If you are a true cryptocurrency lover you would notice the sudden booming of the African cryptocurrency market.
Although almost all countries in Africa are developing countries, some countries in Africa are noticed to be part of the countries that have adopted cryptocurrencies very well.
Countries like South Africa, Nigeria, Kenya, Ghana, and Tanzania are the leading African countries in the adoption of cryptocurrencies according to the present report from Chainanalysis. They play a major role in the African cryptocurrency market.
How Are Cryptocurrencies Big In Africa?
In 2021, according to present reports, Africa’s cryptocurrency market grew by 1,200 percent and thus, $105.6 Billion from July 2020 to June 2021. And from the reports of Chain analysis, African countries like South Africa, Kenya, Nigeria, and Tanzania appear or makeup in the top 20 countries on the Global crypto Adoption Index.
This rapid growth of the crypto African market makes Africa the third most rapid 1growing cryptocurrency market in the world. According to Gadget 360 (African Cryptocurrency News), almost all trades or transactions of cryptocurrencies in Africa are done through P2P thus, peer-to-peer transactions with the aid of P2P platforms.
Bitcoin and Ethereum are the highly traded and invested among all cryptocurrencies in Africa followed by other digital currencies like Litecoin, Dogecoin, Bitcash, Tether, XRP, etc.
Why Cryptocurrency Became Popular Now In Africa
Cryptocurrency started becoming popular and widely used to the public in Africa in 2015. Bitcoin, in particular, is so far the cryptocurrency that has noticed high growth in the African crypto market.
In terms of transactions and investments very successful compared to others. Bitcoin and other cryptocurrencies are not experiencing rapid market growth in Africa alone but worldwide especially in Asia, Europe and America.
According to some world-respected financial backers, cryptocurrencies are the future currencies. Although they are volatile they can also serve as investments for the future.
From various reports and studies of the market of cryptocurrency below are some of the reasons why cryptocurrency became popular in Africa;
Because of the constant rise in the price of most cryptocurrencies like Bitcoin:
1. Bitcoin is worth $62,420.00 plus in November 2021 and experts are saying we are yet to experience more increase in price. Other cryptocurrencies like Ethereum, Cardano, and Dogecoin are also on the rise and are expected to increase in their market price as time goes on just like Bitcoin.
2. Allows easy and smart transactions:
Cryptocurrencies like Bitcoin, Ethereum make payment easy and smart by eliminating third parties like banks and government affiliates anytime a transaction is made.
Transaction fees are just what it takes, and having or using a P2P platform like Coincola, you are assured to complete transactions at reasonable prices compared to other platforms
3. Anonymous transactions:
Although transaction of some cryptocurrencies like bitcoin is not fully anonymous, it is okay to help protect the personal info of both the sender and receiver.
With cryptocurrencies, wallet ID is the only information you provide when receiving funds. And this applies to all cryptocurrencies. So they do not enhance only easy and smart payment and money transaction medium but also protect personal information during transactions.
This and many more contribute to the increase of popularity of cryptocurrencies in and Africa and its market as well.
What a Beginner Needs To Do When He /She Wants To Join The Crypto Space
The above intro and lots of stuff you hear about digital currencies will make beginners have mixed feelings about cryptocurrencies. Below are some of the vital information that is going to properly enlighten beginners willing to join the cryptocurrency space.
What Actually is cryptocurrency?
A cryptocurrency is a form of payment option used online to pay for services as well as goods.
There are nearly over 6,000 different cryptocurrencies in 2021(according to Statista.com ), but the most popular ones in Africa are Bitcoin, Ethereum, and Tether according to reports.
What Are The Most Popular Cryptocurrencies?
According to market prices below is the list of most popular and lucrative cryptocurrencies now.
| Cryptocurrency | Market Cap | Price Now |
| Bitcoin | $1.1 trillion | $62,559.00 |
| Ethereum | $540 billion | $4,575.98 |
| Solana | $72.9 billion | $243.28 |
| Tether | $71.4 billion | $1.00 |
| Cardano | $68 billion | $2.05 |
| XRP | $57.5 billion | $1.22 |
| Polkadot | $52.8 billion | $ 53.56 |
| Dogecoin | $35.3 billion | $0.2676 |
#NB: Market price Changes regularly (minutes, hours, days, months). Above is the current prices in November 4, 2021
How Can I Buy Cryptocurrencies In Africa?
Most cryptocurrencies are bought in Africa is through P2P platforms. The best P2P platform to buy cryptocurrency in Africa is CoinCola. (Read more about CoinCola the best P2P Platform in Africa)
Can Cryptocurrencies Serve As Investments?
For sure! cryptocurrencies can serve as investments. They experience a high rising in price, but the thing is, their prices are volatile. This is because the prices are determined by demand and supply for it market.
Are Cryptocurrencies Legal?
Cryptocurrencies are legal in most African countries and in countries like Nigeria, Ghana they are neither legal or illegal this means it’s free to use. Few African countries have restrictions on the use of cryptocurrencies but it’s widely used from its Market price($105.6billion) in Africa says it all.
Best Peer-to-Peer Platform To Buy Cryptocurrencies In Africa
From the present reports from Chainanalysis on the cryptocurrency market in Africa, almost all the $105.6 billion worth of cryptocurrencies transactions made in Africa are through Peer-to-Peer (P2P) platforms.
The best Peer-to-Peer (P2P) platform to start trading and investing in various cryptocurrencies like Bitcoin, Ethereum and many others is CoinCola.
Why CoinCola ?…You May Ask
Coincola because;
- They are one of the fast, reliable, and secure as well as old P2P platforms in the world now. CoinCola connects users from all over the world to involve in P2P trade on their platform.
Users from Asia, Africa, some parts of Europe, and the Caribbean as well. You can trade almost 5 plus different cryptocurrencies including Bitcoin, Ethereum and many others is CoinCola. - Low and reasonable escrow prices.
CoinCola provides reasonable prices and sometimes gives new customers that are residents in some parts of Africa free trades thus, free escrow fees for couple trades. - Easy accessibility and beginner and user-friendly platform.
Coincola can be accessed both on phone and on the web. Their mobile apps support both Android and iPhones smartphones.
And also, a easy-to-navigate platform for new users and beginners.
Now Register and Complete the first trade to Get a $5 Bonus! Finish three trades, earn up to $100 Bitcoin.
Read More About Coincola… or Visit Coincola official website.
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