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Topic: Bitcoin adoption in Africa: Bitcoin solving problems in the country - page 3. (Read 4311 times)

sr. member
Activity: 504
Merit: 250
InvestnTrade. Latest from the crypto space.
I think bitcoin is ideal for developing countries. It offers alternative forms of payment at much lower costs and for any amount. Micro loans are rapidly growing across the African continent, helping small businesses get up and running. I think bitcoin is a tool that can be utilized to make these businesses keep their costs down. If adopted and used properly, it can certainly propel many countries forward.

One best thing about Bitcoin is that its benefits is not only for businesses but also for consumers. It is a sure big boost to the economy if used and implemented properly.
hero member
Activity: 837
Merit: 500
Hi Everyone,

We come to learn that Bitcoin adoption is rapidly growing in Africa. Analysts say that Bitcoin could be a solution to problems in Africa including remittances, economic difficulties and even corruption. If this would be successful for Africa, would it do the same for other countries too?

What can you guys say about it? Smiley

Reading through the article, I could not agree less concerning the rapid popularity bitcoin is gaining in Africa especially Nigeria as this is supported with facts that can be verified but on the part that it could solve problems including remittances is not what I will subscribe to that even advanced countries with sophisticated infrastructures still provide a stiff opposition to bitcoin simply because they could not find a way to ensure the right remittance, I wonder how Africa could now make that and explore to their advantage.

there were really lots of advantage using bitcoin, Africa maybe  exploring it now and might finds that transactions were much easier using bitcoin than the regular transactions they using. They might also in accepting the concepts of technology into their government.
hero member
Activity: 798
Merit: 503
Hi Everyone,

We come to learn that Bitcoin adoption is rapidly growing in Africa. Analysts say that Bitcoin could be a solution to problems in Africa including remittances, economic difficulties and even corruption. If this would be successful for Africa, would it do the same for other countries too?

What can you guys say about it? Smiley

Reading through the article, I could not agree less concerning the rapid popularity bitcoin is gaining in Africa especially Nigeria as this is supported with facts that can be verified but on the part that it could solve problems including remittances is not what I will subscribe to that even advanced countries with sophisticated infrastructures still provide a stiff opposition to bitcoin simply because they could not find a way to ensure the right remittance, I wonder how Africa could now make that and explore to their advantage.
full member
Activity: 322
Merit: 151
They're tactical
It could be a solution in the future, but I think that most rural places in Africa still do not have access to good internet. This poses a problem for widespread Bitcoin adoption there.

A friend of mine recently gave a lightning talk at the Git-Merge conference, which explained this problem and offered a solution, using Github as a money-less transaction exchange ledge system.
I know this doesn't have anything to do with Bitcoin really, but I thought it was pretty interesting, I'll copy the gist of the talk here:

Quote
“Lightning Talk / Git: The Original Blockchain”
Meredith L. Patterson, Mautinoa Technologies

Meredith showed how Git was chosen as the underlying platform for implementing a money-less transaction exchange ledge system. This implemented an actual monetary system in Sierra Leone, where phone minutes is actually considered a viable FX currency, since otherwise the national bank would go bankrupt.

Bitcoin and other blockchain-based distributed ledger systems are “gossip protocols”, and require always-on Internet access, not available in much of Africa. What is needed is a way to perform transactions off-line, with later reconciliation step. This means that the system needs to store timestamps in its blockchain… Meredith noticed that this is what Git does! The presented solution uses a ledger-cli / hledger plain text accounting format as a format for storing transactions, Git commits for blockchain, remotes as wallets / accounts, and GPG keys with short expiration dates for signing.

This shows how technologies, such as Git, that do one thing well can change the world by doing the thing they do well in unexpected places.
Source: https://git.github.io/rev_news/2017/02/22/edition-24/

Sadly the video isn't up on their website yet.

Electrum can keep only the transaction related to an address on the local computer, not sure it can get directly the balance or compact summaries from the node, but anyway if you want to check an address, you still want to have a minimum of the history for the all transactions. After it's more in having more advanced filtering to minimize the data that has to be transmitted for the operation, if it's just to send a new tx to the network, you can already do this via web service who have up to date node.

There are some system already of off line signing, but the risk is double spending, if the output of the off line signed tx are spent before the reconciliation, it will be an invalid transaction.

