Of , course , just like this story
http://motherboard.vice.com/blog/one-third-of-kenyans-now-have-a-bitcoin-wallet
with the fake cab.
[/quote]
Forget it, that is one of the bunch of articles that appeared in July 2013 after a press release by Kipochi.
Kipochi is a fake. At the time I tried to contact them. They are practically nonexistent. They guy who wanted to build it issued a few wildly optimistic statements, that's all.
Moreover, Kipochi is not Safaricom, has nothing to do with them.
Topic: 2013-07-01 Bitcoin Wallet in Africa - www.kipochi.com (Read 6856 times)
Couldn't find anything on it so I guess its another misunderstanding (candidate donations approved was another in the hearings). Closest I could find was this on the BitX purchase:
http://www.coindesk.com/software-firm-buys-africas-largest-bitcoin-exchange/
http://www.coindesk.com/software-firm-buys-africas-largest-bitcoin-exchange/
Of , course , just like this story
http://motherboard.vice.com/blog/one-third-of-kenyans-now-have-a-bitcoin-wallet
with the fake cab.
Apparently M-PESA started accepting bitcoin directly, not seen any details yet though.
That would be a miracle. If anybody finds any evidence for this, please report! Since I am in Kenya regularly, it would even make my life easier.
Consider it something like anti-FUD news.
Apparently M-PESA started accepting bitcoin directly, not seen any details yet though.
That would be a miracle. If anybody finds any evidence for this, please report! Since I am in Kenya regularly, it would even make my life easier.
Apparently M-PESA started accepting bitcoin directly, not seen any details yet though.
I too heard that mentioned in the senate hearings and raised an eyebrow. Can't remember which one of the witnesses said it. I'm treating it as a misunderstanding for now. If it was true I think it would have made bigger waves in the community.
Any way to invest in kipochi or buy shares?
Right! That would be a smart move for sure!
There are smart moves and not so smart moves.
yawn. So Kipochi might have failed, but it looks like someone else is having a go:
here http://bitpesa.co/ , and here https://www.youtube.com/watch?v=RFhfWpQ8ezk
Nhial is also in this vid: https://www.youtube.com/watch?v=mJh4t21jZJk
here http://bitpesa.co/ , and here https://www.youtube.com/watch?v=RFhfWpQ8ezk
Nhial is also in this vid: https://www.youtube.com/watch?v=mJh4t21jZJk
I suspected that.
Bitcoin is a competitor to M-Pesa. Why should they cooperate?
Bitcoin is a competitor to M-Pesa. Why should they cooperate?
Because they want to make more money.
Paypal should start using bitcoins and take some fees for it... If they are smart.
Yes, and the banks should welcome bitcoins too.
But, strangely, they do just the opposite. They are currently trying to strangle Mt.Gox (or at least it looks like it to me, but perhaps Mt.Gox ist strangling itself).
I think all optimism of cooperation by any of the old-style financial institutions is misguided. Perhaps there will be minor, temporary successes on that front, but ultimately they will try to kill bitcoin.
I suspected that.
Bitcoin is a competitor to M-Pesa. Why should they cooperate?
Bitcoin is a competitor to M-Pesa. Why should they cooperate?
Because they want to make more money.
Paypal should start using bitcoins and take some fees for it... If they are smart.
I suspected that.
Bitcoin is a competitor to M-Pesa. Why should they cooperate?
Bitcoin is a competitor to M-Pesa. Why should they cooperate?
My money is missing. My support requests unanswered. My transaction list - well.. there isn't one.
Be careful. Great idea - crap execution. (unless the idea was to just take your money)
A few guys set up an account and sent some bitcoins only to find out that you cant transfer BTC out to another address.
Just anotherNigerian Kenyan scam, forget about it and move on.
Just another
Can you still find where they wrote about it? I would be interested in the details.
A few guys set up an account and sent some bitcoins only to find out that you cant transfer BTC out to another address.
Just anotherNigerian Kenyan scam, forget about it and move on.
Just another
Can you still find where they wrote about it? I would be interested in the details.
Months have passed; so what now? Has anybody ever used Kipochi? Apparently not.
A few guys set up an account and sent some bitcoins only to find out that you cant transfer BTC out to another address. Just another
Months have passed; so what now? Has anybody ever used Kipochi? Apparently not.
Kipochi has been very quiet for a while. Wonder whats up.
No response to my queries, and no updates form Pelle on http://bitcoins.co.ke/forum/showthread.php?tid=72 or anywhere else it seems.....
Have set up an account but cant buy with MPesa yet, plus no info on fees and no way to transfer BTC out to another BTC address.
