Topic: Bitcoins in Africa? (Read 926 times)
I think any third world country should use bitcoins. It makes things easier and not all if the people have access or can even open up a bank account. With Bitcoin this problem is void and enables the people to make trades freely with no holds barred or need for documentation and other things. Perhaps one day an altcoin for Africa will be created with very low transfer fees to make low value trades plausable. At the moment the fees are far too high for a third world country to handle. Remember in some places you can get s full meal for the price if the fee you pay.
Going by the kind of discussions around social medial platforms on bitcoins/cryptocurrencies, the East African market is warming up to a future with bitcoins/altcoins. But given the potential, is the speed and frequency hopeful for digital currencies, comparatively speaking? Could someone consider ICOs with an African perception?
Kobocoin focused on Africa and Humaniq did an ICO
Yeah Humaniq did an ICO targeting millions of undereducated, unbanked people with providing 4th generation humanitarian mobile banking plus P2P lending and insurance. Africa is underdeveloped, suffering from years of poverty, water scarcity, lack of basic education, lack of healthcare. A couple of ICOs would not make much changes in the current African socioeconomic conditions. A string of ICOs targeting the major areas like the NGOs working in Africa are doing now is needed.
I've been to west Africa and I can confidently say they are really spearheading the use of Bitcoin in Africa, Nigeria and Ghana to be precise are gearing up for the cryptocurrency generation. I couldn't believe the number of exchanges both formal and informal that operate in those countries. I was actually impressed with one of them called payplux (payplux.com) they actually let you buy bitcoins from your phone with fiat(mobile money-mpesa) and then they will credit your account within an hour and the same process works if you have bitcoins and want to sell for fiat.
A few people have come wondering about Bitcoin in Africa and i thought too as well until i was informed that they are quite comfortable in their "Mpesa" system, that really does ALOT for them, all through their phones. It's a shame as its a prime example of use case for crypto, but a corporation did it instead 
https://en.wikipedia.org/wiki/M-Pesa
https://en.wikipedia.org/wiki/M-Pesa
Mpesa has nothing to do with crypto, Mpesa is mobile money, supported by banks and the telecommunications companies. Mpesa is Fiat, and Mpesa works ONLY in Kenya, Kenya is one country in East Africa, Africa has 54 independent countries. There are many African countries well versed in using bitcoins informally.
Bitcoin will be very good for the development of the African economy and will provide an opportunity for many to obtain a source of income.
I'm currently very interested in Africa's bitcoin future. I am going to visit there at the start of 2018 and find out more.
The people of Africa can earn from bitcoins greatly, most of their currencies rate is very less and earning bitcoins will give them good financial stability to them. But the problem with Africa is that rich getting richer and the poor is getting poorer. I think there are one or two coins which concentrated on Africa, need more.
Lot of people are living on there, and it have a huge potential to grow any economic business on there. But for cryptocurrencies, I am a bit wondering if they're all have access to Internet or computer or smartphone maybe. No offense, because even Asia many people still don't get this technology on some place. One thing should be great to develop there is, fintech that offer financial or lending platform with blockchain system. Unbanked people is the main target.
Only thing I see with Africa is that the infrastructure. I don't know if African country has the setup like Internet that will really help bitcoin their exposure to a large public. How can they take advantage of bitcoin if proper infrastructure like internet is not set-up? So for me, establishing facilities (buildings, power and internet) should be the priority.
They have, though I doubt that it's of somewhat grand compared to what we have even in 3rd world countries. That's my initial sentiment in bringing bitcoins to Africa: how can people use it if even cellular internet is too expensive to even use and to implement? Only the rich, I think, would be able to fully utilize bitcoin since internet connectivity and hardware would be the main issue in this one.
Besides infrastructure what we need is to change the mindsets.
Going by the kind of discussions around social medial platforms on bitcoins/cryptocurrencies, the East African market is warming up to a future with bitcoins/altcoins. But given the potential, is the speed and frequency hopeful for digital currencies, comparatively speaking? Could someone consider ICOs with an African perception?
There's a bunch of people that use Bitcoin in Africa. The media does not really show that not everyone in Africa is poor, so the people living in the other parts of the world automatically assume that all the people in Africa are starving or don't have any electricity access.There's a bunch of kids in Africa that know how to build electronic items from spare parts lying around thier villages and I feel that Bitcoin would be a nice thing that the adults could use when they want to store money outside their Country.
I was in South Africa two weeks back, at first, I thought that BTC wasn't known there, only to find out that it's getting more popular each day, more people and businesses are starting to adopt BTC. So I must say that BTC is getting recognised and more popular each and every day
I don't think that a lot of guys use credit cards in Africa. The multi-national banks are also not very active there, due to the higher risk of fraud and political instability. So there are few options for mobile and online payments. If Bitcoin uses this opportunity effectively, then it can capture a major share of the African online payment market.
