Africa Isnt Ready For Bitcoins | Bitcointalksearch.org

Proton2233

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Quote from: xvids on July 03, 2017, 12:33:38 PM

Quote from: panju1 on July 02, 2017, 06:45:35 AM

The price of Bitcoin doesn't matter. Transaction fees do.
High transaction fees kill micropayments and that rules out Bitcoin from poor countries.

Yeah the transaction fees are too high even if it is just a small amount of transaction.
I really hope that we could use bitcoin like the old times when transaction is much faster and the transaction fee is free.

Probably this will not be. After all the coins are mined miners will earn only at the expense of the payment for the transaction. People should already get used to it. Maybe after August 1, the cost per transaction will decrease, but it is not yet known.

xvids

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Quote from: panju1 on July 02, 2017, 06:45:35 AM

The price of Bitcoin doesn't matter. Transaction fees do.
High transaction fees kill micropayments and that rules out Bitcoin from poor countries.

Yeah the transaction fees are too high even if it is just a small amount of transaction.
I really hope that we could use bitcoin like the old times when transaction is much faster and the transaction fee is free.

BitcoinBallerina

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Well, Bitcoin is an internet-based tech. Given Africa is likely the least connected area to the internet, it only makes sense they would be the least ready for Bitcoins. Tongue

markjamrobin

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Quote from: chixka000 on July 03, 2017, 08:54:46 AM

Maybe not now yes it is true. However if africa tries to atleast adopt this would let their economy grow. We know that there are smart africans if they invest of trading they can actually do it

Everyone is smart, however, that intelligence depends on how the person performs. In addition, passion also helps people succeed, not just Africans, anyone who has passion for their work, they will succeed.

Slow death

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Just one small remark - stop saying that whole Africa is not ready for bitcoin that is no true.
There are rich countries in Africa too: Nigeria, Egypt, South Africa, Algeria, and not everyone is living in mud huts there.
One is certain - Africa is not the most internet heavy continent, and Bitcoin = internet. Smartphones are slowly changing that fact though.

I am African and live very well, my father is a general and my family has money. I have a computer since I was born and my brothers and friends all have a computer

Frankly I read many comments from people who talk a lot of bullshit

In my poorest atheist country has a cell phone and there are few people who do not have a smartphone or a computer at home

Access to the internet is very easy to have in my country

I hope people do not talk bullshit.

gabbie2010

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Quote from: jennywhzz on July 03, 2017, 11:29:53 AM

Quote from: chixka000 on July 03, 2017, 08:54:46 AM

Maybe not now yes it is true. However if africa tries to atleast adopt this would let their economy grow. We know that there are smart africans if they invest of trading they can actually do it

Africa is little back in technology and one need to have a good infrastructure of INTERNET for bitcoins to work seamlessly. I think they need to built their infrastructure if they want to adopt bitcoin as a mainstream currency.

I agreed with you as regards lack of basic infrastructures i.e internet. Internet is one of the major factor limiting the acceptance of bitcoin in africa, infact high cost of production of internet service make for internet subcription to highly expensive and internet is a major tool for creating awareness about bitcoin in africa. With low data subcription the more awareness.

jennywhzz

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Quote from: chixka000 on July 03, 2017, 08:54:46 AM

Maybe not now yes it is true. However if africa tries to atleast adopt this would let their economy grow. We know that there are smart africans if they invest of trading they can actually do it

Africa is little back in technology and one need to have a good infrastructure of INTERNET for bitcoins to work seamlessly. I think they need to built their infrastructure if they want to adopt bitcoin as a mainstream currency.

Inmydomain

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Africa is seeing great progress through mobile phone banking and easy to create accounts, the monetary system, be it centralized or decentralized is the way out of poverty.

The key for bitcoins in Africa is easy of use, if it can be taken up through texting etc. then there is a very bright future

Kprawn

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Quote from: pixie85 on July 02, 2017, 01:30:43 PM

Africa isn't even ready for smartphones. I'm talking about central Africa here because the North and South are fairly developed. Read about the things that are going on in there. Kids running around with guns, pirates attacking transport ships in their little wooden boats. Bitcoin isn't going to change anything for them.

