Unquestionably, technology is revolutionizing the whole globe. Cryptocurrencies and numerous other digital assets are evolving with the speed of light in this tech-oriented as well as the crypto-oriented world. The micropayment market is expanding like a greased lightning. Cryptocurrencies are coarse to the correspondence of utilizing PayPal or debit cards excluding on-screen numbers depicting cryptocurrencies opposite to other currencies such as the dollar. From 2019 to 2026, the foreign digital asset exchange market is expected, the market of digital assets is expected to grow at a CAGR of 30%.

One of the most popular and trustworthy cryptocurrencies, bitcoin caps have reached a peak especially after the pandemic of COVID-19. Immense evolution is observed in January 2021. Bitcoin has grown over 400 billion US dollars in comparison to the summer months. Presently, the market capitalization sits at 600 billion US dollars and even more than that. For calculating market capitalization, we have to multiply bitcoin price by the total number of bitcoins that are currently in circulation.

Bitcoin Trading In Africa

Keeping in view this swift acquisition and immense growth in market capitalization, bitcoin trading volume has also grown across different regions of the world. Recently, Peer to Peer (P2P) business trading volumes has emerged during the initial six months of 2021. This emergence is absorbed most prominently in none other than Africa. Immense evolution, as well as massive growth, is absorbed in bitcoin trading volumes across pivotal peer-to-peer platforms such as LocalBitcoins and Paxful encountering across the continent.

According to the statistics provided by UsefulTulips which is basically a crypto trading aggregator, bitcoin trading volumes have soared by more than 27% since January 2021.

Below are some of the markets where this immense increment is prominently depicted on Paxful and LocalBitcoins between January 2021 and April 2021.
Nigeria – From $6.3M to over $9M
Mali – From $83K to over $121K
Ghana – From $1.7M to over $2.8M
Rwanda – From $9K to over $18K
Tanzania – From $63K to over $180K
Chad – From $263K to over $444K
Ethiopia – From $4K to over $11K
Interestingly, according to estimations, more immense increments are predictably coming from such markets which are not well-known across the continent, also including small economics.

Unquestionably evolution in crypto caps and values is leaving a promising impact on the cryptocurrency market and are obviously contributing to the massive growth. More could be at play in the middle of the present pandemic of COVID-19, weakening African currencies resultantly and creating opportunities for the younger population to seek alternative investment opportunities.

Escaping Poverty

Stephen Aluko lived life from hand to mouth for numerous years in Nigeria. Home to a big but struggling economy of Africa is facing a 27% unemployment rate. He did odd jobs before running cyber cafes to videography and soft media. He was inadequate to pay for his next meal. Thanks to the evolution in bitcoin trading and expansion in the cryptocurrency market. With the help of digital asset’s largest trading acquisition, he cherished immense benefits with the help of these digital assets, especially cryptocurrencies.

Alu claimed in front of CoinDesk,

“ I was facing extreme downfall until I got to know about the evolution and existence of cryptocurrencies and numerous other digital assets, especially bitcoin. There would be no ambiguity in saying that I have made immense money after bitcoin trading. I am able to live a pleasant life only because of bitcoin.”
There would be no uncertainty in saying that bitcoin trading and acquisition have revolutionized the life of numerous people and have removed poverty especially across the continent of Africa. Numerous other Africans have made career decisions by acquiring bitcoin and numerous other evolving cryptocurrencies. The Co-founder and SEO of African exchange Buchi Okoro affirmed that the reason why the whole world is accommodated with cryptocurrency assets is the wide range of benefits they acquire from bitcoin exchanges.

Bitcoin Risks and Cryptocurrency Scams
Hackers have stolen about 1 million bitcoin via different exchanges. For instance, numerous Nigerians came to know about bitcoin via MMM which is basically a Russian Ponzi scheme that promised 100% return to investors. Participants, unfortunately, lost their money when MMM didn’t fulfill the promise. Kenyacoin pointed towards the obscure cryptocurrency scam BitClub network and Onecoin. He named them bad projects because of scams that are not very familiar among people, for example, crowd1 and Nurucoin.

Whenever it boils down to the acquisition of digital assets and cryptocurrencies such as bitcoin, it is mandatory for digital identity asset exchange platforms to provide AI-powered identity verification solutions to combat cryptocurrency scams and bitcoin risks. The number of hackers is evolving simultaneously in parallel to the accommodation of cryptocurrencies across the globe. Hence foreign exchange platforms must integrate themselves with real-time,-robust, and reliable AI-powered customer authentication solutions to combat illicit money transfers, unauthorized access, and fraudulent activities.

Conclusion

Digital transactions via cryptocurrencies are assisting numerous regions all across the globe in promising ways. The circulation of bitcoin controls the inflation rate in Africa. Bitcoin acquisition assists the government in the development of the African economy to a great extent across the country. Also, digital transactions via cryptocurrencies enhance the company's banking system infrastructure. Not only this, blockchain technology resolves the issue of uprising fraudulent activities and illegal money transfers. This way, the value of the fiat currency will increase and the process of the development of the country’s economy will enhance.