Topic: Bitcoin could take over third world currencies - page 2. (Read 1325 times)
As long as ALL the coins are in the hands of Western and Chinese speculators, those poor unwashed mass in Africa have no chance at bitcoin, especially at $450 a pop. Cheap altcoins maybe.
It's actually already being used in some 3rd world countries. Do a quick forum search for 'hawala'. I know a few people who are using it to send money to relatives in Africa, so there must be a place for their relatives to exchange BTC to fiat in some of these countries already. There are lots of people with net-enabled phone in countries where you wouldn't expect it, mostly due to the lack of regulation, which makes it easy to introduce new tech without having to jump through 100s of hurdles like in developed nations. Believe it or not, Somalia actually has one of the cheapest and most advanced cellular voice and Internet services in the world.
Source: http://en.wikipedia.org/wiki/Economy_of_Somalia (Scroll down to telecommunications)
Source: http://en.wikipedia.org/wiki/Economy_of_Somalia (Scroll down to telecommunications)
Bitcoin is still a baby, not ready to take over much of anything.
Progress is being made, so in the future "amazing" things are possible.
Progress is being made, so in the future "amazing" things are possible.
Places like Zimbabwe end up going for usd maybe one day still far too early
Anyone see it happening with countries like zimbabwe and somalia? There's so many weak currencies out there supplied by countries that put them out just for the sake of it. Does anybody else not see the top currencies in the world like the dollar and the yen taking over alongside virtual currencies? Shits revolutionary when u take a close look at it and I see Bitcoin being the main leader in all of this. Read this article that gave me the idea to make this http://www.panture.com/bitcoin-taking-over-third-world-currencies/
I hope the world takes on Bitcoin because poorer countries need to abandon their good for nothing currencies. Many don't use dominate fiat currencies like the dollar either, so using their own currency becomes inconvenient. Now imagine if ppl started using virtual currencies instead.
I hope the world takes on Bitcoin because poorer countries need to abandon their good for nothing currencies. Many don't use dominate fiat currencies like the dollar either, so using their own currency becomes inconvenient. Now imagine if ppl started using virtual currencies instead.
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