Why is Crypto growing rapidly in Africa?
May 23, 2022
New Delhi [India] May 23 (ANI/ATK): Blockchains technologies have been constantly developing ever since the initial emergence of Bitcoin back in 2009.
The introduction of cryptocurrency is revolutionising the way that we exchange, trade and invest. Financial assets have grown exponentially in prominence, particularly in the last decade with the popularisation of smartphones permitting easy access to the transition from physical banking to handling finances online.
As banks began to adapt to the high demand for virtual transactions by creating online banking applications, the mysterious Satoshi Nakamoto began to push this ethos further by expanding the virtual realm through the construction of Bitcoin (BTC).
It is exciting to see how much cryptocurrency has transcended all regions of the world. According to Triple-A, the top three countries for crypto ownership in 2021 were India, the USA and Nigeria, all countries that are outside of Europe.
How different countries in Africa deal with crypto
When specifically looking at the continent of Africa, many countries are attempting to normalise the use of cryptocurrencies.
According to columnist Bitange Ndemo, cryptocurrencies' role has rapidly increased in sub-Saharan Africa. Figures from the Foresight Africa report convey that Africa is the third fastest-growing market in the world, along with being the fastest growing cryptocurrency market among developing economies.
Despite both of these facts, Africa still has the smallest cryptocurrency economy.
With Nigeria being prominent in the economy of Africa, it is unsurprising that one in three people have reported using crypto. However, Nigeria has struggled to legitimise the use of crypto as its banks restrict financial institutions from conducting business via blockchain technologies.
Furthermore, the East African country Kenya had been ranked as one of the top locations for use of peer to peer (P2P) crypto exchanging. Another country that has strongly implemented crypto tokens is the Central African Republic, which recently made Bitcoin (BTC) their official currency less than a month ago. This action has allowed CAR to be on par with the world's most visionary countries.
The popularity of cryptocurrencies in Africa is mainly caused by the young population who perceive digital currencies to be more efficient in comparison to their highly-inflated fiat currencies.
What can FIREPIN (FRPN) contribute to Africa?
Although Bitcoin (BTC) is the top cryptocurrency globally, it would be interesting to evaluate how upcoming blockchain technologies can integrate themselves into less economically developing countries. A highly anticipated cryptocurrency that can provide the content of Africa with something new and innovative is FIREPIN Token (FRPN).
Currently in its presale phase, FIREPIN Token (FRPN) has already managed to accumulate 30,000,000,000 FRPN since its inception (February 2022).
The blockchain markets itself as a decentralised autonomous organisation (DAO) that provides token holders with the ability to vote on the future on their NFT marketplace, along with the FIREPIN Token (FRPN) currency. Additionally, FIREPIN rewards its investors by incorporating a referral system - where users can refer the token to someone and if successful, will receive a 3 per cent bonus.
FIREPIN Token (FRPN) is scheduled to officially launch on May 27, giving investors an opportunity to invest early. With a solid peer to peer system along with a bonus referral scheme, FIREPIN Token could be a token that further contributes to Africa's growing cryptocurrency market.
More information on FIREPIN Token (FRPN):
Website: https://firepin.io/
Twitter: https://twitter.com/firepin_io?lang=en-GB
Telegram: https://t.me/FIREPINOFFICIAL
Join Presale: https://presale.firepin.io/login
TikTok: https://www.tiktok.com/@firepin.io
This story is provided by ATK. ANI will not be responsible in any way for the content of this article. (ANI/ATK)
