Best crypto to invest in africa
This site uses cookies to deliver website functionality and analytics. If you would like to know more about the types of cookies we serve and how to change your cookie settings, please read our Cookie Notice. By clicking the "I accept" button, you consent to the use of these cookies. Tokenization of financial flows is vastly cheaper than building nations. On the back of it, the process itself can spur the growth of real assets. This is where some countries in Africa are finding themselves.
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Content:
- Africa's quiet cryptocurrency revolution
- South African crypto traders ‘vanish with $3.6 billion Bitcoin’
- Crypto 101: Cryptocurrency on the African Market
- Navigation
- Cryptocurrencies: Why Nigeria is a global leader in Bitcoin trade
- Inside the World of Black Bitcoin, Where Crypto Is About Making More Than Just Money
Africa's quiet cryptocurrency revolution
These benefits include land, labor, data and other resources needed to facilitate capital interests elsewhere. Blockchain is implicated within crypto-colonialism in three ways. Secondly, the technology perpetuates North-South trade and investment inequalities, and thirdly, a new power asymmetry is enabled by the technology through data colonialism and surveillance capitalism.
In reviewing the spaces where crypto-colonialism manifests, the paper argues that despite being distributed, techno-ecological fixes are never placeless. How people configure, use, and are impacted by blockchain platforms is geographically contingent.
Anthropogenic greenhouse gas emissions present unprecedented, and not evenly distributed, challenges for human development globally. Each year, an average of 24 million people are displaced because of increasingly frequent extreme climatic events. By , million people across the Global South will become climate refugees Kinstler, It is also inspiring new technical fixes using blockchain technology.
Despite promises of transforming the opaque world of climate finance Marke, , providing disaster preparedness solutions for local communities in the Global South Thomason et al. These appropriations include land, labor, data and other resources needed to facilitate economic growth elsewhere. The term Global South is used here to distinguish between spaces still suffering the scars of colonial expansionism, from those that have historically benefited from these processes Kapoor, Tsing , p.
The paper concludes by discussing how more equitable outcomes might be realized. Despite being distributed, blockchain applications do not occupy an algorithmic place apart. They are always messily embedded in places Zook and Blankenship, ; Lally et al. Governance frameworks of blockchain applications are heavily entangled with social-spatial relations in multiple ways Dodd, The costs and benefits of blockchain-based conservation, community development, and disaster relief, are rarely evenly distributed Howson, Blockchain-based interventions in the Global South, though rooted in an obvious will to improve Li, still call upon traditions of frontier investment — the belief that being bold and early in underexplored spaces enables the highest rewards Li, As Bridge argues, frontiers are imagined and constructed as sites of bountiful emptiness.
They are fecund spaces, empty but full. For their proponents, these sites are empty of other entrepreneurial ideas, histories and claims, but full of potential for new and improved use. As Tsing , p.
This was at the expense of greater economic dependence upon the neo-colonial power. These projects are all legitimized under a banner of sustainable development in response to calls for urgent action on climate crises. This form of appropriation includes the transfer of land as property, use rights and control over natural resources that were once publicly or communally owned — or not the subject of ownership — from marginalized groups into the hands of the powerful Fairhead et al.
Green grabbing is not the same as a simple, agreed transfer of ownership or sale. It is a central characteristic to processes of accumulation and dispossession Harvey, It is an emotive term because it is unjust. This form of grabbing often entails the expulsion of existing land claimants in order to release resources for private capital Fairhead et al. It is not clear how many options for future off-sets have been sold.
There also remains no plan to offer financial compensation to local people. According to Enrici and Hubacek , the Rimba Raya reserve is the only project of its kind in Indonesia to secure funding from global carbon markets. None of this income is shared with those paying the highest costs, such as those displaced by conservation efforts. However, no transfer of tokens could ever be made within the current global governance regime of crypto-commodity markets. Athelia 3 , a private fund based in the tax haven of Luxembourg, is providing carbon credits associated with the Cordillera Azul National Park to its strategic Maltese partner, Poseidon, for use on their Ocean platform.