No response to my queries, and no updates form Pelle on http://bitcoins.co.ke/forum/showthread.php?tid=72 or anywhere else it seems.....
Have set up an account but cant buy with MPesa yet, plus no info on fees and no way to transfer BTC out to another BTC address.
Its always great to be able to get money in and not back out.
It will be very hard for Kipochi to grow as the telcos will spent some serious marketing money.
Kenya news via the grapevine :
The Treasury has introduced a 10% excise tax on all money transfers, which will inevitably lead to generally higher prices, and the unfortunate consumer will bear the burden. It will cover not only bank transactions but mobile phone cash transfer systems such as M-Pesa and even the PO Savings Bank. “Its impact in the short term will be inflation and increase in the price of goods.” There is also a risk of creating an extensive “underground economy” which will deprive the Treasury of considerable revenue. A levy of 1.5% on the customs value of imported goods for railway development is already in force. The Kenya Revenue Authority missed its revenue target for 2012/2013 financial year by Shs.81 billion, although it showed a growth of 13.2% over the previous year. Part of the loss was attributed to “a shift in consumption patterns towards products with lower or zero tax rates.”
Depriving any Treasury of revenue is the number one thing we should all be striving to do.
The Treasury has introduced a 10% excise tax on all money transfers, which will inevitably lead to generally higher prices, and the unfortunate consumer will bear the burden. It will cover not only bank transactions but mobile phone cash transfer systems such as M-Pesa and even the PO Savings Bank. “Its impact in the short term will be inflation and increase in the price of goods.” There is also a risk of creating an extensive “underground economy” which will deprive the Treasury of considerable revenue. A levy of 1.5% on the customs value of imported goods for railway development is already in force. The Kenya Revenue Authority missed its revenue target for 2012/2013 financial year by Shs.81 billion, although it showed a growth of 13.2% over the previous year. Part of the loss was attributed to “a shift in consumption patterns towards products with lower or zero tax rates.”
Depriving any Treasury of revenue is the number one thing we should all be striving to do.
Gotta agree with you there. This type of self-defeating policy is exactly what with bring about the Bitcoin revolution that much faster.
This makes the so-called kenyan financial revolution a very mess. MPesa has alone horrible fees, combine it with taxes and the kenyans are soaked with every transaction they make, their income goes more and more to two monopolists (safaricom & state). This is terrible, I start to like our banking-system
Kipochi has been very quiet for a while. Wonder whats up.
No response to my queries, and no updates form Pelle on http://bitcoins.co.ke/forum/showthread.php?tid=72 or anywhere else it seems.....
Have set up an account but cant buy with MPesa yet, plus no info on fees and no way to transfer BTC out to another BTC address.
No response to my queries, and no updates form Pelle on http://bitcoins.co.ke/forum/showthread.php?tid=72 or anywhere else it seems.....
Have set up an account but cant buy with MPesa yet, plus no info on fees and no way to transfer BTC out to another BTC address.
Hope they are still around
They have a very active twitter account though
I think that's them
https://twitter.com/KipochiPay
Kipochi has been very quiet for a while. Wonder whats up.
No response to my queries, and no updates form Pelle on http://bitcoins.co.ke/forum/showthread.php?tid=72 or anywhere else it seems.....
Have set up an account but cant buy with MPesa yet, plus no info on fees and no way to transfer BTC out to another BTC address.
No response to my queries, and no updates form Pelle on http://bitcoins.co.ke/forum/showthread.php?tid=72 or anywhere else it seems.....
Have set up an account but cant buy with MPesa yet, plus no info on fees and no way to transfer BTC out to another BTC address.
Kenya news via the grapevine :
The Treasury has introduced a 10% excise tax on all money transfers, which will inevitably lead to generally higher prices, and the unfortunate consumer will bear the burden. It will cover not only bank transactions but mobile phone cash transfer systems such as M-Pesa and even the PO Savings Bank. “Its impact in the short term will be inflation and increase in the price of goods.” There is also a risk of creating an extensive “underground economy” which will deprive the Treasury of considerable revenue. A levy of 1.5% on the customs value of imported goods for railway development is already in force. The Kenya Revenue Authority missed its revenue target for 2012/2013 financial year by Shs.81 billion, although it showed a growth of 13.2% over the previous year. Part of the loss was attributed to “a shift in consumption patterns towards products with lower or zero tax rates.”
Depriving any Treasury of revenue is the number one thing we should all be striving to do.
