Why Africa needs a single digital currency to prosper.

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Quote from: AlkebuLANsM on August 15, 2022, 05:21:09 PM

Does Africa need a single digital currency to prosper.

1) Transaction is instant. This eliminates cash flow issues for small traders in Africa. Transaction cost is minute, with no monthly bank fees. All transactions are visible for everyone to see on the Blockchain. No confusion about whether the payment was made or not.

2) By managing your own finances makes you understand money better. Once you understand the money you become more business savvy. Once you are business savvy your chances of getting out of poverty will increase. [.

3) The need to understand technology is eliminated since the whole operation is done inside the wallet. Makes it easy for a rural farmer with very little technical knowledge can still manage his own money properly.

4) The ability to trade internationally will open up a huge market for small businesses in Africa. Imagine the size of the market for a small trader selling local artefacts to 8 Billion potential customers.

5) Every African with a mobile phone can buy and sell products internationally instantly.

On top of that these projects think Africa needs a single digital currency.

Akoin | Oduwa Coin | AlkebuLAN | Sango

If you think Africa needs a single digital currency support these projects.

Why wouldn't bitcoin accomplish same exact goal? You don't need to understand the tech in btc to use it either.

And how does being your own bank benefit Africa as a region? That doesn't make any sense. I don't think that major problems in africa right now are the the lack of possibility to make internet shops. And even those could be They can be done better without Akoin (or without any new weird coin). Preferably it international crypto shops can be accomplished with existing currencies that have liquidity ready for big players. Using some new currency without decent liquidity looks just like what it is. A scam.

cryptomaniac_xxx

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Quote from: serjent05 on August 21, 2022, 04:52:25 PM

Quote from: Slow death on August 15, 2022, 07:18:16 PM

as someone who posted above said well, we already have digital currency in africa, so your project has nothing good and new to change in africa and i say more, you don't know africa, african leaders who are mostly liar leaders and corrupt people love dictatorship and controlling everything, your currency would not be something that African leaders would approve, they would reject it soon and could even consider it a crime to use your altcoin, this is different from the bitcoin case where most African leaders are still undecided about what should do, but this indecision is because they still want to see what countries like the USA and the European Union will do

This might be a harsh word but I think the project is another creation with a money grab imprinted on it. Indeed, Africa already had a digital currency, if they wanted decentralized, there is Bitcoin to turn to. I do not think that there is another need for Digital currency that isn't issued by the government.

And it's more on the government side though, I mean if there is corruption and there are no infrastructure and support from them, as much as there are a lot of digital currencies, I think it will still be a failure for Africa.

So first the government should stop pocketing the money, and let them build and lay the foundation and groundwork, infrastructure before they decide whether it's good to have a single digital currency or just choose the likes of BTC as their crypto, easy as that. But without the government support, nothing will prosper, just saying.

Papillion

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Piesel

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For a continent to have a single currency, one of the basic components needs a high political will because there will be a need for strict compliance with the currency regulation, but then blockchain has made it easy for that to be achieved with a minimal budget but the challenge is in the differences in the views of member African countries.

While some of them already have an existing digital currency but have declined the adoption of blockchain in the creation and operation of that digital currency so they can't be referred to as cryptocurrency.

samcrypto

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Quote from: evichi on August 20, 2022, 02:05:51 PM

We already have currencies that can be used to carry out payments that can be used worldwide depending on the countries acceptability - such as Bitcoin, Ethereum, Binance coin, etc. IMO, what Africa needs is Education and Industrialization. With more learned people, coupled with good leadership, Africa will be on its way to being industrialized and more people being employed.

That’s the best option for them, top coins can always deliver and we have to adopt them instead of creating their own currency. I’ve read some articles about the economic growth of Botswana and I think African countries should learn from this and they should start making their country rich and aways from poverty. Educating them about cryptocurrency is also a big thing, we cannot just give any currency to them without educating them because it will be useless, Africa is a rich nation with their natural resources, they should start focusing on that.

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Quote from: Coyster on August 21, 2022, 04:12:29 PM

Quote from: trendcoin on August 21, 2022, 03:59:59 PM

Also, I know that some parts of Africa do not have access to the financial system. Cryptocurrencies are an excellent experimental field for these particular regions. I hope everyone understands that we extremely need Bitcoin.

