Africa is a continent that is full of positive energy with an imposing nature synonymous with culture and majesty. Also, the beauty and purity in the soul of its people is one of its main characteristics that make it a beloved continent, admired and respected by all of us.
Although they have suffered from many social and economic problems throughout its existence, this continent has known how to overcome each and every one of them. They are a population that is full of intelligence and incomparable strength, serving as an example of improvement and greatness for the rest of the world.
Cryptocurrencies and economy in Africa
The practice of cryptocurrencies around the world is already a reality. Many countries have adopted cryptocurrencies as part of their economy, and this continent wasn’t going to be the exception. Cryptocurrency was already known by the African people, and 2020 was an atypical year for everyone due to the COVID-19 pandemic that resulted in a steep rise of digital currency adoption, especially in recently months.
There are many benefits that cryptocurrencies present for clients with little knowledge of the banking system, the most outstanding of which is that it has a peer-to-peer transfer mechanism. This makes it easier for the population without financial education to transfer money between them.
The use of these cryptocurrencies can also help minimize the risk of inflation in a continent so volatile in its economic environment. Unlike the excessive money printing caused by inflation in some African countries, cryptocurrencies are produced continuously without generating inflation because they are born through mining and in a different system than the traditional fiat money printing system.
The economy of many African countries is based on trade, industry and natural resources. In others it’s heavily tourism-based, using their culture and traditions as the main tools to attract visitors from many parts of the world.
Nigeria, which is an emblematic country of the African continent, has taken financial measures that have been adapted to the current needs of its population. It is applying new strategies for income and strengthening its economy, adopting the use of cryptocurrencies as a strategy that will undoubtedly allow them to grow within the African continent and take a step forward, being a beacon for its neighboring countries to follow.
Nigeria and the adoption of cryptocurrencies
Today, Nigeria is the largest source of Bitcoin trading volume on the African continent. It’s become one of the countries that has adopted the use of cryptocurrencies, joining others such as South Africa, Ghana and Kenya. This growth in both territory and value changing hands undoubtedly makes it clear that cryptocurrencies have come to stay within this continent.
Nigeria’s been one of the countries to join in the use of Bitcoin ATMs, which provide an alternative for those users who wish to sell and buy cryptocurrencies within this country.
Furthermore, Nigeria’s the leader in the Google search section for Bitcoin and altcoins, surpassing countries on other continents such as Switzerland or Austria.
In an interview, Chris Mauric, CEO of Yellow Card in Nigeria said: “In terms of the crypto scene and everything, things are growing very fast, really across the continent, but specifically in Nigeria, South Africa, Ghana. and Kenya”.
Arrival and application of Dash by the population in Nigeria
Last month, Dash in partnership with the company Coinprofile in Nigeria, have activated the use of Dash for payments in that country. Coinprofile features an easy-to-use platform that allows merchants and regular users to make purchases and sales with cryptocurrencies directly. By adding Dash to its platform, Coinprofile provides access to Dash features that allow transactions to be made instantly with zero fees. This makes the user experience when purchasing goods and services phenomenal.
As relevant information, all transactions are converted to Naira (the national currency of Nigeria), giving the merchant the ability to continue accepting Dash payments without the risk of volatility, and also allowing the user to carry out transactions using Dash as a payment method.
Coinprofile also integrated Dash’s InstantSend feature that makes it possible for transactions to be received in a second, an obvious advantage over Bitcoin transactions.
Nathaniel Luz from Dash Nigeria talks Coinprofile
“The partnership with Coinprofile gives Dash users the ability to live 100% with a scalable ecosystem out of the box to expand our presence in Nigeria and soon thereafter in the rest of Sub-Saharan Africa. Coinprofile offers its users the best possible Dash experience, using InstantSend to quickly complete purchases. Their solution makes it easy for merchants to accept Dash while they reserve the option to receive fiat”.
Promising future for Dash on the African continent
With this initiative, Dash adds one more country to its list that allows the enjoyment of all the benefits that Dash has to offer. Dash is a cryptocurrency that continues to scale globally. Nigeria is undoubtedly going to become a leader in the use of this cryptocurrency on the continent of Africa. Its acceptance by users today has been massive and its consumption is expected to increase in the rest of the year, and in 2021 it’s expected to grow exponentially.
May this article serve as a humble tribute to all the people of this wonderful continent. Its tradition, its gastronomy and above all, its humanity are characteristics that make it a continent that I deeply admire. I hope we can all help Dash to keep expanding globally, helping countries that really need an evolution in their lifestyle! Dash is the future of the new digital economy and a great financial solution for all of us who use it in our lives.
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