African country adopts Bitcoin as primary currency - page 2.

sportis

sr. member

Activity: 406

Merit: 252

Veni, Vidi, Vici

Quote from: DustyRah on May 03, 2017, 03:22:46 PM

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

No I don't think so. Central bank of Uganda advises their citizens to stay away of bitcoin because she compares it with onecoin here. I see it extremely difficult any government of any country in the world even though it is very poor to accept is as official currency because this would be considered as a big failure for them.

tristan1960

full member

Activity: 217

Merit: 100

They better adopt bitcoin as their currencies instead their offical currencies.

HatakeKakashi

hero member

Activity: 1274

Merit: 513

Quote from: ice098 on May 16, 2017, 12:51:51 PM

Quote from: ?? on ??

We.don't need to judge in case African country has already adopted as their primary currency. If it's only a hear say then,we respect, study and learn from them. Who knows this might help them.

whatever it is, if its true we must be happy for africa, bitcoin will help them in their everyday lives, it can help them to buy foods that they was been their most wanted , they can build shelter their house. it can buy also other stuffs that they are needed most.

Many african for sure will benefits with the opportunity of bitcoin. Yes bitcoin help their lives because they have possible to earn with help of the bitcoin . They can now buy their foods, water and even their expenses everyday . We know that african country have not rich country they also developing and they have many people there are poor and dont have shelter . I hope those people see bitcoin and the people there who rich gives opportunity to the poor people to teach how to use and how to earn bitcoin because did not know bitcoin because they dont have internet .

ice098

hero member

Activity: 1498

Merit: 586

Quote from: ?? on ??

We.don't need to judge in case African country has already adopted as their primary currency. If it's only a hear say then,we respect, study and learn from them. Who knows this might help them.

whatever it is, if its true we must be happy for africa, bitcoin will help them in their everyday lives, it can help them to buy foods that they was been their most wanted , they can build shelter their house. it can buy also other stuffs that they are needed most.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: Amph on May 14, 2017, 02:18:33 AM

Quote from: pitham1 on May 09, 2017, 08:51:12 PM

Bitcoin adoption by a country is not feasible currently
- The value fluctuates wildly. It is not possible for shopkeepers to update prices on an hourly basis.
- How would the government control money supply and banks?

At best, it can function as an alternate currency along with fiat.

as the OP mentioned they would need to buy huge amount in the first place to adopt bitcoi, this would make the value higher which would bring even more value to bitcoin due to panic buying

if then they were to issue those coins to their people through job, liek they do with fiat, i see no reason to believe that it won't work

the problem is that they first need a correct infrastructure to handle this, and without proper connection and security of their bank i see this an hard thing to do for a contry like that

another problem is that they need the fund at the beginning to buy all these coins to distribute to their citizens, and a poor africa country i doubt can have all these money...

First they will need electricity. Which Uganda does not have.
They will need access to the internet, they don't have it.
They need people who can read and write, currently the illiteracy rate in most of the countries is ridiculous.

How can somebody start investing in "infrastructure" when you have no roads no water pipes no... nothing.

Speaking of pipes, this is a pipe dream

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: pitham1 on May 09, 2017, 08:51:12 PM

Bitcoin adoption by a country is not feasible currently
- The value fluctuates wildly. It is not possible for shopkeepers to update prices on an hourly basis.
- How would the government control money supply and banks?

At best, it can function as an alternate currency along with fiat.

as the OP mentioned they would need to buy huge amount in the first place to adopt bitcoi, this would make the value higher which would bring even more value to bitcoin due to panic buying

if then they were to issue those coins to their people through job, liek they do with fiat, i see no reason to believe that it won't work

the problem is that they first need a correct infrastructure to handle this, and without proper connection and security of their bank i see this an hard thing to do for a contry like that

another problem is that they need the fund at the beginning to buy all these coins to distribute to their citizens, and a poor africa country i doubt can have all these money...

