Will Africa be a good place for crypto? - page 3.

logicgate

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Quote from: Sithara007 on November 07, 2019, 12:09:06 PM

Quote from: yulionoo on October 26, 2019, 11:49:35 PM

I think as long as the country's government allows and supports cryptocurrency. then Africa will be a good place for cryptocurrency. African countries are now developing and have good economic growth. if they can utilize cryptocurrency and adopt blockchain technology I'm sure Africa will become a developed country.

The advantage with Bitcoin is that you only need an internet connection (no matter how slow it is), and a smartphone to store your money. This can be a huge boon for the Africans, as the bank coverage is very thin (especially in the rural areas). I am not saying that Bitcoin will completely replace the formal banking sector, but it can be very useful if someone wants to transfer small amounts and in cases of emergency. A lot can be done in Africa, as long as there is a will and the governments doesn't become overly hostile towards Bitcoin.

Africa could serve as a great place for the mass adaptation of bitcoin since they are really in need of something that could generate revenue for them in short time span without much effort. As far as transferring money is concerned, they can also take advantage from the dual nature of bitcoin without relying on banks anymore. I am sure that government would allow people or assist them regarding bitcoin for better economy.

AicecreaME

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Quote from: Memminger on November 07, 2019, 10:22:38 AM

Quote from: AicecreaME on November 07, 2019, 09:57:22 AM

Quote from: White Christmas on October 27, 2019, 02:00:40 AM

I don't think so that the africa will be a good place for crypto because as we all know Africa is one of the very down economy in the world and in Africa there are still places who don't access internet connections

Venezuela also have a poor economy, yet they manage to support themselves with bitcoin, and about the internet connections, it could be solve with the help of their Government (if they want it).

The problem is the government, the politicians who are corrupt. So it would be ineffective to introduce Bitcoin in Africa since the people who are in authority need to change first for the better. It might be used to be abused by storing the funds that they had taken from the people to crypto and make themselves even more wealthy also people who are lacking in education would have a hard time to adapt in this kind of technology.

We're talking about possibilities here so you should understand that these are all what ifs, let me give a simple explanation for this.

Yes, they're uneducated and do have a corrupt government or (don't have the will to end up poverty) in Africa, but what I'm saying is if only Africa do have the same Government like Venezuela, then they could end poverty soon enough with the help of cryptocurrency.

Quote from: Memminger on November 07, 2019, 10:22:38 AM

Quote from: AicecreaME on November 07, 2019, 09:57:22 AM

Quote from: White Christmas on October 27, 2019, 02:00:40 AM

so that's why I don't think that the Africa will be good place for crypto. Maybe it is good in order to help their economy to grow but not a place for crypto.

If Cryptocurrency could help them to grow their economy, doesn't it make good place for Cryptocurrency?

Yes, right?

Nope. Wrong.

Care to tell why?

Remember I'm saying that if Cryptocurrency could help them to grow (save) their economy, doesn't it make a good place for crypro?

Sithara007

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Quote from: yulionoo on October 26, 2019, 11:49:35 PM

I think as long as the country's government allows and supports cryptocurrency. then Africa will be a good place for cryptocurrency. African countries are now developing and have good economic growth. if they can utilize cryptocurrency and adopt blockchain technology I'm sure Africa will become a developed country.

The advantage with Bitcoin is that you only need an internet connection (no matter how slow it is), and a smartphone to store your money. This can be a huge boon for the Africans, as the bank coverage is very thin (especially in the rural areas). I am not saying that Bitcoin will completely replace the formal banking sector, but it can be very useful if someone wants to transfer small amounts and in cases of emergency. A lot can be done in Africa, as long as there is a will and the governments doesn't become overly hostile towards Bitcoin.

bitzizzix

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In my opinion, Africa seems to be the right place for expansion of the cryptocurrency business that has developed on other continents, the potential of this continent is demonstrated by 725 million mobile users, which makes the cryptocurrency currency can be adopted by people in Africa.
and that will help their economy or finance individually, and what I have heard is that the majority of crypto users are favored by Millennials on Aprika, and as long as an area has been reached by the Internet, they can also access the crypto currency.

