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In 2009, Nakamoto’s first bitcoin mining process resulted in the genesis block – the first block of the chain on the bitcoin network. Since then, the cryptocurrency market has witnessed the most significant rises and falls.
The past few years also saw crypto adoption in a few domains, including the casino industry. However, there is a prevalence of virtual casinos where crypto payments are concerned. They are more receptive to this due to their already present virtual affinity, as opposed to land-based casinos.
Today’s subject concerns crypto gambling within African countries. We will explore the reasons for its spread as well as possible and present the face of crypto casinos.
Cryptocurrencies in Africa
The crypto trend caught many people in its charms, but some coins ended up digging a deeper hole for those who put their hopes into them. Luna coin is a good example, another one being the more recent FTX controversy.
So far in South Africa, cryptocurrency adoption among business owners and CEOs has never been higher – 59.7%. Among the cryptocurrencies, Bitcoin stands out from the rest. More than 85% of the business owner respondents for this study possess Bitcoin, while Ethereum follows closely in the second place.
So far, the top 5 African countries where Bitcoin adoption happens are Ghana, South Africa, Nigeria, Zimbabwe, and Kenya. But why is this happening when Bitcoin and other cryptos constantly decrease in value?
Why is the Adoption of Cryptocurrency so High?
First, we have to understand how African people use cryptocurrency on a day-to-day basis. Most people interact with crypto in a P2P type of transaction. P2P is basically a way of communication between each party engaged in the exchange. It is worth noting that each party can initiate communication, and they all share identical capabilities. TechTarget is one of the sources that defined this complex connection in a detailed yet straightforward manner.
In addition, some people using this type of payment don’t have bank accounts due to insufficient funds or other issues, which severed them from card transactions. With crypto, though, people without bank accounts can safely pay for goods and services. This, in turn, facilitates economic activity in the respective countries.
Other reasons for the high crypto adoption include the significant depreciation of some African currencies. Some people might opt for cryptocurrency because they’re scared of the national currency devaluation.
Crypto Gambling
Crypto gambling is the process of engaging in casino games and paying for them with cryptocurrencies such as Bitcoin or Ethereum. Of course, not all casinos accept crypto as payment, so if you want to gamble with crypto, you must do your research first.
As it happens everywhere in the world, gambling with crypto is neither legal nor illegal. This activity is relatively new to governments and is largely unregulated by appropriate bodies, at least at the moment of writing this article.
However, even some of the top dedicated websites with live gambling offer this payment option to their clients and ensure the safety of the transactions. Casino Alpha’s data shows that crypto gambling has grown this year due to the high adaptability of the virtual currency explained above and the perceived stronger security of these transactions .
Advantages of Crypto Gambling
Cryptocurrencies in gambling are attractive as a payment option due to the multiple advantages posed to the users. For example, the transactions made this way are faster, with low fees for processing and conversion. Even more, the increased security of cryptocurrencies is also sought.
As a plus, the players who opt for this payment type also have low cashout fees. This money will then be directed to your digital wallet swiftly. Having such a wallet also increases personal safety since you don’t need to provide personal information to use it.
Finally, the crypto casinos themselves encourage the usage of cryptocurrencies by offering bonuses and other incentives to attract customers. As you know, bonuses can sometimes make the difference between scoring winnings and leaving the slot unsatisfied.
Top Virtual Coins Used in Africa
After discussing crypto gambling in Africa and its advantages, it’s time to turn toward virtual coins. It’s essential to understand which cryptocurrencies attract more attention and what their power is. For example, in 2021 alone, the value of Bitcoin traded was appreciated at around $1.5 million.
So, what about the rest of them? Arranged by popularity, here are the top cryptocurrencies currently trending in this country:
- Ethereum
- Tether
- Litecoin
- Dash
- XRP
- Lisk and Monero
Conclusion
The current global situation created the perfect context for Africa’s high adoption of virtual currency. Aside from the economic crisis, the spread of the internet and the modernization of certain areas in technological infrastructure facilitates the presence of coins such as Bitcoin in African countries.
It’s no wonder that people without bank accounts integrated crypto into their lives so quickly. After all, these crypto coins facilitate their day-to-day lives and could represent the start of an African stablecoin.
Photo credit : Quantum Ai
Sources:
https://iafrica.com/african-currencies-are-depreciating-against-the-dollar/
https://blog.chainalysis.com/reports/2022-global-crypto-adoption-index/
https://cointelegraph.com/news/blockchain-for-sustainable-development-the-case-of-ghana
https://african.business/2022/09/finance-services/why-african-currencies-are-struggling/
