While the rapid emergence of cryptocurrency as a mainstream currency has changed the view and understanding of money in most parts of the world, cryptocurrency remain shrouded in much mystery in Africa.
Various reasons ranging from an informal sector that is full of cash to lack of internet access (only about 15 % of the African population has Internet access) and a low standard of living, seemingly make Africans to appear being in their of world.
Of course, I am a young African man, who wakes up in the middle of the night to use relatively cheaper internet, provided by my mobile network operator only in the wee hours of the night.
I believe the African continent should not be left out, and that is why I am here anyway!
In one of the blogposts, @afro-naija-trail, gave insights into the need to understand the state of living in African nations, for mass steem adoption.
https://steemit.com/afro-naija/@afro-naija-trail/africa-holds-another-ready-made-audience-for-steemit-learn-more-about-africa-in-our-series
Today, I shift the perspective and focus on why steemit could take the mystery out of cryptocurrency in Africa.
For the African people to understand the “inherent value” of cryptocurrency there should be a move to bring on board the most elite and innovative opinion leaders, so that information about this new medium of exchange can trickle-down to non-elites.
It’s natural that If an elite opinion leader is convinced to adopt an innovation, the rest will exhibit excitement and readiness to learn and adopt it.
This makes Steemit.com the best platform, because apart from the incentive that comes with posting, people can learn a lot about cryptocurrency. Besides, Steemit is powered by blockchain technology, similar to what anchors other digital currencies (cryptocurrencies)
In this way, the Steemit platform can help the cryptocurrencies to gain enough critical mass, and increase their acceptance as methods of payments across the African continent. It is worth noting that more people on Steemit platform implies more people transacting in Steem, which offers direct competition with Bitcoin and other cryptocurrencies.
Most African elites I have interacted with are 100% sure for use of cryptocurrencies in buying and selling. They say,
“Central banks have stolen from us and brought inflation and depressions for too long with fiat money”.
One young African had this to say,
“For me, what I want is the cardinal characteristics of money: Is it a medium of exchange? Once any cryptocurrency passes that test, I support it”
The only closest technology to cryptocurrency that Africans have adopted massively is mobile money and mainly because, about 30% lack access to traditional financial services such as bank accounts and credit cards.
This sets a good precedent for the mainstream adoption of cryptocurrency in Africa—and the only thing the African people need is information—the reason why steemit is the answer.
Knowledge is power!
Follow me: @kayondo
Wow. You are truely an African and we share the same vision. Life in any part of Africa isnt as smooth as the rest of the world. Its only in Africa that a president will invest in another countries economy and still expect his to develop. It will take only witchcraft for that magic to occur. Im seriously advertising steemit in Ghana with the help and support of @ackza, a wonderful visionary. Lets send steemit to Africa
I am glad to hear from you. Thank you the encouraging words and for advertising Steemit in Ghana. I am from East Africa (Uganda), and yet to meet many other Steemians from Africa.
Yes, I agree. Steem/it can help a lot of people in Africa.
Oh yes! It's just a matter of time.
I agree! The SteemIt platform could definitely take the mystery out of crypto in Africa. It's way too much wealth to miss out on brother. So long as you and other like minds are spreading the word we'll be on the right track...
Followed & Resteemed
Thank you brother! Steemit has immense potential to create 21st century Africans. Let us take steemit to Africa-The struggle continues!
I concur, great points. Resteemed.
Thank you! Let us take Steemit to Africa.
It was great reading this post. I'm sure that with what Steem offers it's members that lots of Africans from all walks of life will enjoy it and benefit from it.
Thank you. I am glad you enjoyed reading the post. Indeed, Steem open new doors for Africans to enjoy the cryptocurrency space and connections. Follow @kayondo for upcoming updates.
I have a question for anyone in Africa using cryptocurrency. How do you cash out into the local currency in your country? where ever it might be? my brother is in Uganda and he is new to this whole thing. Any help would be appreciated.