The Treasury has introduced a 10% excise tax on all money transfers, which will inevitably lead to generally higher prices, and the unfortunate consumer will bear the burden. It will cover not only bank transactions but mobile phone cash transfer systems such as M-Pesa and even the PO Savings Bank. “Its impact in the short term will be inflation and increase in the price of goods.” There is also a risk of creating an extensive “underground economy” which will deprive the Treasury of considerable revenue. A levy of 1.5% on the customs value of imported goods for railway development is already in force. The Kenya Revenue Authority missed its revenue target for 2012/2013 financial year by Shs.81 billion, although it showed a growth of 13.2% over the previous year. Part of the loss was attributed to “a shift in consumption patterns towards products with lower or zero tax rates.”
Depriving any Treasury of revenue is the number one thing we should all be striving to do.
Gotta agree with you there. This type of self-defeating policy is exactly what with bring about the Bitcoin revolution that much faster.
Don't know if anyone else has actually tried this yet?
2 weeks ago we applied for a Kipochi account in Kenya, and have still heard nothing back from them.
Mailed support just now.
Kenya news via the grapevine :
The Treasury has introduced a 10% excise tax on all money transfers, which will inevitably lead to generally higher prices, and the unfortunate consumer will bear the burden. It will cover not only bank transactions but mobile phone cash transfer systems such as M-Pesa and even the PO Savings Bank. “Its impact in the short term will be inflation and increase in the price of goods.” There is also a risk of creating an extensive “underground economy” which will deprive the Treasury of considerable revenue. A levy of 1.5% on the customs value of imported goods for railway development is already in force. The Kenya Revenue Authority missed its revenue target for 2012/2013 financial year by Shs.81 billion, although it showed a growth of 13.2% over the previous year. Part of the loss was attributed to “a shift in consumption patterns towards products with lower or zero tax rates.”
Depriving any Treasury of revenue is the number one thing we should all be striving to do.
2 weeks ago we applied for a Kipochi account in Kenya, and have still heard nothing back from them.
Mailed support just now.
Kenya news via the grapevine :
The Treasury has introduced a 10% excise tax on all money transfers, which will inevitably lead to generally higher prices, and the unfortunate consumer will bear the burden. It will cover not only bank transactions but mobile phone cash transfer systems such as M-Pesa and even the PO Savings Bank. “Its impact in the short term will be inflation and increase in the price of goods.” There is also a risk of creating an extensive “underground economy” which will deprive the Treasury of considerable revenue. A levy of 1.5% on the customs value of imported goods for railway development is already in force. The Kenya Revenue Authority missed its revenue target for 2012/2013 financial year by Shs.81 billion, although it showed a growth of 13.2% over the previous year. Part of the loss was attributed to “a shift in consumption patterns towards products with lower or zero tax rates.”
Depriving any Treasury of revenue is the number one thing we should all be striving to do.
This is a project I wanted to see develop and help change the world for the better
M-PESA, the user can buy digital funds at any M-PESA agent and send that electric cash to any other mobile phone user in Kenya, who can then redeem it for conventional cash at any agent. This system is remotely comparable to http://en.wikipedia.org/wiki/Hawala_banking or services like Western Union or Bitcoin or Kilowatt Cards http://www.kilowattcards.com/template/index.cfm or any E-Gift voucher from large company's or........the list is endless.
An M-PESA enabled mobile phone can also function as an electronic wallet and can hold up to 100,000 Kenyan shilling. Safaricom stakeholder Vodafone, which partnered in the development of M-PESA, has announced that it intends to roll out M-PESA internationally as well.
http://en.wikipedia.org/wiki/M-Pesa
Kenya an economic super power lol, not in my lifetime.
An M-PESA enabled mobile phone can also function as an electronic wallet and can hold up to 100,000 Kenyan shilling. Safaricom stakeholder Vodafone, which partnered in the development of M-PESA, has announced that it intends to roll out M-PESA internationally as well.
http://en.wikipedia.org/wiki/M-Pesa
Kenya an economic super power lol, not in my lifetime.
Quote
If this takes off in Kenya and Bitcoin becomes a mainstream global system then its possible that Kenya could fast become an economic super power
FUD like that scares the living day light out from anyone who ones any bitcoins.M-PESA is nothing else as a rivalling payment system.
the best you can do is spend btc directly to kenyans.
how i see it is this is like infrastructure. Bitcoins would have a hard time getting a foothold in africa lest we could piggyback an already existing system like mpesa
the best you can do is spend btc directly to kenyans.
