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Throughout human history, exchanges of goods and services have been conducted using a variety of techniques and media. These techniques and media are frequently tangible, like metal coins or paper money.

The transition from actual currency to nearly abstract currencies is unquestionably being embraced by the world's financial community. Cryptocurrencies were born as a result of this rise.

A digital record-keeping system that is open to all traders and uses balances to keep track of trading commitments is what is meant by the term “cryptocurrency.” Cryptocurrencies include Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash, Neo, Iota, Dash, Qtum, Monero, and Ethereum Classic.

Two factors—the money growth rate of 0 and the transaction fee charge rate of 0—define a cryptocurrency system. Since the creation of Bitcoin in 2009, numerous private cryptocurrencies have been introduced.

Since its inception, cryptocurrencies have attracted a lot of media attention, and in 2019 their total market value amounted to 128.78 billion USD. It runs via a system known as “Blockchain.”

Cryptocurrency, according to Nakamoto (2008), is a peer-to-peer Electronic Cash System. Cryptocurrency’s peer-to-peer framework is based on blockchain, allowing transactions to take place directly between users without the need for an intermediary (Hameed & Farooq 2016; Grech, & Camilleri, 2017).

It makes hidden transactions between parties, and as a result, parties are unaware of each other’s genuine identities (Dierksmeier & Seele, 2016). Since the entire specifics of a participant’s transaction on the cryptocurrency blockchain are publicly revealed to other people, this might be essential (Bech & Garratt, 2017).

Unlike the traditional currency which is released at intervals determinable by the Central Bank of each country, cryptocurrencies like bitcoins is mined at a predetermined issuance algorithm such that the quantity of Bitcoins to be mined is half every year.

Most financial institutions and governments support online payment as a safe and quick alternative to exchanging real money. This method of exchanging money represents an effort to digitise real money. Total and real digital currencies (i.e., no physical form) have been launched from time to time in recent years.

Coin and paper money date back to the seventh century B.C., despite the fact that the exact origin of money is unknown (Dumas, 2015). Since then, money hasn't changed much, but its goal hasn't changed either: to encourage transactions. Today, it's possible to use credit cards, online , and bitcoin.

A fascinating theory about the creation of currencies was put forth by Polillo (). According to the theory, there are general social processes that permit various networks and organisations to be able to produce currencies.

Additionally, he described the concept of money as “multiple currencies” and contends that societies constantly alter money in novel ways through social practises in order to better serve their needs.

Berentsen and Schär (2018) affirmed that Bitcoin (the first recognized cryptocurrency) originated with the white paper that was published in 2008 under the pseudonym “Satoshi Nakamoto,” as it was published via a mailing list for cryptography and has a similar appearance to an academic paper.

It was revealed that the original goal of Bitcoin's developers was to create a cash-like payment system that allowed for electronic transactions but still had many of the positive traits of actual cash.

According to Silva (2016), a cryptocurrency system is made up of a computer programme with three main axes: a public system of transaction registration called block-chain, which acts as an accounting book of its entries and exits;

asymmetric encryption-associated with a proof-of-work, which is used to validate operations of the currency; and third, a public system of transaction registration called block-chain, which serv

Bitcoin appears to be lacking when compared to other forms of money because cryptocurrency uses a web-based communication protocol to facilitate the transfer of wealth from one person to another.

(Gulled & Hossain, 2018) state. Litecoin (LTC), Ethereum (ETH), EOS (EOS), Cardano (ADA), NEO (NEO), Bitcoin (BTC), Monero (XMR), Ripple (XRP), and Dash (DASH) are a few of the newer currencies.


A cryptocurrency is a type of digital money that is based on cutting-edge blockchain technology. Among its clients are small businesses. A cryptocurrency is a type of digital money that is based on cutting-edge blockchain technology.

Its users include small businesses, fintech startups, and retail customers who use it for international money transfers and as an investment asset. Bitcoin and its forerunners, commonly referred to as altcoins, are examples of crypto-assets that have acquired significant acceptance and usage for banking, trading, and purchasing.

