Topic: How bitcoin can be useful in developing nations like the African continent. - page 3. (Read 2643 times)
May 21, 2017, 05:45:49 PM
It can help those poor countries through the sending of foreign remittances at cheaper cost comparatively. It doesn't have to be controlled by their governments before it can help them so I think if they are all brought into the know of Bitcoin they will profit exceedingly.
May 21, 2017, 03:34:40 PM
Welcome to the forum! I can definitely see this happening. Most developing nations like Africa have terrible traction with their own currency and very high inflation. Switching to Bitcoin would maybe help them get that traction they need to get their economy going.
The problem with bitcoin though is the price fluctuations that make it sort of hard to use as a countries currency. These problems can be overcome though so you might have a point there!
Exactly, that is why we shouldnt consider something like that, this solution is just not useful for such a countries, where the citizens are living in poverty.The problem with bitcoin though is the price fluctuations that make it sort of hard to use as a countries currency. These problems can be overcome though so you might have a point there!
Their currency is not stable comparing it to other, trusted fiats such as USD or GBP, so the price is volatile, same with their earnings basically, because the value of the currency applied, has the influence on the food prices.
I think that third world countries are still not ready to use the cryptocurrencies as additional way to get money.
May 21, 2017, 03:17:57 PM
I think this question asked here before. Bitcoin can be useful in developing nations like African. Well, yes! Unlike there national fiat currencies? Bitcoin is more stable than those. This is the most reason to adopt cryptocurrency not only for African but for other countries that have bad economy.
May 21, 2017, 06:12:29 AM
Bitcoin is more stable than most of the african national fiat currencies.
This is the most obvious reason for the africans to adopt bitcoin.
Anyway,this question is asked here before.
You should search the forum before making such threads.
This is the most obvious reason for the africans to adopt bitcoin.
Anyway,this question is asked here before.
You should search the forum before making such threads.
May 21, 2017, 06:03:27 AM
If you guys saying Ethopia is being equipped with smartphone and advancing with economic grows then that is not sufficient for it. Just imagine peoples are setting up their mind for smartphone in these days but how can we let them know about completely virtual currency like bitcoin? Means, the question is whether they will accept it in the first place or not? There still lies an infrastructure stuff, you can run business of bitcoin without an local bitcoin networking. They will need a team of miners and bitcoin awareness campaigns to be placed through out the cities. This will need additional cost to government and new regulations for tax. For this government to will need to be educated (well thats too much) but will need to look after many stuff like these. From tiny adjustments to big infrastructure.
April 23, 2017, 10:55:22 AM
Ah Ethiopia, cradle of humanity. One thing that still gives me faith in humanity is whenever I read something about Africans leapfrogging techs and infrastructure. It really makes me hopeful something big will come out there. They never had telephone lines, so why not just focus on mobile? Cool.
A large portion of the population is unbanked so that's where it innovation could start. Bitcoin prices can rise and fall quite quickly so it might still be unstable as fiat replacement but if they make an online wallet they'd be able to convert to fiat during times when bitcoin is high, somewhat reducing the likelihood of not having money when you need it.
A large portion of the population is unbanked so that's where it innovation could start. Bitcoin prices can rise and fall quite quickly so it might still be unstable as fiat replacement but if they make an online wallet they'd be able to convert to fiat during times when bitcoin is high, somewhat reducing the likelihood of not having money when you need it.
April 19, 2017, 02:25:21 AM
Some of the African countries have very bad economy, with that on my mind I think it would be good for them to start with something new and fresh. Most of the African countries, if not all, are with very corrupted governments, I think using crypto-currencies they can follow the money and everything can be more transparent, and transparency is a pillar of democracy.
I think that Africa have a lot to offer to the world, problem is someone to take money and share it justly. That is the only way for them to get out from the dark, if its possible to somehow end with bad regimes they have for centuries.
I think that Africa have a lot to offer to the world, problem is someone to take money and share it justly. That is the only way for them to get out from the dark, if its possible to somehow end with bad regimes they have for centuries.
