I read "castle" instead of "cattle" so I opened the link and was expecting too see a castle lol
Great idea, good to see people opening door for bitcoin and bitcoin opening doors for people.
Topic: This man sells his cattle for Bitcoin in Zimbabwe! - page 3. (Read 3111 times)
Yeah.. this guy is intelligent. Although the volatility in the Bitcoin exchange rates are well known, nothing can beat the instability of the Zimbabwean Dollar (I think now they have withdrawn the currency). That said, I don't know how he is going to spend his coins. Are there any shops in Zimbabwe which accepts Bitcoin? If there are none, then he may be forced to travel to South Africa to spend his coins.
The problem is, South Africa also do not have loads of merchants accepting Bitcoin. I have friends there and they are saying it is nearly non-existent in that country. Apart from a few online Art & craft specialty Bitcoin items, it has nearly no support. I Googled it, and I only found some news that a online retailer called TakeAlot is accepting Bitcoin.
I visited the site, but you have to sign up with a 3rd party payment processor to be able to buy stuff at that site and it seems like you have to be a retailer to do that. I wanted to buy some gifts for them, and had it delivered locally. ^hmmmm^
Being should it will not become problem in the future for him because of sells his cattle for bitcoins and being should he has done calculating about the risk to making investment into bitcoins and be ready lost of value in bitcoin.
I interviewed this man today in Zimbabwe:
https://steemit.com/bitcoin/@bitcoinmeister/this-man-sells-his-cattle-for-bitcoin-in-zimbabwe-a-blockchain-summer-school-harare-interview
His contact information is at the link provided.
https://steemit.com/bitcoin/@bitcoinmeister/this-man-sells-his-cattle-for-bitcoin-in-zimbabwe-a-blockchain-summer-school-harare-interview
His contact information is at the link provided.
Cool! He is one of few people on earth that has discovered the true power and potential of bitcoin. I wish he will be rewarded in future for this wise move and that he will make bitcoin popular among his native community. Bitcoin is changing the world!
i strongly believed that there is a great future in bitcoins. and this is one of the great news bitcoin community. it just goes to show how people nowadays recognize bitcoin and what benefits one can get in keeping them.
That's actually a pretty good idea, but Im not sure why he wouldnt just sell for normal currency
Seriously? This is why:
https://www.theguardian.com/world/2015/jun/12/zimbabwe-offers-new-exchange-rate-1-for-35000000000000000-old-dollars
There is no trust for the Zimbabwe "normal" currency.
Quote
The bank has set aside $20M to pay Zimbabwean dollar currency holders.
That equates to ~27,137 BTC at the current exchange rate, or ~14K head of US cattle, again based on current market conditions. Also, on average $20M = ~8M Happy Meals or = ~227,272 meals at Eddie V's.
Haha. Makes me laugh because they trust bitcoin more than their own currency. Anyway, its really good to see how people recognize bitcoin. Yesterday i saw a post here which a school is accepting bitcoin https://bitcointalksearch.org/topic/this-school-accepts-bitcoin-1663682. Smart choice for the guy to sell his cattles for btc. Goodluck for him.
i wonder how much cattle he have and how much if he sell for each cattle? i think he should have hundreds of cattle in his farm so he decided to sell his cattle. its really interesting news because we can know that in zimbabwe, bitcoin is using too and i am amaze by that person for selling his cattle.
I interviewed this man today in Zimbabwe:
https://steemit.com/bitcoin/@bitcoinmeister/this-man-sells-his-cattle-for-bitcoin-in-zimbabwe-a-blockchain-summer-school-harare-interview
His contact information is at the link provided.
https://steemit.com/bitcoin/@bitcoinmeister/this-man-sells-his-cattle-for-bitcoin-in-zimbabwe-a-blockchain-summer-school-harare-interview
His contact information is at the link provided.
He is somehow kind of genius in his mainland he don't even want to trust their local currency and for sure he does know that bitcoin's price now is somehow a big idea to him that if he would sold it for bitcoins that his going to be his best investment. And he don't even need to feed and take care of those cattle anymore only if he sold all of his cattle.
