Bitcoin Trading: Africans Learning to Trade Bitcoin Could Boost Income Flow

By: Dickson Arinze

January 24, 2021 8:54 AM

Bitcoin trading in Africa has skyrocketed as people seek for greener ways to improve their income in a crashing economy.

Trading bitcoin carries potential for profit and risk as we all know with high volatility in the crypto market.

Nigeria, home to a big but struggling economy in Africa with a very high unemployment rate.

In order to make a living nigerians work various odd jobs with the minimum wage not up to scratch, inflation is on the rise as the Nigerian Naira continue to loose value.

When Bitcoin (BTC) trading came just as a life boat, many African jumped into it in search of means to soften the difficulty, there has been increased interest with youths and fresh graduates seeking to smooth their trading skills in a highly corrupt environment, Bitcoin and Cryptocurrency trading in general has been a go to for Africans seeking Financial stability.

As inflation continues to surge and unemployment rate hits the Sky, we are more likely to see more traders come into the bitcoin to buy and sell for profits, but there are dark sides to this trend.

Just too often some people in Africa have gotten burnt from trading and speculation. Much like the rest of the world, as Africans have explored cryptocurrency as a route to a better income, some have lost money or have fallen for several scams which target the region due to lesser regulation.

In a recent trend by top crypto exchanges who are now targeting the African market for expansion as it promises huge potential, most have taking the step to create an environment to educated Africans on blockchain and cryptocurrency trading.

Top of the list of exchanges practicing this are Binance and okex largely targeting the Nigerian market, this has proved effective so far as bitcoin popularity have grown around the continent.