Environmental assets or natural capital , are a monetized representation of the services natural systems provide for free. Off-sets and any crypto-tokens associated with them, derive their value from the health of conserved biophysical systems. Due to the dynamic nature of atmospheric CO 2 , in the context of the global climate system, it does not matter where in the world emissions are avoided.
Global markets for saved carbon can be used to ensure net emissions are reduced at the cheapest price. For-profit companies such as Adaptation Ledger, Climate Trade and Climate Futures have launched blockchain platforms for carbon off-setting, green financing and sustainable investments.
The 1Planet blockchain platform developed by Climate Futures enables purchases of environmental assets from energy efficiency initiatives in Africa, Latin America and India. Individuals and companies can purchase carbon credits as blockchain tokens to reduce their net emissions by supporting, for example, the installation and distribution of fuel-efficient cooking stoves in Zambia. The value of these credits are derived from the assumption that concrete stoves reduce wood-use for cooking compared to traditional open fires.
The implication here is that forest communities in the Global South, collecting dry wood for cooking and often living with a near neutral carbon footprint Gazull and Gautier, , are framed as more responsible for climate change, compared to frequent flyers and large multi-national corporations in the Global North.
The Green Assets Wallet has been developed to help scale the green debt market, primarily in Africa. Green bonds operate just like conventional debt instruments, with similar calculations of risk and credit rating.
However, dividends are actioned against contracted sustainability outcomes, usually including a calculation of achieved emissions reductions from the associated investment. As a debt instrument, Green bonds in Africa are generally high-risk due to the poor credit ratings of recipient countries. Using blockchain to bring trust to these transactions risks maintaining pre-existing North-South trade and investment flows and neo-colonial geographies of inequality that render much of the global south increasingly marginalized.
Scaling up green debt markets in Africa restricts the organic growth of green enterprises as they risk their returns disappearing to international investors, whose income may be guaranteed by public sector entities Bracking, The most environmentally-effective solution for companies and individuals with high carbon footprints, whose sites of production are located in the Global North, is obvious — prevent excessive pollution at source.
The most cost-effective solution is usually more creative, requiring innovative financial instruments and accounting methodologies, and the ongoing externalization of environmental costs toward the Global South.
In opposition to traditional North-South investment flows, rather than monetizing removals only from the Global South, the Nori Marketplace uses blockchain technology to incentivize land-owners in the Global North. Farmers in the US can receive rewards for adopting regenerative practices that mitigate climate change and improve the carbon content of soils. Individuals and businesses can purchase NORI tokens that are tradable via cryptocurrency exchanges Siegel, Retirement of the NRTs is immediate and generates a certificate that is permanently recorded on the Ethereum blockchain.
However, as with any carbon off-set, these assets are a fetishized abstraction of an unfathomably complex biophysical system Howson et al. Blockchain tokens are not capable of representing much more than a rough estimate concerning temporarily removed carbon over time. Which begs the question, why use a blockchain at all? Appropriations of things, including data, are legitimized by a necessity for urgent climate action.
Unlike traditional forms of colonialism, data colonialism involves not one center of colonial power the West , but multiple. These centers include, for example, Facebook, Palantir, Accenture and Microsoft, and according to Kinstler these players are seeing extractive opportunities from human migration caused by climate change.
The acceleration of people on-the-move provides challenges for development agencies committed to achieving various Sustainable Development Goals SDGs efficiently. These include SDG Every major aid-granting agency is either incubating, researching, or piloting a digital identity program for those displaced Kinstler, Personal data, entitlements and transaction logs are stored on the Ethereum blockchain providing a virtual bank account and ID for each refugee.
While the Building Blocks platform is a demonstrable success, the agency should be concerned that conducting iris scans on refugees in shops robs them of dignity.