Well to be honest he didn't have much of a choice. The local currency is beyond screwed and obviously any other fiat will eventually end up in the same situation so bitcoins were a logical choice. It's too bad it has to be a bad situation to switch over from the dark side but hey, whatever gets people over right?
he can make a pool of money if try sells the castle for the common currencies. 
I may think if the Bitcoin will become an excellent progress for those countries like Zimbabwe.
I may think if the Bitcoin will become an excellent progress for those countries like Zimbabwe.
That's an interesting choice, if anything, to be honest. I would expect that someone in a place like Zimbabwe is going to value their cattle or any means of making food or a living more than they would value Bitcoin.
Considering he has access to Bitcoin in the first place I would assume this guy has some status already.
Considering he has access to Bitcoin in the first place I would assume this guy has some status already.
It's outstanding to see first signs of a local Bitcoin economy in African countries. Especially since it's in the primary economic sector. That's what we need to establish a closed-loop Bitcoin economy, where fiat money becomes entirely obsolete. With an established local Bitcoin marketplace, Bitcoin remittances can go native. Only this way Bitcoin can show its full potential and will be greatly superior than any other money transfer service.
A practical problem to local Bitcoin activity catching on in these countries may be the lack of Bitcoin supply. As there are no mining operations, few tourists and only very little international trade, inflow of Bitcoin will remain very limited and mostly rely on remittances. The huge premiums currently paid for BTC in India clearly exemplify this problem.
ya.ya.yo!
A practical problem to local Bitcoin activity catching on in these countries may be the lack of Bitcoin supply. As there are no mining operations, few tourists and only very little international trade, inflow of Bitcoin will remain very limited and mostly rely on remittances. The huge premiums currently paid for BTC in India clearly exemplify this problem.
ya.ya.yo!
Well its a amazing feature if you ask me, being able to sell his cattle for bitcoin, and with that be able to save into bitcoin, this is the first person i do believe is doing such, i do hope to see this being applied at the countries where there is more bitcoiner then Zimbabwe.
I had to read it twice to fully understand it. Thought he was selling his castle. 
Smart move for the man, since their currency is simply worthless he can protect himself and can even maybe make some money out of this deal. (if he holds ofc)
Smart move for the man, since their currency is simply worthless he can protect himself and can even maybe make some money out of this deal. (if he holds ofc)
Great job, these countries whose native currency is crap really will benefit from using bitcoin, we need to get the word out. There could also be a good charitable idea here, where people can send bitcoin to the farm to provide cattle to poor farmers, sorta like crowed funding.
I believe I read on some newsbtc site that Zimbabwe is in the forefront of making it easier for the public to access bitcoin to have it more readily available so this should not be such a surprise.
They sell goats in the mideast this way already as everybody has a cell phone and internet access via this method nowadays. And yes, even farmers!
They sell goats in the mideast this way already as everybody has a cell phone and internet access via this method nowadays. And yes, even farmers!
I think this is a very smart move from this man. Especially when the trust in a currency is very low.
My only concern is that he may have very limited ways of spending the coins. I don't expect every store there to have a bitcoin checkout option for instance.
My only concern is that he may have very limited ways of spending the coins. I don't expect every store there to have a bitcoin checkout option for instance.
Yeah.. this guy is intelligent. Although the volatility in the Bitcoin exchange rates are well known, nothing can beat the instability of the Zimbabwean Dollar (I think now they have withdrawn the currency). That said, I don't know how he is going to spend his coins. Are there any shops in Zimbabwe which accepts Bitcoin? If there are none, then he may be forced to travel to South Africa to spend his coins.
Crazy how far bitcoin has come, i wonder how big bitcoin is in zimbabwe for him to make any sales. Interesting either way. Thanks
I think that is the easiest and safest way for him. If he would sell it for Zimbave money, it would soon be worth nothing because of the immense infaltion. For other foreign currencies he would probably get problems. So Bitcoin is a good choice.
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