Topic: Jack Dorsey, Crypto and Africa (Read 132 times)
Jack Dorsey will continue to be a major force to reckon with but one thing that is sure is that no matter the comments made in different fora, gathering or platforms, it does not translate to development or adoption of crypto. Until Dorsey comes to Africa, to set up a business and see the level of decay in infrastructure coupled with the amount of deficit in institutions and the amount of corruption in every facets, the level of political instability and the dearth of a functioning justice system, he would understand that statements alone does not translate to development.
But I believed that unless Africa improved their infrastructure then crypto might thrive in that continent. I admire Jack's enthusiasm about Africa and pushing Bitcoin to at least mainstream, however, there are more pressing issue there that the government doesn't have the resource to build infrastructure that will help and support the growth of crypto in Africa. But let's see how it pans out.
“Africa will define the future (especially the Bitcoin one)”, is what Jack Dorsey, CEO of Twitter and Square, tweeted at the end of his trip to Africa in November 2019. Dorsey previously came out in favor of Bitcoin, and it’s clear that he thinks that crypto could find a strong foothold in the market on the continent. So, what’s the deal with Jack Dorsey, Crypto and Africa? Let’s take a look.
https://twitter.com/jack/status/1199774792917929984
The future of crypto is in Africa
Bitcoin and other cryptocurrencies have struggled to really find their place in the developed world - largely because fiat payments are controlled by a set number of institutions corruption and there’s infrastructure in place to facilitate fiat transactions with ease.
Contrastingly, the developing world has great need for a peer-to-peer payment system that can navigate the digital world. Peer-to-peer is nothing new to the African continent, with countries like Nigeria and Kenya using peer-to-peer financial systems for thousands of years. Nigeria has Esusu, South Africa has Stokvel, and Kenya has Chama, all of which are used to facilitate peer-to-peer payments and savings, but on a grassroots level.
Crypto itself is also pretty established in many countries in Africa, however restrictive crypto laws can make trading on exchanges quite difficult. According to Decrypt, Nigeria has restrictions against sending money outside the country, so the lack of Bitcoin liquidity is the first obstacle that needs to be solved to fully introduce Bitcoin to Africa.
Africa is a developing continent that can offer a lot to the cryptocurrency industry. Nigeria and South Africa have the largest economies, with a $400.6 billion and $317.568 billion GDP respectively (as of 2018).
With burgeoning economies, a willingness to adopt crypto, and quickly developing countries, Africa is the ideal continent for the future of Bitcoin.
https://www.youtube.com/watch?v=aLMJ_qDCzY4
Where does Jack Dorsey come in?
What’s the deal with Jack Dorsey, Crypto and Africa?
“Sad to be leaving the continent… for now,” Dorsey tweeted on 27 November. “Africa will define the future (especially the Bitcoin one!). Not sure where yet, but I’ll be living here for 3-6 months mid 2020.” Dorsey’s trip to Africa began in early November, and he travelled to Ethiopia, Ghana, Nigeria and South Africa. While in Nigeria, he attended a Bitcoin meet up, and met Bitcoin business owners on his trip to Ghana.
The thing is, that Dorsey’s actually spot on about Bitcoin’s future being in Africa. In the last two years, three of the top five countries conducting Google searches on Bitcoin have been in Africa.
"In emerging markets like Africa, the shallow reach of traditional money systems means there’s less resistance to new financial technology," Nate Hindman, the head of growth at Bancor, Decrypt. Developing countries have long been pinpointed as the ones who will really benefit from Bitcoin and crypto, and it seems like Africa is already on its way.
Binance, Belfrics, Paxful, and Bancor are all expanding into Africa, and that’s just the start.
People situated in Africa already have access to an international trading platform that allows traders to buy and sell Bitcoin, and 1000 other cryptocurrencies. The peer-to-peer marketplace Vertex.Market services more than 200 countries around the world.
https://www.youtube.com/watch?v=xdlUtSB0vwU
The future is in the Southern Hemisphere
What’s the deal with Jack Dorsey, Crypto and Africa? Well, he seems to have the right idea about the incredible potential for Bitcoin and crypto development that the continent has to offer. With growing economies, less resistance to non-traditional financial structures than developed countries, and existing peer-to-peer payment systems that have been around for thousands of years, many countries in Africa are poised to define the future of the crypto asset industry.
https://medium.com/@official_83664/jack-dorsey-crypto-and-africa-ff02a3428f22
https://twitter.com/jack/status/1199774792917929984
The future of crypto is in Africa
Bitcoin and other cryptocurrencies have struggled to really find their place in the developed world - largely because fiat payments are controlled by a set number of institutions corruption and there’s infrastructure in place to facilitate fiat transactions with ease.
Contrastingly, the developing world has great need for a peer-to-peer payment system that can navigate the digital world. Peer-to-peer is nothing new to the African continent, with countries like Nigeria and Kenya using peer-to-peer financial systems for thousands of years. Nigeria has Esusu, South Africa has Stokvel, and Kenya has Chama, all of which are used to facilitate peer-to-peer payments and savings, but on a grassroots level.
Crypto itself is also pretty established in many countries in Africa, however restrictive crypto laws can make trading on exchanges quite difficult. According to Decrypt, Nigeria has restrictions against sending money outside the country, so the lack of Bitcoin liquidity is the first obstacle that needs to be solved to fully introduce Bitcoin to Africa.
Africa is a developing continent that can offer a lot to the cryptocurrency industry. Nigeria and South Africa have the largest economies, with a $400.6 billion and $317.568 billion GDP respectively (as of 2018).
With burgeoning economies, a willingness to adopt crypto, and quickly developing countries, Africa is the ideal continent for the future of Bitcoin.
https://www.youtube.com/watch?v=aLMJ_qDCzY4
Where does Jack Dorsey come in?
What’s the deal with Jack Dorsey, Crypto and Africa?
“Sad to be leaving the continent… for now,” Dorsey tweeted on 27 November. “Africa will define the future (especially the Bitcoin one!). Not sure where yet, but I’ll be living here for 3-6 months mid 2020.” Dorsey’s trip to Africa began in early November, and he travelled to Ethiopia, Ghana, Nigeria and South Africa. While in Nigeria, he attended a Bitcoin meet up, and met Bitcoin business owners on his trip to Ghana.
The thing is, that Dorsey’s actually spot on about Bitcoin’s future being in Africa. In the last two years, three of the top five countries conducting Google searches on Bitcoin have been in Africa.
"In emerging markets like Africa, the shallow reach of traditional money systems means there’s less resistance to new financial technology," Nate Hindman, the head of growth at Bancor, Decrypt. Developing countries have long been pinpointed as the ones who will really benefit from Bitcoin and crypto, and it seems like Africa is already on its way.
Binance, Belfrics, Paxful, and Bancor are all expanding into Africa, and that’s just the start.
People situated in Africa already have access to an international trading platform that allows traders to buy and sell Bitcoin, and 1000 other cryptocurrencies. The peer-to-peer marketplace Vertex.Market services more than 200 countries around the world.
https://www.youtube.com/watch?v=xdlUtSB0vwU
The future is in the Southern Hemisphere
What’s the deal with Jack Dorsey, Crypto and Africa? Well, he seems to have the right idea about the incredible potential for Bitcoin and crypto development that the continent has to offer. With growing economies, less resistance to non-traditional financial structures than developed countries, and existing peer-to-peer payment systems that have been around for thousands of years, many countries in Africa are poised to define the future of the crypto asset industry.
https://medium.com/@official_83664/jack-dorsey-crypto-and-africa-ff02a3428f22
Jump to: