Throughout the African part of the globe, cryptocurrency is gaining popularity at an accelerating rate. The global trend and adoption of the digital alternative has created opportunities not only for certain fields but also for the whole world. The pandemic has undoubtedly accelerated the spread of cryptocurrency among the general public, as evidenced by the massive volumes of cryptocurrency data from across continental Europe, Asia, Africa, and the Americas. The digital revolution seems to work in favor of the general public. The one topic that many of our readers may have thought about is what exactly Malawi’s blockchain future holds for them.
We have seen it time and time again, a large percentage of crypto fans first become familiar with the world of Blockchain technology through their participation in online eSports games. Like with non-gamstop casinos and other platforms, CSGO and League of Legends bear a large share of responsibility for the reasons for the widespread adoption of cryptocurrencies in online communities.
What about the cryptocurrency that makes it so popular in Malawi?
Malawi’s adoption of cryptocurrencies can be attributed to a variety of factors. Although it is not the most saturated territory on the African continent, it is one of the top 5 places in the world in terms of adoption of cryptocurrencies (especially Bitcoin). It is predicted that over US$550 million has been traded in cryptocurrencies in the top 5 African countries, Malawi being one of them. The significant increase in cryptocurrency trading activity in the region can be attributed to the reason below.
Regional currencies are in a state of flux
Compared to the rest of the world, such as the United States and Europe, the currencies of rapidly expanding African regions are particularly volatile. The use of cryptocurrencies is the most effective method to avoid the fall in the value of Kwacha. Africa is particularly vulnerable due to the global fiat currency inflation that is occurring, making the region highly vulnerable while keeping its own local currency unstable. Cryptocurrency offers the greatest purchasing power for people concerned about the declining purchasing power of the native Malawian Kwacha.
Users have such easy access to blockchain technology because it is decentralized. Although not widely known, the majority of online e-commerce and other tech-related industries have all converged their platforms on blockchain technology, making purchasing power more accessible to people around the world. whole, regardless of their place of residence. Simply link your wallet to the merchant’s platform to make almost any purchase with minimal hassle. The purchasing power provided by bitcoin is unparalleled, as the security offered by the cryptocurrency ensures that customers can always be sure that their purchases will be honored and they will never be wrongly charged.