Yuhee

sr. member

Activity: 546

Merit: 250

Quote from: ekoice on May 09, 2017, 03:28:22 AM

Uganda would be the first african country to regulate Bitcoin.If it regulates,it would be followed by kenya.In nigeria,due to failure of local currency,most people have started using bitcoins.Since africa is such a big continent having many countries,it would be much useful for bitcoin progress if they adopt bitcoin.

Well in general african some african locals do not have the access to internet daily and probably advertising it there would be hard but if Uganda can improve economically then chances are some of them can even try to adapt btc. Because btc is not taxable and the budget does not come from anyone and you will generate that without taxes instead of borrowing in some world banks.

Tyrantt

hero member

Activity: 1022

Merit: 564

Need some spare btc for a new PC

Quote from: rhamzter on May 12, 2017, 05:35:00 PM

Wow if the African was adopted the Bitcoin as primary currency it is good to hear, but I was confused if what happened to the world if all nation and country were adopted the Bitcoin as primary currency. Do you think it was good to us? I think No because this is a digital currency never been touch so the risk of this was so very high due to there's a lot of hacker in the world they simply hack the account of every one to become rich. So if the African was adopted the Bitcoin it's a good luck to all of them if how they can handle that situation.

No country in Africa adopted bitcoin as it's primary currency, I couldn't find it anywhere on the web and it's highly unlikely that it will ever happen.

rhamzter

sr. member

Activity: 420

Merit: 282

Wow if the African was adopted the Bitcoin as primary currency it is good to hear, but I was confused if what happened to the world if all nation and country were adopted the Bitcoin as primary currency. Do you think it was good to us? I think No because this is a digital currency never been touch so the risk of this was so very high due to there's a lot of hacker in the world they simply hack the account of every one to become rich. So if the African was adopted the Bitcoin it's a good luck to all of them if how they can handle that situation.

clickerz

hero member

Activity: 1414

Merit: 505

Backed.Finance

Quote from: pitham1 on May 09, 2017, 08:51:12 PM

Bitcoin adoption by a country is not feasible currently
- The value fluctuates wildly. It is not possible for shopkeepers to update prices on an hourly basis.
- How would the government control money supply and banks?

At best, it can function as an alternate currency along with fiat.

Yes, it is an alternative currency and it is happening now worldwide whether the country adopt and regulate or not. Bitcoin can go hand in hand with local currency or fiat, and only exchanges can mediate between the two and this exchanges can be regulate by government.

If Africa adopts btc, as a primary currency there is no difference with other country adopting it. Bitcoin is fast becoming a worldwide currency.

matuson

sr. member

Activity: 420

Merit: 255

No country will never agree to accept bitcoins as the main currency. Agree to means to lose control over their own economies. Who would have thought it?

Taki

hero member

Activity: 1078

Merit: 514

I think you have mistaken a bit and the information that you are presenting here is not clear. I think it's just impossible to some country, especially in such region as Africa, would accept bitcoin as their main country. No way. But the case if some country there would legalize bitcoin and adopt it for payment - that have sense and sounds truly.

Przemax

hero member

Activity: 574

Merit: 500

I would guess thats true, that are talking about such an ideas.

Talking about solutions gives a misleading notion of helping with the troublesome sittuation. The less realistic the ideas of the talks, the better. They have more reason not to do anything that way.

Lets just leave it that way. Let them talk and discuss about it and let us forget they will do such an action.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

Quote from: rickadone on May 11, 2017, 07:07:41 AM

Quote from: ekoice on May 09, 2017, 03:28:22 AM

Uganda would be the first african country to regulate Bitcoin.If it regulates,it would be followed by kenya.In nigeria,due to failure of local currency,most people have started using bitcoins.Since africa is such a big continent having many countries,it would be much useful for bitcoin progress if they adopt bitcoin.

I don’t agree. If there will be any country adopting and regulating the Bitcoin it will be Serilone in the African region I think.

There are many reasons for it to say and one of the most suitable reason is that there is a multi-cultural approach in that country. Many people from around the world are there and are serving various international organizations.