It's a bit also the downside of decentralized network, they need to rely on gossip and can lead to more bandwidth and ressource use to sort and validate and synchronize everything from everyone, the solution with git - like thing seems to go back to a form of centralization to minimize individual processing and synchronization in case of scarce resources, but it become somehow another system, more based on centralized trusted server to process validate and optimize things for everyone.
hero member
Activity: 959
Merit: 500
Honestly, I do not think that bitcoin can solve the problems Africa has.
Corrupt governments, wars, a lack of education, no rain, those are the main problems.
Some of them bitcoin could even make worse.
The most ipmortant things Africa would need are order and peace. I can't see how bitcoin could help there.
legendary
Activity: 1134
Merit: 1010
BTC to the moon is inevitable...
Bitcoin can solve many logistical problems as well and African Governments can use the Blockchain to get rid of bureaucracy and also save on massive govt expenditure that could be used to help build infrastructure projects for their countries. Also on a smaller scale Bitcoin can get to places where there is no banking at all and help the disenfranchised.
Just curious, How could bitcoin reach a place where banking things such as ATM, Bank, and etc aren't there?. I think that majority of people living in Africa struggling of having a good connection and therefore they need the cash in form of local fiat, not in bitcoin.
If there's nothing like ATM, just curious how they can use the bitcoin ( keep in mind that the internet is not existed in every of Africa )

whenever i hear this kind of news and whenever i read a little about it, i find that it is mostly saying stuff. people may invest in bitcoin and for that they don't really need fast internet connection and they can even buy offline but that never solves Afria's problems. it is just some people who are earning profit through bitcoin.
hero member
Activity: 994
Merit: 544
Hi Everyone,

We come to learn that Bitcoin adoption is rapidly growing in Africa. Analysts say that Bitcoin could be a solution to problems in Africa including remittances, economic difficulties and even corruption. If this would be successful for Africa, would it do the same for other countries too?

What can you guys say about it? Smiley

Well if Africa can do it then why not other countries. If Africa will be successful in their goal then they will be the model government in which bitcoin is widely adopted. After that success many third world countries will also use bitcoin and adopt it. Corruption will be stopped since the public can monitor where the bitcoins of the politicians go.
legendary
Activity: 3010
Merit: 1028
Leading Crypto Sports Betting & Casino Platform
Bitcoin can solve many logistical problems as well and African Governments can use the Blockchain to get rid of bureaucracy and also save on massive govt expenditure that could be used to help build infrastructure projects for their countries. Also on a smaller scale Bitcoin can get to places where there is no banking at all and help the disenfranchised.
Just curious, How could bitcoin reach a place where banking things such as ATM, Bank, and etc aren't there?. I think that majority of people living in Africa struggling of having a good connection and therefore they need the cash in form of local fiat, not in bitcoin.
If there's nothing like ATM, just curious how they can use the bitcoin ( keep in mind that the internet is not existed in every of Africa )
legendary
Activity: 3080
Merit: 1353
We all know for a fact, that most African country has low income and doesn't
earn as much as those in Europe and US. So Ihink Africans believe that bitcoin
could improve their economic standing if they have bitcoin in the wallet to buy
or trade or just simple change them to their local fiat. Or likely there are a
lot of bitcoin advocates in Africa now so bitcoin is increasingly becoming maintream
there. I hope Africa can take advantage of bitcoin and become mass adopted in
the continent.


hero member
Activity: 1036
Merit: 504
Bitcoin can solve many logistical problems as well and African Governments can use the Blockchain to get rid of bureaucracy and also save on massive govt expenditure that could be used to help build infrastructure projects for their countries. Also on a smaller scale Bitcoin can get to places where there is no banking at all and help the disenfranchised.
legendary
Activity: 3542
Merit: 1966
Leading Crypto Sports Betting & Casino Platform
Bitcoin was supposed to be a alternative Peer-to-Peer Electronic Cash System for everyone and in a way it still is, but it is turning into a expensive alternative. In the early days, the "Cypherpunks" like Adam Back & Nick Szabo & Hal and Satoshi were looking for a cheap alternative to the expensive banking systems and they seem to have found it in Bitcoin.

