[2017-07-24] Bitcoin Gains in South Africa

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Quote from: AgonyPaid on July 25, 2017, 01:43:27 AM

But I would not compare the legalization of bitcoins in Japan and Africa. These are absolutely different countries with different levels of economic development

Spot on. I have pointed that out in a somewhat similar thread a while ago as well. I think people are just getting hyped up due to the effect that certain countries (where Japan is obviously one of) have on the growth of Bitcoin. Countries within the African continent should be looked at from a whole different perspective. I am not saying there is no growth to be realized due to an increasing level of adoption by African countries, but to a certain point, the growth they contribute with, is simply too insignificant to have a major impact on the market.

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Quote from: Kakmakr on July 25, 2017, 01:23:50 AM

" Last August, it was reported that South Africa’s Reserve Bank (SARB) was open to the innovation of digital currencies and the blockchain. " This has to be the most important driving factor in the growth in that area. We have seen an explosion in growth in Bitcoin adoption in Japan, when the Japanese government embraced Bitcoin and we might see the same, if the South African government does the same.

A technology like Bitcoin can exist in a country, even if it is banned, but it will flourish if it is given the stamp of approval by the local government.

The local government should not only prohibit the crypto currency, but also popularize it among the local population. Only this can guarantee success.
But I would not compare the legalization of bitcoins in Japan and Africa. These are absolutely different countries with different levels of economic development

Kakmakr

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" Last August, it was reported that South Africa’s Reserve Bank (SARB) was open to the innovation of digital currencies and the blockchain. " This has to be the most important driving factor in the growth in that area. We have seen an explosion in growth in Bitcoin adoption in Japan, when the Japanese government embraced Bitcoin and we might see the same, if the South African government does the same.

A technology like Bitcoin can exist in a country, even if it is banned, but it will flourish if it is given the stamp of approval by the local government.

iamTom123

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Quote

The growth of bitcoin in South Africa is gaining in popularity as enthusiasts of the digital currency trading it reaches 100,000. In a report from Business Live, tech analyst Simon Dingle said that Luno – which is one digital currency exchange in South Africa – and other exchanges have witnessed an increase in the number of new users trading bitcoin.

The other digital currency exchange in South Africa is Ice3X. Gareth Grobler, founder of Ice3X, says that while the cryptocurrency market was relatively small compared to Asia, he estimates that around 100,000 people in South Africa could be trading it.

Werner van Rooyen, Luno marketing officer, said that as bitcoin was becoming more mainstream in South Africa it’s network effects are very important. Even though bitcoin is being used for day-to-day purchases such as paying bills and buying clothes, its mainly employed as a store of wealth.

Van Rooyen adds that due to bitcoin’s strong performance against other currencies, such as the South African rand, it has seen a number of investors using it

Read the full article here.

South Africa can be the next big market for Bitcoin as we are seeing a great enthusiasm in this rich country for the king of the cryptocurrency. And South Africa is just the tip of the iceberg as the continent is potentially good for Bitcoin. We should be expecting a consistent growth of cryptocurrency among countries dominated by black people. I can see Asia and Africa to be dominating Bitcoin in years to come and this can mean something for Bitcoin. Africa is a region that can be abuzz with Bitcoin.

Topic: [2017-07-24] Bitcoin Gains in South Africa (Read 5354 times)