You are welcome to vote for Kipochi as Bitcoin Project of the Quarter:
https://bitcointalksearch.org/topic/bps-bitcoin-project-of-the-season-winter-2014-winner-bitwasp-251087
https://bitcointalksearch.org/topic/bps-bitcoin-project-of-the-season-winter-2014-winner-bitwasp-251087
All positive :
http://theconversation.com/bitcoin-fuels-africas-banking-revolution-16044
http://theconversation.com/bitcoin-fuels-africas-banking-revolution-16044
Quote
"There are risks, however. Bitcoin has proved itself to be volatile, fuelled by speculators – although this is not something that Africans are unaccustomed to. M-Pesa as a brand might be a trusted one, but the more abstract connection to Bitcoin might be a harder sell. Currently, Kipochi above all else represents possibility, as M-Pesa once did."
Nigerian princes, princesses, and the like are rejoicing at this news! Yay, more ways to scam/fleece the fat westerners out of their money!!!
I actually met a Nigerian once whose name was Prince. I shit you not ! (nice guy by the way).
This article claims the fee is only 2% to convert between M-Pesa and bitcoin. So someone using coinbase can send money from their US bank account to an M-Pesa user almost instantly for only a 3% total fee right?
http://www.pcworld.com/article/2044082/in-kenya-bitcoin-linked-to-popular-mobile-payment-system.html
http://www.pcworld.com/article/2044082/in-kenya-bitcoin-linked-to-popular-mobile-payment-system.html
With all the shouting going on here you would think Kenya would know something about BTC. Alas no. Doing a search on Nation.co.ke (our major newspaper) only finds 1 result. This article :
http://www.nation.co.ke/Features/DN2/Bitcoin/-/957860/1747854/-/item/1/-/t958ik/-/index.html
So what about The Standard then? (http://www.standardmedia.co.ke/)
"Mombasa in spotlight over ‘currency that improves lives’ Bangla-pesa"
http://www.standardmedia.co.ke/?articleID=2000085013story_title=mombasa-in-spotlight-over-currency-that-improves-lives
...only 1 comment mentioning BTC...
What about "Money transfer service to boost diaspora remittances"?
http://www.standardmedia.co.ke/?id=2000017219&articleID=2000017219
...still no mention of BTC...
Even the new local Kenya forum (i think set up be weex here) is boring :
http://bitcoins.co.ke/... no action there.
http://www.the-star.co.ke/search/node/bitcoin? (I see they use Drupal...)
"Your search yielded no results"
Kenya is still at the "we are all on facebook and its so cool" stage, so be patient and bear with us.
http://www.nation.co.ke/Features/DN2/Bitcoin/-/957860/1747854/-/item/1/-/t958ik/-/index.html
So what about The Standard then? (http://www.standardmedia.co.ke/)
"Mombasa in spotlight over ‘currency that improves lives’ Bangla-pesa"
http://www.standardmedia.co.ke/?articleID=2000085013story_title=mombasa-in-spotlight-over-currency-that-improves-lives
...only 1 comment mentioning BTC...
What about "Money transfer service to boost diaspora remittances"?
http://www.standardmedia.co.ke/?id=2000017219&articleID=2000017219
...still no mention of BTC...
Even the new local Kenya forum (i think set up be weex here) is boring :
http://bitcoins.co.ke/... no action there.
http://www.the-star.co.ke/search/node/bitcoin? (I see they use Drupal...)
"Your search yielded no results"
Kenya is still at the "we are all on facebook and its so cool" stage, so be patient and bear with us.
Thank you for this great post, I would tip for this kind of research.
I have been experimenting with using bitcoin to replace international wire transfers. Depending on exchange rate it can end up being very profitable or costly. I think Kipochi has a mechanism so you can ensure that the amount that you initially put in is what ends up being received on the other side.
There are a lot of africans worldwide working in foreign countries and sending money back home to their relatives. Once they notice that sending money via Kipochi is a lot cheaper and faster then using Western Union or MoneyGram, I believe it is about 10 Euros per transaction, then they will switch easily. So the start will be outside of Africa with the emigrants sending money back home to their families.
And once they notice how easy, fast, cheap and convenient it is, then it may even go viral in Africa!
The costs are variable and usually a lot more than a mere 10€.And once they notice how easy, fast, cheap and convenient it is, then it may even go viral in Africa!
You are right about the emigrants starting it though, this is how it became so popular in Poland.
Hell they even started that exchange that is part of Gox now.
I am excited
There are a lot of africans worldwide working in foreign countries and sending money back home to their relatives. Once they notice that sending money via Kipochi is a lot cheaper and faster then using Western Union or MoneyGram, I believe it is about 10 Euros per transaction, then they will switch easily. So the start will be outside of Africa with the emigrants sending money back home to their families.
