Topic: African country adopts Bitcoin as primary currency - page 3. (Read 3709 times)
Adopting bitcoin is possible? Have read it correctly. I guess it would take a lot and lots of hard work and most importantly centralisation of bitcoins. If xyz country adopts bitcoin then they are going to regulate it and ultimately rest of the world will have to follow those regulations otherwise there won't be any meaning. If not, then just imagine I will own a currency of other country which may be crime as if I'm holding my money in the form of black money or performing acts of money laundering. May be I have fetched it a way lot but that is what it make sense to me.
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.
This is probably the problem for all poor countries. Even if they'd greatly benefit from that, they don't have the means of implementing it.
Now I was even thinking of how some charity can be made to teach them and operate a local mini bitcoin bank that will provide all the necessities for basic wallet operation, but the more I'm thinking of it, the more problems pop out.
It's simply too hard to implement something like bitcoin somewhere where the "basic" technology isn't implemented as much.
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.
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 guess if that happen, it will become an additional edge and points again to all bitcoin fanatic to promote it as well to our friends in any place of the world. and besides Uganda is the first place in Africa that will adopt the system of bitcoin.
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!
This rumor has been going around the internet late last year. Its nothing to celebrate about. If a nation were to adopt Bitcoin for real then they would have to accept BTC payments for their taxes. If that doesnt happen, everything will stay the same no matter how you say its accepted
It seems that we are soon going to find out more about Ugandan bitcoins (in addition to Nigerian letters)
Apart from that, I basically agree with your approach, since accepting something as legal tender for payment of taxes and public debts is the least common denominator of what a genuine adoption by government should look like. That said, I am still somewhat doubtful that even accepting Bitcoin for payment of taxes and debts would make it an "official" currency. As to me, official currency would be that currency which is not only used for paying taxes and similar obligatory payments but also the one in which salaries of public employees are paid. I guess that would push much stronger toward official (read real and genuine) acceptance and adoption
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.
1.Uganda would be the first african country to regulate Bitcoin
Source?
2.If it regulates,it would be followed by kenya
Source , why?
3.In nigeria,due to failure of local currency,most people have started using bitcoins
Source ?
Show me a business with at least 10 customers a day paying in bitcoins in whole Africa please.
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.
Very often it happens that the payment is processed for a long time in the blockchain. Accepting payment in bitcoin the seller can risk a cheap product, but to sell an expensive product under these conditions, no one will. On the other hand, the buyer will not risk paying for goods in advance. I think that when this problem will be solved the use of bitcoin will increase. Although I am still the official currency of bitcoin or not.
adopting bitcoin is not the same as adopting it as their "primary currency".
for that to happen, there should be a lot of prerequirements met before any country can do it. first thing is obviously access to internet, to computers or at least devices such as smart phones or anything similar to be able to hold a wallet on and spend bitcoin from them.
and apart from all of this, price needs to be stable. as stable as other fiat currencies such as USD, EUR,... so people can consider it.
that is why all these news, are either misinterpreting the situation or are talking about people adopting bitcoin as in buying it (mostly investing) and using it for their online payments, etc.
for that to happen, there should be a lot of prerequirements met before any country can do it. first thing is obviously access to internet, to computers or at least devices such as smart phones or anything similar to be able to hold a wallet on and spend bitcoin from them.
and apart from all of this, price needs to be stable. as stable as other fiat currencies such as USD, EUR,... so people can consider it.
that is why all these news, are either misinterpreting the situation or are talking about people adopting bitcoin as in buying it (mostly investing) and using it for their online payments, etc.
Rumour is just a rumour whereas I'm pretty doubt that country in africa, especially outside their capital city or atleast the countryside be able to use bitcoin due to lack of technology, i don't know the real situation there but as I've seen in media that in the countryside of many country in africa barely have electricity, it must be hardly be applicable in the whole country
For a country to adopt bitcoin as there primary currency, especially one without its lowest ranking citizens( based on income) to be able to own technology would be extremely illogical. The two main reasons this can't be true are that a country with a primary currency it has no control over would be very much reliant on what ifs and would have no economical sense of security. The second reason is that how are you going to open up shop wanting people to buy stuff from you but primarily want bitcoin as the purchasing currency when you have to have technology in order to use btc and your entire economical environment doesn't have the means to use a bitcoin wallet? wtf? seriously...
