Topic: Crypto-Currency in Africa - page 2. (Read 454 times)

Sir, I, OP  saying base on experience, " not they said". If someone is from Africa, Nigeria in particular we will definitely have different experience on a particular issue mostly if we are in different field of study.

Where I am right now, there is no internet in Nigeria, I access the internet when I travel to the city. Now I am using this deficiencies as the inductive analysis.

With this most Communities in Nigeria has internet deficiencies. I am not a city boy but a village boy.

So you can't judge me from the city to my village, I know what is happening in my village. 

If Africans do not start doing these things themselves, they will continue paying away the fruits of the continents labor to China to do the work for them.

Africa governments get, all tolled, easily $100+ billion** every year in royalties as their cut from natural resource extraction (e.g. petroleum, minerals, lumber, energy, etc). Africa could fund the tech rollout themselves, if they held their leaders accountable, instead of letting the leaders pocket most of it.

** Nigeria takes in over $10 billion per year in royalties for petroleum extraction alone. Then there's natural gas, mining, forestry, etc. Between the 50 other countries rich in natural resources, they collect an additional $90+ billion more from foreign corporations.

be aware there are 381million africans under the age of 10.
infact there are 678million under the age of 19
so dont downplay how many have internet access.

2 parents 2 kid with internet in the HOUSEHOLD is more like 4 of 4 not 1 of 4, even if there is only 1 name on the bill

The development of cryptocurrencies in Africa has also made a rapid development in the income level of people in Africa. This is certainly a new chapter that makes Africa more advanced and some great people emerge from Africa. Constrained by internet connection problems, there is indeed an increase in internet users, but the cost to be able to connect to the internet is still quite expensive compared to other countries. Internet data prices in Africa are around 7.12% of total revenue for 1GB of data and are still quite expensive. but the possibility of the longer the internet will also adjust. Most of the people who are still not connected to the internet are not even from the African continent, but in southern Asia.
https://databoks.katadata.co.id/datapublish/2022/02/04/pertama-kalinya-jumlah-orang-yang-tidak-terkoneksi-internet-menyentuh-di-bawah-3-miliar

Cryptocurrency is the backbone of the future economy and can realize every dream of every poor and underdeveloped country. Crypto can be an alternative that will provide many advantages if used properly.

Indeed very bad results for african continent, considering the age of technology the world is living right now. Every person in the world should have free access to internet connection. Actually, that should be included in the human rights.

But I can't deny access to internet in Africa is increasing faster than ever! I can see this fact on practice, as more and more profiles from african people are appearing at social medias these days, at same time making more evident news related to the continent on the internet. In crypto community, african participation increasement is also very clear, although not from every countries.

I risk saying the tendency is to see those 20% which have access to quality and full time internet tripling to 60% in the next couple of years... Anyway, foreigner investors from another continents are needed.

As of December 2020 (https://www.statista.com/statistics/505883/number-of-internet-users-in-african-countries/):
- 575 million Africans had "internet access"; and
- 1.25 billion Africa's population.

Assuming some growth for the year, we can project 45% of Africa have some internet connection.

How the connected 45% breaks down in terms of
- 60% roaming mobile access vs.
- 40% hard line broadband.

Its reasonable to say that about 20% have reliable, non-intermittent broadband internet access.

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Any online discussion about Africa must conclude:

"white Christians are to blame for every negative aspect of Arica's current situation. The only resolution is for whites of today to pay the rulers of Africa's countries billions to atone."

Any other suggestion proves the commenter is racist, homophobic and antisemitic.

[moderator's note: consecutive posts merged]

the political problems of africa that makes corruption not end, on the contrary every year the corruption only increases makes things like bitcoin that would be a good thing not accepted in africa because corrupt politicians always don't want to give freedom to their people and that has been since years. but at least now things are being given up a little more by the corrupt who even accept bitcoin but don't legalize it, they just allow the use of bitcoin

I think the development of cryptocurrencies has been comprehensive all over the world today, so it is very funny if we say that the African people have become interested in crypto investments recently, compared to other countries, Nigeria which is one in the African countries has their own digital currency, namely eNaira and of course this shows that the development of crypto in Africa has been going on for a long time, so that Nigerian leaders dare to take risks to issue their own digital currency.
I think about the belief that investment is a fraud as @Elbecca said, of course it doesn't only happen in Africa, in developed and developing countries many people also think that way, because of the many fraudulent news that occurs and obviously creates fear for those who want to invest, but I think in that case it's not just crypto investing but investing in general that they think about.

Wow that was painful to read. Africa certainly does need help in many areas, but unfortunately many countries have fallen to corruption (in part caused by the nations you describe) and are currently going into heavy debt as their leaders are selling out citizens in exchange for Chinese debt financing. Unlike European and American countries however, the Chinese will happily take control of major infrastructure like ports and airports when the debts cannot be paid - giving them a stranglehold over any future development. It is a tragic story, but unfortunately tribalism has been too strong in this region - both through the indigenous population and through external interference. We can only hope that some people can be saved by joining the internet economy, as jobs seem harder and harder to come by.

africa skipped over the "land line" telephone based internet (now fibre).
africa went straight to cellular telephone/internet. which was cheaper to set up and allowed more freedom of movement.

setting up cellular towers per village is much cheaper then trying to wire fibre cable to every house in the village and then wire the village to  far distance telephony switch stations.

african remote villages can very easily become more internet accessible very quickly compared to a country village in the UK

when it comes to mining. requiring alot of electric. forget it. .. not due to the electric. but just due to the sure climate of africa, its a hot country.
africa is not a place for miners. so just forget that industry.