April 19, 2017, 02:18:40 AM
Bitcoins may help in developing nations like african continent ofcourse financially.If those developing places in africa can access internet they may use bitcoins to gain money and help to raise their economy through the help of it.
April 19, 2017, 02:17:14 AM
Welcome to the forum! I can definitely see this happening. Most developing nations like Africa have terrible traction with their own currency and very high inflation. Switching to Bitcoin would maybe help them get that traction they need to get their economy going.
The problem with bitcoin though is the price fluctuations that make it sort of hard to use as a countries currency. These problems can be overcome though so you might have a point there!
Exactly, that is why we shouldnt consider something like that, this solution is just not useful for such a countries, where the citizens are living in poverty.The problem with bitcoin though is the price fluctuations that make it sort of hard to use as a countries currency. These problems can be overcome though so you might have a point there!
Their currency is not stable comparing it to other, trusted fiats such as USD or GBP, so the price is volatile, same with their earnings basically, because the value of the currency applied, has the influence on the food prices.
I think that third world countries are still not ready to use the cryptocurrencies as additional way to get money.
April 19, 2017, 12:56:25 AM
Welcome to the forum! I can definitely see this happening. Most developing nations like Africa have terrible traction with their own currency and very high inflation. Switching to Bitcoin would maybe help them get that traction they need to get their economy going.
The problem with bitcoin though is the price fluctuations that make it sort of hard to use as a countries currency. These problems can be overcome though so you might have a point there!
The problem with bitcoin though is the price fluctuations that make it sort of hard to use as a countries currency. These problems can be overcome though so you might have a point there!
April 17, 2017, 05:40:50 AM
The big problem with starting bitcoin-related business in such a country as Ethopia, is that the part of the community which has access to internet is not so big, in the whole population of Ethiopia.
[...]
They would need a computer and internet, which is not so easy to achieve in 3rd world countries, first, you should get money for food, water and place to live.
[...]
They would need a computer and internet, which is not so easy to achieve in 3rd world countries, first, you should get money for food, water and place to live.
But Ethiopia is a country with a high economic growth and a large population with a growing middle class. If you manage to be the first mover there, it could be a crucial advantage. And as far as I know in most African countries smartphone penetration is going up fast, so the potential target audience would be growing.
Also, you could start a Bitcoin startup first locally and then expand to other countries - or even become a global player, like China's miners.
PS: Where's the OP?
April 15, 2017, 12:42:20 PM
Hey folks!
I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!
Definitely,Bitcoin could help for the progress of African people.Like Nigeria,soon Ethiopians would adopt bitcoins.Since bitcoin is in its early stage in Ethiopia, you could become a pioneer in bitcoin services in your country.Bitcoin's utmost use is to be realized fully if such countries get benefit by adopting bitcoins.Bitcoin could reach and benefit all the places where banking sector doesnot even want to provide service due to low profitability. I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!
April 15, 2017, 11:37:02 AM
I know parts of africa have experimented with cellphone based money transactions.
A cellphone application, bitcoin/crypto wallet, could be a decent step.
Retailers in africa accepting bitcoin/crypto would be another.
Given africa's past troubles with zimbabwe dollar hyperinflation, btc could be useful to hold/grow the value of africa's currency.
A cellphone application, bitcoin/crypto wallet, could be a decent step.
Retailers in africa accepting bitcoin/crypto would be another.
Given africa's past troubles with zimbabwe dollar hyperinflation, btc could be useful to hold/grow the value of africa's currency.
April 15, 2017, 08:30:34 AM
Just as a small addition; There are already some traders buying BTC in Ethiopia, via Localbitcoins.
https://localbitcoins.com/country/ET
There are also cash-BTC buyers:
https://localbitcoins.com/places/607888/addis-ababa-et/
No sellers so far, that's the problem.
https://localbitcoins.com/country/ET
There are also cash-BTC buyers:
https://localbitcoins.com/places/607888/addis-ababa-et/
No sellers so far, that's the problem.
