Bitcoin may be the solution to Africa's broken financial system. - page 2.

stompix

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Quote from: Kakmakr on May 31, 2020, 03:42:19 PM

There is a general misconception that Africa is the biggest financial problem area in the world and that Crypto currencies would be the saving grace for all of their problems. Who is currently printing endless money to try and safe their economy from a inevitable collapse? … I will tell you... the USA.

When Zimbabwe did the same, everyone laughed at them.. now the USA are doing it and nobody are saying a thing. Roll Eyes

(Apart from a few Donald Trump haters) Roll Eyes

Lol, yeah right...the US is in trouble, it might fall in a pit and stab itself on the bones of all the African countries that died there...

Do you know what's the difference between the US and Zimbabwe?
During the crisis Zimbabweans used US dollars, nobody in the US is using Zimbabwean dollars!

But let's forget Zimbabwe:
In Nigeria, naira wealth doesn’t always mean you can get dollars

Yeah, the dollar is going down the drain, you just have to wait so the other currencies that are currently clogging the toilet to be washed down.

Quote from: Yamifoud on May 31, 2020, 06:21:15 PM

They are wrong if they think that Bitcoin is a solution to their long-time battle.

Everyone wants a quick fix, that's the whole thing.
Implementing programs, trying to create an infrastructure, healthcare, education, this takes time and effort.
Switching to Bitcoin seems the easy way around, get money while....waiting. Perfect!!!!!

Botnake

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The government has to support crypto and bitcoin as it's their chance to improve their financial system.

There are remittances in the country but they are charging a lot, so it's not good for long term purposes and it will not help people to improve their lives.
With bitcoin, transaction can be sent instantly at a cheaper transaction fee compared to the traditional remittance center.

I'm happy to see the unbank being serve by bitcoin as this represents how important bitcoin or the decentralized system in a country where their banking is a huge problem. A success of Africa would given an open eyes on some countries where are belong to the underdeveloped countries.

Yamifoud

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They are wrong if they think that Bitcoin is a solution to their long-time battle.
One thing that could help them is to develop a livelihood program that the government is willing to support. Looking at their situation, for sure a few of them will have the capability of having internet access which is the only to have Bitcoin with them. And if we talk about crypto adoption, it was so sorry because the majority of them will just ignore it and in the first place that they don't have knowledge about this.

Quote from: ?? on ??

Quote from: NotATether on May 28, 2020, 06:59:54 AM

You mean like making it a national currency? If so, here's the first question: How will locals with no access to foreign currency buy BTC in the first place?

The only way I see this working out is by some sketchy dealers selling bitcoin on the street with high exchange rates.

Make it available in the market as well...But ain't a funny thing.

Kakmakr

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There is a general misconception that Africa is the biggest financial problem area in the world and that Crypto currencies would be the saving grace for all of their problems. Who is currently printing endless money to try and safe their economy from a inevitable collapse? … I will tell you... the USA.

When Zimbabwe did the same, everyone laughed at them.. now the USA are doing it and nobody are saying a thing. Roll Eyes

(Apart from a few Donald Trump haters) Roll Eyes

Crypto currencies are not immune to government and private sector corruption and misuse of taxpayers money. In Zimbabwe (Africa) President Robert Mugabe were removed and now they are still in the same situation, than when Mugabe were ruling the country. Crypto currencies might make government transactions more transparent, but it will not stop corruption... the corrupt will just use other methods to steal and plunder. Angry

stompix

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Quote from: Jamesdila1 on May 28, 2020, 04:28:59 PM

Actually i read an article and said that Africa could be the next frontier for cryptocurrency

Here you go:

2013:
Bitcoin Crypto-currency and the opportunity for a truly Pan-Africa money revolution

2014:
Why Bitcoin Matters for Africa

2015:
Breaking the bank: Bitcoins hit Africa's money transfer traditions

2016:
Why Bitcoin Will Beat Mobile Payment To Its Game In Africa

2017:
Cryptocurrency is the great African opportunity

2018:
Africa and its Antiquated Banking: Bitcoin The Solution?

2019:
Blockchain and crypto take root in Africa

2020:
Crypto in Africa: A coming money revolution?

