Africa’s youth see a future for Bitcoin beyond speculation

Paxful is on a mission to increase access to the bitcoin economy for the people of Africa through education.

Seeing a significant growth in digital currency transactions on the African continent in recent years, driven largely by users under the age of 35, leading global peer-to-peer bitcoin marketplace, Paxful, is on a mission to increase access to the bitcoin economy for the people of Africa through education.

AN AFRICAN VIEW ON PEER-TO-PEER FINANCE

Benjamin Onuoha, Africa’s Regional Consultant for Paxful (Paxful.com), addressed delegates at a Johannesburg event recently to share insights on the bitcoin and cryptocurrency economy as well as present use cases observed from Africa’s consumers.

He commented: “The people of Africa have been the most ingenious and resourceful of our users – they are redefining our understanding of the uses of bitcoin. The world has much to learn from Africa about the future of the crypto-economy.”

BITCOIN USE CASES ON THE CONTINENT

Reflecting on Paxful’s experience in Africa and further afield, Onuoha added: “Three developments made the crypto-economy possible. First, the emergence of peer-to-peer electronic currency, bitcoin, that is powered by the blockchain technology. The second and arguably the most important miracle is the human layer, that connects everyone in the world making this peer-to-peer revolution powered by the people. And lastly, the third miracle is the sharing economy.”

Onuoha listed the following as true use cases for bitcoin: grey markets, speculation, payments, e-commerce, remittance, wealth preservation, and social good.

“Historically, much of the news coverage about bitcoin has tracked speculative activity, where 90% of trading volume is currently centred. This toxic phase is in line with expected adoption trends as the crypto economy, still in its infancy, matures. The next focus point of the evolution is the end-user and their opportunity-laden journey in peer-to-peer finance. It’s about wealth generation – and giving people the means to do it.”

He noted that many young Africans see bitcoin as an opportunity to develop entrepreneurship ventures; users set up side-hustles and their own businesses - which include remittance, as well as import and export enterprises, amongst others.

Demonstrating how the cryptocurrency community can contribute to social good, Paxful recently completed the building of a second school in Rwanda, as part of the group’s strategic commitment to education. Through its #BuiltWithBitcoin initiative, the group is in pursuit to build 100 schools across the continent.

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