They cannot leapfrog technology with Bitcoin, because Bitcoin will replace the fiat banking system and most African countries have banks in the major cities. The rural villages
might not have banks, but they still have access to fiat. I have seen many mobile banking services going around in the rural areas, so it's nothing new to them. In countries
like Kenya, they use M-Pesa {digital cash on mobile phones} and with this, they might be entering a whole new world.... only problem is, it's not Bitcoin and it's a centralized
technology controlled by single corporate entities. {Cellphone Service providers}
Topic: [2016-01-22]Africa May Leapfrog Traditional Banking For Bitcoin (Read 297 times)
January 22, 2016, 12:05:43 PM
f bitcoin acceptance reaches a critical mass where necessities of food, shelter, and clothing can be bought with it, it could reach a tipping point where it displaces national currencies in many developing countries. In this scenario, many areas of the world may leapfrog banking infrastructure and traditional money wire transfers. Most notably, the financial landscape in developing economies such as Africa is well positioned to leapfrog traditional banking and move directly to a bitcoin-enabled financial paradigm.
BITCOIN LEAPFROGGING BANKS
Leapfrogging is described as a theory of economic development which skips inferior or obsolete technologies in order to move directly to advanced ones. Take, for example, phone coverage in African countries. Landline grids for household use were never fully developed because, by the time Africa came into market view, mobile phones were the new paradigm of telecommunications. The entire infrastructure for household landlines was leapfrogged by cellular technology.
Similar to cellular technology, bitcoin could empower Africa to leapfrog the banking infrastructure of western economies and go directly to a new financial paradigm. The preeminent requirement on behalf of African citizens is a mobile device with internet connectivity. Yet, how mobile-savvy are Africans?
MOBILE PAYMENTS
The potential to provide financial services worldwide is echoed by the adoption of mobile payment technologies such as M-Pesa, a mobile-phone based money transfer and microfinancing service for Safaricom and Vodacom. M-Pesa is estimated to have a near 70% market share in Kenya and is becoming more accepted in surrounding countries.
According to Mobile Payments Today, in 2002, only 3% of people on the entire continent of Africa had mobile phones. That number ballooned to 48% by 2010. In 2014, 70% of the continent’s population had a mobile phone as the market continues to adopt cellular devices.
Read More : https://diginomics.com/africa-leapfrog-banking-bitcoin/
BITCOIN LEAPFROGGING BANKS
Leapfrogging is described as a theory of economic development which skips inferior or obsolete technologies in order to move directly to advanced ones. Take, for example, phone coverage in African countries. Landline grids for household use were never fully developed because, by the time Africa came into market view, mobile phones were the new paradigm of telecommunications. The entire infrastructure for household landlines was leapfrogged by cellular technology.
Similar to cellular technology, bitcoin could empower Africa to leapfrog the banking infrastructure of western economies and go directly to a new financial paradigm. The preeminent requirement on behalf of African citizens is a mobile device with internet connectivity. Yet, how mobile-savvy are Africans?
MOBILE PAYMENTS
The potential to provide financial services worldwide is echoed by the adoption of mobile payment technologies such as M-Pesa, a mobile-phone based money transfer and microfinancing service for Safaricom and Vodacom. M-Pesa is estimated to have a near 70% market share in Kenya and is becoming more accepted in surrounding countries.
According to Mobile Payments Today, in 2002, only 3% of people on the entire continent of Africa had mobile phones. That number ballooned to 48% by 2010. In 2014, 70% of the continent’s population had a mobile phone as the market continues to adopt cellular devices.
Read More : https://diginomics.com/africa-leapfrog-banking-bitcoin/
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