Memminger

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Quote from: AicecreaME on November 07, 2019, 09:57:22 AM

Quote from: White Christmas on October 27, 2019, 02:00:40 AM

I don't think so that the africa will be a good place for crypto because as we all know Africa is one of the very down economy in the world and in Africa there are still places who don't access internet connections

Venezuela also have a poor economy, yet they manage to support themselves with bitcoin, and about the internet connections, it could be solve with the help of their Government (if they want it).

The problem is the government, the politicians who are corrupt. So it would be ineffective to introduce Bitcoin in Africa since the people who are in authority need to change first for the better. It might be used to be abused by storing the funds that they had taken from the people to crypto and make themselves even more wealthy also people who are lacking in education would have a hard time to adapt in this kind of technology.

Quote from: AicecreaME on November 07, 2019, 09:57:22 AM

Quote from: White Christmas on October 27, 2019, 02:00:40 AM

so that's why I don't think that the Africa will be good place for crypto. Maybe it is good in order to help their economy to grow but not a place for crypto.

If Cryptocurrency could help them to grow their economy, doesn't it make good place for Cryptocurrency?

Yes, right?

Nope. Wrong.

AicecreaME

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Quote from: White Christmas on October 27, 2019, 02:00:40 AM

I don't think so that the africa will be a good place for crypto because as we all know Africa is one of the very down economy in the world and in Africa there are still places who don't access internet connections

Venezuela also have a poor economy, yet they manage to support themselves with bitcoin, and about the internet connections, it could be solve with the help of their Government (if they want it).

Quote from: White Christmas on October 27, 2019, 02:00:40 AM

so that's why I don't think that the Africa will be good place for crypto. Maybe it is good in order to help their economy to grow but not a place for crypto.

If Cryptocurrency could help them to grow their economy, doesn't it make good place for Cryptocurrency?

Yes, right?

White Christmas

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I don't think so that the africa will be a good place for crypto because as we all know Africa is one of the very down economy in the world and in Africa there are still places who don't access internet connections so that's why I don't think that the Africa will be good place for crypto. Maybe it is good in order to help their economy to grow but not a place for crypto.

yulionoo

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I think as long as the country's government allows and supports cryptocurrency. then Africa will be a good place for cryptocurrency. African countries are now developing and have good economic growth. if they can utilize cryptocurrency and adopt blockchain technology I'm sure Africa will become a developed country.

Omega Weapon

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Quote from: Darooghe on October 23, 2019, 10:26:08 AM

Almost every person in Africa who contacts me by Telegram and Instagram about bitcoin wants to get rich quick, and is often already involved in a ponzi or similar 'system' or 'platform'. The most common thing people ask is how to join, how long before they are a millionaire, and how much do they make monthly. I think it's mostly the "rich" Africans who trade and involved in Bitcoin and Cryptocurrencies.

In all honesty many of those that wish to become part of the market think in that way at the beginning, they have heard the stories of those that became rich and they think it can happen to them but we know the truth, the most common outcome is losing money due to a scam or by simply timing the market wrong, then there are others which have obtained profits but nothing like what they want and even more uncommon are the stories of those that became millionaires.

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Quote from: nasipadang on October 24, 2019, 12:28:40 AM

Making money through crypto is good, but can it be used easily in everyday life?

Sure! Why not? Besides, it was the real vision of satoshi in the first place Cheesy

. Look at Vebezuela, they're fiat is now almost valueless so they start switching to bitcoin. See? It's possible, it just takes some willingness and time to implement. If Venezuela able to do this then the rest also can, maybe the only issue is they don't want to and that's the sad reality.

nasipadang

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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?

I think Africa will welcome the arrival of cryptocurrency well, and not allow it to happen. I also feel there will be many obstacles if cryptocurrency becomes money that is used daily. Making money through crypto is good, but can it be used easily in everyday life?

ongkok87

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Quote from: arifteguhr on October 23, 2019, 12:29:55 PM

In my opinion, in an African country, I think it is not quite right because in that country, from my point of view, conditions and internet access are still lacking and in the end what happens is not many citizens understand how to use it. yes even though it will indeed be given education but it is still not able to make them able to understand it in a short time.

Not all African countries in my opinion as you imagine. some countries themselves have contributed significantly to the development of crypto and have even made projects. I have seen in 2018 many people from the continent become an advisory team in the ICO Project and of course the development of cryptocurrency can still be done in Africa

worldofcoins

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From what i can tell Bitcoin will be used more illegally there, especially illegal diamond trades.

I doubt country growth wise it's not a good thing.

ufaiz50

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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?

Very difficult to apply that concept for bitcoin and altcoin. making real currencies have special rules and procedures, especially as crypto is still a taboo in the government system. And if the desired digital currency will be easier if they create their own cryptocurrency to become a real currency.

Oneandpure

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Quote from: AdamRay on October 15, 2018, 07:53:22 AM

I think the countries there are not enough to use Bitcoin as a major currency. I know that their country is struggling but making money on the Crypto market is a very difficult thing. Because if the investors do not have much money, they will become whale prey. it's true.

Around the world always become good place for crypto but depend with how support access to bitcoin like internet, device using for access to bitcoin account have available in some country or not, without have support access for bitcoin like faster internet, available device and support electric I think will be good place for bitcoin although in Africa, if have many way to support bitcoin become interested investment there.

arifteguhr

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In my opinion, in an African country, I think it is not quite right because in that country, from my point of view, conditions and internet access are still lacking and in the end what happens is not many citizens understand how to use it. yes even though it will indeed be given education but it is still not able to make them able to understand it in a short time.

electronicash

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when it was reported that BTC is getting attention in Nigeria, BTC investors are liking but it was later learned that it was the result of the BTC scheme om the country making them use BTC. iguess for a corrupt countries, BTC will be taken advantage by these politicians and scammers. but in Brazil and in the first countries adoptiing BTC, the use of crypto has become more of a normal fiat specially in Japan. the big difference when it comes to corrupt countries and countries who willingly adopt crypto.

Darooghe

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Almost every person in Africa who contacts me by Telegram and Instagram about bitcoin wants to get rich quick, and is often already involved in a ponzi or similar 'system' or 'platform'. The most common thing people ask is how to join, how long before they are a millionaire, and how much do they make monthly. I think it's mostly the "rich" Africans who trade and involved in Bitcoin and Cryptocurrencies.

But even if just one guy from Africa is able to gain financial freedom and inclusion through crypto, I'll call it a huge success story. crypto presents an opportunity for those who understand it. Many people in Africa don't understand it just yet and a lot more are just interested in get rich schemes. It will probably take 50 years to see a large majority of Bitcoin enthusiasts in Africa using it as intended but as long as king of crypto (Bitcoin) remains in existence, there's a viable route for people to circumvent the harsh conditions in Africa created by bad actors, corrupt governments and clueless policy leaders.

Oneandpure

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Quote from: Omega Weapon on October 22, 2019, 09:28:08 PM

Quote from: Sahyadri on October 22, 2019, 07:19:58 AM

Many countries in Africa have the problem of under-banking. Many of them couldn't do online businesses because of this. Some countries have bad reputation because of online frauds. Crypto won't only solve the problem of under banking and make it easier for people to start online business by making online transactions easier, but also will save people from frauds. A few African countries are also suffering with hyperinflation. Here too, crypto can be a saviour.

I do not think so, before you can use cryptocurrencies you need access to many things like electricity, Internet and a compatible device that can store a wallet, while we do not think too much about these requirements, the requirements are quite high if you have a low income, with that in mind you cannot solve the problem of those that do not have access to the banking industry when the requirements of cryptocurrencies are in many instances even higher than the banking requirements.

Bitcoin need good access internet, electric and good device for wallet support to save bitcoin assets, will Africa available have faster internet access and how many people have support with electric in their house, without electric you can lost your bitcoin investment when price higher you can't sell and bitcoin down you can't buy, look on your african country have support everything needed by bitcoin transaction or not.

Omega Weapon

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Quote from: Sahyadri on October 22, 2019, 07:19:58 AM

Many countries in Africa have the problem of under-banking. Many of them couldn't do online businesses because of this. Some countries have bad reputation because of online frauds. Crypto won't only solve the problem of under banking and make it easier for people to start online business by making online transactions easier, but also will save people from frauds. A few African countries are also suffering with hyperinflation. Here too, crypto can be a saviour.

I do not think so, before you can use cryptocurrencies you need access to many things like electricity, Internet and a compatible device that can store a wallet, while we do not think too much about these requirements, the requirements are quite high if you have a low income, with that in mind you cannot solve the problem of those that do not have access to the banking industry when the requirements of cryptocurrencies are in many instances even higher than the banking requirements.

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