Here are some interesting news from the African Bitcoin space:

1. Our Million Sat Challenge receives interest from 14 African Countries

Million Sat Challenge, a campaign launched by African Bitcoiners, has received a lot of interest from 14 different African countries. The challenge aims to promote long-term Bitcoin savings in Africa by helping Africans hold the key to at least one million sats. The response to the initiative has been overwhelming, with participants from countries such as Togo, Benin, the Democratic Republic of the Congo, Angola, Burkina Faso, and Lesotho signing up to participate. Click here to read more.

2. Senegal rejects the CFA and is warming to Bitcoin

As we all know, the legacy of colonialism still lingers in West Africa and Senegal, with the CFA currency not being sovereign and leading to disempowerment and disenfranchisement of the people. However, there is hope on the horizon as Senegal recently hosted a Bitcoin conference that drew attention to the Lightning Network, with more merchants and customers joining the network every day. This is largely thanks to the country’s young, digitally-savvy population and the mobile money revolution, which aims to improve financial inclusion and conditions for underserved populations. The successful Dakar Bitcoin Days conference highlights the growing interest and eagerness among Senegalese to learn about and adopt Bitcoin as a means of payment. Click here to read more.

3. 90 Million People Use Cryptocurrency in Nigeria 

A recent study conducted by Trading Browser has revealed that Nigeria boasts the highest number of cryptocurrency owners and users in the world. With almost half of its population having used or owned cryptocurrency, representing 45 percent of the population, Nigeria ranks first among the countries with the highest cryptocurrency adoption rates. This is particularly significant given that Nigeria is also Africa’s largest economy and has a population of over 200 million people, a large percentage of whom are youth.
Although the Nigerian government banned commercial banks from facilitating cryptocurrency transactions, the youth have turned to the Peer-to-Peer (P2P) transaction model provided by Binance and Paxful for support. Click here to read more.                                                                                                              

4. Namibia Among Top African Countries Where Giveaway Crypto Scammers Generated Highest Revenues in 2022

A new report by Chainalysis has revealed that despite the risks associated with investing in cryptocurrencies, African investors were more often targeted by giveaways and investment scams, suggesting a strong interest in the cryptocurrency craze. The report also noted a decrease in scam revenue overall, but some scams were still highly lucrative. One such scam, the Hyperverse, generated nearly $1.3 billion in revenue. Click here to read the report.