Low education level obstructs Bitcoin growth in Africa

Financial markets world over are slowly embracing bitcoin and the underlying blockchain technology. Over the past six years, not only hundreds of start-ups have emerged, but also big banks and investment firms are investing in these bitcoin-based companies. However, Africa tells a different story.

Not many people are accepting this new technology in the region mainly due to low level of education and awareness about it, Memeburn reports.

Francois Harris, founder of Bitcoinzar, a website providing information to bitcoin users in South Africa, confirmed the low numbers of users around Africa, the publication house said.

“Real bitcoin users, who are daily users of the bitcoin network, and understand the technology and how it works, probably less than 1000 people,” Harris said.

Harris said that the cryptocurrency saw rapid growth in South Africa through educational events, local meetups and conferences. However, he pointed out that there are several factors to consider while launching a bitcoin service in the region.

“Most Africans who are sending money into Africa are not using bitcoin yet as a mechanism for remittance and traditional options like MoneyGram and Western Union are still the biggest players in that market,” Harris explained.

He added that there are various online resources, including Bitcoinzar.co.za,

Read more ... source: Bitcoin Warrior