Why Africa Continues to Lag Behind in Cryptocurrency Adoption

Source From https://news.bitcoin.com/why-africa-continues-to-lag-behind-in-cryptocurrency-adoption/

Why Africa Continues to Lag Behind in Cryptocurrency Adoption

Africa continues to dominate Google Trends search interest for “bitcoin,” but that has not translated into widespread adoption of cryptocurrency by users and businesses. Apart from opaque regulation and a lack of awareness, one of the major reasons for this failure has been the expansive use of mobile money on the continent.

Also read: Report: 87% of Crypto Exchanges May Be Falsifying Volume

Crypto Adoption Disappoints, Even as Africa Dominates Bitcoin Search Interest

According to Google Trends, the biggest search interest for bitcoin in the world is by potential investors from Nigeria, South Africa and Kenya – the three biggest cryptocurrency markets in Africa. That dominance is, however, predominantly limited to trading activities on exchanges. On a few occasions, bitcoin may be used as a means of payment, mostly to overseas suppliers.

But despite that world-leading interest, Africa still lags behind the rest of the world in everyday BTC use and adoption. The cryptocurrency has found it difficult to break the stranglehold of convenience, simplicity and efficiency that, like a magnet, draws millions of Africans to mobile money. The continent of 1.2 billion people is home to over 50 percent of the world’s mobile money services.

Why Africa Continues to Lag Behind in Cryptocurrency Adoption
Google Trends chart for the keyword “bitcoin”

For example, with a basic telephone handset, one can send or receive money via SMS anywhere within a particular country, without the need of an internet connection. By comparison, you will need a smartphone and a secure internet connection to complete a cryptocurrency transaction. While internet use has risen sharply in the past 20 years, users from Africa account for just 10 percent of the global total, making the case for crypto on the continent even more cryptic. Also, erratic power supplies in many countries continue to impede the internet access on which cryptocurrency largely depends.

Beating Mobile Money at Its Own Game

Vin Armani, founder and CTO of Cointext, an internet-free wallet service that allows users to send or receive bitcoin cash (BCH) via SMS – just like mobile money – believes his service could rival mobile money in the continent. In Africa, Cointext is currently available only in South Africa, and it’s unclear how many people are actually using the service there. “We are preparing to make a major announcement that will give us global coverage (in every country),” Armani told news.Bitcoin.com.

Why Africa Continues to Lag Behind in Cryptocurrency Adoption

“We’re currently working on an integration that will make us available for smartphones throughout Africa. We’re also working on SMS solutions for a few other African countries,” another official from Cointext explained separately.

Elisha Owusu Akyaw, a 17-year-old Ghanian crypto investor and influencer, has made a fortune investing in bitcoin. He believes that “Cryptocurrencies should probably integrate with mobile banking platforms.” Akyaw might have a point. The mobile money sensation has grown very deeply in African economics to the extent, perhaps, of defining its people.

“The power of financial technology to expand access to and use of accounts is demonstrated most persuasively in Sub-Saharan Africa,” the World Bank’s Global Findex Database detailed in its financial inclusion survey, which found 21 percent of adults on the continent now have a mobile money account. This is “nearly twice the share in 2014 and easily the highest of any region in the world.”

If that is not enough, cryptocurrencies will likely have to fight tooth and nail to gain any reasonable market share in the mobile money-dominated payment systems in Africa, a region often touted as the next frontier for virtual currencies. In Zimbabwe, publicly listed Econet Wireless controls 95 percent of the mobile money market share through its Ecocash platform. The seven year-old service is so successful that almost every government department depends on it for electronic payments.

Why Africa Continues to Leg Behind in Cryptocurrency Adoption

With more than six million users in the Southern African country, Ecocash has processed over $23 billion worth of transactions since launch in September 2011. It boasts more than 32,000 agents (merchants) throughout Zimbabwe. This is the sort of entrenched competition that cryptocurrencies will have to contend with. There will be 725 million mobile phone subscribers in Africa by 2020, according to the GSM Association, who could either plug into crypto or mobile money.

Cumbersome Registration Processes Dissuade Crypto Use

Bernard Parah, a 26 year-old entrepreneur from Lagos, Nigeria, recognizes this challenge and opportunity. Two years ago, he founded Bitnob Quickserve, a platform that allows Africans to buy vouchers and reedem them for BTC without the need to complete KYC or AML procedures. Parah posits that one of the biggest hindrances to cryptocurrency adoption is the labyrinth of verifications required by exchanges at registration.

“We believe that [the service] will reduce the entry barrier for many people who want to try out bitcoins here in Africa,” Parah told news.Bitcoin.com. “Onboarding users needs to be made simpler. Many first time users give up at the point where they have to upload their personal identity details for verification.”

