Will Africa be a good place for crypto?

grabpopcorn536

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Quote from: bryant.coleman on September 06, 2020, 12:43:42 AM

This has to be the most ridiculous post in this section. Could you please explain why Bitcoin is not suitable for poor people? All you need is a $50 smartphone and a data connection that is going to cost you around $4 per month. Anyway most of the Africans do have smartphones in their possession. I would rather say that Bitcoin is more pro-poor when compared to fiat currency. You can store Bitcoin on your own and you don't need to pay the banks for storing your money.

Who will be responsible for the falling bitcoin price? Nobody? How will people in these countries respond to that?
Has there been a country in the world that has replaced bitcoin for its banking system? So what makes you sure that bitcoin will succeed in Africa? Furthermore, the more people send money, the cost of payments increases, and the blockchain bitcoin slows. Who will be responsible for that? Do you think they accept that?

Quote from: ?? on ??

The reason that some are getting by in Africa right now is because of cryptocurrency, did you assume that all people in Africa are not paid to work? With regards to their economy, most countries in Africa are using it because it is more convenient for some people. Isn't the goal of cryptocurrency to remove the archaic banks in the first place?

Nonsense, bitcoin deleting banks is the goal of satoshi. And the bank will help the state manage the country's economy and promote investment lending, creating a circulation of cash flows. If one needs to borrow money to produce, Bitcoin won't do it. What if the African state needed more money to circulate in the community? Will they urge miners to produce more bitcoin or will they increase the value of bitcoin in their country because of demand? The price difference will only benefit those overseas. Cash flow will flow to other countries. Do you think their government is stupid enough to let that happen?

wanted sliter

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I think that the economic scale in these countries is not necessary to develop crypto and apply crypto into practice. Many countries in the development process need more food, health care, and education. Most people are not trained to be technology engineers and they need skilled workers in their economies.
Adopting blockchain and crypto technology is only available to the more developed countries to resist the manipulation of the banks and the wealthy affecting the economy.
For an underdeveloped economy, what is most important to them is how the organization and governance of the country and cryptocurrency are not necessary.

bryant.coleman

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Quote from: grabpopcorn536 on September 05, 2020, 11:23:00 PM

Bitcoin will not be viable in bitcoin because here the majority of the population is poor, and Bitcoin may not help these countries achieve their economic goals. The use of bitcoin in underdeveloped countries will diminish the role of banks and possibly kill the economy.

This has to be the most ridiculous post in this section. Could you please explain why Bitcoin is not suitable for poor people? All you need is a $50 smartphone and a data connection that is going to cost you around $4 per month. Anyway most of the Africans do have smartphones in their possession. I would rather say that Bitcoin is more pro-poor when compared to fiat currency. You can store Bitcoin on your own and you don't need to pay the banks for storing your money.

Golftech

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Quote from: Rulelies on May 13, 2020, 05:47:04 PM

Dont look down on africa. yea obviously there are a lot of under-developed countries over there but i can vouche for a country like Nigeria. Dont be suprised that they know crypto more than some other countries you think know crypto.

Nothing is permanent,yeah African countries now is still Under developed and many looks down upon them but some country inside are pushing their economy and Government to grow high.\
This may take long but for sure things will happen soon.
Let us support Africans and let them be one of the Crypto community countries.

grabpopcorn536

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Bitcoin will not be viable in bitcoin because here the majority of the population is poor, and Bitcoin may not help these countries achieve their economic goals. The use of bitcoin in underdeveloped countries will diminish the role of banks and possibly kill the economy.

jaysabi

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Quote from: Sirait on May 12, 2020, 07:42:24 PM

Quote from: FanatMonet on May 12, 2020, 07:26:34 PM

Using cryptocurrencies precisely as a medium of exchange is difficult not only in Africa, so I very much doubt that there will be some kind of strong breakthrough, especially when you consider that many people do not have internet access or smartphones.

uneven internet access and the economic ability to buy a smartphone are common obstacles to implementing cryptocurrencies as payment, in the next few decades, several countries in Africa will definitely be a good place for crypto

Places with low income and wealth are going to be less likely to adopt crypto as a currency anyway, as the volatility of crypto is a much bigger risk to those with limited means than those living in more advanced economies. If the value of your bank account could decline 10% in a day, would you keep a lot of money there?

