Cryptocurrency is becoming quite popular in Africa. One of the key takeaways from the state of crypto in Africa is that Peer-to-Peer (P2P) exchanges are gaining ground owing to a lack of traditional infrastructure and the vague legality of crypto in many African countries. According to a P2P exchange Paxful, fully 45% of all of their wallets now originate from African countries, South Africa, Kenya, and Nigeria in particular.
A similar growth trend is obvious when looking at the trading volumes for these exchanges. New trading volume records are being set so quickly that this article from May 2020 is already outdated, the records have already been broken!
The key to understanding cryptocurrency adoption in Africa is that buying the proverbial coffee with Bitcoin is not the priority for crypto users. Instead, crypto is being adopted because it solves two real-world problems.