Why Africa Continues to Leg Behind in Cryptocurrency Adoption

Parah also pointed to ease of use and the fear of loss of funds without recovery as stumbling blocks. “A bitcoin address looks like a foreign language to new users,” he notes. “Many people are not ready to be their own banks, they would rather settle for convenience over security,” said Parah, who reckons there’s need for more awareness and education about crypto.

A litany of fake bitcoin schemes have not helped the cryptocurrency cause either. In Uganda, for example, thousands of people have fallen victim to a number of Ponzi schemes, including the D9 Club, which promised to pay members in BTC. The scheme, now collapsed, masqueraded as a sports trading company, promising members hefty weekly payouts in bitcoin on initial investment of between $250 and $2,000. “Scams give Africa [and crypto] a bad name,” decried Chimezie Chuta, an IT specialist and bitcoin enthusiast from Nigeria. Regulation has, as always, been a sticky issue where bitcoin is concerned.

What do think about cryptocurrency adoption in Africa? Let us know in the comments section below.


Images courtesy of Shutterstock.


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The post Why Africa Continues to Lag Behind in Cryptocurrency Adoption appeared first on Bitcoin News.

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The Tatiana Show Ep. 182 Maria Tokareva

Source From https://letstalkbitcoin.com/blog/post/the-tatiana-show-ep-182-maria-tokareva

A quick show about a new and unique artist I met with when down in Miami. She sells some of her work in crypto, but is also immersing herself in other ways. Take 5 minutes to brush up on your crypto artist culture and meet this beautiful and talented Latina painter on this episode of the Tatiana Show!

About the Guests:

Maria Tokareva is pure Magic, she paints her feelings on canvas, walls, floors and clothes. She also is a creative director for her fashion urban art wear brand Miss Frais. Last year Maria was awarded with a certificate of recognition for her art contributions to the city of Miami, by the Mayor of Miami. She is also a published artist in Forbes and has participated in many art fairs and gallery exhibits. Her latest project is a charity auction for Family Resource Center of South Florida where Maria donated her paintings to raise money for the kids who have been abandoned by their families. A Queer fashion show benefiting PFLAG South Miami, raising awareness about gender diversity, body positivity and LGTBQ issues. A very special Gala to raise money for Suicide Awareness at FIU.

More Info:

TatianaMoroz.com

CryptoMediaHub.com

Mtsg-art.com

Friends and Sponsors of the Show:

MetalPay.com

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Crypto Press’s Morning Crypto News Digest – 3/21/2019 12:01:23 PM – UTC

Source From https://crypto.press/2019/03/21/crypto-presss-morning-crypto-news-digest-3212019-120123-pm-utc/


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Bitcoin_Logo-bitcoin-latest-price-daily-price-information 3/21/2019 12:00:00 PM,$BTC | #BTC – bitcoin’s Current Price: ▲ $4087.1868 | 1h ▲ : 0.11 % | 24h ▲ : 1.04 % | 7d ▲ : 4.36% | More on: Bitcoin Information

thereum-news-ethereum-price-information-ETHEREUM-ICON_Black 3/21/2019 12:00:00 PM,$ETH | #ETH – ethereum’s Current Price: ▲ $140.3525 | 1h ▲ : 0.08 % | 24h ▲ : 0.75 % | 7d ▲ : 5.2% | More on: Ethereum Information

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WSJ Claim of $9 Mln Laundered Via Shapeshift Based on Flawed Investigation, Analysts Say
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Bitcoin Price Charts Echo Pattern Seen Before Bull Reversal of 2015

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Changes made to the public Binance API reveal that the exchange is seemingly in the midst of margin trading implementation

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The post Crypto Press’s Morning Crypto News Digest – 3/21/2019 12:01:23 PM – UTC appeared first on Crypto.Press.

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Proof of Love Ep. 7 Tantric Sex with Ben Tantra Punk

Source From https://letstalkbitcoin.com/blog/post/proof-of-love-ep-7-tantric-sex-with-ben-tantra-punk

What can one say about a crypto tantric episode other than wow. This is our spiciest Proof of Love yet! Ben Tantra Punk joined Stephanie and I to discuss this ancient practice. In between a few laughs and blushes, we get a great overview of tantric lovemaking, how it’s different from regular lovemaking, the history of why there is tantric sex in the first place, and the joys of the female orgasm. We went a bit over on time, but I don’t think you will mind with this subject matter! We need more love in our lives, and this episode will show you how to put some of these teachings into practice, even if calling each other goddess in bed is a little uncomfortable.

About the Guests:

Ben Tantra Punk is a sex worker, feminist porn performer, certified permaculture designer, certified tantric counselor, author, film maker, and recording artist. He’s found healing and empowerment through sacred loving arts, ecological gardening, shamanism, ecstatic trance dancing, martial arts, and open source technology. His ongoing independent short film series, Sexorcism the Tantric Opera, was launched in early 2017. It tells his story of recovery from childhood sexual trauma, adolescent sex trafficking, and the path of a wounded healer. His first book, Psychedelic Goddess Worship: Erotic Memoirs from the Astral Battlefield, is planned for release in late 2019.

