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A Quiet Bitcoin Boom in Africa

U.S. blockchain research firm Chainalysis reports that monthly cryptocurrency transfers to and from Africa of under $10,000  (typically made by individuals and small businessesjumped more than 55% in a year to reach $316 million in June 2020. The number of monthly transfers also rose by almost half, surpassing 600,700. Most was in Nigeria, South Africa and Kenya. This represents a reversal for Bitcoin which, despite its birth as a payments tool over a decade ago, has mainly been used for speculation by financial traders rather than for commerce. Bitcoin users say the cryptocurrency  helps people make their businesses nimbler and more profitable, and assists those working in places like Europe and North America avoid high banking costs when they send money home.

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Alastair Tempest

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