Topic: Will Africa be a good place for crypto? - page 21. (Read 3618 times)
I don't really understand African people, but I'm sure any country will someday accept bitcoin as a legitimate payment instrument. because bitcoin is a future money, modern payment technology that has many advantages over ordinary fiat money.
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?
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?
Why not? If africa can adopt to the technology most definitely it would give positive effect to crypto.
If not as real money yet it can be means of investment and a way to earn to the locals just like here in our country philippines.
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I think I differ slightly on this stand. Africa might be a bit backwards in terms of the literacy levels, but it's still not left far behind in terms of technology and advancements. There seems to be a lot of focus on the cryptocurrencies which are the offshoots of the blockchain technology, this governments of these African countries and other developed countries for that matter are against.
But the blockchain techonology is gradually finding it's way into the reins of these countries. A country like Nigeria, where corruption is widespread, the country's Customs Agency is considering the application of blockchain technology in collection of imports duties, et al.
http://africanleadership.co.uk/nigeria-customs-service-adopts-oracle-blockchain-cloud-service/
I think I differ slightly on this stand. Africa might be a bit backwards in terms of the literacy levels, but it's still not left far behind in terms of technology and advancements. There seems to be a lot of focus on the cryptocurrencies which are the offshoots of the blockchain technology, this governments of these African countries and other developed countries for that matter are against.
But the blockchain techonology is gradually finding it's way into the reins of these countries. A country like Nigeria, where corruption is widespread, the country's Customs Agency is considering the application of blockchain technology in collection of imports duties, et al.
http://africanleadership.co.uk/nigeria-customs-service-adopts-oracle-blockchain-cloud-service/
It is not left far behind?
How do we count his far, number of highways, number of universities, number of hospitals, life expectancy?
And your argument is a pure example or apple and
We're talking about normal, average people adopting and doing business in crypto and you come with an example of a private application made by the government (with the help of a US company)
So I won't be quick to right off Africa as a hub. There's significant progress made and with time, there will be more adoption around here.
Any real sources and something actually being done? What are those sings of progress you talk about?
As much as I find the last statement you make here pretty crude, it's in a sense true. Niger itself has a 19.1% literacy rate. 1 in 5 people are considered literate. I wouldn't be surprised if this is tied to the fact that the country is not as urban as it can be -- there might be a lot of people living in villages.
If that's the case (that many countries have a lot of village life), how can we expect them to grasp the concept of BTC? Urbanization takes time, and it's likely that there are some villages that don't use any technology and use food and grain as currency instead. Maybe some of the more urban areas in Africa could adopt crypto, but I don't think it's the best place crypto could be housed at.
If that's the case (that many countries have a lot of village life), how can we expect them to grasp the concept of BTC? Urbanization takes time, and it's likely that there are some villages that don't use any technology and use food and grain as currency instead. Maybe some of the more urban areas in Africa could adopt crypto, but I don't think it's the best place crypto could be housed at.
Yeah, it might be not the best choice of words, but unfortunately, that's reality.
And speaking about Niger as I was curious, Wikipedia gave me one hell of a shock.
"Niger's population has rapidly increased with a current growth rate of 3.3% (7.1 children per mother"
It just confirms that BTC should be one the second or third page of priorities, if not in another book.
People are underestimating the resolve of people, when it comes to currencies. The uneducated people still use money, even if they cannot do the math. How did the uneducated people in Zimbabwe manage with fiat currencies, when they had to work with numbers in the Trillion range?
You're overestimating people
https://www.youtube.com/watch?v=oO83b6wbKU4
Maybe is not good for crypto at Africa, many country at Africa still do not know more about how cryptocurrency working, more profitable is crypto know by Asian country, because many country have much money for investment at crypto.
maybe for this moment crypto community growth still low.and investors come from africa stil rare.but if we look it as opportunity we could to start build community and open new local exchange on there.The government is the in-charge of how they are going to develop their country and this is the problem that they need to solved first before getting into cryptocurrencies. Some people in their are still lack of learning based from what I know so better to focused first tackle about the progress of their education.
The African countries are not still up to the mark in education, finance and even so called British imposed social way. If crypto gets global, then it's another thing, but let them develop on their current situation first.
They've been at at the very least, more friendly with cryptocurrencies compared to other countries. Some Asian countries are crypto-friendly too.
Well, maybe you are saying that for some part of Africa, but if we really want to look at the percentage of those who are actually friendly compared to other potential ones who does not even have a single clue or cannot have a single clue at all due to technology barrier or even schooled enough to understand anything at all, how do you want to place these ones? I have been to some parts of Africa though, and I must say though that I was amazed at the rate at which cryptocurrency is gradually making some waves in some part of this continent, at least South Africa, Nigeria, Ghana, Kenya and Zimbabwe has shown people who are really tired of their inflated system and just need a bail out and this seems like it for them. But one thing is you cannot have a bail out unless you know what it even is, and a lot of those in the less developed areas do not have access.
Maybe is not good for crypto at Africa, many country at Africa still do not know more about how cryptocurrency working, more profitable is crypto know by Asian country, because many country have much money for investment at crypto.
maybe for this moment crypto community growth still low.and investors come from africa stil rare.but if we look it as opportunity we could to start build community and open new local exchange on there. 
Maybe is not good for crypto at Africa, many country at Africa still do not know more about how cryptocurrency working, more profitable is crypto know by Asian country, because many country have much money for investment at crypto.
