Africa And The Cryptocurrency Challenge

David Kipre

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The Cryptocurrency. We all know that for a few years now, crypto-currencies have been making the headlines in every economic magazine, and more and more new ones are appearing on the market with an easier possibility of purchase. The goal is to allow everyone to be able to buy them and thus increase the exchange value of certain currencies on the market. The African continent is not spared, and some countries are even starting to adopt crypto as an official currency.

With the influx of all these promising and affordable currencies, how do you get them safely and quickly when you are Africa? Which currencies to secure and how to spend them?

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I-Cryptocurrency in Africa: here are the right platforms for your purchases

1-Coinmama : store for buying cryptocurrencies

Created since 2013 with the advent of cryptos and approved in more than 188 countries, Coinmama is an online store allowing the purchase of cryptos. The advantage of the platform is the diversity of payment methods. And regarding the purchase of cryptos, here are some details that will help you in your maneuver:

All minimum order amounts are quoted in U.S. dollar equivalent. For the first order only. Delivery times may vary depending on the verification documents. Credit Card Limit (purchase only): Max order size: $5,000, Max orders per day: 5

2-Paxful: person-to-person purchase of cryptocurrencies

Given the difficulties we have with using the banking system, Paxful is the most suitable site for cryptocurrency transactions. The advantage is that it allows you to buy cryptos in Africa via credit card and also via mobile networks such as Airtel Money, Paypal, Perfect Money, M-Psa.

So to get started selling or buying cryptocurrencies, all you’ll need to do is create an account on the platform, and you’re done.

Terms and conditions and account creation details can be found on their website.

These two sites are best suited especially if you have trust issues and want to make sure you don’t make a misstep in the crypto world.

II- Cryptos yes: but where to use them?

More and more countries are adopting crypto-currencies as a medium of exchange in their business, this with the aim of expanding their economy on any ground that will allow them to bail it out.

In September 2021, El Salvador was the first country to adopt cryptocurrencies, which earned it a comment from the IMF, which called the decision “dangerous for its economy. The decision made by the parliament shocked the world, both for the instability of its economy and the cryptocurrencies themselves. This puts the Central African Republic on the same dangerous point as El Salvador, as since April 2022, the country’s national assembly “unanimously” voted for this decision.

This law also provides that “exchanges in cryptocurrencies are not subject to tax.” The volatility of bitcoin is very violent, prices had soared by more than 150% to an all-time high of $68,991, before collapsing by more than 30%. Risk or not, for the adoptive countries of the crypto-currencies, it remains to be seen in the evolution of the stock market.

Some countries also do not fully adopt cryptos as local currencies, but use them for certain transactions, and that in a private, independent and individual way. For example: Vietnam, India, Pakistan, Kenya, Venezuela, Nigeria.

III- Which cryptos to save in 2022?

-In first place is the Lucky Block, born from its accelerated use on the gaming platform. It is one of the few currencies to leave the world of video games for centralized finance, and to enter the NFT’s, a new and very promising environment in finance.

-The DeFi Coin (DEFC) is one of the digital assets that has been making the rounds this year. Placed at the center of the Defi Swap ecosystem, it allows crypto users to enjoy an attractive interest rate on a number of tokens.

– Shiba Inu (SHIB) is one of the most promising and popular crypto-currencies. With its beginnings as a “meme coin”, the digital currency has seen many twists and turns since then, including Elon Musk’s gigantic social backing. Valued at pennies at its launch, it now has a market capitalization of over $40 billion.

IV- What can you buy with these latest cryptocurrencies?

As said before, few countries accept cryptocurrencies to the point of allowing them to be traded on local products. Nevertheless, if you find a platform that specifies that it accepts cryptocurrency payments on their products, then good choice is to go there. It all depends on where you are, what you want to buy and what currency you have.

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