Bitcoin may be the solution to Africa's broken financial system. - page 3.

seoincorporation

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

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).

This is totally true, the problems Africa has right now is a mix between poverty, corruption and warfare... if they got access to bitcoin maybe people were trying to fix the poverty, but corruption and warfare will not let the problem gets fixed.

Give them more access to bitcoin and corruption will grow up faster.

Piston

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I believe this can be a solution. The situation there is getting worse by the day. Poverty is on the rise. Africa is in dire straits now. Bitcoin can be a solution now. To my knowledge, many people in Africa now know about Bitcoin. Working and earning income from there, But in order to do something like that, first of all their government has to think about this issue.

buwaytress

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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).

thesmallgod

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Maybe you want to say blockchain technology. It is true that Africa have large amount of individual that remain unbanked. However, massive adoption of the use of bitcoin will not solve the problem of this poor people because they are mostly illiterate and that is reason why many of them dont use bank in the first instance. An average market woman in Africa prefer to put her money at home and not in the bank.
However, adoption of blockchain technology in financial institutions and other agencies will solve many problem. For instance the use of the technology in population censors will reduce of data alterations and also financial fraud will be minimal in bank. Election in Africa is always full of blood birth due to data alterations and massive rigging. Introducing blockchain technology will solve many of above mentioned challenges

bearexin

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Before they talk about using cryptocurrency, there are lots of things they should work on first. There are countries where there are large areas with no electricity and stable internet connection. This is just a tip of the iceberg, and there are still a lot more of things they have to work on.

Another thing is, I know that cryptocurrency and Bitcoin is good. But I am still yet to understand how it’s going to change their situation overnight and make things better. Bitcoin is not a free money as some would say, and you wouldn’t get rich overnight because you’re making use of Bitcoin. I think for a country to be in a bad condition still has something to do with the government. All these African countries are being ruled by corrupt leaders who don’t want their countries to grow. They don’t invest in their countries and would rather invest in foreign countries. Those are the people that are meant to be tackled.

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

You mean like making it a national currency?

I don't think BTC will be solution for African Governments, but to African people.

Small investors could just buy bitcoin to stay away from country's inflation problem, for example.

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

How will locals with no access to foreign currency buy BTC in the first place?

In local exchanges, ofc.
Just buy bitcoin from localbitcoin, from local exchange with the local fiat and so on. There are certainly many people with bitcoin in africa who are willing to sell them in exchanges.

Ryker1

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Well, on my own, the change was a big help when the African nation began to accept and use bitcoin and cryptocurrency. Because it can greatly contribute to the financial problems facing their country because they have to start how to solve this problem that their country faces. And cryptocurrency can be the solution to solve their problem if they use and accept bitcoin for their transactions. Indeed, it is actually safer to use bitcoin in transactions than fiat currency but this is not a solution to their problem.

ChiBitCTy

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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

No place is beyond help. Everywhere can improve if the people work hard enough at it. I am reminded of a quote from Andreas Antonopoulos that speaks well to this topic " “Does that mean that Bitcoin will always be the de facto Money of the Internet?” he asked. “No. What is special about Bitcoin is that it represents the open blockchain. […] It connects the vast number of underbanked, unbanked people around the world; some 4 billion people who could become connected through a simple Android phone or even a simple Nokia text messaging phone to the global financial network.”

NotATether

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Quote from: Coin_trader on May 28, 2020, 07:13:25 AM

But don't you generalize africa since the majority of there population was already civilized and actually has a good economy like south africa which Bitcoin/Cryptos might work.

No, I live there, and the thing is that, at least the country where I live, outages and undeveloped land isn't the biggest problem stopping bitcoin adoption (I just came back from a power outage for that matter). The biggest problem is that people here are so accustomed to collecting dollars as a safe value because they don't have the technical competence to understand how to use bitcoin! Or any cryptocurrency for that matter.

It's different from using some bank app because learning how to use that is easy (and there are quite a few banks here), you just need to learn deposit and withdrawal functions. To learn how to use a bitcoin wallet, you need to learn how transactions work, how confirmations and blocks work, what transaction fees (tax) you have to pay, how the seed phrase works so you don't lose all your money by accident, say by breaking your phone, because nobody can help you recover lost bitcoins. By contrast you can recover deposited money if it somehow gets lost while it's there by calling your bank and explaining them the situation.

People here are not technologically proficient because they weren't exposed to as much technology as other parts of the world.

mr3dds

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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

avikz

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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.

Bitcoin is not a solution to everything. I have a strong relationship with Africa as my Uncle used to live in Uganda for his job and visited at least 7 countries in Africa.

Africa is suffering from almost every aspect. Be it poor governance, lack of security, draught, human induced famine, terrorism, internal war, dictatorship of leaders - everything you can think of. Africa sits on the richest natural deposits of all sorts. It's the government which needs to be eradicated from the root from almost all countries of Central and North Africa.

People are outside the reach of the Bank because there's no way around. Bitcoin can help only a little. But the financial problem is deeply rooted within their government who are busy to mint money and don't pass the benefits towards their citizen.

Coming out from primitive mentality of the government may help them, not bitcoin!

Coin_trader

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Bitcoin maybe one of the solution, Actually Africa is already using crypto currency in some part. And it's showing positive feedback from the user there since they can buy goods via online. I believe its more efficient if they will used a fresh cryptocurrency dedicated only to used in there country so that the price per coin will not gonna be affected by the market manipulation happening globally.

Source: https://medium.com/zippie/zippie-launches-the-first-mobile-blockchain-solution-for-the-mass-market-in-africa-3f07b3c219a

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?

Answering question above, of course most of the third world country has still land that not developed which has no access on Internet. But don't you generalize africa since the majority of there population was already civilized and actually has a good economy like south africa which Bitcoin/Cryptos might work.

Darker45

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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

But we have to see that Africa should build their infrastructure first to support bitcoin and cryptocurrencies itself. If there are no Internet, even if bitcoin has the potential to be the solution their, it won't prosper. Opportunities are really there, but there are lot a of stumbling blocks as well, like regulations.

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

NotATether

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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?

Yaunfitda

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Definitely, there are a lot of unbank people in Africa, according to this report:

Quote

Sub-Saharan Africa, with about 350 million unbanked adults, accounts for 17 percent of the global total.

But we have to see that Africa should build their infrastructure first to support bitcoin and cryptocurrencies itself. If there are no Internet, even if bitcoin has the potential to be the solution their, it won't prosper. Opportunities are really there, but there are lot a of stumbling blocks as well, like regulations.

Alucard1

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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.

Topic: Bitcoin may be the solution to Africa's broken financial system. - page 3. (Read 691 times)