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Young colleagues checking their e-banking account
In the last year, I’ve interacted with bitcoin users in Africa to understand what it means to them. Through 10 physical events and online channels, including spaces and podcasts, I’ve seen the vast difference in meaning bitcoin evokes for different people. Three distinct perspectives regarding scarcity, trust, and risk define how people interact with Bitcoin in Africa.
Scarcity Vs Abundance
Africa bears a paradox of abundance and scarcity. The abundance lies in people-first culture, history, and vibrance in multiple facets of life. Scarcity lies in the distribution of economic resources thanks to regulatory environments that tend to stifle businesses. This is felt through youth unemployment, at 30% in some regions or as high as 67% in Kenya, as reported in the African Leadership Magazine.
One question that tends to come up frequently is, “How can I make money in Bitcoin?”
The answer is simple: look out for Bitcoin companies hiring in communications, accounting, education, or business development, among other roles. Bitcoin Dada, for instance, has successfully trained eight cohorts of students, and some have secured roles in the global Bitcoin ecosystem. Alternatively, consider other jobs that can pay part of the earnings in Bitcoin.
Some people use Bitcoin, not because they understand it, but because they want a frictionless method of payment for gig work. Others engage in the peer-to-peer markets, trading Bitcoin to profit from arbitrage opportunities in the ecosystem.
Computer, global analytics hologram or woman review finance data, stock market database or ... More futuristic overlay. Forex investment hud, ecommerce back view or night trader trading NFT, bitcoin or crypto
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