Topic: How Bitcoin can solve financial problems in Africa (Read 3966 times)

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One key enabler that would spread the use of Bitcoin around the continent is the ubiquity of the mobile phone.

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Nobody in this world will get peace just out of blue.

if you want peace, you have to fight. If you have to fight for it, you need resources. The weak are not protected. Never were, never will be. The weak die. In jungle and in capitalistic jungle as well. If weak nations have to survive they must get strong.

I do not see some nice future here for poor nations. Peple get stronger and harder by work. Not by slavery work, but with work, where everybody is risking a lot for future profit. This idea is both unknown and hard to realize in poor and unstable nations.

Poor will get poorer, rich will get richer. Even if they all use bitcoins. Well invested money with hard work produce other money and it does not matter if it is fiat or bitcoin and those money madeis money that someone else does not have quite often. (Actually it is much easier to redistribute fiat money to poor than bitcoins that are hard to confiscate or forge.)

There are a lot of peaceful, impoverished nations.
They need a means to uplift themselves. Just aid will not work.

What they need is peace.

Everything will be balanced after the peace.

Africa needs political stability and infrastructure. Not a digital currency only popular with a small segment of the richest nations.

You shouldn't be painting the whole of Africa with a single brush. Africa is a vast and diverse continent. Agreed that on an average it is very poor, but that shouldn't be a reason for us to give up on the continent as a whole.

Its problems are also unique. The Ebola virus has set the development of a few countries back by a few years.

Facebook and Google are developing a good solution to cover huge areas with data network.

But again, there is no wealth there in the first place. Payment systems don't mean anything without any money. Not to mention, is there a cellular/data network infrastructure in place to facilitate bitcoin use? Probably not in most areas. Again, a huge problem.

Bitcoin is an enabling technology. In developed countries, the level of banking penetration is very high. You have many banks, with well established infrastructure in place. This is not the case in Africa.

Bitcoin may help Africa leapfrog over its infrastructure inadequacies. Now, all you need is a basic phone with an internet connection. You have your payment mechanism in place!!

bitcoin cannot create wealth for an entire impoverished continent out of thin air.

maybe help with crazy inflation of certain african currencies, but that still is a gamble due to the wild btc exchange rate.  also, the level of technology available to the average person is probably very very different than in other parts of the world

Africa isn't a country....

Do you actually know what you're talking about?

If so, please explain why you think your comment makes sense.

Africa is the one of poor country on the world.
I'm sure with bitcoin, it has a high value on their currency.
With that high currency, African government can spend it for African people for good, especially for curing EBOLA disease

The fact is stated in my post. I live in 3rd world coutry, I see how it works here. I tried to deal with people here (black, white, mixed) and no success.
It is noit about race, but culture. Culture in poor countries is fucked up. I remember how I had to do something important on Friday night in Rio, so I was sitting with my laptop on sidewalk and WHITE WEALTHY guy stopped car in shock and started to shout at me that I am idiot that I am working on Friday night and let's go fucking some girls. Party here, party there.

I had few Africans from Egypt and Morocco on my payroll. They do not work either. It is their cultural (not racial) stereotype, where they believe, that it has no sense to work like Germans for example.

I really love hysterical US comments like yours. Move your ass and go to Africa and then tell me how hard the people work there. Until then you have no experience, just opinion. And you know how is it with opinions. Everyone has some as everyone has butthole...

Indeed!

By coincidence, a couple days ago I watched a documentary about some ancient slave chip which sunk a couple of hundred years ago just after leaving port after delivering its 'cargo', black Africans. The documentary also went on about the situation of those unfortunate people. Apparently, one of the reasons that preferably African people were enslaved was the fact these people, given the circumstances they had to deal with, were, sadly,  the best workers to be found... hence they were enslaved.

Wow! This statement is grossly stereotypical at a minimum and racists at a maximum.

Any facts or evidence to support your claim that people in Africa have "no culture of hard work"?

To the OP, what does the article say?

Lack of access to computers and the internet would be a significant barrier to BTC use in many parts of Africa.

lol how is bitcoin going to help solve financial problems in africa when they dont even have the basic necessities

I do not live in Africa, but in South America, which is in better condition, but somewhat similar.

1st - for bitcoin you usually need internet. It is problematic here and much worse in Africa.

2nd - problem of 3rd world is not just the technology, much bigger problem is culture. Even here is no culture of hard work. It is all about party or family, then everyone is in debt immediately. Even the laziest hipster from US or Europe works harder. I suspect Africa is the same.

Few years ago I went to slum in Pernambuco, which is fairly poor area in Northeast of Brazil, looks exactly like Nairobi slums. I spent few weeks in this favela by guy who was soon after I left killed and met with locals. I picked up one extremely poor 20yrs old black guy, who was IMO brightest of all and he was speaking English, and took him out of the favela teaching him how to do things online.

To make story short - it utterly failed. I gave him computer, paid connection, food, his appartment. I was teaching him how to make money online. Although we were friends and he said he wants to be able to make money, he did not show effort. All he did was eating and going to church.

The problems of poor countries are much deeper, they are in culture and no mirracle will solve it. Not even BTC. It will help with money transactions but that is far not enough.

It cannot. Because the problems in Africa are not financial. They are technological.