Blockchain & Cryptocurrency: From Adoption To Scaling

For those of us based in developing markets, a component of the “promising future” conversation that has been missing is the actionable steps to be taken in order to make our dreams a reality

“Cryptocurrency, Blockchain, smart contracts, peer-to-peer payments, and all the fancy technical terms sound great on paper. The next line of action is to develop action points and use-cases on how crypto can revolutionize finance on the continent.

As a Marketer and Writer based in an emerging market, I’m aware of the inadequate banking systems, financial inefficiencies and currency fluctuations that entrepreneurs have to deal with.

Cryptocurrency adoption and usage is a smart initiative to reduce the challenges that businesses have to deal with.

Each new day comes with the formation of a new Cryptocoin or a Cryptocurrency startup. The ubiquity of crypto companies and the blockchain is gradually becoming a part of business life across the globe. The Crypto ecosystem has created new job roles and stakeholders from Currency creators, Miners, Traders, Investors to Crypto Venture Capitalists.

The bigger question for us in Africa is about how we can facilitate crypto adoption so we’re not left behind.

This is the most important gateway to crypto adoption in my opinion.

Without conscientization and education, people will assume the worst of crypto and the blockchain like any new technology. Especially when there is a vested interest by the “Old Establishment” to prevent it from succeeding.

Certain Central Banks in Africa have gone on a smear campaign and have cultivated a hostile relationship with Cryptocurrency exchanges and startups.

Blockchain and crypto-focused Non-Profits such as the Blockchain Foundation Africa (BCFA) and Nano Foundation have been vocal through their seminars, community-based business education programs, etc. for people to see the real impact of crypto and blockchain on businesses in the continent.

Early adopters make the most benefit of emerging technology. Hence with each new passing day where Crypto is shoved under the carpet is an opportunity lost.

Technology scales pretty quickly and early adoption leads to a multiplier effect. Social media adoption is a clear example of exponential growth. Facebook has 1.4 billion active users in less than 15 years of existence.

Education will impact the masses by implementing various use cases where cryptocurrency has made a difference in business.

A serious question I keep asking myself is about how we can incentivize people to adopt crypto.

Incentives can come from various sources. In developing use-cases can we add miles and points to crypto purchase as an example?

How can we as stakeholders create interesting incentives to increase adoption?

The conversation about moving forward with cryptocurrency in Africa must have a public sector phase to salvage the hostile relationship by governments towards currency creation.

This ensures that public institutions understand crypto is a viable means of solving trade challenges and therefore expanding GDPs and leapfrogging development for the continent.

These are some suggested ways to facilitate awareness to adoption. What other ways do you think we can bridge this gap faster?