Topic: Africa needs bitcoin, not a charity - page 4. (Read 933 times)

African countries are not fully prepared with new technologies such as crypto. I cannot say that Africa does not need crypto, but I only see that in most African countries it cannot fully become a country that accepts crypto, especially btc.

So the thing is most people in Africa are struggling to be able to provide food and homes, let alone to have internet access, and let alone knowing about bitcoin and how to use it, the situation of most people there are bad and people here talk about they need bitcoin and not charity, they are really unaware of what people need and they are downsizing the situation, i get it maybe the minority and the educated people of the country would use bitcoin to provide thing for the poor majority, but for that to happen they would need to put in more investment and money than they would by building a school and teach kids so they grow up and fix the the situation in the country.

It's another task what you think and another one what kind of arguments you have and it's sad but I see zero argument here. How can bitcoin change Africa in a better way? If it can change Africa, then it means this coin has possibility to improve our life but no, the only thing that can change Africa and different countries is education, yeah, in undeveloped or in some developing countries, there is a lack of education. Who created bitcoin? Educated man or group so you know answer.

It probably needs both.. And less Mercury etc.. :S :S

Everything here depends on the country. The African continent is huge. Tunisia lives pretty well thanks to their tourists, and there are many rich people in South Africa. They certainly own BTC. Poor countries there need charity and not crypto (now at least).

Isn't africa need infrastructure first?
How BTC could help with those africa people?

First of all the living atmosphere need to be improved, without connectivity how it is possible for them to make use of the bitcoin. As one of the user mentioned people need to be availed with paid jobs, even Africa has got people who are technically knowledged. Due to the situation prevailing around them they cannot keep themselves focused on next level of growth when they aren't able to get their daily food. For now charity is a must which provides with food and shelter and further is development through other posso ways.

they need paid jobs since many corporations still explore slavery in the continent

Yeah bitcoin could save the underdeveloped countries in Africa but the problem lies in the infrastructure, in the very poor region some of them are illiterate and doesn't got any access to Internet, so they can't rely on bitcoin to save their life, but I agree that charity is not the solution, they need something that they can rely on for long term

On the topic of lacking the capital to start enterprises, there are some foundations/companies which are offering "microloans" for small businesses in the developing world. While it might be difficult for them to access financial institutions, there's got to at least be one enterprising citizen within the African continent who will try to expend those services to the more rural portions of their country as well.

While I don't know what the level of communication infrastructure is in Africa, I feel that Bitcoin would be offering a unique solution for entrepreneurs who want to develop their country's financial infrastructure. While security is always a concern, the lack of a tangible good (cash) helps to move in secrecy and improves personal security. Credit and savings operations could be maintained by the same individuals who run the Bitcoin "banks", and as long as they don't commit the same sins of fractional reserve banking everyone can prosper. It might be a very slow "industrialization" of Africa, but I'm sure that more advanced infrastructure can slowly be developed and branch from the existing major cities.

If you are interested in the concept of microloans, the one website which I have found to be pretty good is kiva .org. It might be worth looking into it as a means of supporting the developing world and getting a small return in the same beat. It's better than Bitcoin loans in terms of repayment (assuming the ~97% repayment statement is factual), at least.

In Africa, most entrepreneurs do not have access to formal banks and venture capital in the first place. They often lack access to financial markets and financial instruments such as savings, credit and insurance, which would enable them to engage in economic activity and help their countries achieve sustainable financial growth. Good thing is that they have an access to mobile phone. This will increase financial access to those who would otherwise be completely excluded from the traditional banking system – for example, those working in the informal sector, in villages, or who have too little capital to make formal banking a feasible option.

to be more exact the minimum wage in my country (Mozambique) is $70

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OP, as some people have already said, Africa is very poor and most people will prefer to buy food than buy bitcoin.

I will give you an example of my country, in my country there is a group of very rich people, these people can buy many bitcoins, but 80% of the population of my country will not have  $100 to buy bitcoin, because $100 is money for them to live for 30 days, and that $100 is not enough to feed a family for 30 days.

My father was high-ranking military (my father was a general) and my mother is business woman.

But I see how corruption is destroying and increasing the poverty of my country and of Africa.

What Africa needs is end corruption and dictatorship.

All the big gamblers/HYIP, Las Vegas are in USA. Africa is famous for its wildlife which is multi-billion dollars business/year.

Yes they labelled cryptocurrency as scam becasue they never understand the terms been use in cryptocurrency. Education is the problem of the Africans and when they overcome illiteracy then they can believe the world of cryptocurrency and move toward it adoption. Also, remember that in Africa, we have population that the world need and also, the world of cryptocurrency.

how would it help alleviate financial problems in Africa when most of them really don't understand it. Don't get me wrong but many African countries are already labelling cryptocurrencies as scams so how on earth would it help them. You tell me.

I do believe bitcoin will be the best choice for Africa as a charity will barely reach the good hands. as we know poor countries are much more affected by the dark side of the world as doing bad stuff or trading illegal goods are one of the selfish act they try to do which is completely natural. but it is possible that bitcoin will also be used for bad instead of good as if bitcoin is used to smuggling or anything like those they will become undetectable.

Please don't misunderstand the intial purpose of bitcoin's creation. It was created to give back power to the massive, it was created so you can have control over your funds by not entrusting the service of 3rd party systems [e.g banks, credit card service providers, Facebook coin aka Libra etc] when carryout a transaction or storing your funds.

Bitcoin purpose isn't meant for charity or helping the poor get rich as many individuals have presume it to be. It's a payment system and it should be seen that way. Any other bonuses that comes from holding bitcoin like price gain etc shouldn't overshadow bitcoin's Initial purpose of creation.

I didn't bother reading the redirected link as I hate getting redirected out of the forum so I don't get what OP means by choosing this title but I assume he meant charity isn't helping Africa (true) but bitcoin will i.e in the aspect of giving them financial freedom. Well if you mean financial freedom in regards to having control over you wealth, I do agree but if you mean bitcoin will give Africans wealth (I disagree) as Initially Africa have the resources to be the wealthiest continent but lack the knowledge/resources to control the wealth therefore they're getting bullied by those who have the knowledge, same thing will happen with bitcoin unless they get educated on the technology itself.
 
Also it's the financial system of the world in general that needs bitcoin and not just Africans as many assume.

to use bitcoin there needs to be a decent structure in place first before people can adopt it and use it. for starters you need a good internet connection, you also need people to have computers, smartphones ,... to be able to send and receive payments.
in most parts of Africa like many other underdeveloped countries this structure is not in place. so even when those people get into bitcoin they get into it as an investment which is not helping anyone.
not to mention that bitcoin is just a tool it is not meant to fix all the problems of the world

The influence bitcoin has brought in term of offering a source of income is bigger than the influence most African countries governments have on the economy. E.g. In some country like Nigeria, 7 out of 10 Graduates are unemployed but cryptocurrency has given many people opportunities to earn little savings by taking menial online Jobs and mini importation business. But despite the influence, The central bank has been warning people to keep away from crypto. terming it as ponzi scheme.

Bitcoin is needed not only in Africa,but the whole planet.It is difficult for me to comment on the situation with bitcoin in Africa because I do not have information about what is happening there.Judging by the latest news that are associated with the creation of their own cryptocurrency from the social network Facebook,Africans for the widespread use of cryptocurrencies will need only one smartphone.