Cryptocurrency seems to be growing at a snail's pact. Actually, this is likely more a result of our instant gratification society than the true pace. For many, they want things to happen right now.

When it comes to technology, development takes time. This is compounded by the fact that technology advances at a pace greater than humans willingness to embrace it. Therefore, we are always dealing with a lag between the potential of technology and humans adopting it.

This is the case for cryptocurrency.

Of course, there is a valid reason for this. Early generations of technology tend to be clunky, expensive, and not user friendly. It is usually about the 3rd generation of a product where it is ready for the masses.

We know crypto was riddled with the fact that it is too technical. Steps are being taken to alleviate this. However, we are still seeing some growth rates that put crypto in line with Internet adoption.

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Africa Crypto Usage Exploding

How does a 1,600% growth rate sound?

This is what is experienced by one African exchange. We will cede the point that we are dealing with a singular entity which might not be reflective of the overall rates we are seeing globally.

However, this does align with other reports surrounding the continent of Africa. The crypto growth rate is outstanding.

The Seychelles-based crypto exchange, Bitget, recently released a report indicating a 1,600% surge in the number of African users and an overall user growth of 400%. According to the report, Nigeria ranked second in Chainalysis’ latest crypto adoption index, has emerged as one of its top three markets for crypto usage.

One of the keys is the last part.

Nigeria is emerging as a major epicenter for cryptocurrency adoption. This is a country of around 220 million. If there is a 30% adoption rate, this country alone would see 66 million users.

That is the estimated rate of crypto users in the United States.

“In 2024, Bitget wallet experienced a surge in African users, contributing significantly to its milestone of surpassing 12 million monthly active users. Bitget Wallet has topped the charts amongst all apps in Nigeria, surpassing Tik-Tok and WhatsApp on Apple’s App Store, currently ranking first in the general and finance category on AppStore in Nigeria, and counting in the top 5 on Android Google Play,” the report revealed.

Source

Here is another revelation.

In Nigeria, this wallet outpaces TikTok and WhatsApp in downloads. How many countries can make that claim?

In the future, it is likely many.

Web 3.0 Emerging

So far, in my estimation, we have seen a lot of crypto but not much Web 3.0. Here is where the major adoption will come from.

Cryptocurrency is still financial. While there will always be the component, it is traded more in line with other financial assets.

The problem with this is cryptocurrency is much bigger. The future potential of this technology far outpaces what most are considering.

We could start with the idea of simple currency. From there we branch out into digital ownership. On top of that, we have AI agents, automating activities. We also can delve into the multiverse scenario and gaming. Finally, we have tokens as a unit of data, something that has few limits, redefining the basis of all economic structures.

This is some of the characteristics of what I think Web 3.0 will evolve into.

Africans appear to be getting involved with the Telegram games and airdrops taking place there. While many of these are scams, worthless projects, or future failures, there could be some success stories. More importantly, it is getting people involved and educating them as to what this is all about.

That is crucial for forward adoption. Technological barriers have to be overcome. Often that involved development with ease of use as the focus. However, some of it falls upon education.

Web 3.0 needs to be, in many ways, like Web 2.0. There was a time when the Internet was foreign to people. In the 1990s, many had to "learn" how to use the Internet. It is a laughable concept today but that is how it was.

It is likely we will see the same thing. Social media is basically dummy-proof. Anyone can figure out how to use it. Web 3.0 applications, on the other hand, are more complex. There is an added layer with keys, wallets, and sign up processes.

Over time that should change.

Which brings us to the largest driver of things: utility.

Once Web 3.0 offers a large amount of utility to people, it will be adopted. Naturally, there will be no way to distinguish. In fact, we will not be calling it Web 3.0.

By that time, it will simply be the Internet.

And if you are involved in that world, you are automatically interacting with cryptocurrency.

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