Topic: Bitcoin and Africa - page 2. (Read 3796 times)

my friend living in such backward areas of Africa as they are there on job, but they have the internet connect as we speak and talk on facebook regularly, therefore i think internet is present there and therefore bitcoin users must be there, but they just need some more introduction of bitcoin. so that those people who do not know about bitcoin should also start using bitcoin,

Africa is getting much advance than safari , picture and kill  Africa is one of the biggest market when it comes to Bitcoin Matrix, investments and MLM Programs. Although most Nigerians and Africans scams another African, yet it is one of the hottest business in Nigeria. Now they are trying to attract Asian to invest in their scam bitcoin scheme and investment plans.

That is exactly what hinders them to use the blessings of Bitcoin. Since a lot of people there don't have that much to buy a gadget and connect to internet in order to have an access to Bitcoin. Though it is good to have Bitcoin but I think it will be most effective with people who atleast afford to have access in Bitcoin but if not then that would be tricky.

though it may take more time for majority of african people to be able to grt used to bitcoin transactions regularly due to constraints when it comes to going online. of course for those that deal with businesses that would be easy enough but for those regular people who rarely get access to the net, that would be a big challenge

Exactly so it doesn't really matter where Bitcoin is used. I can confidently say Bitcoin is well known in some African countries than in the west and its in the positive sense.

You have seen the emoji, haven't you? (But in my opinion, the sentence is not a pure joke - cars are overrated. You can agree or not.)

And sorry, your sentence about the zombie movie is a great exaggeration. I've been in some Latin American slums and African slums are not really different. Living there is not easy. But most people there even have (cheap) smartphones and could use Bitcoin if there was an app for it, and if it was more stable.

The people excluded in third-world countries are more so those living in the countryside, as there often there are very bad internet connections. But even there some use financial mobile apps, e.g. to know the prices for the agricultural goods they produce.

The countries you quoted in the previous post have problems with pure infrastructure.
People don't have access to water or electricity their whole annual wage is not enough for a monthly rate on an an average car.

The thing about the car being a bad investment and Africans being smart and not buying is pure BS.
They can't afford one , they can't afford gas , there is no gas .. there is nothing.

Ever been to the slums of a capital city in any of the country mentioned?
A cheap Hollywood movie about zombies is pure paradise compared to the reality there.

How the hell can you think about online payments when 15% of people have access to electricity.

Yeah, I have also heard these "news", mainly from accounts with not much experience in a certain forum. Please provide a source for these news.

What I consider more realistic is not that they are "approving" it as a "currency" (at least not as a "legal tender"), but regulating it like many countries have done. That could be positive (liberal regulation, like in Japan or the Phillippines) or negative (restrictive regulation, like in Bangladesh) or something in-between (Germany, USA).

Some news items from the last year (all three are relatively positive):

Uganda Takes its First Steps Toward Bitcoin Regulation

Mauritius: The Tropical Paradise Looking to Become a Blockchain Hub

Central Bank of Nigeria Says ‘We Can’t Stop Bitcoin’

I heard a news about Bitcoin in the Africa that many countries are taking in consideration approving Bitcoin as s currency, I don't know the validity of that news. If it occurs then I strongly believe that that day is so far when Bitcoin will be the approved currency in Africa.
So let's see..

Yeah innovations are a part of every nation. Now things were happening with Africa, because they are in much need and trying to be part of innovations. Though Africa is lacking in the internet the growth is quiet promising with the emerging technology usage even through mobile phones.

Africa most live from safari.Two safari,one picture and kill.

Not really. Such pathbreaking innovations help countries 'leapfrog' in their adoption. This could actually act as a leveller.
Even in countries where telephone network is not strong, mobile phones are prevalent.

Maybe they're smarter than US and European citizens and don't invest in a heavy, expensive thing that's standing still without being used about 99% of its life

No, but overall I agree ... there are pretty significant life standard differences with other continents, even with most of Asia. But that's also an opportunity because it allows Africans to bypass some inefficient and Centralist technologies like traditional banking and using smarter methods like cryptocurrencies. But as I already said, volatility is the problem to solve for that to happen.

While Africa does have jobs and they are able to work (technically speaking), they do not have any major infrastructure up to make a lot of their countries valuable in any sort of international trade. Even China is now trying to go in and build up Africa in an effort to exploit the economic opportunities, but that's doing only so well. Depends on where you look. I recommend watching "Empire of Dust" on YouTube, even if it is kind of old.

The good news is, anyone who is interested in private security contracting will have a lot of opportunities available as more assets start being built up in and around Africa.

Africa needs to have a larger work base with more disposable (or at least saveable) income before we can consider the continent somewhere that Bitcoin can expand to and flourish in.

The emergence of crytocurrencies and bitcoin being the most known would further impoverished the African continent for a longer time.

One do not get acquainted, follow up with global innovations and happenings without being educated and as such, internet compliance .

Thus, education and the use of internet would be a debacle to how far the poor in Africa would embrace the crptos.

Hence , the rich, knowledgeable would keep 'swimming in wealth' .

Oh yeah they are.
How about we look at some statistics... like cars per thousands people?
The first was Lybia with 290 compared to 800 for the US.
Or 10/1000 for most of Central Africa.

Yeah , what kind of magic technology they use that is not expensive?
Maybe they should start teaching us Europeans how to do it /sarcasm

No I absolutely do not agree that the problem of most of the african countries are no jobs.  There are always some work to be made. Lets look at the Sweden or Norway. There is no such a thing as a work there that is not paid even the kind of  job that is not paid elsewhere, like helping people.

So no, the problem with the many of African countries is that their elites are very corrupted. Corruption is not always bad. If a defrauded money stays in the country you might call it a different alocation of capital, sometimes better and sometimes worse. In the case of most poor african country the money stolen there are spend in some rich countries like uk. Thats a serious issue that lead to a sittuation of not having enough money in those coutries and with a burden of debt.

Another problem is a lack of oppenedness of those coutries to global economics. They are only open as a basket of resources. Many countries are interested in having a sittuation where those coutries are not being able to use or sell their own resources so that the corporations could get all of the profits.

So a succesful way for africans is to be protective towards their own resources and openned towards new technologies like bitcoin. I see their are doing exactly the opposite in the poorest  of the countries. They are completly free market on their own resources and are very sceptical towards new ideas. Thats a recipe for disaster they are witnessing.

They shoud protect their resources and allow a payment for them in internationaly recognised currency (why not bitcoin) using some means like internet for a price check. But firstly they should be helped with getting rid of corruption by some people willing to be unbiased experts on a matter of fighting a corruption in the so called developing countries.

It doesn't matter which bitcoin related site use Nigerians and Indians are there. Africa is developing bro

Oh, I see, you are a true Africa expert.

Most people do actually work there, and they work a LOT, for no (subsistence farming) or small salaries. In some countries like Equatorial Guinea and Zimbabwe there is a greedy elite scamming the rest of the population, but there are also relatively well-governed countries like Ghana, Rwanda, Senegal, Botswana and (with reservations) Ivory Coast and Nigeria where the economy is growing and Bitcoin also is doing relatively well (although it's still in its infancy there). Ethiopia is other country with a large potential, its government is centralized (their "federalism" is a lie) and authoritarian, but they're economically doing pretty well and it could be "Africa's China".

Parts of africa certainly may, but a large part i think won't. Of course this dorsn't only apply to africa as there are parts of the world also that has limited access to modern tech or internet connection. In africa, i think illegal businesses would be one of the first to embrace btc because of it's anonymity. Like poachers and drug syndicates. These are mostly the ones who do transactions with other countries illegally