Crypto Is Quietly Thriving in Sub-Saharan Africa: Chainalysis Report

Small retail payments in Sub-Saharan Africa are powering exceptional crypto adoption and usage, with the region conducting the world's highest proportion (80%) of crypto retail payments of less than $1,000, according to a report by blockchain data firm Chainalysis. From a report: The report also highlights how peer-to-peer transactions are more common in Sub-Saharan Africa than anywhere else in the world. At about 6% of all crypto transaction volume, Africa's peer-to-peer transactions dwarf those of Central and Southern Asia and Oceania, the region with the second-highest volumes in that category. Many Africans have integrated crypto into everyday life, the report says. Besides retail transactions, remittances and commercial transactions have also been key drivers for Africa's high adoption and usage rates. "Crypto usage is driven by everyday necessity, as opposed to speculation by the already well-off ... especially in countries where the values of local fiat currencies are dropping, as we've seen in Nigeria and Kenya," the report states.

I just got this email...

[Locke2005]

Hello, With all due respect, I want you to read my letter with one mind and help me. I am Miss Caroline Freund, The only daughter of late Mr. and Mrs. Freund, My Late father was a very wealthy cocoa dealer in Abidjan Côte d'Ivoire. before he was poisoned to death by his business associates on one of their outing to discuss on a business deal. When my mother died when she was given birth to me, my father took me so special because I am motherless. Before the death of my late father on 22nd June 2013 in a private hospital here in Abidjan Côte d'Ivoire. He secretly called me on his bedside and told me that he has a sum of $7.5M (Seven Million five Hundred Thousand Dollars) left in a suspense account in a local bank here in Abidjan Côte d'Ivoire, that he used my name as his only daughter for the next of kin in deposit of the fund. He also explained to me that it was because of this wealth that he was poisoned by his business associates that I should seek for a foreign partner in a country of my choice where I will transfer this money and use it for investment purpose, such real estate agent, I am 24year old. Dear I am honorably seeking your assistance in the following ways. 1) To provide a bitcoin account where this money would be transferred into. 2) To serve as the guardian of this fund. 3) To make arrangement for me to come over to your country to further my education and to secure a residential permit for me in your country. Moreover, I am willing to offer you 30 percent of the total sum as compensation for your effort input after the successful transfer of this fund to your nominated account overseas. I want you to help me not because of the 30 percent I want to offer you but to take me as your adoptive child and take good care of my life. Please save my life. Hope to hear from you immediately for more details for you to receive the money so that I can be coming to your country immediately after you have receive the money so that I can continue my education while this money will be invested by you. Thanks and God Bless. Best regards, Miss Caroline Freund.

Scamvertisement?

[splutty]

Read the article, and oh boy does that sound at every level like a scamvertisement...

Article is really reaching

[hdyoung]

to spin a positive story about crypto. Here's my take. First, they acknowledge that Africa has the worlds lowest crypto transaction rate. Then, they dig into the numbers to find a single spot where there's a cluster of higher use. It turns out that there's a bunch of young people in sub-saharan Africa that use crypto more than others for daily purchases, because ITS THE BEST OPTION IN AN UTTERLY BROKEN ECONOMY.

So, their best option is a transaction method that, in the west, is mainly the domain of hucksters, hackers, thieves, criminals, and malicious state actors.

Not exactly what I'd call a win for sub-Saharan Africa or for crypto in general.

Re:

[taustin]

There are places in Africa where worthless crypto is actually worth more than the official currency. No surprise people gravitate towards it. (Central America has some places heading in that direction, too.)

Re:

[Shaitan]

No, that would be a reality within the context of the thread.

"There are places in Africa where worthless crypto is actually worth more than the official currency. No surprise people gravitate towards it. (Central America has some places heading in that direction, too.)"

Re:

[Shaitan]

We are specifically talking about places where the cash is essentially worthless. However, that will soon be the reality everywhere as the major banks to plan to switch to digital currency (which is NOT cryptocurrency) with total transparency and control of ALL financial activity managed by the central banks and government in the US and Europe.

They might not do it right away and there will surely be a grace period but the US is under a rising communist dictatorship and Europe is beginning their movement out

Re:

[Local ID10T]

Put the crack pipe down and back away from the keyboard.

Your pillow misses you.

Re:

[Shaitan]

https://www.bnnbloomberg.ca/powell-says-digital-dollar-must-ensure-privacy-identification-1.1741756

Re:

[hdyoung]

Whooosh. The point is that crypto is pretty close to garbage, but what subsaharan africa has is worse. When youre starving to death, youll eat a piece of rotten fruit, yeah. That doesnt make it a good meal.

And your comment about blood diamonds is just plain weird. Are you equating crypto to blood diamonds and then claiming both are noble? Very, very confusing,

Re:

[John.Banister]

I wonder how well this will compete with m-pesa. M-pesa transaction fees are very low compared to credit card & paypal transactions, whereas bitcoin transaction fees are higher than those for credit cards. I'd like to see a successful cryptocurrency being a popular alternative for high volume low amount transactions (maybe iota?) but, I haven't seen any in use so far.

Re:

[UnknownSoldier]

I think we need a meeting to study the velocity of empowering the youth as we continue to pursue new paradigms in a bold economy. /s

Re:

[Maury Markowitz]

> So, their best option is a transaction method that, in the west, is mainly the domain of hucksters, hackers, thieves, criminals, and malicious state actors.

This is, of course, doubly true of any of the alternatives they have. So it's a lesser of all evils situation.

The Nigerian Prince is just spending money.

[Fly Swatter]

Nothing to see here, just scammers divesting themselves of your money.