Cryptocurrency and blockchain technology have been discovered to have the potential to be a transformative force for Africa, offering a solution to many of the continent’s economic and social challenges.
One of the most pressing issues facing Africa is poverty and inequality. Many African countries have high levels of poverty and a large gap between the rich and the poor.
A cryptocurrency researcher, Mit Phœnix, founder and CEO of Manoka Island Trade, said cryptocurrency and blockchain technology have the potential to address the issue of poverty and inequality by providing a new financial system that is accessible to everyone, regardless of income level or social status.
According to him, through the use of digital currencies and blockchain-based platforms, individuals and small businesses in Africa can access financial services and opportunities that were previously unavailable to them.
Phœnix, with years of experience in cryptocurrency research and recommendation, pointed out that another major challenge facing Africa is a lack of financial inclusion.
He said: ”Many people in Africa are unbanked or underbanked, meaning they do not have access to traditional banking services or have limited access.” Cryptocurrency and blockchain technology can help to address this issue by providing a digital alternative to traditional banking. ”Digital currencies and blockchain-based platforms can be used to send and receive money, make payments, and store value, all without the need for a traditional bank account.”
Many African countries, Phoenix noted have a history of corruption and a lack of transparency in their financial systems, which has led to a lack of trust in institutions and a lack of investment.
”Blockchain technology offers a solution to this problem by providing a transparent and tamper-proof system for recording transactions. “This transparency can help to reduce corruption and increase trust in the financial system, making it more attractive to investors and businesses,” he explained.
Speaking on infrastructure as a challenge for Africa, the Manoka CEO stated the obvious: many areas of the continent lack basic infrastructure, such as roads and electricity.
This lack of infrastructure, he added, makes it difficult for people to access basic services and hinders economic growth.
The researcher said: ”Cryptocurrency and blockchain technology can help to address this issue by providing a digital infrastructure that is not dependent on physical infrastructure. ”Digital currencies and blockchain-based platforms can be used to send and receive money, make payments, and store value, all without the need for traditional infrastructure.”
Phoenix, who noted that Africa has a high youth population, revealed that the continent is facing a high level of unemployment. Cryptocurrency and blockchain technology can provide new opportunities for the young population to be part of the digital economy, to develop new skills, and to be part of the new financial system that is emerging.
He reiterated that cryptocurrency and blockchain technology have the potential to be transformative forces for Africa, offering solutions to some of the continent’s most pressing economic and social challenges.
According to Manoka’s CEO, this will provide access to financial services, increase transparency and trust in the financial system, and provide a digital infrastructure that is not dependent on physical infrastructure.
He maintained that digital currencies and blockchain-based platforms can help to improve the lives of millions of people in Africa and drive economic growth, adding, ”It’s a hope that could bring a brighter future for the continent.”
Going down memory lane, Phoenix said, “Cryptocurrency has been around since 2009 with the first coin: Bitcoin.” At first, governments did not take it seriously. But from 2013 to 2022, almost every country on the face of the earth passed legislation on it.
”China, India, Qatar, Ghana, Egypt, Bangladesh, and a few other countries have banned cryptocurrencies, while other countries initially restricted their citizens. But today, we have more countries allowing cryptocurrencies to thrive.
”Cryptocurrency thrives in Thailand, Nigeria, the Philippines, Turkey, Argentina, Indonesia, Brazil, Singapore, South Korea, and Malaysia.”
”Other emerging nations in crypto in Africa are Kenya, Cameroon, and the Central African Republic, which has a government-backed token called Sango Coin.”
He continued, ”Nigeria is second in the world in cryptocurrency investments.” About 19% of the Nigerian population are active investors in cryptocurrencies. Most Nigerians who claimed to be crypto investors have never owned a layer one or two because they do not know as many people have fallen into wrong investments.
”They have always invested in Ponzi crypto-related platforms. These groups of people account for almost 30% of the population.
”The same applies in Cameroon. In Cameroon, a lot of people have lost money in Ponzi schemes because they are not able to dissociate crypto from Ponzi schemes built around crypto. This has retarded the growth of cryptocurrency in similar countries. This was what gave birth to Manoka’s emergence as a catalyst to both guide and recommend well-researched cryptocurrencies.
”One thing that is sticking about this is the knowledge and understanding of cryptocurrencies have set some countries apart. Crypto has created new jobs and new skills in Nigeria.
”Yes, the cryptocurrency space has opened up a new world of opportunities for young Africans who have created wealth for themselves. Amid all these positive happenings has been the disturbance of divisive sounds coming from crypto haters.
”There are a few old gatekeepers who want things to remain the same. A few individuals and their families control 90% of the total wealth the world has.
”When we have had crypto projects crash, they have been quick to jump at it to drive their misleading points home.” The masses are much wiser now.
”Cryptocurrencies and blockchain technology have redistributed wealth around the world.” What it implies is that no single individual, group of people, or organization would control money because money is decentralized. Don’t forget that whoever has money decides how things should be done.
”It used to be government through its financial institutions. Cryptocurrency has been let loose and it is enabling ordinary men and women from rural areas and urban areas to participate in wealth creation.
”Cryptocurrency and blockchain technology are the weapons that Africans and people from third-world countries would use to develop themselves and grow their communities.
”Foreign Aid has never developed any nation. Foreign aid has robbed many nations of their drive to develop themselves. It is dangerous when you are made to believe that you can not do certain things because of the colour of your skin or because of the area you come from.
”It is killing when a parent accepts it and hands it over to his children because of a trademark. We still have issues with food, accommodation, and jobs.
”In my opinion, anyone can go into agriculture and real estate after the bull run if you had invested in the right crypto projects. A lot of people are hungry not because they do not have food but because the available foods are damn too expensive.
”The only industry where anyone can raise capital to finance life-changing projects in crypto. This opportunity would soon be gone with the wind.
”The next bull run would create three sets of people: Observers, Millionaires, and Billionaires. The decisions you take today would determine the choices you have made for yourself and your loved ones.
”In the crypto industry, it is not what you do that matters.” It is who you follow, and you listen to that matter. ”Manoka Island Trade is a cryptocurrency recommendation platform that offers a range of services for traders and holders, including a wide range of digital assets, low market capitalization tokens, and low-risk digital assets.
The platform also provides educational resources and regular market updates to help users make better investment decisions.”