Africa Isnt Ready For Bitcoins - page 2.

Vohoanghiep

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Quote from: DavidAgwa on July 02, 2017, 06:52:36 AM

Bitcoins is fast growing with a purpose of becoming the worldwide currency. Daily, thousands of people are joining this movement and within the next decade if not sooner bitcoins would have taken over, but what will this mean for Africa? For a continent quite far behind (I don’t want to go through all the reasons why) but let’s face it we just aren’t ready for this revolution and here are my reasons;
TECHNOLOGY
Smartphones to be particular, have increased to almost a double with figures of about 226 million over the past two years in Africa mainly due to the drop in prices from $230 in 2012 to $160 in 2015 according to a report published by GSMA on Africa’s mobile economy. This seems a good thing right? Well maybe, maybe not for a continent of 1.216 billion people this means only about 18% of Africans own a smartphone. Our hopes now rest entirely on how fast the rate of smartphones will increase to how fast the world is taking in Bitcoins.
POVERTY
I honestly didn’t want to include this but Bit coins is a system dependent on money that is buying one to trade for one, and yes 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.
LEADERS
African leaders.....well lets just say for a system against corruption, I don’t think at least not now.

In Africa, people are so inadequate that they have too many physical conditions, and few people have access to internet access. The level of knowledge and education is not high, leading to delays in developing countries, which makes them poor. So they have no money to invest in Bitcoin. In addition, transaction fees will lose the small amount of money they earn. So I think Africa is not ready for Bitcoin

pixie85

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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.

bitbunnny

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For poor countries like Africa the problem is in high fees even for small or micro transactions but not only that. There are still many people who lack education, Internet access and familiarity with new technologies so in percentage very small number of people in poor countries have access to bitcoin. And if we want for Bitcoin to change their.life and help them this issues should be solved first.

FasTroy

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Quote from: panju1 on July 02, 2017, 07:45:35 AM

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

I agree with you, There is no problem about bitcoin price, The only problem is on fees. We will wait until they will fixed and lowered a bit. Anyways nowadays we saw that fees fall and now is:
The fastest and cheapest transaction fee is currently 300 satoshis/byte.
For the median transaction size of 226 bytes, this results in a fee of 67,800 satoshis.
According to https://bitcoinfees.21.co/

I think when the fees volatility will be in this marge of ~300 satoshis/byte is not bad and no matter at all even in Africa, exactly for poor countries.

yakushev

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Quote from: RamBahadur.Gurung on July 02, 2017, 01:46:43 PM

Quote from: satoshforever on July 02, 2017, 01:22:50 PM

People keep forgetting that Bitcoin isn't currently good for micropayments. Hopefully future advances (Lightning Network etc) will improve this

Things can change. If they increase the blocksize and reduce the transaction fee, then it may still be possible to use Bitcoins for micro-payments (although the miners will remain dead opposed to this idea).

No one can guess how events will develop. But I am sure that Africa is still very far from bitcoin. There is no technical opportunity to use bitcoin. Only large cities are developed where there are tourists

RamBahadur.Gurung

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Quote from: satoshforever on July 02, 2017, 01:22:50 PM

People keep forgetting that Bitcoin isn't currently good for micropayments. Hopefully future advances (Lightning Network etc) will improve this

Things can change. If they increase the blocksize and reduce the transaction fee, then it may still be possible to use Bitcoins for micro-payments (although the miners will remain dead opposed to this idea).

satoshforever

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People keep forgetting that Bitcoin isn't currently good for micropayments. Hopefully future advances (Lightning Network etc) will improve this

dillpicklechips

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Quote from: panju1 on July 02, 2017, 07:45:35 AM

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

This is true. High transaction fees is the real issue and others would follow.

And actually, I would say Bitcoin has its requirements set before you can enter. Having access to this is a must to acquire that is devices which you need to connect to the internet though even if it is available the problem lies in your financial status though even if you can afford it the thing is you need to know how to cope up and understand the complexity even just the basic ones that are needed. As the OP stated that poverty really can hinder and also education but nonetheless maybe Africa has another thing up in its sleeves.

buwaytress

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It really depends on what sort of impact you want to have. It's too easy to say Africa and forget what that can mean. Your 18% population who own smartphones are concentrated in a few countries, and in a few major urban areas. The Humaniq project and Stellar Lumens are two crypto projects I know are working in Africa, and both in Western Africa (my guess is Nigeria is the most ready) but even they cannot possibly hope to "change" things with crypto.