This is where you are wrong.... they need it even more, given this exact situation. Imagine a world without ATM's where people can transfer

wealth with a push of a few cellphone buttons. {no third party} A world where no corrupt centralized services has control over their wealth and

where they are not robbed when they withdraw money at an ATM. They have access to their money 24/7 and might be able to do micro tx's with

very low fees. I hope people can look past the "bad" actors and see the potential Bitcoin can have, if they are given the right tools. Grin

Azkabal

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In fact, not only Africa, but other third world countries are also not ready for bitcoins. Many people in these countries do not even have access to a computer, not to mention the Internet.

stompix

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Quote from: djoko adi on July 03, 2017, 09:14:25 AM

Lesetja Kganyago, Governor of South African Reserve Bank (SARB) also noted that: "Blockchain technology has the potential to help millions of uneconomed people in the economy, and improve government services to be much more efficient." He is also interested to consider the benefits of Blockchain further to south Africa

Haha, that mugambe wasambe would better do something about this:

https://www.thesouthafrican.com/fsi-only-civil-war-torn-countries-are-in-a-more-fragile-state-than-south-africa/

Quote

South Africa has been called many things this year: Junk, in recession, state captured… Now we can add ‘a fragile state’ to that list. Man, we are blessed.
The findings came from the work of the Fragile States Index (FSI) who annually rate 178 countries based on their economic performance and governmental stability: Two things that Zuma and the gang have effectively thrown into the Atlantic.
Only five other countries have seen their stability ratings plunge further in the last 10 years – Syria, Yemen, Libya, Senegal and Mali.

http://www.iol.co.za/business-report/recession-south-african-economy-shrinks-by-07-9585516
Recession: South African economy shrinks by 0.7%

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We observe that in the first quarter of 2017, both the secondary and tertiary sectors recorded negative growth rates. The trade and manufacturing industries were the major heavyweights that stifled production, with trade falling by 5,9% and manufacturing by 3,7%.

https://www.reuters.com/article/us-safrica-politics-idUSKBN19L2KF
South Africa says may need seek outside help to get economy going

And the solution?

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He called for "radical solutions" -- albeit within the constitution -- to redistribute land to the country's black majority.

South Africa is going the way of cuckoo socialism.
Bitcoin is pure capitalism and free market.
Those two can't be mixed.

djoko adi

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Lesetja Kganyago, Governor of South African Reserve Bank (SARB) also noted that: "Blockchain technology has the potential to help millions of uneconomed people in the economy, and improve government services to be much more efficient." He is also interested to consider the benefits of Blockchain further to south Africa

In line with South Africa's fresh air from governments in the country, the Blockchain industry in Nigeria also received full support from its government to collaborate with the Cryptography Development Initiative of Nigeria (CDIN) in education and technology implementation programs. CDIN is a non-governmental organization that aims to address gaps in the development of cryptography for the common good. CDIN hopes to make government agencies, investors, consumers and other stakeholders simultaneously awakened and interested in Blockchain technology to be used as a tool to prevent crime, protect consumers, open new jobs, and expand business opportunities in Nigeria.

chixka000

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Maybe not now yes it is true. However if africa tries to atleast adopt this would let their economy grow. We know that there are smart africans if they invest of trading they can actually do it

HarleyQuinn9876

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Africa is not ready to use bitcoin. Because most African countries are poor countries. The majority of the population is not exposed to technology. Most payments are small amounts. Trading is very difficult. Bitcoin will hardly grow there

stompix

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Quote from: Maheshkumar_Hrangkhawl on July 02, 2017, 06:18:19 AM

Smartphone penetration is quite good in many of the Africa countries, and a number of Bitcoin ventures originated from there. I can see a lot of potential for Bitcoin in Africa. The M-Pesa/Bitcoin collaboration was quite successful in Tanzania and Kenya. There were a few other startups which dealt in Bitcoin as well. But one thing which is going to affect the popularity of the Bitcoin is the high fees.

