Ghana ranks ninth out of 26 nations in the most recent Finder.com Cryptocurrency Adoption Index, which measures the adoption of cryptocurrencies.
According to the survey, which included individuals from 27 countries, Vietnam has the highest rate of adult cryptocurrency ownership at 29%.
Ghana is included on the same list, with 17% of adults there reporting bitcoin ownership. While leading nations like Hong Kong, Singapore, Brazil, Norway, Canada, the United States of America, New Zealand, Germany, the United Kingdom, and Japan, Ghana has lagged behind nations like Australia, Indonesia, Nigeria, Malaysia, Russia, and others.
We should strive to learn more about cryptocurrencies before delving a little deeper. A cryptocurrency, or simply “crypto,” is a type of digital currency designed to function as a means of exchange through a computer network, much like traditional assets. It’s interesting to note that the maintenance of cryptocurrencies is independent of any kind of centralized authority, be it a government, bank, or other entity.
The ownership data for these currencies are preserved in a digital ledger since many people possess them as separate properties. The ledger is automated and employs robust cryptography to ensure the security and privacy of every transaction. It’s crucial to realize that cryptocurrencies don’t always have to function as ‘currency’ in the conventional sense. These have no physical existence and are entirely digital.
Notably, unlike CBDC, such currencies have decentralized control. We must comprehend how this functions. Typically, blockchain technology is used by most cryptos. The two major purposes of computer networks are to handle various types of transactions and to maintain the database that has all of these data. The transactions are typically grouped into “blocks” and then connected in an uninterrupted “chain” in the order that they occurred. A cryptocurrency is seen to be centralized if it is created or coined before being issued by anyone. The decentralized control structure is then put into place, allowing each cryptocurrency to function using distributed ledger technology.
Now, you might be wondering why so many people own something that doesn’t even physically exist. Those who embrace cryptocurrencies believe they are the money of the future, therefore they are racing to buy them now in the hopes that their value will increase sooner rather than later. Some of the fans appreciate that no governments or banks are in charge of its management. As the value of cryptocurrencies rises, more individuals are becoming interested in it.
Let’s go back to the beginning now that we understand what cryptocurrency is in general. In Ghana, 17.3% of individuals have purchased cryptocurrencies at some point.
There are 3.1 million adults in total. This is more than the 15% adult global average who possess cryptocurrency. We are aware that there are various kinds of cryptocurrencies, with Bitcoin standing out as the most well-known.
We also have Dogecoin, Etherium, Solana, and many other cryptocurrencies. About 52.1% of the 3.1 million individuals who own cryptocurrencies, including Bitcoin, do so. 18.1% of them are cryptocurrency Ethereum owners. Nearly 19.7% of people own Dogecoin, a type of cryptocurrency. Ripple, another form of cryptocurrency, is held by 13.4%.
According to the study, young people are the ones most interested in owning cryptocurrencies. Globally, 56.1% of all owners are between the ages of 18 and 34, followed by 29.5% of owners between the ages of 34 and 54, and 14.4% of owners who are 55 or older. In Ghana, there are 70.4% of owners who are between the ages of 18 and 34. 16.6% of the population is between the ages of 34 and 54, while 13% is 55 or older.
Africa is often overlooked as a possible market for cryptocurrencies. Little do they realize that due to its high inflation rate in comparison to other parts of the world, Africa is a very sizable market.
Due to their decentralized nature, cryptocurrencies are frequently preferred to traditional money by those who are experiencing inflation. This is undoubtedly one of the factors that has contributed to Ghana’s declining inflation rate over the past few years.
So it’s obvious why cryptocurrencies are piqueing the interest of more and more Ghanaians. From a logical perspective, it makes sense for economies like Ghana’s. Africa as a whole is ideal for implementing this system. Most notably, there is no requirement for cryptocurrency purchases. Even investing in bitcoins is an option. The best part is that trading goods for cryptocurrencies is growing in popularity daily. Some merchants charge customers in cryptocurrency in exchange for the sale of goods or other types of merchandise.
Finance behemoths like Paypal have launched a new section where they permit bitcoin transactions. Undoubtedly, this industry has a lot of promise, which explains why so many Ghanaians have chosen to use this unique method of payment!
Source: Zaywa