He loves to help tantric seekers discover the infinite source of divine love from above, the eternal power and wisdom from the Earth below, and the bliss of conscious, healthy, diverse romantic relationships in between. He provides private coaching and counseling sessions online and in-person, and teaches publicly via livestream on the Ethereum powered SpankChain camsite at: https://beta.spankchain.com/TantraPunk His writings, music, podcasts, videos and contact info can be found at https://www.TantraPunk.com.

Do you have a burning question, or a show idea for us? Please email us at tatiana@proofoflovecast.com!

Remember, this is a new show, so if you like it, please be sure to tell 3 friends! Leave a good review on Itunes, and be sure to follow us on our socials!

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BCH Is Now Supported by a Large Crypto ATM Network in Switzerland

Source From https://news.bitcoin.com/bch-is-now-supported-by-a-large-crypto-atm-network-in-switzerland/

BCH Now Supported by a Large Crypto ATM Network in Switzerland

Cryptocurrency ATM operator Värdex Suisse has introduced BHC support to its devices. The company is a financially regulated entity that provides access to digital assets through its teller machines, POS services and partnerships with retailers in Switzerland and abroad.

Also read: American Electronics Giant Avnet Now Accepts Bitcoin Cash Payments

Bitcoin Cash Available on All Värdex ATMs

“Bitcoin cash (BCH) is online and available now on all our ATMs!” Värdex Suisse announced in a tweet on Tuesday. The company claims it maintains the largest crypto ATM network in the Alpine nation. Its website shows 26 ATM locations in major Swiss cities such as Bern, Zurich, Geneva, Basel, Lucern, and Lausanne.

The company’s devices support the purchase and sale of three other leading cryptocurrencies as well: bitcoin core (BTC), ethereum (ETH) and litecoin (LTC).

BCH Is Now Supported by a Large Crypto ATM Network in Switzerland

Värdex Suisse AG, originally founded as Bitcoin Suisse AG, has been operating independently since 2017 in order to meet the high demand in the retail sector for the kind of services it offers. The company is a member of the Financial Services Standards Association (VQF) and part of the Crypto Valley Zug Community.

Värdex also says its mission is to make buying and selling digital currencies “as seamless and easy as a regular visit to a bank ATM.” It is doing that through a number of partnerships, a recent example being the recently announced crypto exchange service offered by Liechtenstein’s post office with the help of the Swiss company.

350 ATMs Across Europe Support BCH

Switzerland is one of several countries in Europe that have made efforts to create favorable conditions for crypto companies and blockchain businesses. Its Crypto Valley, centered in the Canton of Zug, has expanded significantly over the last couple of years. It currently numbers about 750 companies including those based in neighboring Liechtenstein.

The business-friendly conditions and regulations have catalyzed the growth of the crypto-related services offered in the country. They include payment and teller services providing secure access to digital coins and increasing their mainstream adoption.

BCH Is Now Supported by a Large Crypto ATM Network in Switzerland

According to data compiled by tracker website Coinatmradar, there are currently 52 bitcoin ATMs and crypto tellers across Switzerland. Around half of them now support purchases and sales of bitcoin cash.

The number of BCH trading devices has been growing in Europe as well, reaching around 350 across the region. However, the Old Continent is still lagging behind the U.S. where almost 1,200 ATMs offer bitcoin cash.

Is the number of ATMs supporting BCH growing in your region? Let us know in the comments section below.


Images courtesy of Shutterstock, Värdex Suisse.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post BCH Is Now Supported by a Large Crypto ATM Network in Switzerland appeared first on Bitcoin News.

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What Should Your Crypto Team Look Like in 2019?

Source From https://coinjournal.net/guest-post-what-should-your-crypto-team-look-like-in-2019/

As investors and professionals in the growing decentralized tech space conduct their due diligence, the team behind any given project should be one of the most important considerations. More often than not, the strength, perseverance, and ingenuity of a team is the best indicator of whether or not a project will succeed — especially in […]

The post What Should Your Crypto Team Look Like in 2019? appeared first on Coinjournal.

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S Korean Startup Dunamu Launches Consortium-Based Blockchain Service Platform Luniverse

Source From https://coinjournal.net/s-korean-startup-dunamu-launches-consortium-based-blockchain-service-platform-luniverse/

Dunamu, Inc., a South Korean fintech startup and the operator of crypto-asset exchange Upbit, has announced the launch of Luniverse, a consortium-based blockchain service platform. Lambda256, Dunamu’s research arm, was responsible for the development of Luniverse and will be spun off as a subsidiary, Dunamu said on Tuesday. Jae-hyun Park, formerly Lambda256’s head of research, […]

The post S Korean Startup Dunamu Launches Consortium-Based Blockchain Service Platform Luniverse appeared first on Coinjournal.

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