Peterson60

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Africa already is a good place for crypto. Just look at some basics stats. Yung people (millennials) love crypto and Africa is full of them (with the average age of 20). If we compare this to the average age of people from Europe or Asia, it's nearly half of their age. Even FX brokers that allow trading Bitcoin that operate in the African market adopted and are now accepting the most popular payment method in Africa - Mobile money.. Take for instance how much mobile money helped to the economy of Ghana and given that crypto has much lower fees than telecom operators charge, I believe we can expect further growth of popularity of crypto across Africa.

Rulelies

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Dont look down on africa. yea obviously there are a lot of under-developed countries over there but i can vouche for a country like Nigeria. Dont be suprised that they know crypto more than some other countries you think know crypto.

billykannithi

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I think there are a long time to bitcoin become a real currency. Money is the power of each nation or rather the power of the ruling class, demonstrating the power of government. But Bitcoin is different, it's derelict, decentralized, decentralized. If Bitcoin became the main currency then the power of government would be no more. Do you think the government wants this to happen

Gheka

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Quote from: dragon695 on May 13, 2020, 04:00:48 AM

I don't think it is a good place for crypto currencies. there the laws are not very strict and that may be an immediate advantage for people in Africa. But how many people there are educated enough to understand this technology and take it to the next level? they don't even have smartphones to entertain, their daily life is to earn a living by trading minerals. In general, technological development in Europe is quite difficult because the population is low there. It will take a lot of time for people to understand our message.

Although Africa is a place where not too many people have a good education, this is also an advantage when crypto gives them another way to increase income in life, we should understand that the economy here is not so good, the demand of people is always making more money, they will definitely take advantage of opportunities from crypto. Besides, minerals are the largest resource in Africa and a lot of wealthy people come from this resource, with the support of these people, crypto will reach the world a little more

raidarksword

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Yes, i believe Africa is now capable of doing business with crypto in fact AKON, the rapper is really trying hard to pursue his own coin and be able to use it and being adopted on Africa. There are now African crypto-based projects that are in the market listed and getting progress. It shows that crypto is universal and can be adopted anywhere around the globe as long as government approve its usage.

dragon695

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I don't think it is a good place for crypto currencies. there the laws are not very strict and that may be an immediate advantage for people in Africa. But how many people there are educated enough to understand this technology and take it to the next level? they don't even have smartphones to entertain, their daily life is to earn a living by trading minerals. In general, technological development in Europe is quite difficult because the population is low there. It will take a lot of time for people to understand our message.

falcon69

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I think that it is necessary that the people who live there understand why Bitcoin or other cryptocurrencies are needed and why it is better than fiat money. Therefore, I don't think that cryptocurrency will be used everywhere in the near future.

onrise

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Quote from: Negotiation on May 13, 2020, 12:36:10 AM

Quote from: Sirait on May 12, 2020, 07:42:24 PM

Quote from: FanatMonet on May 12, 2020, 07:26:34 PM

Using cryptocurrencies precisely as a medium of exchange is difficult not only in Africa, so I very much doubt that there will be some kind of strong breakthrough, especially when you consider that many people do not have internet access or smartphones.

uneven internet access and the economic ability to buy a smartphone are common obstacles to implementing cryptocurrencies as payment, in the next few decades, several countries in Africa will definitely be a good place for crypto

I agree with you that Africa is a really good place for crypto Africa has improved a lot in the past and has supported crypto Their internet speed has become much faster. Everything is being accessed and most people are using their crypto through their smartphones This is improving their country's economy and increasing the demand for crypto.

