Topic: Imagine African countries using Bitcoin to pay salaries, (Read 943 times)

Some people here wish that, no African country has yet announced that and will not, that it is economic suicide to introduce Bitcoin as the first currency in a country. Not even Ecudador has dared to do that; although Bitcoin is an official means of payment there, the main currency is still the US dollar.

You are absolutely right !
And I am very sorry to see how the residents of some countries are once again being manipulated by the government, telling them fairy tales about how they will become rich after they replace their currency with Bitcoin. It all ends with this:
- a lot of time will be lost
- there will be no positive result
- the people will continue to remain in the role of a fool who is manipulated, most likely by a highly corrupt government
- the population will again come up with a new “culprit” for the failure of the project, and it will be anyone except those who promoted this fake.

As a result, the population will become even poorer, the authors of the project will become richer, everything will go into a new circle - a new fabulous “salvation” project, and so on in a spiral many times over. Until the people understand that they are being manipulated and the government is not solving real problems, but is only making money

Well for the fact that Nigeria still remains the only African country that have the highest volume of bitcoin transactions shows that even those countries that have made public acceptance of bitcoin are still on a very low key level and still very far from being called a fully bitcoin legal tender country, any ways we also have to look at the the other end of things such as the level of bitcoin usage within the country and what the total bitcoin volume are based on the total adoption level in the country.

So for that, we are all aware of the fact that bitcoin usagebliity in Nigeria is still very high even higher than what we have in the central Republic who is already a bitcoin legal tender country.

Even Central Africa Republic adoption of bitcoin too is in low key because after the announcement of their adoption of bitcoin as their legal tender, I have not heard anything from them again. Or is it that they not much in this forum? Because I have not even seen their posts in the forum. And if really African countries accept bitcoin and using it to pay salary then the inflation level would come down because the use of local currency will reduce and one the uses of local currency is reduced then the demand of dollar rate in the continent will also reduces them dollar will fall out from the continent.

Accepting bitcoin in all sectors of the governmental institutions is what we are hoping to see and do in the region we are really tired of the high inflation in the continent.

As far as I know, until now there is no country in Africa where local companies pay their employees' salaries using Bitcoin. Perhaps these companies consider that using Bitcoin will increase the company's burden since they need to invest in it and incur fees to pay for each transaction. And also employees might object to the rule because they have to exchange the Bitcoins they earn into fiat for their needs. These reasons may be the underlying reasons why companies do not pay their salaries in Bitcoin to their employees even though their countries allow Bitcoin to be used as legal tender.

Exactly,  government deciding to pay workers in bitcoin will not solve anything about financial crisis and economic problems of s countries if things to be look into are not solved accepting bitcoin won't do any much different for the economy.  The main thing Africa governments needs to look into before accepting bitcoin and for payment of workers salary is for them to learn good management of funds, if their is no good management of funds and to make good investment i don't think accepting bitcoin will make any difference.  Its just like an investor that lacks good management, the problem of lack of investment will definitely affect decision to accept Bitcoin or pay workers in bitcoin.  Good management of fund is what Africa needs to help the economy.

OP, have you ever thought of this, if the government for example decides to pay salaries with bitcoin don't you think their will extra charges, the transaction fee is high and the fee that will be used in facilitating the payment can be channeled into other stuff, if African countries government eventually do this which I know that is wont be possible, it wouldn't change anything, what African need is eradication of poverty in the land not payment of salary with Bitcoin, poverty has dealt with Africa to the extent that the leaders should be considering a means of bringing their people people out of it with the resource available.

In some countries the average salary is less than what you can earn in a signature campaign on Bitcointalk. I imagine fees could be an issue for these people. You could probably find a workaround using Fedimint or something custodial.

In general, it is positive if employers want to pay their workers in Bitcoin. In cases where there are accounting errors we will always have a permanent record on the blockchain to be able to correct mistakes.

If we want to Africa start paying salaries in Bitcoin they should expand their Internet scope cause what I know is not the majority of African people can't access the Internet tho. Rather than expecting African countries to start paying salaries in Bitcoin in a short time their people are already able to earn Crypto online in many ways and it will boost their knowledge about cryptocurrencies.

I think African countries have similar issues as Latin America.
Companies not paying much for people just biding their time, the skill level mainstream is pretty low.
In South America companies are not investing into their labour force. 

The same thing applies to every country, if not a country like the US should have legalized Bitcoin. However, the drawback of the legalization of BTC is from the government due to their lack of understanding about BTC and their stance toward decentralization.

Even if the country legalized BTC is it not a must they use BTC to operate their economic affairs. The purpose of using BTC is to serve as an alternative tool that will maximize the country's economy.

Many governments in Africa are finding it difficult to adopt bitcoin and talk of paying their workers in bitcoin. I don't even think that even countries that have adopted Bitcoin will plan on paying their workers in bitcoin. I don't really think it will make more sense for any government to be paying their workers in bitcoin. Due to the volatile nature of bitcoin, the price is always fluctuating, so if workers are paid in bitcoin, it will affect some workers because some of them may lose money in the bitcoin market, which is not stoppable.
 
And even in some countries, governments have to start paying their workers in bitcoin. I don't think it will start in African countries because I believe the rate of internet ignorance is very high, and if possible, any African country will start paying their workers; it will not be in this current generation, it will be in a generation with some level of ignorance in African countries.
 
