This Bitcoin document from Africa is live streaming on Amazon Prime
Demand for bitcoin is still rising sharply across Africa, despite the broader economic crisis, according to peer-to-peer exchange data from Paxful and LocalBitcoin.
However, there is no single African cryptocurrency narrative because users in jurisdictions across the continent use this technology for different cases.
Starting Friday, Amazon Prime will provide a documentary film about banking services in Africa: The Bitcoin Revolution, implemented by South African filmmaker Tamarin Gerriety with funding from the cryptocurrency exchange. Prince Luno. It has serious industry rivals including SatoshiCentre founder Alakanani Itireleng in Botswana and South African monero developer Riccardo Spagni. The film shows just how different their lives are, from a Botswanian goat farm to a rooftop terrace and a drone in Spagni.
So far, it seems that Nigeria, South Africa, Kenya and Ghana are home to the fastest growing bitcoin user community on the continent.
A January 2020 report by market research firm DataReportal estimates that 11% of Nigerians and 13% of South Africans under age 64 have cryptocurrencies with internet access, compared to the global average of 7%.
Such a bitcoin, Nigerian businessman Keith Mali, who bought his first bitcoin in 2016, dropped out of school in 2018 and has been lecturing at regional schools about bitcoin ever since. He is also the founder of social media startup Swirge.
Cryptos have a higher growth opportunity [in Nigeria] than in West Others, especially for cross-border remittances, Mr. Mali said. We just launched a public beta during this pandemic and we have grown to more than 20,000 users, not offering the original coin.
People are looking for ways to diversify their income, he added.
See also: In Zimbabwe, Crypto is a Release Tool, Bitcoin: Africa, Part 1 of a new documentary series
Similarly, a BuyCoins user in Nigeria named Nnanna Ijezie said he and many of his friends use multiple accounts, including Luno, Coinbase and BuyCoins, to convert a portion of their paychecks into bitcoin to save. . Nigerians traveling or having families abroad also use bitcoin to transfer money, he said. Swap is mainly used to buy, while social media groups for traders are used for liquidation.
Anyone in Nigeria over the past five years has experienced a devaluation at least twice. So volatility [bitcoin] is a trade-off that people are willing to make, according to Ijezie. However, most transactions are taking place offline. In Nigeria, the market is also tied to the strength of the migrant population.
BuyCoins, Binance and Luno all see lucrative attraction in Nigeria. This week, Luno's research partner, Arcane Research, released a report to complement the movie Bank on Africa. The report says Luno employs four million users, mostly in South Africa but also includes many Nigerians, inspired by concerns about inflation, political instability and limited access to financial services. major affordable price. They trade $ 4.5 million worth of digital money every day.
Data from both Arcane Research and peer-to-peer exchanges show that traction in Ghana and Kenya is also rising sharply.
Bitcoin entrepreneur educator Michael Kimani in Kenya says he runs a 25-person class, paying $ 200 each for 2.5 hours in five weeks. He has been in his third grade since November last year.
The classes are almost equally represented, about half of them female, according to Kim Kimani, describing her educational project Crypto Baraza. What Cameron directs his interest in is the fact that our economy can turn south. Students coming to my class are looking for ways to escape the economy, they are looking for alternatives. Bitcoin is like that.
Read more: Why Binance and Akon bet on Africa to receive cryptocurrencies
Like so many African bitcoins, Kimani is a freelancer juggling some work. In addition to research and engineering services, he runs the Kenya Blockchain Association, a group of nonprofit thinkers comparable to the Coin Center in Washington, D.C. He prefers to use nonprescription groups on WhatsApp rather than exchanges like Luno.
The groups I participated in were like 120 or 150 people in each group. I didn't start getting paid in it [bitcoin] until recently. I have never paid for anything in there, Mr. Kim Kimani said, describing how he uses bitcoin.
He added that his students are often attracted to bitcoin for philosophical reasons, nor do they have aversion to central banks. Instead, they want to use it.
Many students in my class will tell you their first experience with cryptocurrency as a scam or a mining plan.