Bitcoin Adoption in Africa: Here’s Why You Should Be Excited!

However, with the many controversial stories surrounding how Bitcoin works or how dependable it is, a lot of people still wonder if it is safe to should join the train.

In this article by Patricia, the biggest cryptocurrency company in Nigeria, we explore promising trends in the African and Nigerian financial market that should get you more interested and confident in using cryptocurrency.

First of all, Bitcoin is a digital currency that is designed for electronic, non-physical financial transactions between two parties without the need for a financial institution as a third-party. Bitcoin offers users across the world, the advantage of a universally-accepted currency that is not subject to monitoring and control by any government or financial institution.

Bitcoin Trends in Africa

Bitcoin usage in Africa is on the rise. The continent is at an all-time high in its record for bitcoin transactions. In the 365 days, Sub-Saharan Africa has taken sixth place worldwide for its Bitcoin transactions value of more than $200 million.

Bitcoin Adoption in Africa: Here’s Why You Should Be Excited! Pulse Nigeria

But there are even more trends in the continent that show Bitcoin will continue to be profitable in Africa:

Over 8,000 Bitcoin ATMs have been installed across the world with about 15 currently in Africa and one opened this year in Lagos, Nigeria.
Businesses in Africa can now easily accept payment in Bitcoin as several Bitcoin payment like Paychant and other cryptocurrency payment gateways are being launched in Nigeria and around the continent.
Over 20 Bitcoin-related startups are currently in operations in Africa, empowering entrepreneurs across the continent and providing jobs.
Bitcoin awareness in Africa is growing, with Nigeria ranking on Google Trends as number one in the world with the most interest in ‘Bitcoin’.
Africa records peer-to-peer Bitcoin transactions of up to $275 million worth in the last 365 days, while Nigeria leads the pack.

Is Bitcoin any good in Nigeria?

Interest in Bitcoin in Africa has been growing in the last few years, and in Nigeria, the rise has been even more dramatic rise. But what does that mean for us and should we be happy?

The answer is yes. The flexibility and universality of Bitcoin offer users in Africa great advantage including access to a global economy as well as more financial autonomy:

Easy International Transfers

For instance, Bitcoin currently presents a less expensive way to make international transfers. This is especially attractive to Nigerians in Diaspora who work to send financial assistance to their families at home. Research shows that more than $22 billion is sent yearly by Nigerian ex-pats to their home countries in Sub-Saharan Africa.

New Income Options

Additionally, Bitcoin opens doors for digital professionals and freelancers in Nigeria to earn money while offering online services to clients and partners across the globe as they expand their business network. This was previously almost impossible with international online payment options like PayPal being inaccessible to Nigerian users.

Financial Freedom from Local Economy

Bitcoin offers Nigerians freedom to trade without worrying about the instability of their local currencies, unfavourable government financial policies, or volatile economic situations within the continent.

Getting Started With Bitcoin

With Patricia, you can conveniently open a Bitcoin account and start spending in cryptocurrency. Patricia is Nigeria’s biggest cryptocurrency company offering financial solutions for digital payments and eCommerce to users. Your Patricia account allows you to: