Topic: Bitcoin may be the solution to Africa's broken financial system. (Read 691 times)

I think bitcoin is one of the best solution not only to Africa's broken financial system but for every country that economically collapse because of covid19 pandemic. But Africa need to build up and develop first their  technology and facilities in order to adopt bitcoin easily. Poor countries can't adopt bitcoin easily because of lack of knowledge in blockchain technology and inadequate facilities and materials to be use like computers and there is poor or no internet connection to access in crypto and other online activities.

IMO, technically, bitcoin can be the best solution. Supply is limited and cannot be produced repeatedly, can prevent inflation. It's just, is the community ready? Do the facilities and infrastructure support? Let alone for technological developments, for the main infrastructure only there is still very minimal, many poor, and disadvantaged countries. So this is what makes it ineffective.

That is one major thing that they need to address first. Internet connection for most of its people  or should I say electricity first? Because a lot of areas in Africa do not have electricity yet. So they need to address those first before they think that bitcoin can be the solution in Africa's broken financial system.

if it can be utilized well I am sure Blockchain technology will not only be able to help a bad financial system in Africa's but also the whole world because it is not only Africa that has a bad record about the financial system.. 

At present, the limitations of human resources are still a challenge to make P2P transactions can be done in daily life especially in African regions which have not been evenly distributed in the education, health, and living systems..

How can blockchain technology will magically change a broken economic situation, the idea of using blockchain is to have a permanent record and if that is run by a private firm then they can always change those logs, the only advantage you get is if they run the blockchain on top of bitcoin so that no one can manipulate them.

If you are looking for a free global trade then bitcoin is the perfect solution for anyone that is distancing themselves from the banking sector but it is not a solution to revive a broken financial system.

African peer-to-peer transaction are now at $12 million per week. (https://www.usefultulips.org/combined_Sub%20Saharan%20Africa_Page.html)

There needs to be easier ways in which people can actually make peer-to-peer transactions to buy ALL goods and services in everyday life in order for it be THE solution.

If bitcoin could be the way on how their economy could be fixed, they're free to do so, I believe Africans already have access to a wide variety of technology including internet and mobile phones, if that so, it will be easy for them to adapt to cryptocurrency and bitcoin as well. Though, I do have a similar perception that they shouldn't disregard their government. Maybe, to first establish a good connection between the people and the government because, for me, there will be a big conflict with the government knowing that bitcoin is decentralized.

Just like what we have here in the Philippines, bitcoin and other crypto serves as alternate currency, not replacing our fiat so people have a wide variety of option to transact.

Africa has some much potential but so less is used. Countries like Rwanda, Kenya, Nigeria or South Africa are on a good way, but the rest need to step up their game. A solution to fight corruption could be lying in cryptos and the use of blockchain technology to track the funds they get from foreign nations. That should ensure that they really end up for the benefits of the people and not in the pockets some politicians

Africa should prioritize first their economy so that they will have long term improvement, that's the reason why their community experiences poverty. As our technology is really advancing and other countries are developing, the African government should make his way on how they can cope with the economic trend.

Blockchain technology can really help their economy once they allow people to implement it in every transaction that they perform. People should know how to give importance and become brave enough to explore the benefits and advantages of solving this issue related to bitcoin and blockchain technology.

Africa is one of the most exploited areas in the world. This led its people to poverty. Poverty equates to lack of education, poor sources of income, malnutrition and so on and so on. If Africa would prioritize a technologically advanced mode of monetary exchange or making cryptocurrency as their national currency, wouldn’t the first question be, How? Solutions have to be inclusive. Yes, there are areas in Africa that are technologically capable and it can work in their country, but what about those who are not capable? Are we suggesting that this idea would close doors to the incapable and only cater to those who have the means? But does this also mean that capable countries stop in order to let the incapable keep up? No. What we need are inclusive solutions and I think bitcoins are not the solution to everything. It might be a solution for those who are capable, financially, technologically etc. etc.   

First, Africa is barely getting by day-by-day. They only have enough for food and a little clothing. Their priority is to put food on the table and not to spend so much money on a phone or a table in order to use it to buy and sell their needs. They would instantly think “If I had that much money to buy a new phone, then why not spend it on food, education, clothing and rent?” They don’t need cryptocurrency to reestablish their economy. They need better work opportunities by maximizing their local natural resources and being able to trade them within their region or even better, outside.

Second, when using bitcoins or cryptocurrency in their everyday life, wouldn’t this expose them to the threats of piracy leading it’s people vulnerable. Let alone the possibility of terrorist attacks when they are able to use cryptocurrencies to buy illegal weapons.

Third, this could open doors to a more creative way to do business online. Being creative could mean both good and bad. By good would mean they could use the advancement of the technology to promote their products online, for a wider range of markets and do legal business across the globe. This is good because this provides Africa the needed proportion and trust of the people that, hey, it’s safe and good to do business in Africa. However, there is a bad way to do business creatively. As we all know, there is a compelling rise in the exchange of online pornography, mostly children. We have to have an open mind of the possibilities of the business for each individual who has access to this kind of technology. I am not saying that it is online prevalent in Africa because there are cases like this in Europe, Australia and Asia. What I am saying is, let us not open more doors to this kind of possibility. There are cases when the child’s own parents trade their children online for a certain amount and this could happen. Africa is just more vulnerable because they are not equipped with the proper knowledge regarding these matters.

To be able to fix Africa’s broken financial system, it has to start with it’s government, corrupt officials lead to a deteriorating nation. Corruption is one of the root causes of poverty, poor education , malnourishment, abuse and other domestic problems. 

Bitcoin and cryptocurrencies will help Africa in lots of ways, especially in countries where their currencies are a disappointment. Apart from that, cross-border payment is making a lot of African's to adopt cryptocurrency.

Ever since Bitcoin was created it has really helped a lot of people when it comes to sending money home or something like that, they can send huge amount amount of money to anyone anywhere easily in just few minutes and the fee they have to pay for it is way less than what they are required to pay when making use of bank's offered services. Cryptocurrency can go a long way in Africa to even help the unbanked, and it will as well help to improve things there.

Help in South Africa incoming

https://coingeek.com/ankerpay-co-founder-popular-demand-prompts-bsv-listing-on-digital-wallet/

Low fees, stable original BitCoin

As mentioned in an earlier reply, Africa's infrastructure needs to be capable of making the usage of Bitcoin (or any other cryptocurrency) possible. The countries where it is actually possible are not in that much of a crisis. Africa mainly needs cash help right now, Bitcoin can't do much to help until there's internet connectivity everywhere - and we know that internet isn't a priority problem.

I'm not too sure...
btw, Africa is a continent and not all countries in the African continent are in poor condition and have a bad financial condition. we all know that technology equality is not evenly distributed so I feel Bitcoin won't be able to help the country's finances in a poor country on the African continent, there are still many cities that don't have internet.

There is a current project that is supported by binance which is the ZASH. I have read its thread and its a digital currency in Zimbabwe, we are very skeptical about all these but if this project is real and are distributed just freely to all of the people there in the country, they might just have something to work on for their economy.  Not sure about the project but you might be interested to check out https://bitcointalksearch.org/topic/ann-zimbocash-the-first-on-the-ground-cryptocurrency-network-for-a-nation-5251759

That's true but frankly speaking, whatever solution that bitcoin or blockchain technology has to fix in Africa it will not be possible until these two fundamental problems are taken care of. Frequent power cut-offs and poor internet connection. I know a whole lot of African friends that complain about these issues and once these are not taken care of bitcoin and blockchain technology can not fulfill its purpose in those lands.

The report is accurate because we're already seeing a strong market turn up for cryptocurrency across african countries. Cryptocurrency will go a lot way in restructuring the financial sector across the continent because Africa is non for having quite a really centralized driven financial sector where lots of bodies hides behind to loot funds as well rip off the financial assets of the masses. I believe cryptocurrency will be fully adopted by everyone in Africa if we can see to the volatility issues affecting cryptocurrencies

Maybe, but who will start using bitcoin for this purpose? Who will take all the responsibility

I think they should rephrase it and put that it will be good for global adoption after all it is no longer Africa alone that is experiencing inflation and economic problem, and as for traditional financial system, it is not a problem from where I come from, we have enough traditional banks around to serve our financial needs,
Although the adoption of a digital currency won't be a bad idea but I don't think it will be btc because of it's high volatility, if they want to solve the financial problem they should use a more stable coin for a digital currency.

Many question for Op on this. Bitcoin is not geographically based and so not specific to help any particular people. The price or value of bitcoin is bigger than any other country. So how can it be only Africa that it will help should be the question Op should answer.