Throughout the African part of the globe, cryptocurrency is gaining popularity at an accelerated rate. The worldwide trend and adoption of the digital alternative not only created opportunities for certain areas, but also for the whole world. The pandemic undoubtedly accelerated the spread of cryptocurrency among the general public, as evidenced by the massive volumes of cryptocurrency data flowing in from all over continental Europe, Asia, Africa, and the Americas. The digital revolution appears to be working in the favour of the general public. The one topic that many of our readers may have been thinking about is what precisely Malawi’s blockchain future holds for them.
We’ve seen it time and time again, a big percentage of crypto fans first get acquainted with the world of Blockchain technology via their participation in online eSports gaming. As with non gamstop casinos and other platforms, CSGO and League of Legends has a significant amount of responsibility for the reasons for the widespread adoption of cryptocurrencies in online communities.
What is it about Cryptocurrency that is Making it so Popular in Malawi?
Malawi’s adoption of cryptocurrencies may be attributed to a variety of factors. Despite the fact that it is not the most saturated territory within the continent of Africa, it is one of the top 5 locations in the world in terms of the adoption of cryptocurrencies (particularly Bitcoin). It is projected that over 550 million USD dollars have been transacted in cryptocurrencies inside the top 5 African countries, with Malawi being one of them. The significant increase in cryptocurrency trading activity in the area may be attributed to the reason below.
Regional Currencies are in a State of Flux
In compared to the rest of the globe, such as the United States and Europe, currencies in Africa’s fast expanding areas are particularly volatile. The use of cryptocurrencies is the most effective method of avoiding the falling value of the Kwacha. Africa is particularly susceptible due to the global inflation of fiat money that is happening, which renders the area very vulnerable while holding its own unstable local currency. Cryptocurrency provides the most purchasing power for people who are concerned about the declining purchasing power of the native Malawi Kwacha.
Users have such easy access to blockchain technology because it is decentralised. Although it may not be well known, the majority of online ecommerce and other tech-related industries have all converged their platforms towards blockchain technology, making purchasing power more accessible to people all over the globe, regardless of where they live. Simply linking your wallet to the merchant’s platform is all that is required to make almost any purchase with minimal hassle whatsoever. The purchasing power provided by bitcoin is unparalleled, since the security afforded by cryptocurrency ensures that customers can always be certain that their purchases will be honoured and that they will never be wrongfully charged.