as a currency though. using phone apps and desktop wallets. no problem

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as for africa's tireless and endless wars and economic instability trying hard to peg their currency units 1:1 with US dollar..
never going to happen

no matter what currency africa uses, america will always want to de-peg the currency.
if america can buy 'cola' or vegetables or clothing in america for $5 why would they buy the same thing from africa for $5
america want to buy it from africa for like $0.50 so america will always try to flex its muscles on the forex to devalue african countries by 10x+ so that america can buy 10x+ more product, rather than making it themselves.

put it this way. china has 4.25x more population than america. meaning if everyone has a house, food on their plate. then china should be like for like 4.45x more wealth than america.

but america dont want to lose american status as the world super power. so america flexes its forex muscles to devalue china by 5x to bring its value to appear as being less than america.

and no expansion, no extra business. no change in currency will affect that.
america will always devalue the currency swap rate in forex to allow america to get more for its money from other countries

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a bit of quick history
$1.40=1 ZAR in the 1970's (africa boomed)
but then international policies didnt like africa's policies
$0.50=1 ZAR in the 1980's (africa slumped)
$0.33=1 ZAR in 1991 (africa slumped)
$0.16=1 ZAR in 1999 (africa slumped)
$0.07=1 ZAR in 2001 (africa slumped)
$0.16=1 ZAR in 2005 (africa boomed)
$0.06=1 ZAR in 2021 (africa slumped)

no matter what forex fiat currency africa creates you will always see the powers that be devalue an african currency over time
which is why many africans prefer to avoid the ZAR(rand) and instead take value in USD(us dollar) or GBP(uk pound) EUR(euro)
after all they wont de-peg their own elitist fiats

by adopting a currency thats not on america forex market an instead on its own open market exchange. africa can actually hedge against the dollar using a deflationary currency to beat americas inflated currency. and stay away from US powers playing market manipulation of the wall street forex exchange

Please are you just assuming this because you have hard some few cases of scams from Africa or is there any actual data that shows Africans never believed in Investment and see it as a scam? Do you know that the World Richest Black man is actually an African in Africa and not from any other country? World's Richest Black Man And do you think his investment started yesterday? I am just going to leave these two links here for your knowledge:
https://www.bbc.com/news/world-africa-56169917
https://www.vanguardngr.com/2021/04/despite-ban-nigeria-leads-bitcoin-p2p-trading-across-africa-in-q1-2021/
 

And what does that even mean?

It's nice to see and hear how bitcoin and cryptocurrencies are capturing new territories and more and more people are studying and mastering them. I realized a long time ago that this is a cool solution, especially for those countries and regions where the financial infrastructure is poorly developed. Where this is the case, blockchain is not just a solution to problems, it is a real working tool for raising the standard of living, creating new jobs and the well-being of citizens. I am sure the future will show us that this approach will have more and more examples in real life.

I don't know where you got these stats from but you need to update your information on internet coverage in Africa.
It has increased since 2019, and most of the countries that make the Internet coverage rate in Africa low are in number, but many countries have coverage of more than 50% and the indicators are increasing.

https://data.worldbank.org/indicator/IT.NET.USER.ZS?end=2019&locations=ZG&start=1990&view=chart

Some financial services have succeeded in that African country, and therefore I think it is time to add a dimension of digitization, especially since many African countries are open to this technology.

Digital currencies & cryptos will contribute to changing these countries, but the resources that these countries possess, with the absence of infrastructure and with the large area of ​​the continent compared to the population, we expect more positive adoption during the next 10 years.

Is there a source for this? This is what people might think about the continent and even though when compared to some other part of the world, it might seem this way but I wouldn't label it as such.


While some major interior locations might not have a connection to the main power grid this does not mean they don't have access to electricity. There is hardly a community without Generators for power or solar-powered system now.


If you check back just like 2-3 years ago, you would realize that some African countries are major crypto traders by volume according to data and Why are you even asking about "how can Crypto-Currency help the indigenous Fiat currencies and grow the African Nations Economy." or maybe you can tell us how cryptocurrency has helped any Fiat currency in other Nations.

Well it's quite impressive Africans are getting interested in crypto and have gone out of the belief of investment being a scam

And that's why IRS has brought an avenue to pay investors in USDT when they hold $IRS instead of knocking on your door collecting tax

According to 2021 Global crypto adoption index from Chainalysis and Usefultulips.org data, the adoption and trading volume of cryptocurrency in Africa continent has been increasing very dramatically last couple of years.

You can see many nations in this continent mentioned in the report, as top nations in terms of crypto adoption. From usefultulips' data, trading volume there on Peer to peer marketplaces has been climbing considerably since 2020.

When I read the OP, I thought something like this but I wasn't sure, as I don't live in Africa, but I would say Agbe has expressed what he thinks, which may apply to some country or countries in Africa, but generalizing without any basis.

The Nigerian community is large in Bitcointalk and we can't generalize as the fellow has commented above:


Egypt, Morocco, Nigeria and South Africa have different situations, to name a few.

Is it possible that the Nigerian community is the largest African community on Bitcointalk?

for now only technology, such as the internet, computers and smartphones can be used as a liaison for crypto transactions, without it will be very difficult

it takes a long time to make African citizens actively transact with crypto but slowly if education is intensively carried out it will definitely make it easier for other African citizens to transact with crypto

The role of the government in accelerating infrastructure development in Africa is very much needed

Definitely not true. I don’t why is selling that narrative. I am Nigerian, I was born here. I don’t have to be Dangote rich to access the internet. Everybody has a mobile phone even kids do... I have been to the trenches and I can boldly challenge the narrative presented here that 80% of the population can’t access the internet.

Cryptocurrencies are actually a getaway card from the old fiancial system that has been keeping Africa underdeveloped

Lol. 80% of the inhabitants can't access internet? Where do you get these stats from. I don't know Africa well but this can't be true.