Although cryptocurrencies are still worrying in areas such as money laundering and crime, more and more African countries and individuals are beginning to accept cryptocurrencies. The long-term pain of monetary inflation is one of the main reasons for their choice of cryptocurrency.
For Africans, BTC is a viable alternative to foreign currency. In Nigeria, many young college graduates have become freelancers due to domestic employment pressure, providing copywriting to designing and even more computer services to foreign users. Therefore, they often encounter payment problems. With BTC wallets and a large number of local trading services, these freelancers can easily receive payments from customers all over the world.
In addition to freelancers, business owners also use Bitcoin and other cryptocurrency platforms as substitutes for foreign currencies and banks.
Although cryptocurrency peer-to-peer transactions led by BTC continue to increase throughout Africa, people here seem to focus only on cryptocurrencies as a substitute for the US dollar, without delving into the wider adoption of other technologies in Bitcoin.
Other deeper values of cryptocurrency don't seem to be going to be tapped here.
As far as the current situation is concerned, cryptocurrency is obviously a natural enemy of inflation. Most cryptocurrencies have a fixed number, and they have deflationary nature. Unlike the current circulation of paper money or coins, there are too many issued and inflation causes. This obviously improves people's sense of security.