Sensitive, personally identifiable information for some of the most vulnerable people in the world is also being generated and made accessible across agencies, inevitably introducing greater risk of data breaches. Some for-profit start-ups have also developed blockchain tools to manage sensitive information. PassBase is a self-sovereign ID platform that uses government-issued documents, linked social media accounts, and biometric signatures. Where these blockchain platforms are deployed, refugees and other vulnerable people, might find themselves forced to give up personal including biometric information about themselves, stored for as long as there is a functioning internet on an immutable archive, in return for temporary support with basic necessities.
This data could also be used in the future to make decisions about individuals with far-reaching consequences. Some may suffer punitive restrictions based on decisions made using biased algorithms calculating, for example, risk of absconding or working without a permit.
Some may struggle to access credit or insurance on the basis of patterns in historical datasets. Wrongful convictions, incomplete medical histories, or errors concerning ones affiliations are immutable on a blockchain.
Owning ones ID as a citizen of a specific state might prove unproblematic in many instances. However, groups such as the Rohingya are continually displaced by climatic events and their citizenship is often contested between the state and the individual.
Bank accounts, passports, access to credit or insurance are restricted even where clear jus soli citizenship rights by birth exist.
The blockchain development start-up, Rohingya Project, understand that the central problem is not identity per se , as being officially recognized as Rohingya is rarely useful.
The Rohingya Project aims to create a self-sovereign ID platform that does not rely on any state entity or other third-party intermediary to issue supporting documents. Users of the platform in Malaysia will be able to access credit and other services via a crypto-wallet to encourage entrepreneurship and financial sustainability within the Rohingya community Rohingya Project, Data shared by some of the most persecuted on a blockchain, highlights the obvious need for a more robust regulatory framework to effectively mitigate the risks associated with data protection, privacy and human rights.
Blockchain is enabling new opportunities for speculative investment through climate crises globally. This commentary has explored how international development, disaster relief, and climate change mitigation credentials are being called upon to legitimize crypto-colonialism — the extraction of economic benefits from those suffering the scars of empire in the Global South.
There continues to be a lot of hype surrounding blockchain applications, fanciful use-cases and sinks for speculative investment. Despite there still being few successful examples, there is a clear need for more situated critical analysis of active case-studies. Only by doing case-study analysis can critical scholars reveal the inequitable terrain of project-benefit distributions to expose the likely winners and losers.
The most effective means of engaging exploitative blockchain platforms is by supporting and enacting alternate techno-economic strategies, such as platform cooperatives, within and outside of blockchain. If any project, blockchain or otherwise, claims to be emancipatory, the foremost step is to abandon the claims of a technology as a starting point, and instead give autonomy and agency to local communities to design and manage their own future, rather than having outside interests, or technologies themselves, determine a future for them Crandall, The crypto-colonial endeavors, explored throughout this commentary, remain ultimately about advancing capitalist forms of governance.
Until the focus shifts toward achieving more equitable outcomes, not only will blockchain solutions lead to an oversimplification of socio-ecological complexity, but will further embed colonial responses to climate crises. The author confirms being the sole contributor of this work and has approved it for publication. The author declares that the research was conducted in the absence of any commercial or financial relationships that could be construed as a potential conflict of interest.
Amoore, L. Cloud geographies: computing, data, sovereignty. Google Scholar. Cryptic biodiversity loss linked to global climate change. Change 1, —
South African crypto traders ‘vanish with $3.6 billion Bitcoin’
Yesterday some high-profile people had their Twitter accounts hacked by scammers who sent out fake tweets asking followers to send money using Bitcoin — a type of cryptocurrency or digital money. Cryptocurrency scams are now a popular way for scammers to trick people into sending money. And they pop up in many ways. Most crypto scams can appear as emails trying to blackmail someone, online chain referral schemes , or bogus investment and business opportunities. Nope, not ever. If you spot a cryptocurrency scam, report it immediately to the FTC at ftc.
