Number of African Cryptocurrency Users up by Nearly 2,500% – Featured Bitcoin News

Kucoin’s new report has revealed that the African number of crypto users increased almost 2500% in between January 2021-2022 and 1,400% per month.

The widespread adoption of cryptocurrencies

A new Kucoin report shows that the African number of crypto users grew nearly 2500% in just two years. According to the report, during that same period, average monthly transactions increased by close to 1,400%.

Although the African continent’s cryptocurrency transactions are said to constitute 2.8% of global volumes, the observed decrease in the average amount per transaction — according to Kucoin’s report — suggests there are more small payments or transfers now than there were in the corresponding period last year.

As explained in a report which was shared with Bitcoin.com News, the observed growth in the use of cryptocurrencies by African users may be due to the continent’s growing knack for embracing new technologies. According to the report, Lagos, Cape Town and Cairo are the three main cities that drive digitization on Africa. In Nairobi, Kenya’s capital, the number of cryptocurrency transactions are 64% higher than in the rest of the region, the report said.

The Kucoin report also suggests that the growth in the continent’s number of crypto users is linked to factors such as inflation or exchange rate fluctuations. It also points out that even though inflation rates are lower in Africa, informed Africans prefer crypto to save their money.

Education of the Masses

One other reason for the increase in crypto users in Africa is the campaign to inform the public about new financial technology. These educational campaigns can be undertaken independently by advocates. Kucoin and other cryptocurrency exchanges are becoming more involved in education.

This report explains how Kucoin is trying to increase knowledge about blockchain and cryptocurrency among Africans.

This is more than just a good idea. [Kucoin]It began a tour-style education promotion in Nigerian universities in the early 2022. However, it has aggressively increased its reach in Africa via the Internet in order to assist Africans with more education and multiple benefits.

The report also states that 88% of all cryptocurrency transactions made by African users involve cross-border transfers. The low fees paid by users — often about 0.01% of the overall amount of the transaction transferred — are said to make cryptocurrencies a far more convenient means of moving funds across borders.

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Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, writer and author who has been awarded the Zimbabwe Booker Prize. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.