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African governments’ failure to provide jobs fueling youths’ interest in Bitcoin business | The Guardian Nigeriaguardian.ng/interview/african-governments-failure-to-provide-jobs-fueling-youths-interest-in-bitcoin-business
1028 sats \ 3 comments \ @KenyaCoin 23 May 2022 bitcoin
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21 sats \ 0 replies \ @Mimiella8 24 May 2022 freebie
As a Nigerian citizen myself, I say it loud and proud, investing in crypto by God's grace saved me and those I'm responsible for, from starvation when acquiring a job is luxury itself. Glad I partook in it as early as I could.
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20 sats \ 0 replies \ @siggy47 23 May 2022 freebie
Glad to see you linked this article. Nigeria is the African country with the greatest bitcoin adoption, but the entire continent may soon benefit from btc. I really enjoyed Alex Gladstein's article https://bitcoinmagazine.com/culture/bitcoin-a-currency-of-decolonization regarding the CFA franc nations and how they have suffered under France's neo colonialism. I'm sure this has a lot to do with the Central African Republic becoming only the second nation in the world to embrace bitcoin as a currency.
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3 sats \ 0 replies \ @KenyaCoin OP 23 May 2022
There are three main things fueling their interest in Bitcoin:
  1. the continuing failure of African governments to provide opportunities for their citizens to secure employment or engage in entrepreneurship;
  2. related to the first, which is the depreciation of these countries’ local fiat currencies – in the 1980s, the Nigerian currency (the naira) traded at parity with the U.S. dollar; now it takes close to N600 to buy one dollar; and
  3. due to the rise of mobile telephony and apps, African youths are used to having the world at their fingertips. With Bitcoin, they have the opportunity to transact 24/7 and send/receive money cheaply and almost instantaneously from all over the world. The combination of these factors contributed to Africans’ appetite for Bitcoin and peer-to-peer platforms.
Combined with the rise of remote work, Bitcoin will make it possible for world-class talent in Africa to take advantage of global work and entrepreneurial opportunities.
Bitcoin will usher in frictionless payment and trade rails across all of sub-Saharan Africa. This is particularly important because of the Africa Continental Free Trade Agreement (AfCFTA), which is intended to establish a free trade zone across all of Africa, and which the World Bank estimates will boost Africa’s income by $450 billion.
The Brookings Institution noted that cryptocurrencies have a lot of potential to facilitate remittances and help democratise finance. That is our raison d’etre here at Paxful – as a peer-to-peer platform; we are fully on board with Satoshi Nakamoto’s vision of Bitcoin as a way for users to exchange value among themselves without a centralised authority in the middle.
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