I don't know what Serilone is but I think you are referring to Sierra Leone.

How about you pick a country in which at least 20% of the population has access to electricity next?

Quote from: Xester on May 11, 2017, 07:23:13 AM

That is quite untrue since Africas central bank has made a statement last year that they are studying bitcoin since they have seen its merits. And so it is also possible that bitcoin activities were already present in Uganda but since there is no official declaration from the government itself then we cannot really tell that Africa has already adopted bitcoins.

Hey genius!!!!! Africa is a continent not a country.
The ACB will be completed in 2028.

Mvaporis1961

sr. member

Activity: 364

Merit: 250

Quote from: DustyRah on May 03, 2017, 03:22:46 PM

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

If it is true then I don't find it to be effective in them since they are just in developing state and not a lot of people knows how to access internet or don't have the ability to access internet. This is not a good thing really for them and how in the hell would the government get some taxes in there to be used to develop their country.

Xester

hero member

Activity: 994

Merit: 544

Quote from: avikz on May 09, 2017, 12:48:21 PM

Quote from: DustyRah on May 03, 2017, 03:22:46 PM

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

I am sure, this is rumor only and not a fact! Uganda doesn’t have the infrastructure to adopt bitcoin as its official currency. They may adopt bitcoin for transactions but not surely as an official currency. Because they don’t have any control over it and they can’t generate bitcoin as per the requirement of their economy.

Not just Africa, I am sure no country would use bitcoin as an official currency. They can just accept bitcoin for their transaction by making it legal in their country.

That is quite untrue since Africas central bank has made a statement last year that they are studying bitcoin since they have seen its merits. And so it is also possible that bitcoin activities were already present in Uganda but since there is no official declaration from the government itself then we cannot really tell that Africa has already adopted bitcoins.

rickadone

legendary

Activity: 1176

Merit: 1024

Quote from: ekoice on May 09, 2017, 03:28:22 AM

Uganda would be the first african country to regulate Bitcoin.If it regulates,it would be followed by kenya.In nigeria,due to failure of local currency,most people have started using bitcoins.Since africa is such a big continent having many countries,it would be much useful for bitcoin progress if they adopt bitcoin.

I don’t agree. If there will be any country adopting and regulating the Bitcoin it will be Serilone in the African region I think.

There are many reasons for it to say and one of the most suitable reason is that there is a multi-cultural approach in that country. Many people from around the world are there and are serving various international organizations.

pinkflower

sr. member

Activity: 868

Merit: 259

Quote from: ekoice on May 09, 2017, 03:28:22 AM

Uganda would be the first african country to regulate Bitcoin.If it regulates,it would be followed by kenya.In nigeria,due to failure of local currency,most people have started using bitcoins.Since africa is such a big continent having many countries,it would be much useful for bitcoin progress if they adopt bitcoin.

Ok but how will they pay for their taxes? Do they still need to convert BTC to fiat? Regulation is different from primary acceptance. You should be careful what you wish for because it might happen like China again. You dont want your BTC stuck in an exchange do you?

litaf

newbie

Activity: 51

Merit: 0

Quote from: pitham1 on May 09, 2017, 08:51:12 PM

Bitcoin adoption by a country is not feasible currently
- The value fluctuates wildly. It is not possible for shopkeepers to update prices on an hourly basis.
- How would the government control money supply and banks?

At best, it can function as an alternate currency along with fiat.

Not to mention, how the people in those countries buy stuff with bitcoin if the vendors dont have access to computers or internet? doesnt seem very feasible, not to mention, how would the Government trade with other governments who dont accept bitcoin? there are a lot of logistical problems with adoption bitcoin as an official currency.

pitham1

legendary

Activity: 1232

Merit: 1000

Bitcoin adoption by a country is not feasible currently
- The value fluctuates wildly. It is not possible for shopkeepers to update prices on an hourly basis.
- How would the government control money supply and banks?

At best, it can function as an alternate currency along with fiat.

Topic: African country adopts Bitcoin as primary currency - page 2. (Read 3751 times)