Quote from: Maheshkumar_Hrangkhawl on July 02, 2017, 06:46:30 AM

I don't know what happened to that tie-up, but I have seen posts from African users claiming that it is no longer working well. What happened with M-Pesa was a big disappointment. Because Bitcoin usage would have been very beneficial to the Africans, especially for small-scale trade and remittance. I heard that it is quite hard there to open bank accounts.

How about you make your mind?
Was it a success and two minute later a disappointment? Then stop with the shitposting.

Quote from: Blackwhite69 on July 03, 2017, 07:56:44 AM

Quote from: Scorpion on July 02, 2017, 08:38:29 AM

They might not be ready for it now, but a wave is coming for them and they will leap into the technological world and many people will regret they ignored Africa for so long in terms of they're going to provide so many opportunities for growth in the fields of renewable energy and modern technology.

That right, for now maybe they are not ready but not tomorrow and many people will regret they ignored Africa for so long in terms of they're going to provide so many opportunities for growth in the fields of modern technology.

Hahahah, I've heard that so many times in the last decade it's not even funny anymore.
What have people in Africa managed to do?

Bring down one single country that was at the level of western countries (South Africa) and transform it in a crime ridden, hiv infected landfill of a dump.

This is the reality of Africa:
https://youtu.be/A0C4_88ub_M?t=4359

Blackwhite69

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Quote from: Scorpion on July 02, 2017, 08:38:29 AM

They might not be ready for it now, but a wave is coming for them and they will leap into the technological world and many people will regret they ignored Africa for so long in terms of they're going to provide so many opportunities for growth in the fields of renewable energy and modern technology.

That right, for now maybe they are not ready but not tomorrow and many people will regret they ignored Africa for so long in terms of they're going to provide so many opportunities for growth in the fields of modern technology.

d5000

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I disagree with your overly pessimistic view, and I think you are generalizing too much - Africa is large, as some already have said.

Quote from: DavidAgwa on July 02, 2017, 05:52:36 AM

Smartphones to be particular, have increased to almost a double with figures of about 226 million [...] Well maybe, maybe not for a continent of 1.216 billion people this means only about 18% of Africans own a smartphone.

That is at least one person per family - in urban areas I would say more. And some more advanced "feature phones" for less than 50 dollars already run Android and so are able to run a Bitcoin wallet.

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poverty is a worldwide epidemic but its rate is much higher in Africa considering the bitcoin worth is rising every coming day taking huge giant strides further away from us only benefiting the rich.

There is some truth in that, above all if we observe the epidemy of pyramid schemes that are popular in countries like Nigeria and are doing more harm than good using Bitcoin as a vehicle. But that can change - I can imagine many services, from online education to "banking for the unbanked" and even online medicine, that could benefit from Bitcoin as an easy means of payment. The problem left is volatility, and here I think really people should think about solutions (like an insurance system against crashes).

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African leaders.....well lets just say for a system against corruption, I don’t think at least not now.

There are African leaders/governments that are less corrupt than our leaders in South America, and here Bitcoin is doing pretty well. Wink

Bitcoin enterpreneurs are not obliged to choose the worst countries (e.g. Somalia, Zimbabwe or the DR Congo). They can start in stable, relatively well governed countries like Ghana or Senegal.

EthBooks

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Bitcoin is already very popular in certain African countries like Kenya, Nigeria, South Africa, Morocoo and Algeria. It's only a matter of time before it explodes. Internet penetration is on the increase and with the introduction of fibre optic, things will get better.

jak3

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I am sure everyone has talked with African people they always talk about money. I think if they get a bit of guidance and some support then a system like bitcoin can be very important and very helpful for them. if we ignore the fact that every human has rights to get what they truly needed then ya Africa isn't ready at all. I also believe they still can get bitcoin working in their country without anyone's help. In addition to that mostly of Africa is high crime region and wild life region. so it is a lot harder for them to adopt any new system specially related to money.

Rhosadah

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They are not ready because there are some reasons one of them is the education resources in the African region is still far said equivalent or equalized, so knowledge of the internet world, smartphone is still practically minimal or only for upper middle class only, maybe in the next era I think Africa will get a decent place in this world and become a very established and advanced country

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