And once they notice how easy, fast, cheap and convenient it is, then it may even go viral in Africa!
And once they notice how easy, fast, cheap and convenient it is, then it may even go viral in Africa!
With all the shouting going on here you would think Kenya would know something about BTC. Alas no. Doing a search on Nation.co.ke (our major newspaper) only finds 1 result. This article :
http://www.nation.co.ke/Features/DN2/Bitcoin/-/957860/1747854/-/item/1/-/t958ik/-/index.html
So what about The Standard then? (http://www.standardmedia.co.ke/)
"Mombasa in spotlight over ‘currency that improves lives’ Bangla-pesa"
http://www.standardmedia.co.ke/?articleID=2000085013story_title=mombasa-in-spotlight-over-currency-that-improves-lives
...only 1 comment mentioning BTC...
What about "Money transfer service to boost diaspora remittances"?
http://www.standardmedia.co.ke/?id=2000017219&articleID=2000017219
...still no mention of BTC...
Even the new local Kenya forum (i think set up be weex here) is boring :
http://bitcoins.co.ke/... no action there.
http://www.the-star.co.ke/search/node/bitcoin? (I see they use Drupal...)
"Your search yielded no results"
Kenya is still at the "we are all on facebook and its so cool" stage, so be patient and bear with us.
http://www.nation.co.ke/Features/DN2/Bitcoin/-/957860/1747854/-/item/1/-/t958ik/-/index.html
So what about The Standard then? (http://www.standardmedia.co.ke/)
"Mombasa in spotlight over ‘currency that improves lives’ Bangla-pesa"
http://www.standardmedia.co.ke/?articleID=2000085013story_title=mombasa-in-spotlight-over-currency-that-improves-lives
...only 1 comment mentioning BTC...
What about "Money transfer service to boost diaspora remittances"?
http://www.standardmedia.co.ke/?id=2000017219&articleID=2000017219
...still no mention of BTC...
Even the new local Kenya forum (i think set up be weex here) is boring :
http://bitcoins.co.ke/... no action there.
http://www.the-star.co.ke/search/node/bitcoin? (I see they use Drupal...)
"Your search yielded no results"
Kenya is still at the "we are all on facebook and its so cool" stage, so be patient and bear with us.
I don't think it really matters if the people have heard of BTC in Kenya or not. The question will be, have they heard of Kipochi in a few months! They could be using BTC without really understanding what BTC even is. If it works, if they save money and are able to transfer in and out of M-Pesa without paying high fees, they will use it.
I really do hope financial revolution starts from Africa out. The people there need it more than anyone else.
+1This is great news.
Nigerian princes, princesses, and the like are rejoicing at this news! Yay, more ways to scam/fleece the fat westerners out of their money!!!
Unfortunately mobile coverage is much better than internet access and the same goes for the costs of phones vs. computers.
Another factor is the simplicity of paying with your mobile.
I still think there is a lot of room for BTC, but as i said the mobile providers beat us to it and im sure they wont like to share.
Another factor is the simplicity of paying with your mobile.
I still think there is a lot of room for BTC, but as i said the mobile providers beat us to it and im sure they wont like to share.
You can already do BTC transactions with SMS.
Unfortunately mobile coverage is much better than internet access and the same goes for the costs of phones vs. computers.
Another factor is the simplicity of paying with your mobile.
I still think there is a lot of room for BTC, but as i said the mobile providers beat us to it and im sure they wont like to share.
Another factor is the simplicity of paying with your mobile.
I still think there is a lot of room for BTC, but as i said the mobile providers beat us to it and im sure they wont like to share.
Nice misconceptions and stereotypes you have there.
Unfortunately the ship has almost sailed in Africa, most countries use mobile phones for payments, but the market was wide open until just recently. They still paid in goats(to stay in tune with your approach) not so long ago.
Unfortunately the ship has almost sailed in Africa, most countries use mobile phones for payments, but the market was wide open until just recently. They still paid in goats(to stay in tune with your approach) not so long ago.
That 'most countries are using mobile phones for payment' is hardly a missed opportunity. If they are using litecoin... then yes, I'll agree, but they are using local, proprietary systems. It's still a massive opportunity for many reasons. With bitcoin they can pay for things globally, and in turn receive remittances instantly. Keep in most of them don't have bank accounts. Also, the political systems their are in pretty bad shape. The managing of their currencies might even be worse than the USD. Finally, to your point, they are already comfortable with digital, phone based currency. Provide them with a vastly superior e-currency and you don't think they will go for it?