3021:
With the Hibkandu revolution gaining traction, as interplanetary trade dwindles bitcoin is the solution for Africa

Jating

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Quote from: mr3dds on May 28, 2020, 09:27:53 AM

I think Africa is beyond help. I am an Egyptian and I live in Egypt and I can tell that few countries here can use a help. Most of Africa's countries want something more sophisticated than just help. We Africans must help ourselves first. It is a very rich continent but all of its treasures are wasted away. Leonardo DiCaprio's Blood Diamond was a good example. So early for blockchain here.

Except for South Africa

Why very negative though, yes that continent has been taken advantage by a lot of Western countries ever since but I think it still have the chance to recover. If government will really turn and will make a big effort to transform their country. It might take time though, but at least if will be a good start.

Quote from: Alucard1 on May 28, 2020, 06:35:08 AM

Do you agree that bitcoin would be a good idea for Africa?for me, adoption of bitcoin from Africa is a good idea, Africa has a big problem in terms of financial, they should do something to overcome those problems, one of the suggested ways is the use of bitcoin which is a really good idea, there are already many countries which are accepting the use of cryptocurrency in some of their transactions, it is way good better for fast and secured transactions compared to fiat currency.

It will really be a big push for the continent if bitcoin will prosper and grow. Not just bitcoin but blockchain technology itself. Maybe there could be some entity from the outside like Jack or exchange such as Luno who will lead the way.

Slow death

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I don't know how Europeans and Americans look at Africa, but in my way of looking at Africa Is that in Africa we have a big problem of exaggerated greed. As everyone knows, Africa was colonized by Europeans and the liberating movements became political parties and implemented a system of disguised democracy. The liberation movements that have become political parties control everything that exists in the country. all companies and the government became the property of the liberating movement that became a political party. there is no freedom of expression, to be the investor it is necessary to partner with the political movement that has become a political party

Quote from: Bitcoin ShitList on May 28, 2020, 04:07:53 PM

Its unbelievable how badly the economic situation in these underdeveloped countries is

the lack of education of most people and the brainwashing they do in most people makes them choose leaders who do not have the courage to make a big revolution towards development and true freedom

Quote from: Bitcoin ShitList on May 28, 2020, 04:07:53 PM

but I doubt bitcoin solving these issues, besides those governments are yet to accept the cryptocurrency system

I agree

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Quote from: Alucard1 on May 28, 2020, 06:35:08 AM

A recent report says that being a lack of traditional financial of Africa makes it good for cryptocurrency adoption.

Per the report, cryptocurrencies such as Bitcoin (BTC) can potentially solve all the aforementioned challenges

Quote

Although it is a diverse region, African nations share some key similarities and trends. Economic problems, from high inflation rates and volatile currencies to financial issues such as capital controls and a lack of banking infrastructure, create a fertile ground for an alternative to germinate.

Source: https://cointelegraph.com/news/bitcoin-may-be-the-solution-to-africas-broken-financial-system/amp

Do you agree that bitcoin would be a good idea for Africa?for me, adoption of bitcoin from Africa is a good idea, Africa has a big problem in terms of financial, they should do something to overcome those problems, one of the suggested ways is the use of bitcoin which is a really good idea, there are already many countries which are accepting the use of cryptocurrency in some of their transactions, it is way good better for fast and secured transactions compared to fiat currency.

It's already a big thing, it's not just an idea that it could be big. There've been successful crypto projects implemented in Africa, and I believe there was a whole documentary about Bitcoin in Africa. With many people not used to banks there, it indeed seems a natural place for Bitcoin growth (especially since they barely have civilization at some places but seem to have smartphones and Internet connection). However, some may be reluctant to use Bitcoin due to the lack of trust in any financial system, low level of acceptance from retailers and high volatility. So while there are many bullish articles and some success stories, it seems to me that the level of adoption is still way beyond what could be expected from this region.

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Quote from: ?? on ??

Quote from: Alucard1 on May 28, 2020, 06:35:08 AM

A recent report says that being a lack of traditional financial of Africa makes it good for cryptocurrency adoption.

Per the report, cryptocurrencies such as Bitcoin (BTC) can potentially solve all the aforementioned challenges

Quote

Although it is a diverse region, African nations share some key similarities and trends. Economic problems, from high inflation rates and volatile currencies to financial issues such as capital controls and a lack of banking infrastructure, create a fertile ground for an alternative to germinate.