Though exactly not sure how is the country situation and how much spend the people can do it, their infrastructure, their education and literacy etc will also determine how well the people can get used to it and government can plan to implement in coming years. It would always be a better if the country pushes the reforms and in this digital world crypto will be playing a huge role and this could also help many ways in which we do transitions previously and now and also people get more self employed though crypto as a way of trading, investing, creating worthwhile coins or any other businesses supporting crypto.

rodskee

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Quote from: UconBit on October 15, 2018, 07:09:18 AM

The success of digital wallets in the African continent was really great and based on what I've read on news articles about it, it really helped the economy and the businesses when it all started years ago.
With this in mind, will Africans be welcoming of bitcoin/altcoin as a real currency and not just a quick way to earn cash or invest? Like using it as real money / cash?

Africa is one of the largest Continent in the world with large population
,though they are being abused and still in progressing
yet this country as far as i know is very rich in resources things that
their advantage in future,and with Crypto
arises nowadays ?then it will help their country to be growing and economy
will bloom,Maybe not when the time you
posted this and also not in the next years but one day African people will cherish with crypto together with all cryptonians
around the world.

BD Money365

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I think africa is ready to accept cryptp. I saw some of the african country launch crypto exchange. Ofcourse, banks are at hand to disagree with individual effects which are liable to pose their businesses to threat. previously africans apprehend crypto will fetch them money, they will instantly include it and toil into crypto. However, in an demand someplace the change is observance them to delay longer, presume me they will reverse off. Crypto will be well-mannered in Africa but the circulation of tolerant be able to be a challenge.

Negotiation

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Quote from: Sirait on May 12, 2020, 07:42:24 PM

Quote from: FanatMonet on May 12, 2020, 07:26:34 PM

Using cryptocurrencies precisely as a medium of exchange is difficult not only in Africa, so I very much doubt that there will be some kind of strong breakthrough, especially when you consider that many people do not have internet access or smartphones.

uneven internet access and the economic ability to buy a smartphone are common obstacles to implementing cryptocurrencies as payment, in the next few decades, several countries in Africa will definitely be a good place for crypto

I agree with you that Africa is a really good place for crypto Africa has improved a lot in the past and has supported crypto Their internet speed has become much faster. Everything is being accessed and most people are using their crypto through their smartphones This is improving their country's economy and increasing the demand for crypto.

Sirait

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Quote from: FanatMonet on May 12, 2020, 07:26:34 PM

Using cryptocurrencies precisely as a medium of exchange is difficult not only in Africa, so I very much doubt that there will be some kind of strong breakthrough, especially when you consider that many people do not have internet access or smartphones.

uneven internet access and the economic ability to buy a smartphone are common obstacles to implementing cryptocurrencies as payment, in the next few decades, several countries in Africa will definitely be a good place for crypto

FanatMonet

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Using cryptocurrencies precisely as a medium of exchange is difficult not only in Africa, so I very much doubt that there will be some kind of strong breakthrough, especially when you consider that many people do not have internet access or smartphones.

Kong Hey Pakboy

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Quote from: Sanugarid on May 10, 2020, 03:04:20 PM

Quote from: Smitty Werben Man Jensen on May 10, 2020, 06:55:41 AM

Africa is not good for crypto currencies! Somehow I was traumatized by the project from Africa, Golix and Webercoin made me distrust the project from there, especially Golix, I have money there almost $ 1000 and now they are scamming

Investing with cryptocurrency projects now sucks, really, coz there is 90% chance that they will just run after scamming their investors. But that does not mean anything about the whole Africa as a continent, you do not even know if the team behind the project is really from Africa, maybe they just used people's profile with african citizenship. I feel you from what you have lost, $1000 is worth a lot, I experienced it once that's why I'm stop trying to convince myself to invest on most of the projects.

As many people says, investing in new projects nowadays are now really worth it because most investors have lost their interest due to increased cases of scams, and sometimes unsuccessful. You shouldn't put all the blame to Africa about scam projects because maybe the team members are only using fake informations to scam other people. I also think Africa is a good place for cryptocurrency because it is very low transation fees for international payments that it is convenient for them to used it as an alternative for fiat currency.

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