You might ask yourself, how many people use Bitcoin in South Africa? We have written this article to help understand the current climate of for Bitcoin and Cryptocurrency in South Africa.
How has South Africa adopted Bitcoin?
Number of Destinations that Accept Bitcoin as a payment method can be a good place to start when trying to indicate the adoption of the Cryptocurrency as a method of payment for goods and services.
Number of Bitcoin Nodes
One good indicator for Bitcoins overall adoption is looking at the number of Bitcoin nodes that operate with an IP within the geographical map of South Africa. South Africa is ranked number 45 in the world and has an estimated 10 reachable nodes as of today compared to the US which currently has 2230. On a map, this is what it would look like.
Also, Number of Bitcoin ATMs in South Africa is very low with only 1 known location, the US for instance has 168.
Whilst this is not entirely an accurate reflection of the size of the market in South Africa, we have seen many new start-ups offering services to the public in South Africa. For instance, BitX.co.za received R48m in Series A funding.If this is a sign of things to come I think there are great things to come for Bitcoin in South Africa.
As you can see adoption in South Africa is poor when compared to other leading countries around the world. Africa as a whole is still a very untapped market for Blockchain technology worldwide. Which begs the question, is Africa the the next boom for Bitcoin? As more and more Africans and South Africans become a part of the global “internet of things”, will it see adoption and development as we have already seen in countries such as the US, Europe and the UK?
Let us know your thoughts, comment below.