Edited to fix bad quote format
Bitcoin will be widely adopted in Africa when they realize how it's convenient for buying AK-47's and selling smuggled diamonds 
Nice misconceptions and stereotypes you have there.Unfortunately the ship has almost sailed in Africa, most countries use mobile phones for payments, but the market was wide open until just recently. They still paid in goats(to stay in tune with your approach) not so long ago.
Bitcoin will be widely adopted in Africa when they realize how it's convenient for buying AK-47's and selling smuggled diamonds
Any way to invest in kipochi or buy shares?
Right! That would be a smart move for sure!
I really do hope financial revolution starts from Africa out. The people there need it more than anyone else.
Financial revolution, in Africa? Not anytime soon.
Getting fees lower than 9% would indeed be a financial revolution in Africa. Is that really so impossible?
I would think it is just a matter of time then. They really need more options it sounds like and this might really solve some problems for them. I am excited about that on a level that is more then just about my own little stash of BTC growing in value. This will help the less fortunate lower income people by giving them the ability to have better banking, something (that in spite of the fact our 1st world banking system is not perfect by any means) that is necessary for economic growth and productivity for sure. Like I said before, some of the outreach organizations that are working in Africa right now should get involved. Not only should they start taking donations in BTC, they should start helping people get set up with Kipochi.
I really do hope financial revolution starts from Africa out. The people there need it more than anyone else.
Financial revolution, in Africa? Not anytime soon.
Getting fees lower than 9% would indeed be a financial revolution in Africa. Is that really so impossible?
Quote
In a report dated January 2013, the World Bank says sending money to Kenya costs about 9.2 per cent of the value of the transfer, which is lower than the 11.89 per cent average cost for remitting cash to African countries.
Quote
Kenyans living abroad sent $1.17 billion in 2012 as per Central Bank of Kenya (CBK) data. The total remittances figure is, however, much higher since CBK data does not capture cash sent through informal channels. Remittances to Africa are estimated to have hit $60 billion in 2012.
Quote
The most expensive sending markets in the sample are African countries, specifically South Africa, Tanzania, and Ghana, which measure 20.7 per cent, 19.7 per cent, and 19.0 per cent
Looks like neighboring Tanzania needs bitcoin remittance a lot more than Kenya. Kipochi can charge outrageous fees and still undercut everything else.
Cost of money transfer to Kenya lowest in Africa
http://www.businessdailyafrica.com/Cost-of-money-transfer-to-Kenya-lowest-in-Africa/-/539552/1679122/-/format/xhtml/-/ab4cul/-/index.html
I really do hope financial revolution starts from Africa out. The people there need it more than anyone else.
+1 I really do hope financial revolution starts from Africa out. The people there need it more than anyone else.
Mater artium necessitas
Any way to invest in kipochi or buy shares?
I can't find any information on fees to convert between M-Pesa and Bitcoin. I am guessing it is outrageous.
I really do hope financial revolution starts from Africa out. The people there need it more than anyone else.
+1
Sounds like a good idea. Hopefully they have a decent infrastructure, a capable crew and sufficient cash reserves to survive until this gets off the ground.
I really do hope financial revolution starts from Africa out. The people there need it more than anyone else.
Financial revolution, in Africa? Not anytime soon.
Even if it's just for facilitating local level trade, wouldn't that be better than what they already have?
Yay, the screenshot shows "millibits"!
And that is one of the reasons BTC is great. It can be reduced to amounts for anyone to get into it.
Yay, the screenshot shows "millibits"!
I really do hope financial revolution starts from Africa out. The people there need it more than anyone else.
Financial revolution, in Africa? Not anytime soon.
Very Awesome indeed!
I really do hope financial revolution starts from Africa out. The people there need it more than anyone else.
Really great! I agree! It would be great if some of the groups that are already starting to give micro loans to help people (Such as World Vision International) would see the benefits of introducing Bitcoin to them as well.
I really do hope financial revolution starts from Africa out. The people there need it more than anyone else.
