When a society develops or changes, it is usually the younger generations that embrace these changes and utilises them in the best ways. This is certainly true in different areas of life but prominent when it comes to technology. Although older generations do embrace technology to an extent, they do not match up when it comes to millennials and technology.
This has proved to be the case in all corners of the globe, including Africa where more millennials are choosing to welcome Bitcoin into their life. Just like a millennial in other parts of the world, their smartphones are loaded into their skinny jeans or within easy reach at all times – and so are their Luno bitcoin wallets. Here we will look at why so many millennials in Africa are turning to Bitcoin.
Bitcoin and Africa: The Perfect Cocktail?
There is already a case that Africa presents the perfect continent for Bitcoin to grow. One of the core arguments is that Africa already has a culture that is based on transferring money by unconventional means. Whereas Europeans and Americans may always opt to send money by bank transfer, Africans tend to favour money transfers by smartphone apps. This way of conducting money transfers is a ready-made fit with the way Bitcoin works in a society. However, these are not the only reasons why Bitcoin and Africa are a match made in crypto heaven:
- Bitcoin can reduce criminal activity in Africa where some countries are rife with corruption
- The spread of internet access has grown rapidly across Africa making Bitcoin trading and use a much more realistic possibility
- Bitcoin can reduce local corruption
- Bitcoin is cheaper and faster than alternative peer-to-peer transferring options
- Bitcoin and crypto education is being offered to many millennials in these regions
Why Millennials are Specifically Using Bitcoin
For many millennials in Africa, they are fresh out of university and on the job market. However, the economies in many African countries present limited opportunities even for society’s most well educated and qualified professionals. For this reason, many Africans turn their attention to side hustles and try to make money in more ways than just their regular day jobs. This is a trend not exclusive to Africa but one that many Africans are likely to explore further.
Buying, investing in or trading Bitcoin is one of these lucrative avenues for millennials without a job or in need to raise more money for a better quality of life. Unlike other side hustles this one has a string of other benefits that were listed above. This means choosing to embrace crypto is not just a way to improve life and finances, it offers benefits for day-to-day living.
One of the biggest obstacles that millennials in these countries face is a lack of regulations and central banks actively opposing the use of cryptocurrency. Nevertheless, millennials here still adopt crypto and make it work for them.