With the much awaited 2019, it is only a great time to reflect on the previous year and plan how to move the crypto sphere forward. Cryptocurrency economy celebrated its ten years birthday in the year 2018.
With this celebration, it attained a complete market cap of roughly $138.6 billion. Even with its volatile market, the top universal peer to peer Bitcoin marketplace; Paxful, noticed a huge climb in crypto activities by African users.
Moreover, about 6.5 million trades were conducted in Africa in the previous year 2018. This simply implies that an average of 17000 trades was executed in one day. When it comes down to the traded amount, South Africa is rated as Paxful’s fifth highest country.
In addition to these, the co-founders of Paxful are positive about 2019. They have even talked about what they are expecting in the crypto sphere. Ray Youssef; CEO and Co-founder also shared his predictions for the Cryptocurrency industry in 2019.
Some of the predictions include;
Africa will continue to be at the forefront
The main focus of the crypto transformation is to make this universal economy easily accessible to the people. Basically, Africa has turned out to be the leader in the crypto space. They had the largest number of new subscriptions on Paxful in 2018.
The overall amount of transactions from African users alone is approximately R948 million monthly. This brought a rise of 225% of new users in the last year.
Transactions in South Africa rose by 25%, in Nigeria, it rose by 60% and rose by 100% in some other areas of the African continent.
Subsequently, Africans utilize crypto to satisfy their private financial needs and entrepreneurial businesses. This includes sending goods, services, and even money traditionally and universally.
There are upcoming generations of Africans purchasing crypto as their investment ride into the promising start-up of the blockchain. Only a comparatively minimal amount of Africans sell computerized currencies for the sake of profit.
High Humanitarian Focus
Paxful focuses on leading the charge to demonstrate exactly how Bitcoin can be utilized for good. They also plan on increasing their pioneering program known as #BuiltWithBitcoin.
It is a charity aimed at motivating the crypto field to add funds to humanitarian projects. These projects also aim at creating schools and offering bursaries for disadvantaged individuals.
The Government Will Pay A Closer Attention To Cryptocurrency
The countries all over the globe are currently scrutinizing and monitoring how to deal with the surge of Cryptocurrency economy. More activities are expected to arise from the policy advancement in years to come.
For South Africa, the government there have already created a functioning group to monitor Cryptocurrency and the Blockchain technology.
According to Paxful’s COO, Paxful will continue to be fascinated concerning facilitating its monetary inclusion to those that are underbanked. They have currently started making progress with their project.
A large number of users attained in 2018 simply intensifies the hunger individuals have for the technology. Paxful believes the expansion this year will be a great one.