Basically, the views of experts, journalists and entrepreneurs drawn to European, Asian and North American cryptocurrency markets. This is logical, because the majority of cryptocurrency transactions takes place in these regions. However, this industry in Africa is quietly and steadily gaining momentum and volume of trade Bitcoins in the whole continent is growing rapidly.
Paxful — African p2p cryptocurrency exchange, announced a stunning trade Bitcoins, which amounted to $ 40 million per month. According to the report, Paxful “happy” to provide services to the population that is not serviced by banks and need access to the “online economy”.
Indeed, the cryptocurrency in the Western world is often seen as a good investment or method of anonymous payment on the Internet, but in some of the poorest regions of the world, she assigned another role.
In Africa people are using cryptocurrency wallets, supported mobile phones, as a way to keep their money in the absence of adequate banking services or with a very unstable currency. Despite the known volatility of Bitcoin, some African Fiat currency more volatile..
Thus “crypto-currencies provide financial stability and the ability to store and exchange the value of something independent of politics in their country”.
Ray Youssef, one of the founders Paxful, explained that “[Africans] will convert their savings into bitcoin to protect your savings from hyperinflation” . For example, ” the national currency of Nigeria , the Naira has lost 90% of its value against the U.S. dollar and the Euro. And Bitcoin during this period rose more than 1000%”.
Zimbabweans also referred to Bitcoin as a way to protect their funds. In mid-November 2017, the Bitcoin has become so popular in the country, which was trading at around $ 14,000 The US , while its price in the rest of the world was approximately $6000 USD.
Bundled services exchange Paxful open to African citizens of the gateways to participation and investing in the world of online businesses, which were previously unavailable to them.
Paxful is one of the first exchanges, who takes possession of this rapidly growing industry. Ray Youssef said in his article: “We are all on the verge of a financial revolution, P2P, and heads its Africa”.