Scams using Bitcoin in Africa are not small in number

One of the topics discussed in the crypto space is that Africa will be the next frontier for cryptocurrency adoption.

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2.1 CryptoZZ – Your guide in the crypto space!

Binance research has reported an increase in the Google Trends ranking for ‘Bitcoin’ in Nigeria and South Africa.

According to the report, Nigeria had the most searches for “bitcoin”, South Africa is in second place, and Ghana ranks fourth in the last year.

Changing search trends

This topic generated widespread discussion within the crypto community. Some enthusiasts have argued that increased Bitcoin searches illustrate growing adoption. Others point out that this is just an increase in interest, not a signal of real adoption. Pessimists argue that it is actually a signal that Bitcoin is used more frequently in scams.

In an interview with Bitcoin Magazine, Marius Reitz from the crypto wallet provider Luno explained the situation:

“People in developing countries are learning to use the technology they need. At Luno, we have noticed a steady increase in the number of new accounts (portfolios) this year, especially in South Africa. Although cryptocurrencies have recently fallen in price, the average daily transaction is 90 million, which means rising levels of adoption. “

Stephany Zoo from the African payment processor BitPesa added:

“Unemployment rates in these countries have played a role in influencing Bitcoin searches. In recent years, African countries, including Nigeria and Ghana, have increased the number of freelancers offering their services to clients in the West. Africans entering the economy based on short-term contracts are forced to seek alternative payment methods. ”

Scams using Bitcoin

Regarding the discussions about scams using Bitcoin, Reitz and Zoo have pointed out that they exist everywhere, but they are not prevalent. Most service providers in the crypto industry have already implemented measures to prevent money laundering and monitor suspicious activities.

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CryptoZZ – Your guide in the crypto space!

“Just because there are a few broken apples in the basket, doesn’t mean you should dump the whole basket of brows. Whether it’s in the US, China or Europe, there are people who use bitcoin for scams and to fund illegal activities. However, that does not mean it is the only use for bitcoin ”

Zoo pointed out.

In addition, service providers in the crypto industry have accelerated their public education programs, both in Africa and around the world.

On the whole, the cryptocurrency financial systems revolution is at the beginning, and Africa is an example in this regard.