The most popular cryptocurrency, bitcoin, has a market capitalization of $123.12 billion as of April 2021 and a gross daily exchange volume of about $38.68 billion. (

For banking and money transfers, many Africans use cryptocurrencies like Ethereum, Ripple, Bitcoin, and Litecoin. The instability of regional currencies is just one of several factors contributing to the surge in cryptocurrency adoption throughout the continent.

Due to the significant degree of economic volatility in the majority of Africa, cryptocurrencies are typically more suitable for keeping wealth than their value. (, source)

Since it is much less expensive than many commercial banks in Africa, which impose exorbitant fees in a volatile currency market and unstable economic environment, people and business owners can send money to anyone in the world for remittance, vendors, online purchases, and to and from friends and family members who live abroad.

Due to the proliferation of smartphones, many urban Africans have poor Internet access; however, thanks to these platforms, anyone can now adopt cryptocurrencies via mobile.

African financial technology startups that are disrupting the market with new technology like mobile money are using cryptocurrencies. They continue to use blockchain technology and cryptocurrencies to streamline operations both within Africa and abroad.

Many of these firms have created blockchain tools, token exchanges, and money transfer services to meet the needs of the average African.

In addition, many African businesses and startups are embracing and making payments in cryptocurrencies like XRP, bitcoin, and bitcoin cash to do business with foreign suppliers and clients.

This has been made possible for many Africans by an increasing number of cutting-edge payment gateways and exchanges based in Africa and other parts of the world, including Payfast, Gemini, Coinbase, Luno, Bitpay, Bitstamp, Bithumb, Binance, and others.

Africa's top cryptocurrency exchange is Luno Exchange, which has its headquarters in South Africa. It was founded in that year. It is the first cryptocurrency exchange to have offices in Africa,

with locations in Nigeria and South Africa, and it has more than a million users across more than 40 nations. It provides ZAR/BTC and NGN/BTC cryptocurrency trading pairs.

Since the global financial crisis of 2008, crypto-assets like Bitcoin have been developed with the goal of creating a customer-controlled, open digital currency that pushes for low transaction costs, enhanced security, and simple access to its medium of choice.

Nigeria boasts the most biodiversity in Africa, but the government hasn't yet established regulations for its use and trade. The central bank of Nigeria has deemed cryptocurrencies to be non-legal cash,

which has led to widespread agitation among Nigerians calling for a reconsideration of the country's ban on the trade of cryptocurrencies.


This study's main goal is to evaluate critically the emergence of cryptocurrencies and their adoption in Africa. This study aims to determine whether the unreliable local currencies of African nations are to blame for the dramatic increase in cryptocurrency usage on the continent.

This study also explores whether using cryptocurrencies for asset management rather than simply storing its value is a viable option given how uncertain most African economies are.


In this study, the following null hypotheses are developed and tested:

H01: The rise in the use of cryptocurrencies on the continent was unrelated to the unreliable indigenous currencies of African nations.

H02: The high level of economic instability in the majority of Africa prevented cryptocurrencies from being a practical asset management tool.


All African nations and the entire world will gain significantly from this study by learning about the advantages of cryptocurrencies and how they can be used as effective asset management tools.

The results of this study will also assist governments in African nations and around the world in realising the importance of stabilising their economies and raising the value of their national currencies.

This study will also act as a guideline for future research on this subject or one related to it by students, academics, and researchers.


The participants in this study will be employees of Paystack, Flutterwave, Remita, and Interswitch in Lagos State.


Inadequate study time, a lack of relevant literature, and a lack of funding were the main challenges the researcher faced while doing this study, among other things.


ASSESSMENT: the process or act of passing judgement on something.

A SURGE is an abrupt, strong forward or upward movement, often caused by a crowd or a natural force like the tide.

This digital currency uses strong cryptography to secure online transactions while also functioning as a medium of exchange for goods and services.

These unregulated currencies attract a lot of interest from traders looking to make a profit, with speculators occasionally driving prices sky high.

USAGE: The use of something, or the fact that something is used.

Africa is one of the world's seven continents. Africa is the second-largest and second-most populous continent in the world, both rankings going to Asia.

It occupies 20% of the planet's land area and around 30.3 million km2, or 6% of its total surface area. As of 2018, it had 1.3 billion inhabitants, or about 16% of all people on Earth.

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