Huge news
This article came out a few months ago, reposting for relevance: http://afrinnovator.com/blog/2013/04/01/bitcoin-crypto-currency-and-the-opportunity-for-a-truly-pan-africa-money-revolution/
actually, it's down, here's the cached version http://webcache.googleusercontent.com/search?q=cache:OAKV59qwGKYJ:afrinnovator.com/blog/2013/04/01/bitcoin-crypto-currency-and-the-opportunity-for-a-truly-pan-africa-money-revolution/+&cd=1&hl=en&ct=clnk&gl=us
excerpt:
This article came out a few months ago, reposting for relevance: http://afrinnovator.com/blog/2013/04/01/bitcoin-crypto-currency-and-the-opportunity-for-a-truly-pan-africa-money-revolution/
actually, it's down, here's the cached version http://webcache.googleusercontent.com/search?q=cache:OAKV59qwGKYJ:afrinnovator.com/blog/2013/04/01/bitcoin-crypto-currency-and-the-opportunity-for-a-truly-pan-africa-money-revolution/+&cd=1&hl=en&ct=clnk&gl=us
excerpt:
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Weak banking (especially across countries), low regulation or collapsing central banking control in some parts of Africa may come to the Rescue: Zimbabwe abandoned its currency in 2009 and accepted rand, dollars and euros amongst other countries- what if Bitcoin was around and Zimbabweans could have another option of moving their money to Bitcoins? Bitcoins are almost like a modern day “gold standard” (without the physical weight and all the benefits of low transport/transfer costs) due to its low abundance and showing increasing liquidity as more people use it. Look at the real time bitcoin transactions and charts here. And hey look, I can buy a Bitcoin for $113 from someone in Nairobi, Kenya vs the current market price of $94 on Mt Gox.
I am starting to see some countries allow multiple currency accounts simply as a services, even if they require a lot of paperwork to get them going. Even a bank like Bank of Africa, which touts its pan- Africa presence in 14 countries, contintent wide reach is only a marketing gimmick, you can’t just walk into a branch in Benin and take out money from your account in Kenya at present- the cross border banking services have not caught up with reality.
Facilitating Africa Cross boder portability, payments and E-commerce: I have seen it with my own eyes during my overland travels between Kenya and Tanzania, how local land shuttles act as a cheaper and often more convinient or percieved trusted means of exchange across borders. Mobile money is not solving this yet even though Vodafone owns M-PESA and has stakes in 2 bordering countries. In other words, I can’t use M-PESA in tanzania to pay an M-PESA agent in Kenya. Why would I need to do this? The very shuttle I use between Arusha and Nairobi only takes Kenya M-PESA. This hits upon an important point that often hinders African economies- not enabling enough regional trade that would help boost economies- using a cryto-currency like Bitcoin may help enable this without adopting a single currency like the Euro which has to be mandated by Governments. As we know, Bitcoin is a decentralized currency with no central authority. That freelance coder in Zimbabwe, if web services around the world started accepting bitcoin, could now pay for cloud computing services and solve a key issue that I believe could be holding back some emerging market skill. To be frank, its just too hard for the likes of Amazon to set up a local sales/billing subsiduary to charge someone in Zimbabwe- bitcoin would enable that. In fact- services like Paypal should really be doing this, but because their model is beholden to working with local banks, they can’t move here. Now imagine the ecommerce or freelance service that needs continent wide or global means to accept money- think collaborative consumption services like Airbnb or Odesk built in Africa start being used by early adopters, not paying your local utility bill. I believe these services might be the first to accept bitcoin given the global nature of their business working with small amounts of money transfers regularly. Someone could feasibly earn $50-100/week with regular low cost transfer payments.
As a store of value if you don’t trust your bank or as “Mattress 2.0″: The value of bitcoin has gone up quite a bit and it can be considered a form of investment (with risk)- its a form of “digital gold”- so rather than watch your money get eaten by banking fees, inflation or even the Governments or other world authorities actions, you can use bitcoin as the “money under the matress 2.0″. Most africans probably invest in real estate or move ther money offshore to a more stable currency- but what is a stable currency that you trust is the Euro in Cyprus like the russians thought? There is no reason to believe that like Zimbabwe, we might not see similar situations in Africa in the future. Only time will tell if bitcoin is a good investment- there was already a major hack in 2011 that caused the first crash in Bitcoin and maybe if we have lots more bitcoin mining activities, the laws of supply and demand may bring down the real value and hence real prices of bitcoins down to earth. The risks are there, in a different form but are these risks as acceptable to you as trusting your bank, mattress or buying gold?.