There is no part of Africa or the world mate that lacks a financial system of some sort, how possible is that, there has to be a financial system in place in every part of the world for trade (both foreign and domestic) and commerce to take place.
...

I actually meant to say "access to financial services" but I admit I was a bit of a misnomer. https://twitter.com/worldbankafrica/status/1002901452237524997 Where there is less access to the financial system, the volume of trade is also low. In the world order we live in, economic volumes determine the level of development. Cryptocurrencies could be an excellent experimental field for these regions.

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Quote from: Slow death on August 15, 2022, 07:18:16 PM

as someone who posted above said well, we already have digital currency in africa, so your project has nothing good and new to change in africa and i say more, you don't know africa, african leaders who are mostly liar leaders and corrupt people love dictatorship and controlling everything, your currency would not be something that African leaders would approve, they would reject it soon and could even consider it a crime to use your altcoin, this is different from the bitcoin case where most African leaders are still undecided about what should do, but this indecision is because they still want to see what countries like the USA and the European Union will do

This might be a harsh word but I think the project is another creation with a money grab imprinted on it. Indeed, Africa already had a digital currency, if they wanted decentralized, there is Bitcoin to turn to. I do not think that there is another need for Digital currency that isn't issued by the government.

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Quote from: trendcoin on August 21, 2022, 03:59:59 PM

Also, I know that some parts of Africa do not have access to the financial system. Cryptocurrencies are an excellent experimental field for these particular regions. I hope everyone understands that we extremely need Bitcoin.

There is no part of Africa or the world mate that lacks a financial system of some sort, how possible is that, there has to be a financial system in place in every part of the world for trade (both foreign and domestic) and commerce to take place. Whilst it would be preposterous to say we do not need Bitcoin in the world, mind you that it is of course an alternative currency, that obviously connotes that there should be a central/main currency of which Bitcoin will be alternative too, as it has of now not yet gotten to the stage were it can be the central/main currency in any region or country of the world.

trendcoin

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The whole world needs it, and that's why there is Bitcoin. We are talking about a proposition that applies to all of us. That's why we should tell people around us more about Bitcoin. Also, I know that some parts of Africa do not have access to the financial system. Cryptocurrencies are an excellent experimental field for these particular regions. I hope everyone understands that we extremely need Bitcoin.

evichi

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We already have currencies that can be used to carry out payments that can be used worldwide depending on the countries acceptability - such as Bitcoin, Ethereum, Binance coin, etc. IMO, what Africa needs is Education and Industrialization. With more learned people, coupled with good leadership, Africa will be on its way to being industrialized and more people being employed.

iv4n

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Quote from: Papillion on August 20, 2022, 12:49:12 PM

are you sponsored by africa or that colony a few miles over, inquiring minds want to know.

This is probably a sponsored thread, one world one coin can't work in reality, in this case, one continent one coin! Theoretically, it can work, but that is a hassle in itself, why not have a healthy ecosystem? And that is the beauty of crypto and blockchain... now chains are connected in incredible ways, and all these coins and tokens have been working great and being connected in more ways than ever!

Big words and promises often disappoint in the end! I'm just saying...

Papillion

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are you sponsored by africa or that colony a few miles over, inquiring minds want to know.

Kemarit

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Quote from: uneng on August 16, 2022, 01:23:24 PM

Why don't you simply adopt bitcoin? It's not necessary to create new cryptocurrencies to fulfill the same functions of bitcoin. The solution already exists and it is disponible for anyone who wants to use, so just go for it instead of seeing issues where there aren't any. The point is that people want to earn money by creating their own altcoins and pumping it, but since they don't have any innovative feature to offer or any good reason to justify the adoption of their altcoins, they copy the arguments used by bitcoin adopters for their own causes, although it doesn't make sense for people who have at least a little knowledge about bitcoin and crypto.

Yes, exactly, why we do need a lot of cryptocurrencies when Africa can utilize Bitcoin? And it seems that those coin mentioned hasn't prosper as well and perhaps the continent itself can't and will not have a single digital currency to begin with.