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 sure a good place for a real life case of cryptocurrency but we have to understand that just very few countries in Africa can have access to this and even have the technology to be able to have access to it. 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?
A lot of the African countries have a higher population of those who are not even learned enough to understand what a PC is, let alone get to want to try their hands on cryptocurrency and this would most definitely be a huge challenge as far as I am concerned, for the space to develop pretty fast within this region. However, looking at the way things have been in this part of the world, it would really be a good use case.
Some African governments have started to crack down on crypto. WhatsApp has been helping the people in some of these countries to trade Bitcoin. But we must also ask if African's would be willing to put their hard earned money into such a volatile market? Probably means more to them than someone who earns more. For those who do make decent wages, Bitcoin and altcoins could certainly be an interesting thing to look into, not sure about an alternative currency though, maybe.
The Cyberius team.
The Cyberius team.
What are you talking about? Just look at Zimbabwe as an example, before you make statements like this. Excessive printing of money caused much of the hyperinflation in that country and many of the people there, used Bitcoin to protect the value of their wealth.
If you want to see what volatility is, look at this : https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe and then tell me that Bitcoin's volatility is more damaging than hyperinflation in that country.
A lot of people are working in foreign countries and they benefit from the low fees that are paid on Remittance of the money that they are sending home.
Africa’s economy is backward, and people’s food, clothing, housing and transportation are hard to get basic protection!
There is no room for development of cryptocurrency in Africa, and people need food and legal resources to solve it!
There is no room for development of cryptocurrency in Africa, and people need food and legal resources to solve it!
Some African governments have started to crack down on crypto. WhatsApp has been helping the people in some of these countries to trade Bitcoin. But we must also ask if African's would be willing to put their hard earned money into such a volatile market? Probably means more to them than someone who earns more. For those who do make decent wages, Bitcoin and altcoins could certainly be an interesting thing to look into, not sure about an alternative currency though, maybe.
The Cyberius team.
The Cyberius team.
In African countries, people spend an average of 27 cents dollar on each cellular credit top up. They use crypto tokens to refill it.
this may sound strange to many crypto industry players, because the current blockchain vision to make the movement of millions of micro transactions around the world has proven to be a difficult challenge to achieve. however, South African startups prove that with a bit of ingenuity and an effective approach it can make cryptocurrency a better payment mechanism than the traditional way that many African citizens currently can in the future crypto, is more famous inAfrica.
this may sound strange to many crypto industry players, because the current blockchain vision to make the movement of millions of micro transactions around the world has proven to be a difficult challenge to achieve. however, South African startups prove that with a bit of ingenuity and an effective approach it can make cryptocurrency a better payment mechanism than the traditional way that many African citizens currently can in the future crypto, is more famous inAfrica.
I think I differ slightly on this stand. Africa might be a bit backwards in terms of the literacy levels, but it's still not left far behind in terms of technology and advancements. There seems to be a lot of focus on the cryptocurrencies which are the offshoots of the blockchain technology, this governments of these African countries and other developed countries for that matter are against.
As far as I know, the population of the african continent is growing very rapidly. In 10 years a lot of people will live in Africa. Yes, the overall level of literacy is low, but the active and rich highly educated individuals can invest in the crypto exchange markets enough their capitals, so I do not consider this factor an obstacle.
By the way, in some african countries people can buy crypto currencies in order to preserve their money from the hyper inflation of local fiat currencies.
I pay attention to towns and cities in these countries. For example, South Africa currently seems to be a country with an attractive investment climate.
I also think that bitcoin investment must be adopted in a country that is experiencing a crisis to help them recover their economy by investing in bitcoin. where for daily needs also use crypto so there is no hyperinflation on their fiat.
Although most of the indigenous people in Africa are not ICT and technology inclined, Africa is one of the good continents for crypto. Most of the countries are developing whereas some are underdeveloped with low economic status.
Bringing crypto to the people will boost the economy as it generates job opportunities and harness the payment systems as well.
Bringing crypto to the people will boost the economy as it generates job opportunities and harness the payment systems as well.
We can't stop crypto development and continuous spread all over the world. But talking on Africa's condition, I've never think people will engage into these since knowing that mostly of them are in the low level individuals and investment is not their first priority at this time.
As always, any single country deserve to use bitcoin as to find some income or fix their economy system, but anyway success or not is back to the governments decission pretty much. African Continent was a very good area with a big chance of bitcoin to growth there.
Yes, most of the third world country deserves to use the system of blockchain, but it is up to their government if they would like to adopt to it or another country would implement and adopt it to them. It's just a matter of time and decision to make perhaps they should start investing already before it's too late. 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?
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?
In some area in some countries in the African continent, some people might have benefitted from crypto.
However, for example, like people who live nearby Lake Victoria, they live without toilets to use. They just defecate directly in the lake, so that they always suffered from severe problems like water pollution, which brings the locals a higher chance of getting ill.
So, in some area in Africa, what they really need is not BTC. They lack household goods and appliances that most people can't even think of. Like toilets.
Africa will definitely be a good place for crypto, but not in the present state of the continent. What do you expect from a continent where 80% of the adult population do not have access to bank accounts of which illiteracy is at its peak and social infrastructure is lacking? Governments are poor policy makers and many lack technical knowledge to successfully run their economy. Before Africa can eventually be a good place for crypto, there are many wrongs that need to be right, many decay that need to be removed and of course a spontaneous infrastructural development needs to be in place.
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