Peer-to-peer (P2P) payment logistics platform Paxful has recorded a huge swell in Bitcoin transactions from the African continent in 2018.
With an average of 17, 351 transactions a day being made by African users, this took the increase in trade volume to over 130% over the course of last year, echoing many analysts’ claims that Africa will be the next major cryptocurrency market.
Paxful itself has gained in popularity on the continent principally due to P2P becoming the preferred trading method and the multitude of ways cryptocurrencies can be purchased on the platform, even my using iTunes gift cards. Also unlike many other regions around the globe cryptocurrencies such as Bitcoin have very little speculative value; with local currencies often struggling, cryptocurrencies are often simply used as payment for goods or transferring funds as a more viable and reliable alternative to local fiat.
The biggest notable spike in crypto volume occurred last November, according to Paxful’s team, although this could have been partly due to the Christmas period. However, in general, Paxful see the rise in volume as an indication that as local currencies lose value, cryptocurrencies such as Bitcoin become the obvious alternative, particularly given the large population of unbanked users on the continent who only have access to cash.
The current situation in hyperinflated Zimbabwe is driving nationals towards seeking other methods in order to find some financial stability. It is a situation mirrored in Venezuela, where Bitcoin has gained in popularity as an alternative currency to the struggling bolivar.
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Multinational financial services corporation Fidelity Investments is reportedly giving itself a March deadline to launch its Bitcoin custody service. Bloomberg reports three people familiar with the matter confirmed the March target, although the sources were not named.
The cryptocurrency custody solution is being developed to service the much anticipated institutional investors entering the market; retail investors will be unable to access the service when it does launch.
The cryptocurrency storage service was first announced in October last year, with Fidelity betting it is only a matter of time before Wall Street investors move to the cryptocurrency market. CEO Abigail Johnson said at the time: “Our goal is to make digitally native assets, such as Bitcoin, more accessible to investors.”
Johnson has advocated in favor of cryptocurrency for years, introducing Bitcoin and Ethereum mining at Fidelity in 2017. Clients have also been able to access balances from their Coinbase accounts on the website for several years.
The sources also disclosed to Bloomberg that an Ether custody solution would be the next focus for the firm.
Fidelity Investments administers over USD 7.2 trillion in customer assets and is based in Boston, USA.
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Cryptocurrency analysts have spoken out about why they feel that Bitcoin needs an image change before it can become accepted by the masses as a viable alternative to fiat currency.
Clement Thibault, Senior Analyst at Investing.com sees trust as the biggest problem: “Most people don’t understand the digital currency and only see Bitcoin’s erratic price movement. A lack of understanding coupled with wild price swings creates a negative environment for adoption.”
High profile hackings around the world and negative news stories often covering the latest scam have not helped Bitcoin’s image either, according to Jeff Ramson, founder and CEO PCG Advisory Group. He says, “Bitcoin’s biggest problem at this point is that the general public unfairly associates it with ICO scams.”
According to Krypti’s Steve Russo, hack thefts that continue to be on the rise and “seem to occur daily” also help magnify fears. Russo believes this to be unnecessary, however, since given the volume of transactions, this activity is still quite infrequent and the technology is still in its infancy in terms of a new universal monetary system.
Thibault cites difficulties in using Bitcoin as a contributing factor to its slow uptake. He claims that for many, it is more complicated than simply holding cash: “You’d need to set up a node, hold your private keys and be entirely responsible for anything that goes wrong. Most people just aren’t ready for this kind of commitment and the comfort of fiat money suits them well, as imperfect as it may be.”
Jean Amiouny, CEO of Shakepay, claims that exchanges need to be easier for people to use which is borne out by a recent LendEDU report which covered virtual currency-related complaints in the CFPB’s Consumer Complaint Database from 2016 to 2018. The report noted a 17,000% spike in crypto-related complaints over the two-year period. 35% of complaints were related to late receipt of funds.
“People need to understand the value of Bitcoin as a truly permissionless and sound money, more than simply as a speculative asset to ‘get rich quick,” he says. “And people need to learn how to take responsibility for the private keys that control their Bitcoin.”
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