Popularity Of Crypto Payments In Africa

Popularity Of Bitcoin And Other Crypto Coins In Africa

Jeremy Jacobs | 05 / 05 / 2021

Cryptocurrency is the modern digital currency that one can use to buy goods, services, and even gamble at real money online casinos and sports betting sites. It can also be sent to other users. The word ‘crypto’ in cryptocurrency means encrypted code that helps to record fund transfers.

Cryptocurrencies are decentralized and allow the users to transfer funds without the interference of any third party. The details of transactions are stored in blockchain technology. Cryptocurrencies are sent from one wallet to another without any trader, and therefore, they are cost-effective. They are not regulated by any Governing body.

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Using Cryptocurrencies At Online Casinos

Many online casino players are using cryptocurrencies such as Bitcoin, Litecoin, and Ether to make deposits and request payouts. If you are new to digital money and want to use it to transfer funds at the casino, there are certain things that you must be aware of.

The first step is to create an account with a cryptocurrency exchange where you can buy and sell cryptocurrencies. After you have bought the cryptocurrencies, you can store them in your wallet and deposit them at bitcoin online casinos.

Several online casinos in Kenya, Nigeria, and other African countries offer casino bonuses to players who make deposits with cryptocurrencies. You can take advantage of such bonuses and enjoy gaming for a long time.

Cryptocurrencies In Africa

Bitcoin In AfricaCryptocurrencies are in demand across the globe, including Africa.  Most Africans find it simple and fast to use as it works just like mobile money or M-Pesa. The entrepreneurs and youth of Africa are quickly accustoming to cryptocurrencies and taking them as an opportunity to generate money.

The significant reason for the popularity of cryptocurrencies in Africa is variable local currencies. The high and fluctuating rates of dollars forced numerous stakeholders to initiate business in cryptocurrencies. With the growing trend of cryptocurrencies, financial agencies have anticipated the revival of the economy in African continents.

Many people in Africa are using digital money to transfer funds as it doesn’t incur any extra fee. This saves cash on exchange rates and bank fees.

Know More About Cryptocurrencies

Here’s a list of common cryptocurrencies used by many people across the globe:

  • Bitcoin: One of the most common and the oldest cryptocurrencies in the world is Bitcoin. It is based on blockchain technology and is extensively used by traders for making money.
  • Bitcoin Cash: It was launched in 2017. It is just like Bitcoin with the only difference that its block size is 8 MB. Bitcoin is only 1 MB. With a big size of 8 MB, users can expect faster processing speeds with Bitcoin cash.
  • Litecoin: It was created in 2011 By Charlie Lee and has the popularity of Bitcoin. Charlie worked in Google and he launched this digital money as a better version of Bitcoin. It has shorter transaction times and low fees.  
  • Ethereum: It is also called Ether and it is used as currency by many investors and app developers. It has better functions as compared to many other digital currencies.
  • Ripple: It is one of the digital currencies, which is not based on blockchain technology. This digital money is usually meant for huge companies and organizations and not for individual users. It is also referred to as XRP all over the world. This system helps to transfer money in any form, such as dollars and bitcoins. It can manage 1,500 transactions per second as compared to bitcoin, which manages three to six transactions per second.

Pros And Cons Of Using Cryptocurrencies In Africa

Cryptocurrencies allow the user to transfer funds easily and conveniently. There are several advantages of using this digital money including:

  • You can send money without revealing your personal and financial information through blockchain technology.
  • Players can use it at online casinos as a deposit and payout method.
  • The use of cryptocurrencies helps to keep the players anonymous.

No wonder, cryptocurrencies have offered a lot of advantages to players. But, there are a few modifications that can be done to make it more beneficial for users. The major disadvantages of cryptocurrencies are:

  • their value can change with time,
  • there are no proper laws for the working of cryptocurrencies,
  • there is just a small number of online casinos and sports betting sites in Africa that accept crypto payments for now.

Cryptocurrencies: Future in Africa

Cryptocurrencies are in great use in several countries of the world. Many African countries such as Nigeria and Kenya are also witnessing the rise in the popularity of cryptocurrencies. Since there are no stable laws regarding digital money, the African Government is trying hard to make it legal and safe for all. The purpose of this step is to ensure a safer and better experience for cryptocurrency users.

The government of Nigeria has started taking the needed steps to make digital currency legal. They have created certain verified strategies for organizations using cryptocurrencies. Kenya is also moving in the same direction and ensuring to create improved legal rules. The major financial organizations have started the campaign to regulate digital currencies in Africa.

Cryptocurrencies have just started to rise in Africa and users are adapting to their ways quite speedily. The African youths are looking at it as a chance to grow more money and make more profits. The leading experts are of the view that cryptocurrency trading is a prosperous business. It comes as a surprise as some experts have not given much importance to cryptocurrencies a few years back.

Even though cryptocurrencies are a useful tool for traders, they can be tricky and risky to handle, especially if you have just started using them. Make sure that you know about them in detail before trading. Since cryptocurrencies are not regulated by any central verified body, they lack the needed laws.

The concerned authorities have warned small traders to know the needed risks and keep themselves updated with the latest laws of cryptocurrencies so that they can make the most of it.

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