced countries in Africa — if not the most advanced. The South African country has also become a popular hotbed for the digital currency market. In fact, it is considered by many to be the next frontier in Bitcoin.
According to the cryptocurrency exchange Paxful, South Africans recently traded more than $2.5 million worth of bitcoin in a single month.
Technological literacy is quite widespread in Africa. And since Bitcoin is based on blockchain technology, it has triggered a lot of interest on the continent, especially among the youthful population. Per Google Trends data, South Africa is ranked as fourth among all countries in the world for the frequency with which its citizens searched the keyword “Bitcoin” over the last year. Countries like Nigeria, Ghana and Kenya, in addition to South Africa, have also demonstrated massive interest in bitcoin. Twitter CEO Jack Dorsey is reportedly planning a visit to Africa to explore crypto opportunities thanks to the widespread bitcoin adoption there.
The enthusiasm around ingenious technologies such as Bitcoin and blockchains has boosted adoption in South Africa. Many of the properties that make Bitcoin appealing in any place around the world can be listed as reasons why it is particularly popular in South Africa.
For instance, it is easy to access the peer-to-peer marketplace and cryptocurrency exchanges there. Using these platforms can be more simple and straightforward than opening and operating a bank account. Some of the popular bitcoin exchanges in South Africa include VALR and Luno.
Also, Bitcoin is decentralized and transverses all borders. This makes it an efficient payment method. And, besides enabling payment transactions, bitcoin is considered a wealth storage asset. In other words, investors classify the digital currency together with precious metals such as gold when it comes to storing value. This versatility feature endears bitcoin to many investors,…