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!
This rumor has been going around the internet late last year. Its nothing to celebrate about. If a nation were to adopt Bitcoin for real then they would have to accept BTC payments for their taxes. If that doesnt happen, everything will stay the same no matter how you say its accepted.
Do you have any credible sources for this? I highly doubt that any government would adopt a currency that they do not have control of as their national currency. The prospects of this happening is close to impossible. For bitcoin to become a national currency, the citizens in these countries would have to have access to computers and internet. how do you expect people to be able pay for goods and services with an internet currency in a third world country with limited access to computers and the internet?
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 pretty sure that you’re just speculating that a part from Africa will be accepting Bitcoin as a Currency because the information would be all over the news and the price of Bitcoin would be much more volatile than it is right now. Knowing how much money the people within the African military and rebel Military area’s they won’t allow Bitcoin to become a Currency that easily, where would they put all that Fiat?
I don't think that is good, bitcoin is not suitable to become primary currency, for short term maybe it's a good idea to maintain the country economic, but for long term it will create chaos and add a lot of new problem, like the price go up too quickly and the amount is not enough, so it is better not to used it as primary currency but as secondary currency
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 think it's close to impossible. Bitcoin is to violate to be national currency for any country at this point of development.
A decision like this will ruin the whole import/export and many more.
Imagine you are buying oil/diamonds or whatever you find in Uganda and you get a pre-invoice. Then you have, for example, 7 days to pay it. Meanwhile the BTC price rises 20%. Will you pay it?? Or the priced drops by 20%. Will they honor your order??
Sorry, but this is a little bit ridicule. am living in an african coutry which is considered more developped than Uganda + the 80 percent of african countries and i can tell you that this is impossible for our government or any other government to adopt bitcoin as official currency. i think this is even impossible for advanced countries in the world. there is a lot of obstacles as the large number of ignorant people and all the international financial treatements and many other dilemmas. Any african member in this forum can confirm what am talking about.
I am African and I agree with you, for Africans, this is impossible
I imagine there is no Ugandian subscriber in bitcointalk.
I have not seen any yet, is there any member of uganda?
The closest thing related to the OPs post is: http://www.newsbtc.com/2016/12/28/uganda-africa-bitcoin-regulations/ and this was half a year ago, so I don't know if he meant this article or another one maybe. :|
Every article is saying that there's an open field for implementing bitcoin but not that a specific african country has adopted it as a primary currency.
Every article is saying that there's an open field for implementing bitcoin but not that a specific african country has adopted it as a primary currency.
I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency.
Rumors, that is exactly what you heard. There is no news about this case.Does not make sense to me at all for a country to adopt a currency it has absolutely no control over.
Why not? Some countries are using currency not controlled by their central bank/government: Ecuador, El Salvador, Zimbabwe all are using US Dollar.It is not about control, it is about stability and faith in the strength of the currency they adopted. Bitcoin can offer the same.
Adopting a recognized and legal currency is not that tough but bitcoins is tough to even regulate and manage as it's a virtual currency that works only online and that too it requires confirmations. It would be very tough to take over bitcoins and regulate this currency. The country would have to suffer in terms of collecting taxes and controlling the reserves which brings in more issues. The countries you mentioned were not capable enough to control the monetary policy. Also, the supply of bitcoins is limited.
I am from Africa and after analyze the curses of inflation and underdevelopment in most of the African countries is using Dollar to suppress African currencies by the western countries. Adopting bitcoin as a mode of payment by African countries will suppress the infect on dollars on their Economic.
Not even sure how much this is true or just plainly stupid. Think about this, in a country where people are even fighting for food and their lives, do you really think there is a chance they can go on their smart phones and transfer bitcoins? I don't think so.
Well Bitcoin is more needed in countries like these. People can use bitcoins and avoid taxes. Secondly they can find good jobs online in return of bitcoins. Bitcoins has changed many lives of people and it will continue to do so.
Jump to: