With Africa’s big population, it is the continent with the youngest population worldwide. According to the Statista report, as of 2021, people age 15 years and below stood at 40% compared to the 26% of the global average. The youth form 60% of it, with over 200 million being people of ages between 15 and 24. The ambitious entrepreneurs and young professionals are taking advantage of Blockchain technology to create favorable systems and business ventures.
Unemployment is the biggest challenge facing the African youths and the World Bank reports that 60% of jobless Africans are the youth. The unemployment issue has spurred the youth’s interest is cryptocurrency so as to earn a living for themselves. Even the professionals are venturing into the crypto so as to supplement their income flows.
The jobless youths are embracing cryptocurrency as the volatility in its value, presenting it as a better risk to investment than any other hustle or investment venture. “Right now I would rather invest in bitcoin and watch this space rather than buying a plot of land.” Says Moses Semulya, a doctor from a Kampala hospital
According to Tony Lauriola, CTO of Dan Holdings, barriers such as cross border payment limitations and financial bureaucracy are spurring African youths to Blockchain for its solutions to this problem. The young generation are aware of the benefits of cryptocurrencies and currently, they are the highest users and strongest advocates for cryptocurrencies in Africa. According to Tomiwa Onaleye from TechNext. “Cryptocurrency and Blockchain is easier to understand by people who are already educated and who are already exposed to technology,” he said. “It’s a little difficult to get older people to understand and get past the learning curve that comes with technology.” says Mr. Tokunbo Darko, the Marketing Vice President at ICOWatchlist.com, a host for crypto tokens.
Many youths have been viewing cryptocurrencies as a store for wealth but now the terms are changing. Bitcoin and other cryptocurrencies are forming new channels of payments with companies like Square, Mastercard and Paypal.
With so many cryptocurrencies revolving within Africa and the World Causecoin is one of them. Youths can embrace this new form of crypto that is now evolving. It is created to support a massive worldwide market for nonprofits. Causecoin will be effective in impacting the social good. According to 888 the new cause currency nonprofits will thrive and be sufficient to support the needy in our societies. By trading or investing in the World Cauecoin some 2% will be matched down to nonprofit organization, which will ensure that there is abundance for all. The youths are called to embrace this new ideology and partake in supporting the less fortunate.
With many governments from Africa being cautious of Blockchain technology due to its unpredictable nature, they are formulating guidelines against its use. However, masses are taking the bull by the horns and going in head first into this ‘risky’ investment. Bitpesa an exchange platform, which serves over 6000 customers from Kenya, Uganda, Nigeria, and Tanzania, is evidence that Africans are embracing the new virtual currency. Using Bitpesa, citizens especially the youth can cash out their Bitcoin in exchange for local currency, which is then sent to their bitcoin wallets directly or wired to their bank accounts.