So stick to BTC and for sure they will be just fine. Of course each government can have their own CBCD's an digital money, but if people are looking for crypto, it's better be the one - Bitcoin, no need to complicated things for them.

Gayong88

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I think it is important to join hands to show the cryptocurrency world that Africa is ready to change. My view, With one digital currency than you mentioned above. This will give users a sense of comfort and Africa will be able to achieve greater regional integration in terms of banking services, paying for goods and services, making, receiving payments, investing, accepting charitable donations, eliminating transaction fees and enjoying increased international trade.

yhiaali3

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The issue is not whether Africa needs a single digital currency or not, the issue is whether that can happen or not? Creating a single digital currency for the entire African continent needs the agreement of African political leaders first and needs an economic union between these countries in order for this to become possible, this is somewhat similar to the euro, which is the currency of many European countries, yet there are many differences and problems between European countries, I hope this will happen to Africa, but this is very difficult and many political problems will appear that prevent this from happening.

AlkebuLANsM

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Definitely, this is an African issue. Akon is a popular musician in the USA and a multi-millionaire and a successful businessman. He along with his team created Akoin. With the proceeds, he is building a crypto city in Senegal. Akoin will be the official currency in Akoin City. Sango is owned by the Central African Republic. CAR is the second country in the world to make Bitcoin legal tender. Sango city is another crypto city which will enable any crypto project in the world to set up their company in Sango city. CZ of Binance flew to CAR recently to discuss a partnership with CAR. Two outcomes can come out of this visit. 1) Binance set up an African branch in CAR 2) Sango gets listed in Binance.

Poverty-stricken Africa is fed up with feeding the colonials and starting to move toward a free and prosperous Africa. With a total population of 1.3 billion Africa doesn't need the consent of anyone to become successful. With the number of natural resources, it can easily overtake USA or China.

Coyster

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Quote from: AlkebuLANsM on August 15, 2022, 05:21:09 PM

If you think Africa needs a single digital currency support these projects.

Well i really do not know why African needs any digital currency to prosper, not to talk of these ones you've mentioned, i do not know anything about these projects, neither would i be interested in supporting them, and i'm sure quite a lot of people feel the same way; with the increasing level of poverty in Africa i really do not know if it is actually a crytocurrency that they need, or an actual working government that can provide basic amenities for them, which will improve livelihood generally and enable them to live slightly above poverty.

Having said that, if Africans ever need a crypto to adopt, then it should be Bitcoin for now, for obvious reasons of course, Bitcoin can guarantee them true decentralization and freedom of their funds from government control, that can allure many of them to the network and from there on they can start to garner the necessary knowledge.

avikz

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Africa needs a transparent and western influence free administration to prosper. Nature has blessed Africa with rich natural resources. But due to the administration, the benefits are not reaching to common people. Also it needs to defeat the terrorist organizations operating out of Africa.

A single digital currency can surely help but this is not the most important thing for Africa to prosper. It's can be seen as a cost cutting initiative which can also bring transparency into their financial framework. Only having a digital currency can't help!

el kaka22

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National conflicts would stop that. I am not saying that we shouldn't have one, but officially there can't be because not all nations will agree to this and governments will not want to. Even something like euro which is used by many European nations but still a fiat currency, would have worked amazingly for Africa, because it would allow them all to grow together, and would allow them to walk free to each other in a European union type of stuff.

But, they won't and that's the problem. And if we are talking about nothing official by the governments, like a legal tender, then we could always use bitcoin and there is no need for any other project at all, just let them all use bitcoin.

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Quote from: AlkebuLANsM on August 16, 2022, 02:01:00 PM

_cut_

To say that Africans don't have the knowledge to use such technology is very condescending. Africa & Africans have provided so much to this world in terms of technology.

You see this is how scammers operate, i never said anything related to this, yet this is obviously reply to what i wrote. I didn't generalize Africans, i am just saying that scammers hope that their prey is stupid enough not to see the scam. What you are doing here is the technique that scammers love to use and thats praising them for being smarter then others because they want to invest. I would be very surprised if this wasn't going to end up being a scam. Like literally all the failed city coins out there.

Topic: Why Africa needs a single digital currency to prosper. (Read 216 times)