Marc Faber on Bitcoin: Unbanked Developing World Not Ready for Bitcoin - page 2.

bitrider

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Quote from: bryant.coleman on June 09, 2014, 12:32:29 PM

Forget about the developing world. Even the vast majority of the people in the developed world won't be able to use bitcoins, unless they are made simpler, so that the non-tech savvy population will also be able to use them.

Yes, all this is true. But give it a couple of years, and this will all change. I believe much faster than most think.

But you seem to have missed the point. The point of the OP was that the developing nations were not ready for bitcoin. My view is they are absolutely ready, and will adopt rapidly (much faster than in the developed/banked world) as soon as bitcoin is ready. They don't have to get banked first, or even get ipads first. They have what they need and the desire. That's a very different story and potential use case for investment.

It is small now but it is already beginning..
https://www.bitpesa.co/

Ron~Popeil

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Quote from: okthen on June 09, 2014, 03:37:24 PM

Quote from: Ron~Popeil on June 09, 2014, 03:13:51 PM

Even the most recalcitrant technophobes usually catch on. Who would have thought you would see 90 year olds talking on cell phones? There will also be companies that can make money by facilitating BTC use by people that aren't tech savvy. This is kind of a non issue.

But the thing in this case is not whether they're tech savvy or not.
If they have no money to buy a computer or a smartphone, they can't know about technology.

A lot of third world places have cell service now. Cell towers are a lot less expensive to build than miles and miles of copper wire.

okthen

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Quote from: Ron~Popeil on June 09, 2014, 03:13:51 PM

Even the most recalcitrant technophobes usually catch on. Who would have thought you would see 90 year olds talking on cell phones? There will also be companies that can make money by facilitating BTC use by people that aren't tech savvy. This is kind of a non issue.

But the thing in this case is not whether they're tech savvy or not.
If they have no money to buy a computer or a smartphone, they can't know about technology.

Ron~Popeil

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Even the most recalcitrant technophobes usually catch on. Who would have thought you would see 90 year olds talking on cell phones? There will also be companies that can make money by facilitating BTC use by people that aren't tech savvy. This is kind of a non issue.

Bubbles06

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Quote from: transient858 on June 09, 2014, 01:55:33 PM

Quote from: bryant.coleman on June 09, 2014, 12:32:29 PM

Forget about the developing world. Even the vast majority of the people in the developed world won't be able to use bitcoins, unless they are made simpler, so that the non-tech savvy population will also be able to use them.

Thought most of the developed world are tech savy?

No, most people are definitely not tech savvy.

transient858

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Quote from: bryant.coleman on June 09, 2014, 12:32:29 PM

Forget about the developing world. Even the vast majority of the people in the developed world won't be able to use bitcoins, unless they are made simpler, so that the non-tech savvy population will also be able to use them.

Thought most of the developed world are tech savy?

OROBTC

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...

I am down here in Peru on a visit (and a little business) and hardly anyone has heard of Bitcoin. Just one guy, who runs a money-changing store (dollars or euros to Peruvian Soles and back). He was not the least bit interested in the whole BTC idea.

Not even a MoneyGram guy at a fancy mall here in Lima had heard of it.

It will take a while here in Peru.

***

I have heard from two people that BTC IS taking off in Argentina (because of gross financial mismanagement by their .gov). So, maybe it will happen faster than I think now.

bryant.coleman

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Forget about the developing world. Even the vast majority of the people in the developed world won't be able to use bitcoins, unless they are made simpler, so that the non-tech savvy population will also be able to use them.

Este Nuno

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amarha

Quote from: okthen on June 08, 2014, 03:27:55 PM

The developing world isn't ready for bitcoin not because it is unbanked. It just doesn't have enough technology widespread. Everyone has to have a computer to start with...

Actually I think the mobile phone penetration is sufficient. All these modern phones are effectively computers. A lot of these new phones are better than my laptop. I don't think that's an issue as much as the safety of using bitcoin. As well as the volatility.

okthen

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The developing world isn't ready for bitcoin not because it is unbanked. It just doesn't have enough technology widespread. Everyone has to have a computer to start with...

Este Nuno

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amarha

Bitcoin has a long way to go to ever be usable in Cambodia. It's not nearly user friendly enough and the risk of theft or loss is simply too high for the average person. It would take a full service company like Circle to build the infrastructure and support network required to enable adoption. The company would in effect have to operate like a bank initially, safeguarding people's funds until the market is mature enough to secure itself.

bitrider

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Exactly. This is the reality on the ground throughout the developing world. The infrastructure is not there yet for bitcoin, but it is on the way. And it will explode...unless it does not. Wink

Pente

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Quote from: David-M on June 06, 2014, 04:56:25 AM

Some Facts about Cambodia:
15 million people
18 million mobile subscribers
yes, 118% penetration! (multiple phones per user)

They can leapfrog the existing banking system.

David

My youngest wife in Kenya uses 3 cell phones. One receives calls for free, one makes phone calls for next to free, the other does text messages for basically free. She works in marketing doing cold sales calls and I know her boss helps pay for them.

When I was on the matatu (type of bus) into downtown Nairobi in the early morning, it was filled with young professionals. They were all playing with Androids and various tablets.

Most people don't realize how technology is leapfrogging in 3rd world countries. They are skipping the land lines. Phone and internet run off microtransactions. For instance, you can rent 3G Orange by the day. It is about 40 shillings ($.50) for about 3-6 MB/second download speed depending on the time of day. There are internet cafes everywhere for about $0.25 per hour.

Young professionals using these devices earn about $250 per month compared to typical salaries of less than $100 per month.

MPESA is already very popular in many African nations, but it is centralized, and governments keep raising the taxes on using it. I believe at some point this cause a huge shift to cryptocurrencies.

waldox

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with bitcoin 100% in cambodia/india/africa can have a bank account!

tinof

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Bitcoin still have high dependency on the traditional bank system.

In this regard, he is right that people with no bank account will not see it as favorable alternative to local currency.

waldox

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most in the third world dont know about bitcoin yet
once they do they will start joining up

Ron~Popeil

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This more than an economic issue, this is a moral one. Giving these people access to capital and a world market is simply the right thing to do.

Mudd

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Quote from: bitrider on June 06, 2014, 04:13:41 AM

I believe he is completely wrong about this. Confused and uninformed. Experience in Africa with cell phone based payment systems has been massive success. Adoption to un-banked has been phenomenal and ubiquitous. Bitcoin based systems will be instantly superior in almost every way - including cost, cross-national application, value store, etc. Just need the tools - which are coming quickly.

I agree with you. I think bitcoin adoption may be slow there at first but it will soon pick up. The mobile banking market is massive there and bitcoin can further help.

bitrider

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Exactly. And much of the developing world (with billions and billions of un-banked) looks like that.

David-M

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Some Facts about Cambodia:
15 million people
18 million mobile subscribers
yes, 118% penetration! (multiple phones per user)

They can leapfrog the existing banking system.

David

Topic: Marc Faber on Bitcoin: Unbanked Developing World Not Ready for Bitcoin - page 2. (Read 2245 times)