What can Cryptocurrency Be Used for in Africa?

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What can Cryptocurrency Be Used for in Africa?

In 2009, the world was first introduced to the concept of cryptocurrency. The mysterious Satoshi Nakamoto (a pseudonym) revealed Bitcoin to the world. Nakamoto had discussed his ideas for a digital and decentralized currency prior to Bitcoin’s release. However, in 2009 theory became practice, which soon became a massive cultural phenomenon.

At first, it was only the western world and parts of Asia that embraced this new and exciting development. However, over the years, Bitcoin and cryptocurrency in general has spread throughout the globe. Today, crypto traders exist all over the world, including in Africa. Still, the concept is relatively new. Many people are completely unaware of the possibilities crypto can provide. So, in this article, we would like to explain what cryptocurrency can be used for in Africa, and how.

Trade

The crypto market is primarily a trading market. What this means is that people can purchase stocks in cryptocurrency, and hope that these stocks rise, so that they can then re-sell them and make a profit. In other words, cryptocurrency works like any other trading market.

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There is a major difference between crypto and other similar markets, however. Namely, the cryptocurrency market is much more available. Sure, discount brokers and broker apps have made it possible for anyone to participate in stock trading. However, similar apps have always existed for cryptocurrency, and they have always been available to the greater public.

Many of these apps are available to an international audience. Meaning, Africans can simply download these apps, or visit the websites, and begin learning more about the market. Once ready, anyone can then go and purchase a sum of cryptocurrency and hope for a surge in the value.

Just be careful. Cryptocurrency is notoriously volatile. So, only make a trade once you are primed and ready to do so. Secondly on what or how can cryptocurrency be used for in Africa;

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Online Payments

Online payments can be quite a hassle. First of all, the money has to go through one or even more middlemen. The processing of these payments takes a long time, and often, you need to pay extra fees for the service. This fact is not so with cryptocurrency.

You see, cryptocurrency functions on a Peer-to-Peer system, or P2P. For those who don’t know, a P2P is a decentralized form of communication, in which both parties are placed in an equal position. The P2P network eliminates the need for a middle man, and makes it much simpler and easier to make online payments.

iGaming

Online gambling is a growing industry. This fact is true globally, and it also applies to Africa. More and more people are discovering that online casinos offer the same games and sports as land-based establishments.

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Many people believe iGaming only refers to online casinos. However, the term describes everything related to wagering online, from casinos to poker to slots to blackjack and sports betting. Most African countries have a deep passion and love for sports, most notably football, boxing, and motor racing. Online casinos make it easier to access information about these sports. On top of that, it is a lot simpler to place a bet, for anyone interested in doing so.

Most of these online casinos/sportsbooks accept credit and debit card-based payments. However, many of them are also open to crypto-based deposits. Bitcoin is the most popular cryptocurrency among gamblers.

Anyone interested in gambling using Bitcoin can check out https://bitcasino.io/blog/cryptocurrency. The website offers excellent services for crypto-based gamblers. They explore all of the possibilities of crypto gambling, have a wide range of games to choose from and explain how you can deposit and withdraw using digital currency.

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