What African Youth Are Finding in Crypto
Blockchain technology & cryptocurrencies are giving youths throughout the African continent a new opportunity for growth & freedom, evident in the growing adoption of crypto among African youth.
Dynamism is the bane of an evolving world; this is evident in the developmental strides of blockchain technology and the entire cryptocurrency space.
Africa has been viewed from the lens of a developing continent, and as such the rate of growth in all sectors from infrastructure, healthcare, telecommunication, good roads, governance, economy and finance have witnessed a significant growth rate on paper.
In the area of finance, Africa with a land mass of over 30 million square kilometers and a population of over 1.2 billion has not done much until recent times. It is estimated according to the global financial index that Africa has a population of around 57% who are unbanked. This sets out a limitation for access to proper loan and credit opportunities, and access to global finances.
The bureaucratic bottlenecks associated with creating bank accounts from traditional (centralized) banks and the inefficiency associated with them has left a nasty experience in the mouths of everyone irrespective of status, especially for those who had made efforts to create a bank account in such traditional finance institutions.
Small business owners and determined entrepreneurial organizations are all inclusive in these challenges and the cost of transaction is a story for another day’s discussion.
The advent of blockchain technology and the development of cryptocurrencies has brought about a dynamic and evolving people and continent.
The creativity and dexterity of the African youth to excel has impacted massively on the financial growth of the African continent.
It is said that African youths are finding their niche in the blockchain and cryptocurrency space from the flexible crucibles of developing the code required in the deployment of smart contracts, to backend and frontend developers.
The talents are inevitably abundant and excited throughout Africa.
While these youths who have found their passion in the development of code are hands on at the passion, there are other youths who have thought it wise to help spread adoption by creating mentorship hubs and training programmes for other youths.
These programs have even expanded to embrace older members of society who are willing and determined to learn the art and science of cryptocurrency and blockchain technology.
This is now evident in the number of tech hubs springing out all over Africa with an estimated number above 600 of such hubs created throughout the continent, while in Lagos Nigeria alone there are over 10 officially active tech hubs with each of these attracting the eyes and interests of big financial investors. It is on record that a single tech company which had metamorphosed from one of these tech hubs now has a valuation of over $200 million.
The average African youth is now motivated to look inwards and create a niche for themselves as the world does not hand anyone a free lunch on a platter.
Young and creative minds have thought it wise to involve themselves in the creation of NFTs and mint art works of fellow youths and monetize the same for their collaborative gains.
Others have gone ahead on the creation of Gifs and memes, which are all up for sale and bought in the open market by interested investors with an option for closing major deals for the youths.
Indeed, when you look inwards as a youth, there is that potential in you to achieve greatness and that could only be unlocked when you are determined and continue to perspire in order for you to achieve your dreams through your daily goals.
A wise man once said, “Preparation meeting opportunity makes one look lucky”.
In all honesty, there would be difficult moments in the process of the growth and discovery, but with the right frame of mind and enabling environment, the youths in Africa can make a global difference in the tech space of blockchain and cryptocurrency. That is one of the main reasons that crypto is being embraced on such a widespread level among African youth today, and we are still only at the advent of the crypto revolution in Africa.