You have to spend time there, do research there, and be serious about practical implementations vs policy. You can't just say Africa without any context.

warrior333

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Quote from: CryptonomyCapital on July 02, 2017, 09:42:20 AM

I agree with you, I think blockchain will help the world solve many problems including corruption. It will take some time, and it will not be easy, but I'm sure that the future is for blockchain.

How bitcoin can help in the fight against corruption. When you say it seems to me that you have made for yourself crypto currency in religion. You can believe in its future, but faith must be based on facts. Bitcoin you attribute properties which are not.

CryptonomyCapital

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I agree with you, I think blockchain will help the world solve many problems including corruption. It will take some time, and it will not be easy, but I'm sure that the future is for blockchain.

masterchief001

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Quote from: grermezter on July 02, 2017, 09:16:25 AM

Africa is very much ready for bitcoins the reason most of us are not rich through bitcoins is that we normally use it for our day to day activities and not save them, we had no idea that it was going to skyrocket through the roofs as time goes by.

No, Africa is not ready for bitcoin, it's only available in some developed countries, whereas in underdeveloped countries, the internet is not popular, which is a huge obstacle to the development of bitcoin. Even though some countries are alienated from technology, they do not know bitcoin.

Scorpion

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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.

iqlimasyadiqa

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Quote from: panju1 on July 02, 2017, 07:45:35 AM

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

The current transaction fee is very large. And when transactions are made in a country like Africa then small-scale enterprises will only be silent and bitcoins will not be included in the economic schemes they run. This is the fact that there are still many poor countries that are not ready to use bitcoin.

hyet24

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TC is right and also I ask a few friends and family. They never heard of bitcoin and one of my friend doesn't trust it. Imagine just go to mall and ask same question. If bitcoin is popular half of my family and friends would hear about it and have some trust. Bitcoin isn't even ready for mainstream.

Mandoy

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Africa is a large continent and has 54 countries inside it. The number of countries within Africa is the same with United States of America. As a whole African countries is a very poor country but it doesnt mean that all people in that large continent are poor. There are also some few average and elite families that has access to internet. Though Africa as a whole cannot be a good ground for bitcoin due to poverty but even a small population that uses bitcoin is already a good sign that bitcoin has a future in Africa. I can relate to the experience of African people I may be very poor once and cannot even access the internet but with willingness internet became my friend in internet shops and with my income from online jobs from bitcoin paying sites I have now a smartphone and has the capacity to pay my monthly internet bill.

Truly bitcoin can help a country to decrease unemployment but it will only happen if a person has willingness to learn and do the work.

grermezter

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Africa is very much ready for bitcoins the reason most of us are not rich through bitcoins is that we normally use it for our day to day activities and not save them, we had no idea that it was going to skyrocket through the roofs as time goes by.

qiman

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I do not believe Africa is not ready for Bitcoin or Altcoins because now mobile technology in Africa is growing very fast and so many new infrastructure projects are happening. Africans are very bright and when they see opportunity, they jump in it. If Bitcoin technology can bring many new jobs in Africa, this will change the perception others have of the emerging economies in African Countries. I have big hope that Africa can embrace Bitcoin and the Blockchain very effectively over the next five or ten years.

Windpower

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I definitely agree with you. Africa as a whole just isn't ready for Bitcoin. They barely have internet, so Bitcoin is definitely out of the picture for most of the African people. However, there are some people that are very smart and have already invested into Bitcoin. Not many, but there are definitely some. Saying that, there are also some smart Africans out there who have smartphones and some kind of internet access. We have all heard about those Nigerian princes who contact people on craigslist and ask to send items to Africa, while acting like an American guy. But there are others who instead of trying to scam people, do different jobs and actually earn that money. Again, there are not many of these people, but there are some.

Golftech

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Quote from: panju1 on July 02, 2017, 07:45:35 AM

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

Its really affecting third world countries to adopt btc just imagine .0012 btc for every transactions its already worth for a living considering the value of it to local fiat i guess if theres a big players that will push this theresa lots of opportunities for this country to succeed.

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