The world is watching bitcoin right now and maybe it gets over-regulated and banned for mainstream use fearing risks and disruption, but even then, a set of libertaerian geeks will continue to use it for some underground transactions. One likely option, is that it becomes a new form of currencyunder the right global regulatory conditions and is allowed to thrive- something like this bitcoin exchange merged with wallet and payment startup, Ripple. But there are clear opportunities for global or pan Africa financial inclusion that could facilitate the rise of talented workers to earn and spend real value unbound by governments and central bank, benefiting that freelance Zimbabwean coder more than someone in the western world. Like steve jobs who took illegal music downloads and created itunes, who will take bitcoin and create a trusted pan african currency service? If I had my way and was a true renegade I would create a tech development bank backed by bitcoin, for techies, by techies with offices in every hub in the Afrilab network- but now its all getting to my head and this post will become more of an Apri’s fools joke. But the iHub could start mining bitcoins during idle time in their new super computer cluster for starters and make coins more widely available amonst the tech community.
I am starting to see some countries allow multiple currency accounts simply as a services, even if they require a lot of paperwork to get them going. Even a bank like Bank of Africa, which touts its pan- Africa presence in 14 countries, contintent wide reach is only a marketing gimmick, you can’t just walk into a branch in Benin and take out money from your account in Kenya at present- the cross border banking services have not caught up with reality.
Facilitating Africa Cross boder portability, payments and E-commerce: I have seen it with my own eyes during my overland travels between Kenya and Tanzania, how local land shuttles act as a cheaper and often more convinient or percieved trusted means of exchange across borders. Mobile money is not solving this yet even though Vodafone owns M-PESA and has stakes in 2 bordering countries. In other words, I can’t use M-PESA in tanzania to pay an M-PESA agent in Kenya. Why would I need to do this? The very shuttle I use between Arusha and Nairobi only takes Kenya M-PESA. This hits upon an important point that often hinders African economies- not enabling enough regional trade that would help boost economies- using a cryto-currency like Bitcoin may help enable this without adopting a single currency like the Euro which has to be mandated by Governments. As we know, Bitcoin is a decentralized currency with no central authority. That freelance coder in Zimbabwe, if web services around the world started accepting bitcoin, could now pay for cloud computing services and solve a key issue that I believe could be holding back some emerging market skill. To be frank, its just too hard for the likes of Amazon to set up a local sales/billing subsiduary to charge someone in Zimbabwe- bitcoin would enable that. In fact- services like Paypal should really be doing this, but because their model is beholden to working with local banks, they can’t move here. Now imagine the ecommerce or freelance service that needs continent wide or global means to accept money- think collaborative consumption services like Airbnb or Odesk built in Africa start being used by early adopters, not paying your local utility bill. I believe these services might be the first to accept bitcoin given the global nature of their business working with small amounts of money transfers regularly. Someone could feasibly earn $50-100/week with regular low cost transfer payments.
As a store of value if you don’t trust your bank or as “Mattress 2.0″: The value of bitcoin has gone up quite a bit and it can be considered a form of investment (with risk)- its a form of “digital gold”- so rather than watch your money get eaten by banking fees, inflation or even the Governments or other world authorities actions, you can use bitcoin as the “money under the matress 2.0″. Most africans probably invest in real estate or move ther money offshore to a more stable currency- but what is a stable currency that you trust is the Euro in Cyprus like the russians thought? There is no reason to believe that like Zimbabwe, we might not see similar situations in Africa in the future. Only time will tell if bitcoin is a good investment- there was already a major hack in 2011 that caused the first crash in Bitcoin and maybe if we have lots more bitcoin mining activities, the laws of supply and demand may bring down the real value and hence real prices of bitcoins down to earth. The risks are there, in a different form but are these risks as acceptable to you as trusting your bank, mattress or buying gold?.
The world is watching bitcoin right now and maybe it gets over-regulated and banned for mainstream use fearing risks and disruption, but even then, a set of libertaerian geeks will continue to use it for some underground transactions. One likely option, is that it becomes a new form of currencyunder the right global regulatory conditions and is allowed to thrive- something like this bitcoin exchange merged with wallet and payment startup, Ripple. But there are clear opportunities for global or pan Africa financial inclusion that could facilitate the rise of talented workers to earn and spend real value unbound by governments and central bank, benefiting that freelance Zimbabwean coder more than someone in the western world. Like steve jobs who took illegal music downloads and created itunes, who will take bitcoin and create a trusted pan african currency service? If I had my way and was a true renegade I would create a tech development bank backed by bitcoin, for techies, by techies with offices in every hub in the Afrilab network- but now its all getting to my head and this post will become more of an Apri’s fools joke
. But the iHub could start mining bitcoins during idle time in their new super computer cluster for starters and make coins more widely available amonst the tech community.
http://kipochi.com/blog/kipochi-launches-first-bitcoin-wallet-in-africa-with-m-pesa-integration
Big News!
Wallet with M-Pesa integration!
Big News!
Wallet with M-Pesa integration!
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