Trade is one of the vital aspects of the African economy. Despite the various challenges you may encounter, you have to be strong enough to succeed. After all, every trader seeks ultimate satisfaction, whether in price, quantity, or quality. Sure, the African economy is full of different types of currencies from distinct countries. Let see cryptocurrencies growth in Africa.
Let face reality.
Without a stable currency, trading across African nations will be chaotic. Besides, the currency growth in Africa continent is now at the peak. For that reason, it is time to reinforce security measures to protect the advanced crypto-currencies.
The increase of technical proficient criminals
As a result of the advanced technology, cybercriminals can sabotage business operations. Sure, with this kind of technology, there is exploitation of currencies benefits. For instance, Virtual currency linked crime is on the rise in South Africa. According to cyber specialists, hackers use phones to mine money from citizens.
Besides, the popularity of crypto assets such as bitcoin sees a high growth rate in South Africa. As a result, the South African Reserve Bank (SARB) authorities are on the process to review the impact. More so, they are after the effect of the crypto sector on individual financial security and customers. At the moment, South Africa is on top of its markets, with about three million wallets across the world. Similarly, Paxful processes more than fifty thousand trades in a day.
Price fluctuation across the world has not put off South Africa operations more so on digital currency. Consequently, Paxful records a significant increase in trades by 2800%. Cape Town, Johannesburg, and Pretoria are the cities leading with the highest number of users. Furthermore, Paxful also records a 64% growth in trade across the African continent compared to the same time.
The point of increased efficiency and security measures
Although the majority of crypto assets trades are safe, the sector hasn’t proven complete immune to fraudulent and scam transactions. The crypto industry is still new, and scammers prey on users lacking the necessary awareness. Marius Reitz, the wallet Luno manager, says the situation is getting better as law enforcement is tracing transactions.
However, online scams are still prevalent as criminals use cryptocurrencies like bitcoin for illicit activity. Fraudsters commonly scam people through phishing where criminals use a legitimate-looking website, SMS or emails. They trick you into giving out your passwords or details.
Paxful CEO Ray Youssef says trading with coins is secure, but sometimes people use it wrong. Besides, he urges citizens to treat bitcoin like cash and protect their passwords and personal information. Sure, once your passwords are in the hands of scammers, it is impossible to safeguard your money.
Conclusion
To this end, it is necessary to go for safe and protected lines as you trade. Of course, you do not want humiliation before your deal is complete. It has been a long way; let’s not relax now. Besides, it is possible to eliminate the crypto fraud and theft risk by taking simple precautions. Ensure you reduce the odds of becoming a prey by following top tips for secure trading.
More:
