African country adopts Bitcoin as primary currency - page 4.

Wesimon

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Quote from: soadrlz on May 08, 2017, 10:41:20 AM

They don't need btc reserves in order to adopt bitcoin as official currency.

Actually, they need it. Their central bank must have bitcoin reserves so that every citizen can have bitcoin at any time they want. Banks there should have bitcoin ready to be accessed for the practicality of using bitcoin in a daily basis. Also for the purpose of bitcoin being rotated in their economy. Their government will not allow that they will not have any reserves due to the supply of bitcoin being low.

taxmanmt5

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Quote from: LuanX3 on May 08, 2017, 10:21:14 AM

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.

soadrlz

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They don't need btc reserves in order to adopt bitcoin as official currency.

Nahl

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most of african countries was having civil wars and most of them also had Experiencing famine it always be the main problem for the majority countries at there and to utilization of bitcoin internet connections is necessary but these things is rare to get for the people on african countries basically slightly impossible to them using bitcoin and i don't think they will adopt bitcoin as the primary currency because it not to effective for people at there

LuanX3

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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.

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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!

As others have said already, small countries (or countries with incompetent or out of hand rogue government) are in fact using currencies of other countries. Most often that would be the US dollar, but it is not the only pebble out there. For example, Russian ruble is used in a few satellite countries as well (like Abkhazia or South Ossetia). Apart from that, just a little over a hundred years ago most countries were on the gold standard, i.e. gold was money and that made sense somehow

I guess Zimbabwe should adopt Bitcoin instead of the US dollar

qiwoman2

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Liberland wants to adopt Bitcoin as it's legitimate currency,so why not other countries ADOPT it also? It may be more realistic for each country, whether African or from another continent, to create it's own DIGITAL parallel currency, to run alongside FIAT, OR to replace it completely..This is more viable I think personally than to use Bitcoin as a national currency. Maybe African countries are looking to the blockchain for solutions, but mightcarve out their own unique altcoin or crypto token and not necessarily adopt Bitcoin as their national currency.

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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.

Rumors, that is exactly what you heard. There is no news about this case.

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

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.

severaldetails

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To me that sounds like a hoax.
Uganda is not know to be leading when it comes to technical developements of any kind.
30% of the people there can not even read or write (says wikipedia). How should they understand how bitcoin works?
Then again, its a middle african country. Governments in that part of the world have done stranger things in the past...

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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!

Source or you're just posting lies.

If you don't have the source at least tell us how your heard about it?
At 4 am after you had 8 beers and two joints and the pink wabbit that was making popcorn on your sofa told you?

And now seriously
Uganda?

75% Ugandans have no access to power
http://www.monitor.co.ug/Business/Technology/75--Ugandans-have-no-access-to-power/688612-1525390-wa1q42z/index.html

I think they should do something about this before thinking of going full bitcoin.

Quote from: 2017Bubble on May 07, 2017, 08:32:57 PM

How are they gonna use BTC when they do not have internet, a tv nor smartphone.. Roll Eyes

Forget internet and smartphones, they don't have water and electricity.

Baofeng

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Highly unlikely that of all the countries in Africa, Uganda will lead the bitcoin revolution there. You good infrastructure like internet to fully maximized the potential of bitcoin and I don't think Uganda has this kind of the basic physical and organizational structures and facilities yet needed for the operation of a bitcoin technology there. So this is fake news and rumors only.

Anarchist

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They are not adopting bitcoin as a currency, but there are lot of small/very small/individual companies that take the advantages of using bitcoin.
Just like any shop add different payment processors to their site

Checlets

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Quote from: X-ray on May 07, 2017, 09:57:57 PM

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...

X-ray

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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

ice098

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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!

Wow this is great. We all know that in africa there are poor countries, if they accepts bitcoin it would be nice and great ,it will help them in their needs. This could be a great news for us. Hopefully they can manage their earnings hee too. Im so happy for this news.

Sled

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If this is true then it will be a big news for bitcoin because i think this is the very first time for bitcoin to be adopted as a primary currency and i think the country of Africa needs a stable internet connection because if they don't have then it will be a disaster for them because how can they use bitcoin if they will not have internet connection and the most important question is, do they have knowledge about bitcoin?

radjie

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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!

Maybe it's just the issue, so that it becomes the talk of many people. I was not convinced that the country that don't have internet access can adopt bitcoin as its official currency.

2017Bubble

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How are they gonna use BTC when they do not have internet, a tv nor smartphone.. Roll Eyes

Pearls Before Swine

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Give me a break. For one thing, it's a rumor. The second thing is that any country that adopts a wildly-fluctuating currency as their own is asking for disaster. Wouldn't surprise me if it was Uganda or one of those underdeveloped ones. One with a stupid leader, leading them into catastrophe. But I strongly doubt it's true in any event.

mrcash02

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That is not good if really happens... Who wants to adopt it as primary currency will be the government, what means they will tax their people to use Bitcoins, what means less profit for the citizens and more profit for governments. Bitcoin should be used as it is now everywhere, people use it, use local currency, governments don't matter about it and everyone is happy...

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