Topic: Bitcoins hit Africa's money transfer traditions - page 2. (Read 3805 times)
Go Africa... it cha birthday!
Sure it's positive news, but is it really that big of a deal?
How much are sub-saharan Africans spending in bank fees (or would be spending if they had the accounts)? Is it really impacting their ability to pay their bills? Access to the internet also costs money, does this not equal the cost of bank fees?
I'm not trying to be an ass here, these aren't rhetorical questions, if anyone can educate me...don't hesitate!
How much are sub-saharan Africans spending in bank fees (or would be spending if they had the accounts)? Is it really impacting their ability to pay their bills? Access to the internet also costs money, does this not equal the cost of bank fees?
I'm not trying to be an ass here, these aren't rhetorical questions, if anyone can educate me...don't hesitate!
That moment when they actively use bitcoin and bitcoin price fall to rock bottom overnight would be a disaster
yes. btc can help africa's people get a grip on money. but i doubt their governments will be very happy about this. they chop things off with machetes over there.
Problem is the internet connection in Africa is not the most reliable in the world.
But of course a non reliable way of transfer still is better than no way of transfer
But of course a non reliable way of transfer still is better than no way of transfer
After ton of bad news it is great to hear something good.
Cnn seems to be bitcoin friendly. The documentary done by Morgan Spurlock about living only on bitcoin was great and now we have this.
Was great? Past-tense? Have you seen it early?
The big remittance corps have a monopoly on African transfers
http://www.theguardian.com/global-development/2014/aug/18/global-remittance-industry-choking-billions-developing-world
Case in point, Somali competition to WU/MG was just killed 2 days ago by numerous banks threatening the survival of millions relying on xfers to areas without WU coverage http://www.reuters.com/article/2015/02/19/us-somalia-money-remittances-idUSKBN0LN0GN20150219
Barclays and Westpac have also dumped all competitors to WU/MG to xfers to Somalia. Of course this means business opportunity for somebody living in a country without these bans and is a Dahabshiil agent. Accept bitcoin payment from diaspora Somalis in US/UK/Aus and 3rd party xfer the money to Somalia via Dahabshiil.
http://www.theguardian.com/global-development/2014/aug/18/global-remittance-industry-choking-billions-developing-world
Case in point, Somali competition to WU/MG was just killed 2 days ago by numerous banks threatening the survival of millions relying on xfers to areas without WU coverage http://www.reuters.com/article/2015/02/19/us-somalia-money-remittances-idUSKBN0LN0GN20150219
Barclays and Westpac have also dumped all competitors to WU/MG to xfers to Somalia. Of course this means business opportunity for somebody living in a country without these bans and is a Dahabshiil agent. Accept bitcoin payment from diaspora Somalis in US/UK/Aus and 3rd party xfer the money to Somalia via Dahabshiil.
It's about the time finally that media accept reality, that bitcoin is superior to any other ways to send funds abroad.
I guess, they had to accept obvious fact that for the people in Africa, without bank accounts, bitcoin is really God's blessing.
Hope to see more positive reports soon
I guess, they had to accept obvious fact that for the people in Africa, without bank accounts, bitcoin is really God's blessing.
Hope to see more positive reports soon
Awesome piece, can't wait to watch how it all plays out
Nice , Finally the media isn't trying to screw Bitcoin's Reputation by the Silk Road bullshits and whatever illegal you can do with Bitcoin .
Btw when they say Africa , any specified countries ? I live in North Africa (Algeria) but there is no such informations about this .
~ Madness
Btw when they say Africa , any specified countries ? I live in North Africa (Algeria) but there is no such informations about this .
~ Madness
Article says Sub Saharan Africa.
Nice , Finally the media isn't trying to screw Bitcoin's Reputation by the Silk Road bullshits and whatever illegal you can do with Bitcoin .
Btw when they say Africa , any specified countries ? I live in North Africa (Algeria) but there is no such informations about this .
~ Madness
Btw when they say Africa , any specified countries ? I live in North Africa (Algeria) but there is no such informations about this .
~ Madness
How can africa adopt bitcoins if they are porn and cant afford smartphones and good computers?
It's only a matter of time before even the poorest of nations have widespread access to smartphones and good computers. Moore's law is a wonderful thing. In 2010, it was pretty damn near impossible to find a smartphone for under $200 here. In fact, this was the phone I bought in 2010:
I was able to buy it for $200 and it was selling for $250 elsewhere. It had a tiny resistive touch screen, 240x360 resolution, no Android, no wifi, and wasn't even a smartphone despite its looks:
Despite this, it was one of the cheapest phones with a touch screen at the time.
