Topic: Will Africa be a good place for crypto? - page 2. (Read 3618 times)

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.

I am sure all countries are able to make cryptocurrency as a major currency. Including countries in Africa should be able to make cryptocurrency
becomes a global currency, which can be used like real money. But the obstacles the government will not agree to make cryptocurrency as
a substitute for fiat. Therefore it is our duty to educate others to learn cryptocurrency, the more cryptocurrency users, the government will slowly
soften and finally can legalize cryptocurrency. That's what we expect, so Africa can be a great place for cryptocurrency.

Not only population. Also area of Africa is huge. When you look on map you are deceived since countries around equator looks way smaller as they actually are compared to countries far from equator. Canada or Russia looks like is bigger then whole Africa, but in reality they both can be squeezed on Africa continent easily.

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

In next century?
We will not there to see if this is going to happen. Africa is a good market in terms of population as there are many potential users there but the there are not strong economies that can support buying and selling trades.

Africa is huge and its population and economy will grow by far most in next century. Crypto will definitely help them to achieve all this faster.  Strongest economy spot is of course reserved fro USA, China and India, but Africa will have plenty of countries in top20 in 22th century.

Using it as a real currency i doubt, cause the government will never allow something they do not have total control of to thrive. But recently alot have shifted focus to the use of cryptocurrency with major emphasis on bitcoin and in africa now it is an investment that people are moving into almost everyday

Yes, it is not important whether in which country you are part at the moment, because time will come the full adoption will arise in most countries, so for me, it maybe time now that Africa adopted crypto in their place, which is a good thing for all of us, meaning a large country like them have seen the potential of it, and they will play an important role in the whole crypto community.

Blockchain and crypto currencies are for everyone. Anyone who wants to utilize them is free to do so. And anyone who will do so, improves his future. Africa definitely has internet access and people living their can utilize bitcoin and top altcoins to make their lives better. The governments can also introduce blockchain products in their territory. Sooner or later, all the countries will accept these innovations.

The basic problem is the view itself as bitcoin is a money tree which would give you profit in a short period of time without any effort, making money is not easy and bitcoin is a good medium of transaction and it helps in trading globally and you can generate revenue if you are able to invest money in it or you come up with a business, all the shitty airdrops and all the other bull shit will end one day or the other and bitcoin must be used for what is it meant for and not a quick rich platform .

They are also struggling from technology where the only person who can do invest was the rich who has a power but we know that it can help their economy but how was the poor people? How they can relate?

it will be difficult to ensure because in general the majority of the population is still struggling to prioritize basic needs. But in terms of investment it can be said to be different, it only requires the movement of local and foreign investors to contribute gradually, one of which is their efforts in the development of the crypto mining industry as a start, then convincing the government to move in relation to the expansion of information technology manufacturing, if the fundamentals have been achieved, the network for widespread use of crypto will be more structured for African citizens.

African nations are not homogeneous (unlike the European and Asian nations) and in many cases, the voting preferences are defined by ethnic loyalty. India is one of the small number of Asian nations which are not homogeneous. Here we have thousands of ethnic groups and many of them vote according to the ethnic lines. And when that happens, sometimes less deserving candidates get elected.

Yes, Africa is a great place for bitcoin.
I am generalizing here, but many African countries have crap governments where there is loads of corruption, some countries have hyperinflation, some have really high unemployment, and generally it is not a great situation for many people. What Africans have on their side, is that there is actually not bad infrastructure in many of these places in terms of mobile networks, and internet. Now while not everyone could afford the luxury of a smart phone, and mobile data, many can, and many share these resources with friends and family. Say what you want about Africans, but we are all looking for ways to make money, and move money around to friends and family, or to make and take payments.
Lots of Africans are very interested in bitcoin, but unfortunately there is also loads of scammers who are taking advantage of this willingness to find out information from African people. It is human nature to want to hear as much as possible about something that interests you, and when you are trying to learn about bitcoin, and someone is trying to tell you about ways to easily make lots of money with bitcoin, you listen to what they say, and this is how many of the poorest people lose their money regularly. They are trying to take the little they have, and turn it into something bigger to get themselves into a better situation.
What we can do is just help with better information and education. The people are ready for it and many are already using it, from the poor to the rich, it does not matter...the growth of the amount of people looking for information about bitcoin in Africa is rising really fast.

Excellent post!
I believe that literacy will help much more than having bitcoin in a country. It might reduce the potential poverty and it improves the quality of life not just by people but by whole country. We don't need to hype bitcoin in Africa because many of them are still illiterate until now (that is based from the survey). It will just become a nest for scammers. The good place for crypto might be a good opportunity for all scammers also.

You are underestimating the Africans. I am african and use bitcoin. Think, if there is a group of Africans who are very rich, it means that Africans also think. The point here is quite simple:

Most people in Africa do not want to know how the government works and who is a good leader and so make the wrong choices.

Undoubtedly, the most culturally and technologically advanced part of the African population is certainly attracted to the crypto.
But I think there are still too many pockets of backwardness to be able to think of mass adoption (there are in the Western world, let alone in Africa)
However, it can certainly be a means of emancipation.

Africa will be a good place for crypto if some issues are addressed.
1)Uninterrupted power supply: This is a major issue in many African countries. Irregular power supply will affect access to Internet. Personally I know how much I spend on gasoline daily just to enable me come online to trade, and do other stuffs.
2) Proper sensitization: For crypto to be accepted and adopted in Africa, proper sensitization must be carried out. This is as a result of the purported idea some persons have about people who are into blockchain. Some think they are into internet scams/fraud. Right now, we have lots of young people in crypto. The elders aren't left out too. Whenever I have the chance, I take my time to tutor those that are interested.
3) Government intervention: If the government will create an enabling environment for cryptocurrency business to thrive perhaps by investing in Bitcoin long term. Perhaps this move could save some African nation from recession.

When you entered this forum, are you already a Hero Member? No, right? that is exactly the same of what you asked. Maybe people in Africa are not yet smart enough to use cryptocurrency but they could learn on how to use it, proper education is their stepping stone for this, we don't have to think of them as a low level creature because of their social status, it is not their fault, it is because of their Government not taking action to solve this case.

Talented people will not be able to shine if no one will guide them on how to use their skills or talent, they are doing their best but on the wrong place.

Cryptocurrency is not rocket science. It is actually quite easy to store your coins and to do transactions with them. Tutorials are available in Youtube and other social media channels. In fact, I would say that using cryptocurrency is easier than operating an online bank account, or paying your bills with a credit card. So I would say that your question is irrelevant here.