In Kibera in Kenya, one of Africa’s largest slums, bitcoin is gradually establishing itself as a financial alternative. Thanks to the Kenyan fintech AfriBit Africa, unbanked residents receive subsidies and make daily purchases using cryptocurrency. Garbage collectors, traders, and vegetable sellers, hundreds have already adopted this system.

An inclusive revolution, yet still fragile in the face of regulatory and digital access challenges. In the narrow streets of Kibera, bitcoin payments are slowly replacing cash. This initiative disrupts traditional norms and redefines the future of grassroots finance.

In a remarkable development, around 200 people in Kibera, the largest slum in Kenya, are adopting Bitcoin for everyday use. Three years of local activism have brought Web3 adoption to Nairobi’s poorest workers.

However, on-the-ground reporting showed that many of these adopters are primarily interested in Bitcoin’s growth potential. Building a crypto community in these conditions is possible, but it’s extremely difficult.

The US Bitcoin ETF’s have greatly transformed the crypto industry, driving institutional adoption for the premier cryptocurrency. Businesses and institutions now see Bitcoin as a store of value and a reserve asset.

However, Satoshi’s vision for BTC was much more decentralised, meant to serve those who abandoned the traditional financial system. While that vision hasn’t quite materialised in the West, developing regions show a different story. New reports show that hundreds of people in Kenya are adopting Bitcoin for everyday transactions.

Specifically, ABC credited AfriBit Africa, a fintech startup that has been working in Kenya since 2022, with inspiring this Bitcoin adoption. It managed to provide grants to local garbage collectors to accept their salary in BTC, a decision that has multiple obvious benefits. From here, vegetable sellers and other local entrepreneurs began joining the trend.

In addition to lower fees than ATMs, Kenya’s poorest citizens could gain several other advantages from Bitcoin. Although crypto-related robberies and kidnappings are rising in the first world, carrying cash is much more dangerous in Kibera. Additionally, Bitcoin brings in high returns, allowing users to profit from their earnings.

Still, there are many obstacles. Kibera, Kenya, has an estimated population of 250,000 to 1 million people, but only around 200 of them use Bitcoin. Web3 access doesn’t require a bank account, but it does require a device, power, and an internet connection. Furthermore, that’s not even the biggest issue.

https://trendsnafrica.com/kenya-rejects-us-push-to-lift-worldcoin-suspension/

On-the-ground reporting revealed that many of these 200 Kenyans are using Bitcoin primarily as a speculative asset, just like their counterparts in the West.