Did you know that the price of crypto currency in Africa is much higher than that of many? For example, bitcoin in Nigeria costs more than N3 million. For a country where half of the population lives on less than N800 (about $2) per day, this is an unreachable amount. The current minimum wage of Nigeria is about 18,000 US dollars (about $60) per month. The situation in other African countries is the same.
Obviously, not many Africans can afford to buy bitcoin. Especially when the course is constantly growing. Nevertheless, the desire to participate in a rapidly developing cryptosystem is growing among Africans. For them, the crypto currency market offers great opportunities for development.
ICО allows Africans to invest in projects with a global appeal, which is much cheaper than bitcoin. In addition, ICOs help Africans ensure their relevance in the global financial evolution.
Although the crowdfunding model requires caution due to the increasing number of scammers, its advantages seem to outweigh the shortcomings for many Africans.
Bashir Aminu, the founder of Cryptogene, believes that ICO is not well known to Africans and they are often considered fraudulent schemes. He points out that it would be difficult to launch Blockchain in the country without ICO, because it is almost impossible to obtain financing from banks.
Munir Belide, co-founder of Sandfox Studio in Casablanca, claims that ICO is the best possible promoter of projects based on Blockchain, as they help attract global investors to Africa to improve the living standards of the local population. He adds that a successful ICO will help gain governments’ attention to Blockchain technology, and they will also motivate more Africans to innovate to solve local problems.