Africa might be known around the world for some rather negative reasons including poverty, famine, coruption, and economic disaster, however there are a number of positives that the continent can boast about too.
Indeed, one of them is in relation to the cryptocurrency market, as the continent has become one of the biggest adopters of virtual currency around the world, with perhaps only Asia seeing a slightly better rate. Many of the reasons why Africa has been able to embrace the digital asset is due to its young population and the influence that they have had on certain markets.
The younger African generation is already embracing new technologies
For instance, there has been a huge surge in education around technology amongst the younger generation of citizens across various different countries, with many of them taking an interest in financial education, too.
Many have recognized that cryptocurrency can help them to move away from traditional currencies that can be impacted by corruption or inflation, whilst the gaming community across the continent has exploded as a result of the youth.
A host of young Africans are using crypto to further enhance their gambling experiences further, especially as they continue to enjoy the options available to them. Among those options, a Bitcoin online casino can now be accessed due to the improvements that have been enjoyed in regard to technology, as well as the greater understanding and knowledge of cryptocurrency.
African bettors recognize that digital currency can provide them with a range of different benefits, including the fact that money is safer, more securer, decentralized and can be used as and how those who hold it intend to do so. These are huge positives to those who are concerned about experiencing a scenario whereby the value of any savings that they may have across conventional finance may be wiped out overnight.
iGaming firms are already looking to help
Indeed, iGaming firms are helping to pave the way for cryptocurrency to play a significant role across the continent, as they continue to encourage gamers to utilize it with their services. Due to the high market penetration that smartphones now have because of the advancements that technology has been able to experience, developers are now targeting players by creating games that have been customized to fit the African culture.
Many of these games utilize blockchain technology, whilst there have been some that have been created that are designed to allow players to be able to save finances in a better and more protected way, thus providing them with an economic future. This means an individual could potentially use this method as a means to redirect the earnings towards long-term saving instruments like pension schemes, health, and education insurance.
It is being suggested that gaming could help Africans to better understand the use of blockchain technology and acquire knowledge and understanding that can help them to thrive economically, too.
According to a 2021 study, the total of gamers has increased from 77 million in 2015 to 186 million across just the Sub-Saharan portion of the continent. It was found that 24 million were located in South Africa, approximately 40% of its entire population, whereas Ghana and Nigeria boasted 27% and 23% respectively. Kenya (22%) and Ethiopa (13%) completed the top five when it came to the largest gaming markets.
Countries need to do more despite taking action
Furthermore, nations including Nigeria, Kenya, South Africa, Tunisia, Ghana, and Morocco are all thought to be actively involved in some capacity regarding cryptocurrency, with the former of those to have been mentioned to have already released the e-Naira, whereas South Africa has been piloting Dunbar, which will support cross-border transactions with Mauritius.
Nonetheless, some will argue that there is a lot more that needs to be done, too. Some will argue that the governments of each country need to do more to promote and encourage cryptocurrency adoption, especially if they want to try and implement a cashless society.
With the rate of adoption already being relatively high, it is likely that this figure will continue to grow in the future, therefore there needs to be an action plan in place to ensure that the continent of Africa can do what it needs to in order to ensure they are as successful as possible.