Crypto Trade: Numerous recent studies show that Kenya is the leader when it comes to peer-to-peer crypto transactions. P2P cryptocurrency transactions have become increasingly popular in the country over the past few years as many other countries are becoming very active in P2P crypto trading.
This should not come as a surprise as the newer generation of Kenya is showing a huge interest in the cryptocurrency trading market. Recently, Chainalysis published a study showing that the country was a leader in the peer-to-peer exchange trade.
Kenya ranked above 154 other countries surveyed. However, Kenya is not alone in the least. Many other African countries can be seen in the top 10, such as Togo at number 2, Tanzania at number 4, and Ghana at number 10.
There are numerous factors that play into the huge popularization of the crypto market in Kenya. One of the main reasons is how easy it has become to trade cryptocurrencies. Not only is the country leading in peer-to-peer transactions, but locals in the country are also very actively trading with leading crypto exchanges.
Many of the leading crypto exchanges in the market offer local traders in Kenya trading services. Thanks to these crypto exchanges, traders in Kenya have the opportunity to become part of the crypto trading market in a matter of minutes.
All it takes is to simply download the application, open an account, deposit funds, and start trading. Other contributing factors include crypto trading robots that help traders make decisions in a faster and more efficient way.
The trading robots can analyze the market in a very short time. As a result of the analysis, they provide traders with trading signals which can be used to plan to trade and make profits easier. In addition, you can also use crypto bots for the actual trading process. They can follow predetermined settings very strictly, making them very helpful for crypto trading.
Weakening local currencies & higher crypto demand
Apart from the fact that crypto trading is becoming a lot easier, there are many other reasons influencing the further popularization of the crypto trading market in Kenya and other African jurisdictions.
Many experts believe that one of the primary reasons behind the increasing popularity of cryptocurrencies in Africa is the fact that the local fiat currencies in the region continue to become weaker and weaker.
For many decades, fiat currencies proved to be unstable and dangerous ways of storing wealth in the region. Because of the hyperinflation and other economic problems, many Africans have decided to find other ways to keep their wealth.
Over the past few years, one of the most popular choices of investment has become cryptocurrencies all over the continent, including Kenya. The national currency of the country has been underperforming for a very long time now.
Over the past few months, the currency has depreciated by 6.3 percent against the US dollar, which once again increased the demand for cryptocurrencies in the country. In addition to this, cryptocurrencies allow Africans to avoid high remittance costs.
Thanks to the P2P platforms, Kenyans have the opportunity to easily and cheaply make international transactions. Since international money transactions cost a lot in the region, cryptocurrencies seem to be the perfect option for Kenyans.
How can crypto help Kenyans?
Kenya is one of those countries in Africa that has suffered a lot in terms of its economy. The national currency of the country has experienced some dark times, because of which, the population of the country has lost trust in the fiat currencies.
The high rate of inflation in the country is affecting every aspect of the daily lives of Kenyans. Because of this, it should not come as a surprise that the population is looking for something new that they can trust.
For the population of the country, cryptocurrencies have become something that they can trust and use for investments as well as for transactions. However, as much as they are popular among the country’s population, the government of the country seems to be finding it hard to keep up with the market’s development around the world.
The further development of cryptocurrencies could be very important for Kenyans because it can make everyday life a lot easier. A very interesting thing about Kenya and crypto is that it is not only the younger generation showing interest in the crypto market. Rather, the older generation is also very actively becoming part of the cryptocurrency market, which is a great sign that the country truly needs crypto-friendly laws and regulations.
There are numerous crypto exchanges that are working very hard to offer their services to investors around the world. Many of the leading exchanges offer their services to traders from Kenya, which opens a lot of opportunities for local traders in the country.
However, while there are many exchanges that locals can use, the government of the country still seems to be having a hard time finding a way to regulate the market to not only make it secure but also easier to access for local traders.