In short, I don't think Bitcoin was created to replace fiat money; it was created for the purpose of privacy, and I am sure people's privacy is what governments don't really want, so I think it will be so hard for the government to pay workers in bitcoin.
 
 

You won't say it is not advisable to pay workers with bitcoin except you are talking about the internet challenge and the volatility which happens to be the challenge so far because the price can change at landing and some people might feel cheated with that or feel it is an intentional act that the sender reduced the quantity of coins. If not for such volatility doubt, nothing is wrong with sending someone who is knowledgeable about bitcoin his salary through his wallet. Afterall people still trade on P2P and arbitrage.

Well, based on my understanding, OP is trying to say like "what if" African countries will try to use Bitcoin as payment for their employees? I think this is complicated to do but maybe possible of both parties the government and the employees will agree to the mode of payment but for me it is unlikely to happen due to the risk of volatility.

Why did the African country announce something about that matter—that the companies in their country will pay Bitcoin to the employees that the companies have? As far as I know, there seems to be no such news yet. Also, I have never heard of a company in the world that pays their employees in Bitcoin instead of their fiat currency.

Moreover, in these times, it seems that it is also not advisable or recommendable to pay bitcoin for employees' wages. Because of opportunities like this in these times of approaching halving and bull runs, every bit of bitcoin is very important.

Africa's economic and monetary policies, including Bitcoin adoption, are at a crossroads. Beyond being Bitcoin-friendly, you must comprehend digital currency's dynamics in a typical financial setting. Nigeria may lead, but what about other regions? It's not uniform. Regions, difficulties vary. Let's not even mention Bitcoin's volatility - a fantastic rollercoaster for the brave

Lower middle-class education and training? An absolute must. We're not simply educating people how to use Bitcoin; we're also discussing its effects on their daily life. And the government? Their job is vital in fostering innovation and public safety through regulation. They should take on the issue of balance. Bitcoin adoption is a step toward economic empowerment and inclusivity, not merely a financial decision. Progress is about that, right?

Introducing bitcoin as a means of payment, or introducing Etherium, or introducing Avalanche will not solve anything. As many examples have shown, when people tried to slip populist solutions to distract from real problems, and from solving real problems rather than manipulating the consciousness of citizens. The best example is El Petro (petro), a cryptocurrency developed by the Venezuelan government. Instead of taking real steps to solve economic problems, to fight corruption, to restore normal relations on the world market, the government decided to give itself a head start by telling people the fabulous result of replacing one unit of account with another. I predicted the result even at the beginning of this "project" - the only useful solution is an opportunity for the anti-people rulers to stay in power....

Once again - no replacement of units of account will not fix the problems of the economy.

What African governments need to consider is their economic and monetary policies, because adopting Bitcoin as a payment option means impacting changes on policy and also on traditional finance itself. It all depends on how stable the currency is as well as public support for the Bitcoin payment option, whether they know each disbursement process. Nigeria itself has been around for quite a long time and could be said to be Bitcoin friendly and even then it depends on the region whether it is really used to the digital payment system. Because what often becomes an obstacle for the government is access plus establishing regulations. To achieve payments using Bitcoin, the most important fundamental thing is that lower middle class people receive education and training on how to use Bitcoin well and understand the volatility of the Bitcoin market, especially workers and entrepreneurs who will receive these payments..

Central African Republic has followed the path of El Salvador making bitcoin as a legal tender. But the rest of the African countries don’t see bitcoin as a legal tender, although some of these countries are currently active in bitcoin investments. So if Central African Republic is accepting bitcoin as a legal tender, it’s highly possible that employees may request from their employees to pay them in bitcoin.

However, in some African countries like Nigeria, their central bank is not recognizing bitcoin as a legal tender, even though Nigeria is known to be a crypto friendly after it has lifted its ban on crypto. Most likely, these countries do not see bitcoin as a currency but mostly a property or a long term investment.

Nevertheless, I’m still seeing bigger chances for most of African countries to accept bitcoin as a legal tender in the future. The fact that bitcoin is already legal in their countries, then most probably years from now it will be from Africa again that we will hear bitcoin considering as a legal tender. With that, it’s not surprising if employees will be paid in bitcoin as long as there is mutual agreement between the employer and its employees.

I think you yourself know that it will be very hard for a country to adopt bitcoin and start using it as a means of paying their workers when they have their own fiat currency that is legal in the country at large. Did you know that for the government to start paying their employees with bitcoins, it means that they have completely accepted bitcoin as a legal tender in such a country, which the government did not want? Although I read in some previous replies that they said Central Africa accepted bitcoin as an alternative means of payment, even with that, they didn’t make it their main means of payment for their employees.

Furthermore, there are countries that lack proper technology. Even Nigerian workers have such problems. There is not much technological advancement in the country that will have a positive outcome for using bitcoin as a means of payment. Don’t forget that bitcoin is something that someone must learn before starting to use it, so I don’t think most people have time to go back and learn the process of bitcoin technology now.

And remember that even if they do, the government will be the one responsible for teaching them. There will be many bills for the government before those people learn the technology, so these are the things that I think the government will not allow bitcoin to be part of the currency to pay their employees.