Today, that same $200-250 will get you this magnificent beauty:
That's a 5" HD screen with quad cores, 8 MP rear camera + 2 MP front camera, and running the latest version of Android.
Even the $80-100 phones are pretty good (in fact, this is my current smartphone):
And here's what $30-50 will get you (still better than my 5 year old $200 phone):
The latest Raspberry Pi is 6 times more powerful than its predecessor, features 1 GB of RAM and a quad core processor, will run the latest Windows 10, and only costs $35. I've seen tablets with HD screens and dual core processors go for under $80.
As I said, it's only a matter of time.
It's a huge opportunity for sure, but Africa still needs exchanges where someone can convert his/her BTC into cash or send it to a Mpesa account.
Yes there's a lot of opportunity. But I'm skeptical if there's real progress. I've been reading similar news since almost 2 years, yet not much is happening.
I don't know if conversion is really the most needed service. Bitcoin could easily function as a full currency in Africa, since a lot of people are accustomed to use foreign currencies anyway, because their nation's currency is subject to rampant inflation. So I think what's needed most are simple 2G-phone compatible Bitcoin services.
ya.ya.yo!
It's a huge opportunity for sure, but Africa still needs exchanges where someone can convert his/her BTC into cash or send it to a Mpesa account.
How can africa adopt bitcoins if they are porn and cant afford smartphones and good computers?
Let me reply with Kprawn's post from the same topic in press board:
I have done some contract work in Africa, and people might be amazed how innovative some of these people are. Do not for one moment think that these people are illiterate idiots sitting around a fire in front of their huts... you will be VERY wrong.
Yes, they do not have cable internet and fiber optic connections to every house, but what they lack in infrastructure, they make up with innovative alternatives.
They have also dealt with digital currencies in the form of M-pesa running on cellphones... so you would feel like a idiot abroad, if they ask you cash or M-pesa and you know nothing about it.
The only difference between the UK / USA and Africa is the accessability of modern infrastructure and good education. The will to learn is there, but the investment capital to fund infrastructure lack behind.
The environment is also difficult, with many traditions and cultural differences, but in the end, we are all human. {albeit Robert Mugabe -- He might be a alien}
The introduction to Bitcoin might just be easier, than most people think, with their background with M-pesa.
Yes, they do not have cable internet and fiber optic connections to every house, but what they lack in infrastructure, they make up with innovative alternatives.
They have also dealt with digital currencies in the form of M-pesa running on cellphones... so you would feel like a idiot abroad, if they ask you cash or M-pesa and you know nothing about it.
The only difference between the UK / USA and Africa is the accessability of modern infrastructure and good education. The will to learn is there, but the investment capital to fund infrastructure lack behind.
The environment is also difficult, with many traditions and cultural differences, but in the end, we are all human. {albeit Robert Mugabe -- He might be a alien}
The introduction to Bitcoin might just be easier, than most people think, with their background with M-pesa.
How can africa adopt bitcoins if they are porn and cant afford smartphones and good computers?
Smartphones are common in the developing world. In many places they skipped the land line phase and went straight to cell towers. Bitcoin is a natural in Africa. Many Africans already use cell phone minutes as a currency. "Want to buy that chicken? Text me 2 hours of talk time." Weird but true. 
How can africa adopt bitcoins if they are porn and cant afford smartphones and good computers?
They might not have iPhones, Nexus, HTC's, or Galaxies out in Africa, but they do have cheap basic mobile phones that have limited service for texting even in the poorest of Nations.
They're already doing this with M Pesa since 2007
http://www.vodafone.com/content/index/about/about-us/money_transfer.html
and the natural evolution would be to BitPesa
https://www.bitpesa.co/
With smartphones getting cheaper and cheaper, this could be the thing that really makes Bitcoin the first global currency.
How can africa adopt bitcoins if they are porn and cant afford smartphones and good computers?
Cnn seems to be bitcoin friendly. The documentary done by Morgan Spurlock about living only on bitcoin was great and now we have this.
Was great? Past-tense? Have you seen it early?
Watched it last night! It was pretty awesome to say the least.
https://www.youtube.com/watch?v=uLxhI81Flvk
Watched it last night on CNN and again on Youtube...overall positive views and tone, and well done by Morgan Spurlock.
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