crypto in africa

What African youth are discovering about cryptocurrencies

The resilience among the youths in Africa has spawned into a wildfire of determined entrepreneurs who have decided to make a mark for themselves in the areas of blockchain technology and cryptocurrencies.

According to statistical data, Africa has been classified as a developing continent, and growth rates in all sectors, including infrastructure, healthcare, telecommunications, good roads, governance, economy, and finance, have all been impressive.

According to the global financial index, about 57% of Africans are unbanked. As a consequence, there are limitations in terms of access to appropriate loans and credit opportunities, as well as global finance.

However, the bureaucratic bottlenecks involved in opening bank accounts from traditional (centralized) banks and the inefficiency associated with them have left a bad taste in everyone’s mouth, especially for those who have created such accounts according to traditional financial institutions.

Small-business owners and entrepreneurs alike face these challenges, and the cost of transactions is a topic for another day.

As a result of blockchain technology and the development of cryptocurrencies, people and the continent, in general, are becoming more dynamic and evolving.

Africa’s financial growth has been impacted greatly by the creativity and dexterity of its youth. Africa’s youth are finding their niche in the blockchain and cryptocurrency space, from backend and frontend developers to flexible crucibles where they can develop the code required in smart contracts deployment. 

The talents and opportunities are inevitably abundant and exciting throughout Africa.

There are many youths who are excited about computer coding, but there are others who have decided to help spread adoption by setting up mentorship hubs and training programs for other youths.

These programs have even expanded to embrace older members of society who are willing and determined to learn the art and science of cryptocurrency and blockchain technology. 

As a result, several tech hubs are springing up all over Africa, with an estimated 600 of such hubs already in existence on the continent. In Lagos alone, there are over 10 already active tech hubs, each attracting the attention and interest of big financial investors.

Several African countries, including Kenya and Rwanda, are at the forefront of promoting the blockchain to their citizens to create mass levels of awareness and training.

There is evidence that a single tech firm that grew out of one of these technology hubs now has a valuation of over $200 million. Currently, there are more Fintech projects in the Blockchain and cryptocurrency space that are catching the attention of global players.

There are various African countries setting up high-powered delegations to map out how to implement government-issued decisions to use or integrate the blockchain and cryptocurrencies.

The average African youth is now motivated to look inwards and create a niche for themselves as the world does not hand anyone a free lunch on a platter. Youths and creative minds have thought it a good idea to create NFTs and mint artwork of their peers and monetize the same for collaborative gains.

Others have gone ahead on the creation of Gifs and memes, which are all up for sale and bought in the open market by interested investors with an option for closing major deals for the youths.

As a youth, you have the potential to achieve greatness, and that potential can only be unlocked if you are determined and persistent in the pursuit of your daily goals.

A wise man once said, “Preparation meeting opportunities makes one look lucky”. 

Even though there will be challenges in the process of growth and discovery, youths in Africa can make a global impact in the tech space of blockchain and cryptocurrency with the right frame of mind and enabling environment. It is for that reason that crypto is embraced on such a widespread level by African youth today.

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Disclaimer: This article is for informational purposes only. The information does not constitute an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Klever.Finance does not provide financial, tax, legal, or accounting advice. There is no responsibility on the part of the company or the author for any loss or damage arising from or related to the use of or reliance on any content, goods or services mentioned in this article.

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