Strengthening Bitcoin becomes popular in South Africa

People of South Africa started to demonstrate the rising interest in Bitcoin – the main reason for this is the growth of Bitcoin’s value, the CryptoCoinsNews website states.

One of the representatives of the popular Luno cryptocurrency exchange noted the drastic growth of users, the founder of another cryptocurrency exchange – Ice3X – told that the number of cryptocurrency traders is already around 100,000.

Werner van Rooyen, Luno marketing officer, believes that the value of the cryptocurrency increases in direct proportion to the number of network participants.

The share of Bitcoin in daily expenditures, like bills payment or clothes purchases, is yet small, mostly it’s being used as an investment instrument due to several factors, including its higher value in comparison to other currencies such as South African Rand.

The portal Bitcoin.com also tells about the rapid growth of Bitcoin’s popularity in particular areas of Africa: Tanzania and Nigeria. Lack of Nigerian people’s trust in the sustainability of their national currency and the desire for economic freedom led to the record level of capitalization on the local market – 971,829,66 worth of Nigerian naira, or approximately $3 million.

Tanzanian Bitcoin market turnover reached 82 billion Tanzanian shillings this month, while in previous months this fluctuated between 10 and 20 thousand Tanzania shillings. And this is why one has every reason to believe that Tanzania is going to join the rest of Africa and accept Bitcoin as the best or the most useful currency.