Source: https://cointelegraph.com/news/bitcoin-may-be-the-solution-to-africas-broken-financial-system/amp

Do you agree that bitcoin would be a good idea for Africa?for me, adoption of bitcoin from Africa is a good idea, Africa has a big problem in terms of financial, they should do something to overcome those problems, one of the suggested ways is the use of bitcoin which is a really good idea, there are already many countries which are accepting the use of cryptocurrency in some of their transactions, it is way good better for fast and secured transactions compared to fiat currency.

The problem in Africa is very complicated, and it cannot be solved by using bitcoin alone. Other than that, many tribes in Africa live in a barren area with no network, mobile phones, computers and other equipment. In this case, how do they use bitcoin? I think before using bitcoin, we must first improve the infrastructure in Africa

It wasn't intent for tomorrow but of course sooner in time.
There are some thing that must be consider about this post and that is how will Bitcoin Help africa but not Bitcoin will Build Africa.

Infrastructure is Governments obligation so why need to be connected in Bitcoin?
and besides this is just the Beginning and more is yet to come.

The issue about tribes does not also include in problem because they Crypto is electronic
and internet based nothing to be in physical.

One step forward for now,and the domino effect will surely follow because Bitcoin can help each economy if they will allow this to happen.

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Quote from: Wexnident on May 28, 2020, 09:41:02 PM

True, without any prior development, Africa can't really just adopt the system of BTC to their financial system. Not to mention that the government needs to move themselves to adopt it, when in the first place, it can be said that it was the government that put Africa to where it is right now.

I think it's really important to look at some other basic development indicators first. Those prevalent for decades. Education, perhaps, for one. So people can get decent skills and decent work and bring back those skills to their communities. Better health too so they can live better, live longer, and not face risk of debilitation from simple diseases.

These are the systemic things that need to be addressed first.

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It's a solution to the financial system, but I don't think it can help it's overall situation right now. It may be able to, but the effects would be quite minimal. Africa has a poor economy yes, banking issues, but really, it's mainly because the government doesn't give a damn about them. See, most of the problems they have right now would most probably be fixed if and only if the government actually tried to help the country prosper and grow, but it doesn't Sure, BTC may help the families in Africa, may help the economy flow better, but in the end, their own country wouldn't really develop much due to the fact that the government has left it behind.

Quote from: buwaytress on May 28, 2020, 01:56:24 PM

I'm sorry but no. This has been discussed several times already. I remember a project Vitalik supported back in 2016 (yes I joined it too) and that was the first project I'd heard of talking about the unbankable. They ended up doing a first project to supply these unbankables with smartphones capable of face verification.

Africa is fertile for innovation, and these have already happened with Mpesa and the like -- more will displace these, but Bitcoin is not going to solve the system. Not when the majority of them don't even have the means to access Bitcoin (talking about internet plus device).

True, without any prior development, Africa can't really just adopt the system of BTC to their financial system. Not to mention that the government needs to move themselves to adopt it, when in the first place, it can be said that it was the government that put Africa to where it is right now.

KrisAlex18

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Africa needs a big help in terms of financial if I am not mistaken they are one of the modest countries, the adoption of bitcoin would be a great idea for them but I don't think that it would be easy for them to adopt this kind of currency if you mean that bitcoin as a standard currency or by just using bitcoin, both things are hard to implement, especially if the first one that they are going to make the bitcoin as their standard currency, implementing that kind of things is not yet existing even for those first world country.

Quote from: mr3dds on May 28, 2020, 09:27:53 AM

I think Africa is beyond help. I am an Egyptian and I live in Egypt and I can tell that few countries here can use help. Most of Africa's countries want something more sophisticated than just help. We Africans must help ourselves first. It is a very rich continent but all of its treasures are wasted away. Leonardo DiCaprio's Blood Diamond was a good example. So early for blockchain here.

Except for South Africa

Well said, before the help of other people or other countries, you should help first yourselves, make something to change your life and one thing that could be your source is knowledge. Be knowledgeable in every aspect makes you a great person and can lead to a good country.

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Quote from: Darker45 on May 28, 2020, 07:08:15 AM

Bitcoin is an alternative to the current financial system in Africa as much as in the whole world. The global fiat system is basically broken.