Crypto 101: Cryptocurrency on the African Market
Iwa Salami does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. At the launch of bitcoin in the size of the potential of the underlying technology, the blockchain, was not fully appreciated. What has not been fully exploited is the unique features of blockchain technology that can improve the lives of people and businesses. These include the fact that it is an open source software. This makes its source code legally and freely available to end-users who can use it to create new products and services. Another significant feature is that it is decentralised, democratising the operation of the services built on it. In addition, it enables peer to peer interaction between those connected to the network.
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Retail-banking clients and institutional investors are expressing increased interest in this financial vehicle and in the distributed-ledger technology DLT that underlies it: particularly innovations such as blockchain. Indeed, some investors, fintechs, and venture capital funds are beginning to make a sustained commitment to cryptocurrency, regarding it as the future of money. Banks can no longer afford to ignore this opportunity. Of course, they have reason to be cautious. Some financial services leaders remain skeptical of the value that cryptocurrency has as an asset class, and individual cryptocurrencies have lost market capitalization at times including this year.
Cryptocurrencies: Why Nigeria is a global leader in Bitcoin trade
These benefits include land, labor, data and other resources needed to facilitate capital interests elsewhere. Blockchain is implicated within crypto-colonialism in three ways. Secondly, the technology perpetuates North-South trade and investment inequalities, and thirdly, a new power asymmetry is enabled by the technology through data colonialism and surveillance capitalism. In reviewing the spaces where crypto-colonialism manifests, the paper argues that despite being distributed, techno-ecological fixes are never placeless. How people configure, use, and are impacted by blockchain platforms is geographically contingent.
Inside the World of Black Bitcoin, Where Crypto Is About Making More Than Just Money
While new investors also participated, they remain unnamed at the moment. The statement was left open for interpretation and several debates have sparked since then on whether Chipper Cash is a unicorn or not. Serunjogi founded Chipper Cash with Maijid Moujaled in to offer a no-fee peer-to-peer cross-border payment service in Africa via its app. This year, the company began to make strides outside the continent. In May, it expanded to the U. Image Credits: Chipper Cash. Last month, Chipper Cash, with over four million users, ventured into the already competitive U. With that said, Serunjogi says peer-to-peer money movement from the U.
A cryptocurrency , crypto-currency , or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank , to uphold or maintain it. Individual coin ownership records are stored in a digital ledger , which is a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. In a proof-of-stake model, owners put up their tokens as collateral.
Even though they are not always completely hassle-free , exits are a necessary and welcome development for Africa. Details of the deal were not made public. Regardless, this is good news for the South Africa-founded company. But most importantly, considering that it was founded in, and has a huge presence in the continent, this acquisition raises the question of market opportunity in Africa.
A t the Black Blockchain Summit, there is almost no conversation about making money that does not carry with it the possibility of liberation. This is not simply a gathering for those who would like to ride whatever bumps and shocks, gains and losses come with cryptocurrency. It is a space for discussing the relationship between money and man, the powers that be and what they have done with power. Online and in person, on the campus of Howard University in Washington, D. What they are is a cross section of the world of Black crypto traders, educators, marketers and market makers—a world that seemingly mushroomed during the pandemic, rallying around the idea that this is the boon that Black America needs. And this summer, when the popular money-transfer service Cash App added the option to purchase Bitcoin, its choice to explain the move was the MC Megan Thee Stallion. Whether the potential is worth those risks is the stuff of constant, and some would say, infernal debate.
As you become involved in the new digital monetary mechanisms known as cryptocurrency, it doesn't take long to recognize there's risk involved in these transactions. And we're not talking about the volatility of the market. Scams are everywhere online, and cryptocurrency exchanges are no different. As you consider investing in different startups and exchange platforms, be aware of the possibilities of losing your cryptocurrency investments.
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