I see Bitcoin and Altcoins becoming Huge in Africa, because Africans are getting very mobile now with mobile phones, they don't need laptops to get hooked up on the blockchain. Africans are seeing the light and soon will be leading the rest of the world in new and fresh innovative technologies. I can see it happening, especially in the Green tech sector. So many young Africans are forward thinking and want to make a real difference, so I am sure Bitcoin will catch on like wildfire and many other altcoins that have cheap and fast transactions as well. 
Going by the kind of discussions around social medial platforms on bitcoins/cryptocurrencies, the East African market is warming up to a future with bitcoins/altcoins. But given the potential, is the speed and frequency hopeful for digital currencies, comparatively speaking? Could someone consider ICOs with an African perception?
Its easy to project using the current trends to positively position Africa in the scheme of things but we forgot the environment of doing business considering the difficulty of getting approvals for project as well as the exposure of law enforcement agencies in case there is need to have a discussion with them about the legality of issues relating to bitcoin. This and many more will pose unnecessary threat to the development of bitcoin business and that is why most of the facilities used are hosted else where other than Africa.
It's great oppurtunity for African people for helping their economy by holding Bitcoin. I'm sure , bitcoin enthusiast will be huge as there are many demand to invest bitcoin. When bitcoin keep growing , it also help people and improved their life like never before. We should proud for able to hold bitcoin at the moment
Only thing I see with Africa is that the infrastructure. I don't know if African country has the setup like Internet that will really help bitcoin their exposure to a large public. How can they take advantage of bitcoin if proper infrastructure like internet is not set-up? So for me, establishing facilities (buildings, power and internet) should be the priority.
Some African countries already have good infrastructure like south africa, but some countries in Africa still have limitations to access the internet. How to solve this and this is a big problemI agree the government should start building a good infrastructure.
Going by the kind of discussions around social medial platforms on bitcoins/cryptocurrencies, the East African market is warming up to a future with bitcoins/altcoins. But given the potential, is the speed and frequency hopeful for digital currencies, comparatively speaking? Could someone consider ICOs with an African perception?
Kobocoin focused on Africa and Humaniq did an ICO
Only thing I see with Africa is that the infrastructure. I don't know if African country has the setup like Internet that will really help bitcoin their exposure to a large public. How can they take advantage of bitcoin if proper infrastructure like internet is not set-up? So for me, establishing facilities (buildings, power and internet) should be the priority.
They have, though I doubt that it's of somewhat grand compared to what we have even in 3rd world countries. That's my initial sentiment in bringing bitcoins to Africa: how can people use it if even cellular internet is too expensive to even use and to implement? Only the rich, I think, would be able to fully utilize bitcoin since internet connectivity and hardware would be the main issue in this one.
South Sudan, Mozambique, Madagascar, Eritrea, Zimbabwe, Zambia, Djibouti, Mauritius, Malawi are some of the countries in East Africa. We all know that Zimbabwe is the rotten apple and should be avoided as a holiday destination. < The local currency has collapsed, so the citizens might benefit from using Bitcoin to protect their wealth >
Mauritius might have some tourist potential, but ISIS is operating in and around these areas, so there might be some risk factors to keep in mind. The poorer countries can benefit from Bitcoin, once scaling has been implemented and the fees come down for micro transactions. ^hmmmmm^
Mauritius might have some tourist potential, but ISIS is operating in and around these areas, so there might be some risk factors to keep in mind. The poorer countries can benefit from Bitcoin, once scaling has been implemented and the fees come down for micro transactions. ^hmmmmm^
I agree that the greatest challenge generally for the poor people especially those people who just entered Bitcoin and earn not that much is the expensive fee that we have now that will surely eat up their income. Let's see after the scaling regarding the change in transaction fee. Wish that the it would be much friendlier to microtransactions.
South Sudan, Mozambique, Madagascar, Eritrea, Zimbabwe, Zambia, Djibouti, Mauritius, Malawi are some of the countries in East Africa. We all know that Zimbabwe is the rotten apple and should be avoided as a holiday destination. < The local currency has collapsed, so the citizens might benefit from using Bitcoin to protect their wealth >
Mauritius might have some tourist potential, but ISIS is operating in and around these areas, so there might be some risk factors to keep in mind. The poorer countries can benefit from Bitcoin, once scaling has been implemented and the fees come down for micro transactions. ^hmmmmm^
Mauritius might have some tourist potential, but ISIS is operating in and around these areas, so there might be some risk factors to keep in mind. The poorer countries can benefit from Bitcoin, once scaling has been implemented and the fees come down for micro transactions. ^hmmmmm^
I agree with you that poorer countries can benefit from bitcoin and actually its happening now. Even altcoins like Ethereum has great follower in Asia. Bitcoin really give equal opportunities in industrializing countries especially in Africa.
This are facts that might help to those who are considering to make a tour with bitcoin in their wallets.
This places with currencies that have not much of a value will really bloom when a change happens.
Bitcoin might be the answer. But what about technology? How can they afford to make technologies that will heighten the use of bitcoin if there will be no capital?
Investors will be needed here to start a new currency that might make a wealthy country.
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