Now big corporate entities with visions of millions in profits has hijacked this idea and they moving towards the same model that is funding the banks. < Payment hubs >

African countries has already found their solution for this in payment networks like M-Pesa and if Bitcoin cannot compete with that, then they should stay a payment option for the 1st world countries, where richer people can afford the fees.  
hero member
Activity: 798
Merit: 505
Yes true bitcoin demand was really high even tbc there.Africans are just taking oportunity to earn and make some money because on how they live there, we all know that there is a crisis before so people are adopting everything to earn and bitcoin is one of it.If it dominates and helps to increase economy status it will be a good effect on whole country and whole bitcoin community
legendary
Activity: 1020
Merit: 1000
Bitcoin has high value against ZAR ( African currency ) so if African people able to mine or earn bitcoin, it become great advantage because it will help African's economy. Let say if they build online shop or other public service that accept bitcoin , I'm sure that the transaction will be active since the demand will increase overtime
Pretty sure this means it's a good time to get out, no story has ever ended with, and all the poor people in Africa were better off afterwards. Probably setting them up for a huge bitcoin pump and dump.
hero member
Activity: 2646
Merit: 548
DGbet.fun - Crypto Sportsbook
Bitcoin has high value against ZAR ( African currency ) so if African people able to mine or earn bitcoin, it become great advantage because it will help African's economy. Let say if they build online shop or other public service that accept bitcoin , I'm sure that the transaction will be active since the demand will increase overtime
Yeah ZAR has got high value against bitcoin but it doesn't make the economy grow in a short. Online shops don't make big acceptance right now, because only when a large user group makes entry to bitcoin its beneficial.
newbie
Activity: 57
Merit: 0
On this situation what is the difference between fiat and BTC? What can be done with BTC that is impossible with fiat? I think nothing special, also if it comes to corruption there will be much more comfort for corupts.
legendary
Activity: 924
Merit: 1006
Bitcoin has high value against ZAR ( African currency ) so if African people able to mine or earn bitcoin, it become great advantage because it will help African's economy. Let say if they build online shop or other public service that accept bitcoin , I'm sure that the transaction will be active since the demand will increase overtime
legendary
Activity: 1666
Merit: 1285
Flying Hellfish is a Commie
Might be the only way for normal people their to be able to escape the rampant corruption that is present in countries in Africa and sadly mostly accepted by people due to the widespread nature of it. Bitcoin could allow people to be able to hide vast amounts of money from authorities but I guess that could only go on for so long without the government attempting to crack down on it.

It's probably going to be more of a chore for people in the countries in Africa to be able to buy bitcoin and go through all the loops and bounds of this. I don't even know of many exchanges that would want to deal with the impoverished people in Africa (Not saying they all are, but by the standards of the Western world some are)

I really think Africa is going to greatly benefit from bitcoin, because it is known that a big part of the population to this day remains without bank accounts. With bitcoin acting as their own bank, the citizens would have total control of their money.Also, the money transfer is a huge business in Africa and with bitcoin's lower fees, it could really keep up with the competition.

See people on this forum are always saying this kind of stuff, how could Bitcoin help these people in the least if no one is going to accept it and NO ONE wants to go ahead and be the first to try a service like this, risking their hard earned money.
legendary
Activity: 1512
Merit: 1010
ITSMYNE 🚀 Talk NFTs, Trade NFTs 🚀
If bitcoin becomes successful in africa it would decrease the populations major crisis like people dying from starvation, jobless people, poverty and it will also help the homeless.
If bitcoin would become a worldwide used currency it will end corrupt politicians, people drowning in debt and elites has no more power over the people.
The future of currency is digital currency.
But the problem is more than 90% of the population is not even aware of the Bitcoin and its advantages over fiat. If they come to know about it and start earning it then it'll definitely help their financial crisis situation.
hero member
Activity: 518
Merit: 500
I think bitcoin is ideal for developing countries. It offers alternative forms of payment at much lower costs and for any amount. Micro loans are rapidly growing across the African continent, helping small businesses get up and running. I think bitcoin is a tool that can be utilized to make these businesses keep their costs down. If adopted and used properly, it can certainly propel many countries forward.
We will need to first solve the problem with the high fees while paying 50 cents for a transaction may not seem a lot for someone in the developed world that is a lot of money for someone in Africa that is poor.
The high fees that you are talking about are still considerably lower compared to local money transfer services. Plus the hassle of going to these centers and waiting for your turn adds to the inconvenience. Those are all to the advantage of bitcoin and if Africa, or other countries, eventually adopt bitcoin, it could surely help in alleviating the poverty in certain areas.
sr. member
Activity: 1400
Merit: 269
If bitcoin becomes successful in africa it would decrease the populations major crisis like people dying from starvation, jobless people, poverty and it will also help the homeless.
If bitcoin would become a worldwide used currency it will end corrupt politicians, people drowning in debt and elites has no more power over the people.
The future of currency is digital currency.
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