Africa is a relatively young continent. This does not refer to the age of the land but the governance and development of land and people. Most African countries were colonised and used as shopping grounds for natural resources. This is one of the reasons why many countries in Africa have not been able to develop their economies to match other countries in the world. Due to this problem, people, especially the youth, have struggled to find good and stable job opportunities to ensure financial freedom. The current emergence and growth of cryptocurrency in the continent opened doors for youths to find it as a source of employment. There are two main ways the African youth make a lot from crypto.
- Crypto mining
- Crypto trading
Crypto Mining
Cryptocurrency is one of the tools that is helping improve the conditions in Africa. Cryptocurrency requires the use of processors to write the blockchain, which leads to cryptocurrency development; this is referred to as crypto mining. Unlike other forms of mining, cryptocurrency does not involve digging to get to the desired product. Platforms, websites, and applications might be used to mine cryptocurrency on phones, laptops, and processors. Since many countries have not yet legalised cryptocurrency as a form of payment in Africa, the youth have turned their efforts to mining it. The main advantage people in Africa have that helps them in crypto mining is the availability of cheap electricity in Africa.
Unlike in other Western countries, energy is relatively cheap, and most of the energy in Africa is developed in environmentally friendly ways. This is an advantage because some cryptocurrency organisations are not allowing people or countries to use the energy produced in a way that harms the environment, which means Africa is clear from that regulation. The cheap cost of energy also makes crypto mining more profitable in Africa. The other advantage is that Africa does not go through winter like most Western countries. This means the sun shines bright all year, and people could use solar power to maximise profits from crypto mining.
Cryptocurrency Trading
If you are unfamiliar with the money market, different currencies trade at different prices daily. One day the trade value of the Euro compared to the US Dollar might be higher than the previous day. In cryptocurrency, the value rises at a very high percentage over time. A good example is how cryptocurrency was a few dollars when it was developed, but one token is almost $40,000 currently. Since people in most parts of Africa cannot use crypto to pay for local products, they use their knowledge of cryptocurrency to trade and benefit from their profits. This is another way cryptocurrency has helped reduce poverty and joblessness in Africa while also boosting local economies.
Conclusion
African countries need to legalise and adopt cryptocurrency to create more job opportunities for more people and improve the local economy. With one of the youngest populations in the world, Africa needs to develop many new job opportunities for the youth. Even before cryptocurrency was legalised and adopted as a legal tender, many African youths had already created job opportunities for themselves and others.
