How bitcoin met the real world in Africa
Four months ago, Abolaji Odunjo made a fundamental change to his business selling mobile phones in a bustling street market in Lagos: He started paying his suppliers in bitcoin.
A quiet bitcoin boom in Africa is being driven by payments from small businesses as well as remittances sent home from migrant workers
In Africa, bitcoin - the original and biggest cryptocurrency - is finding the practical use that it has largely failed to elsewhere
WATCH: In Nigeria, small #cryptocurrency transfers totaled up to $56 million in June, nearly 50% more than a year before. Read more
How #bitcoin met the real world in Africa: Crypto transfers have soared over the last year on the continent, according to U.S. blockchain research firm Chainalysis,
This article gets it right, in Africa, cryptocurrency probably has its first actual theatre where it’s use is more practical than just for base speculation. Hedging currency depreciation using stablecoins, utilizing bitcoin for overseas trade, etc, etc
Africa is experiencing a crypto boom, with research finding cryptocurrency monthly transfers under $10K jumped 55% YoY, as young tech-savvy users quickly adopt (Reuters)
Connecting the dots: An article from Reuters in use of Bitcoin in Africa: “they seek methods of purchasing goods from overseas without having to buy dollars.“
On Nigerian bitcoin usage:
Key quote: “I don’t need anyone in the banks, I don’t need a person to use the back door to get dollars.” Foreign exchange is rationed in Nigeria. (42 items are banned from accessing forex!) Bitcoin offers importers a way out.
"Odunjo makes two or three transfers a month of around 0.5-0.7 bitcoin ($5,900-$8,300) each, to suppliers in Shanghai and Zhangzhou."
the crypto feed
reuters: how bitcoin met the real world in africa - reuters
Mike Dudas 🇺🇸
The African #Bitcoin boom...
In Nigeria, merchants are shifting from dollars to bitcoin for international transactions with Chinese suppliers, write
"Bitcoin helped to protect my business against the currency devaluation, and enabled me to grow at the same time... You don't have to pay charges, you don't have to buy dollars." How bitcoin met the real world in Africa
"The naira's fall has pushed many Nigerians towards bitcoin, the interviews showed, as they seek methods of purchasing goods from overseas without having to buy dollars."