Wow, it looks like it is worth going to Ethiopia!
One buyer offers to buy Bitcoins at 30470.22 ETB / BTC rate, which corresponds to 1,321 USD/BTC. He has a good rating on Localbitcoins so I don't think he's lying. Here's from his profile: "First to try and build trust only 200 USD, then up to 3000 USD."
I'm not sure whether it's safe there, but I think if I had lots of bitcoins I would go to Addis Ababa to exchange some.
April 15, 2017, 07:34:00 AM
It is hard if only a few people with small resources will go into that kind of business making the use of bitcoin available to all local shops around africa. It will need a big company to finance that kind of system and the government of Africa to allow the use of bitcoin as a medium of exchange in the area.
Well - to receive BTC in Ethiopia it would first require a simple fiat-BTC gateway. A permanent LocalBitcoins trader would already be the first step and doesn't require too much capital - only a bit of knowledge about risk analysis and a bit of math to calculate the buy/sell rates. You can start with an relatively high spread to minimize risks and then experiment with the ideal rates.
Another possibility is to integrate the Ethiopian Birr in an already existing payment processor like Bitpay (here is a list of alternatives, perhaps integration in a smaller one is easier).
I doubt that anyone without reliable internet connection and computer would like to use bitcoin, or even listen about it, which is completely understandable for me:
Why would you get interested about some digital goods, when you even cannot have access to them?
They would need a computer and internet, which is not so easy to achieve in 3rd world countries, first, you should get money for food, water and place to live.
Bitcoins are not necessary goods, you can live without cryptocurrency.
April 15, 2017, 06:47:27 AM
Bitcoin can help the citizen to earn more money, so its means it create a stronger economics condition for the people, bitcoin gives a lot of new opportunity to earn, so bitcoin really help the country from economics sector, and alos it can help the people to do a global transaction, but I doubt they got a proper infra structure like internet to earn and used bitcoin
April 15, 2017, 03:32:18 AM
Hey folks!
I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!
I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!
There are certainly be a lot of new economic activity that can be achieved through bitcoin and isn't previously available to every African, that is something that you should take note of.
Bitcoin is so flexible that everyone can use it, anywhere.
So an african living in, say the US away from his family doing some part time jobs may wants to make a transfer to his family back in Africa, but Western Union or global bank transfers take a cut from his total transaction. Bitcoin does not do that.
Helping the unbanked also, a lot of Africa's population don't have access to banking services, bitcoin is the perfect way for them to have a safe way to protect their wealth against inflation, and have access to something that they can save up upon.
April 15, 2017, 03:13:26 AM
Bitcoin can be really helpful for the african continent by providing a fast and reliable financial system and by providing opportunity also because it is very easy to earn money in bitcoin if you have a lot of patience in doing simple tasks like freelance and signature campaigns. I believe that if bitcoin will be implemented in African Continents then it will be a huge help in innovating that country to a new level.
For a financially back country bitcoins help with its much better solution in the financial system. People of Africa have started to make them adopted to the growing technology. As a part now the betterment is happening through the bitcoin usage for various needs. April 15, 2017, 02:27:58 AM
Hey folks!
I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!
I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!
In my own opinion, the first thing to do is to have a platform where enthutiast of bitcoin can gather or currently are in the country. You will be surprised the total number of people involved in bitcoin already in the country. It could be a forum from there you learn how its being done. With majority not in the banking population, then you might have more issues because users and traders will be spread across the country and its the bank that will serve as the connect like we have here.
April 15, 2017, 01:51:37 AM
Bitcoin can be really helpful for the african continent by providing a fast and reliable financial system and by providing opportunity also because it is very easy to earn money in bitcoin if you have a lot of patience in doing simple tasks like freelance and signature campaigns. I believe that if bitcoin will be implemented in African Continents then it will be a huge help in innovating that country to a new level.
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