Quote from: Yaunfitda on May 28, 2020, 06:50:36 AM

[.. snip .. ]

I definitely agree. First things first. While we cannot treat the entire African continent as if all the countries there are going through the same situation, it is very clear from different sources that poverty is extreme in many African countries. The World Bank has it that "the number of African people living in poverty has increased and global poverty will increasingly become African." In a 2015 data, almost half of its 1 billion population is still living in poverty, on $1.90 per day.^[1]

Perhaps we should start from there, food on the plate, clean water, a roof, and so on and so forth before we could even start talking about cryptocurrency adoption.

[1] https://www.worldbank.org/en/region/afr/publication/accelerating-poverty-reduction-in-africa-in-five-charts

Yep, clean water, food for the family at least 3x a day should be the priority of the first by Africans.

And then there is corruption, which is really hard to eradicate for a continent like Africa. And then we should see the the ground work should be there as well, like I said, the internet. But it is funny though that the penetration of smart phones in Africa is growing with Nigeria and Ethiopia leading the way.

So it will be interesting how this data set will become relevant in the next 5 years if we are talking about Africa's broken monetary system.

https://www.gsma.com/mobileeconomy/sub-saharan-africa/

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Quote from: Sadlife on May 28, 2020, 06:30:54 PM

Not just Africa even first country's like US is suffering from a financial crisis because of its Fiat system that's is fundamentally flawed and corrupt through continues liquid injection.
Bitcoin is created to correct these system and show what a true currency and asset truly is.

Every country have their own problem with their financial system but of course they will not admit that one. Africa is a big continent that is compose of many countries, and most of them really suffering financially and maybe bitcoin can really help them if they want to adopt it. We also have to consider that most of the country don't have a stable internet connection which is important to use bitcoin, so I believe if they also improve their technology Africans can full enjoy the benefits of bitcoin and lift their country up, bitcoin will not leave anyone behind especially to those who will adopt it.

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Not just Africa even first country's like US is suffering from a financial crisis because of its Fiat system that's is fundamentally flawed and corrupt through continues liquid injection.
Bitcoin is created to correct these system and show what a true currency and asset truly is.

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I think that although theoretically Africa would be a good place to start crypto adoption, there will be a major issue there... lack of technological infrastructure... lack of electrical power, lack of network, etc, etc... people are just trying to survive in a lot of places, so giving them phones, network, electrical power and knowledge to work with all those tools seems hard....

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Actually i read an article and said that Africa could be the next frontier for cryptocurrency
as governments are not now regulating cryptocurrency that's maybe the only factor that keeping crypto from spreading in the continent fearing a collapse of the banking system and many who are suffering from poverty and those who live in politically unstable regions can be attracted to cryptocurrency

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Its unbelievable how badly the economic situation in these underdeveloped countries is, but I doubt bitcoin solving these issues, besides those governments are yet to accept the cryptocurrency system

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Quote from: Alucard1 on May 28, 2020, 06:35:08 AM

A recent report says that being a lack of traditional financial of Africa makes it good for cryptocurrency adoption.
Per the report, cryptocurrencies such as Bitcoin (BTC) can potentially solve all the aforementioned challenges

It was already told before many times. It can help less developed countries, i hope it will.
One thing is crucial and can help anyone in any country.
If goverment of your country decide to take ur money (from bank accounts or pull massive inflation to decrease value of your money or country currency buying power going fast to 0) you have now way out... Bitcoin.
You can store value of your savings that is not controlled by anyone, that is huge.

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Seeing how technologically-behind Africa is, I don't see bitcoin being a solution to their current woes on their financial system. This has been discussed a lot of times and I still can't see the reason why people believe that bitcoin is the magical money Africa is waiting to be blessed with. For starters, similar services were launched in Africa on the years of 2013-2016 but none of them seem to have improved what Africa's condition is. Some may argue that M-pesa basically was the testing app that people based their conclusions with, and proved that the African market can be penetrated with mobile money tech, but that in itself does not even see quite a success knowing that a lot of the un-banked people in Africa is still struggling to get a handheld device capable of accessing the internet and installing apps that are needed to use bitcoin or any other mobile money transferring/receiving apps.

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