Topic: Will Africa be a good place for crypto? - page 7. (Read 3578 times)
It seems to me that this issue needs to be approached more seriously and carefully, from the point of view of the practical transition of the state to cryptocurrencies today. We all know that the national currency of any country grows only if there is significant progress in the economy and GDP grows in the country. But if we are talking about cryptocurrency and that the state completely switches to cryptocurrency, then first you need to have a more stable cryptocurrency market so that cryptocurrency doesn’t bankrupt states at all, because in one day the price may be higher, and after 10 days, the country's cryptocurrency assets will fall in price by 100% or 1000.
Africa, as a continent, needs to embark on cryptocurrencies to salvage the economy of the majority of the countries there. A country like Zimbabwe suffered major currency inflation, and cryptocurrencies could come in handy for such an unstable currency. The majority of governments in African nations are unstable, and people need another way to ensure the safety of their funds. Currencies in most African nations are of low value. The solution to these challenges might lie cryptocurrencies.
There are 2 completely different factors to consider when discussing africa and crypto currencies or any digital asset.
1. The infrastructure in a lot of area of financial services are poor so it seems to be a good place for crypto to make impact.
2. Most of the people do not have access to smartphones and internet. So no, there can not be a big impact before there is cheap internet
1. The infrastructure in a lot of area of financial services are poor so it seems to be a good place for crypto to make impact.
2. Most of the people do not have access to smartphones and internet. So no, there can not be a big impact before there is cheap internet
Africa is a huge market with a lot of dynamism. Take for instance Nigeria, Kenya and Tanzania. These sub markets are very responsive to modern economic trends like cryptocurrency. I would not be surprised if these countries take the lead and the rest of Africa to follow in a very near future.
I don't think Nigerian's knows much about cryptocurrency cos if really they do, crypto market would have be feeling the impact from Nigeria investors. It surprises me that millions of Nigeria haven't heard or know anything about cryptocurrency 
Africa could be the best place to develop crypto. because usually if the government does not interfere too much and only supervise it, it will facilitate the development of crypto. and that usually happens in developing countries.
so you mean, that if there in no strong government in country, that leads to cryptoboom?
hardly it is working this way.
Africa has a lot of problems, poverty, luck of education, terrorism, lawless. Tell me, how you could start crypto project there - if there are no specialist in computer science?
or no electricity 20 hours per day? or your project leader was robbed and murdered??
are you sure this will allow you to start a good crypto project?
I'd say this is nonsense
That's why most of the crypto adoption in Africa is happening in South Africa. It has regular reliable electricity, and exchanges that interface with a regular reliable banking system. And a good university system.
In the French-speaking part of Africa (Niger, Senegal etc), there is no adoption at all because no electricity more than a couple of hours a day.
BTW - people generalise about Africa as though it was a single country. It's actually a massive continent larger in scale than South America with lots of countries and lots of variety.
South Africa and Botswana are richer than Brazil and Niger is poorer than Venezuela. And Nigeria is somewhere in the middle.
Africa could be the best place to develop crypto. because usually if the government does not interfere too much and only supervise it, it will facilitate the development of crypto. and that usually happens in developing countries.
so you mean, that if there in no strong government in country, that leads to cryptoboom?
hardly it is working this way.
Africa has a lot of problems, poverty, luck of education, terrorism, lawless. Tell me, how you could start crypto project there - if there are no specialist in computer science?
or no electricity 20 hours per day? or your project leader was robbed and murdered??
are you sure this will allow you to start a good crypto project?
I'd say this is nonsense
If Africa has a lot of users then it will be, positive people in nations will give life of crypto improvements. that way, a lot of people will notice and recognize that some country are legalize the use of crypto and make it as one of their main currency. Not just good but it will give to african people freedom of their choice.
If only their Government will provide the equipment for them to earn cryptocurrency like putting up a mining rig company, or a Trading Company that trains people how to Trade, then yes, it will have a good impact to cryptocurrency as a stepping stone for its public adaptation. By this method also, their Government could solve the poverty problem in their country, this could be a also a reason to grow up their economy.
Cryptocurrency adoption is happening in Africa - but it's mainly in the English-speaking parts of Africa (the former British Empire). See
https://hackernoon.com/south-africa-tops-the-list-of-cryptocurrency-ownership-among-global-internet-users-bxazr30ti
South Africa tops the list with Botswana and Zambia not far behind.
For some reason the French-speaking parts of Africa are lagging badly behind in everything (including basic GDP).
https://hackernoon.com/south-africa-tops-the-list-of-cryptocurrency-ownership-among-global-internet-users-bxazr30ti
South Africa tops the list with Botswana and Zambia not far behind.
For some reason the French-speaking parts of Africa are lagging badly behind in everything (including basic GDP).
If Africa has a lot of users then it will be, positive people in nations will give life of crypto improvements. that way, a lot of people will notice and recognize that some country are legalize the use of crypto and make it as one of their main currency. Not just good but it will give to african people freedom of their choice.
If only their Government will provide the equipment for them to earn cryptocurrency like putting up a mining rig company, or a Trading Company that trains people how to Trade, then yes, it will have a good impact to cryptocurrency as a stepping stone for its public adaptation. By this method also, their Government could solve the poverty problem in their country, this could be a also a reason to grow up their economy.
Given the huge inflation rate in some African countries, as well as the unfair distribution of goods, unemployment and low incomes, it can be assumed that bitcoin may well become a means that will improve the quality of life of many citizens. However, you need to understand that the old system will not change overnight and it will be possible to tighten nuts in every possible way both to cryptocurrency and to its citizens.
Anywhere is a good place for cryptocurrency. As long as there are people who have skills in programming and also got ideas on what they can create that can help the world to become better then that is a good place for cryptocurrency and blockchain to excel. It is not about the place, it is about the people who are in that place that can give something good to improve the quality of life that we have now.
Yes, that right but every country did not have the same jurisdictions. Speaking in Afirca, Well, maybe as long as the government of Africa is in favor of bitcoin and other cryptocurrencies, Why not if they help a lot of people on their country because of bitcoin but on my own point of view, I think if they will use bitcoin as fiat it's hard because bitcoin price is volatile, It may rise or fall from time to time.
Africa is a huge market with a lot of dynamism. Take for instance Nigeria, Kenya and Tanzania. These sub markets are very responsive to modern economic trends like cryptocurrency. I would not be surprised if these countries take the lead and the rest of Africa to follow in a very near future.
Every country could be good place for crypto depend on how respond from government, do they want to accept bitcoin or not and how to give regulation for bitcoin, but in Africa I think best place for bitcoin and altcoin get good regulation from government and could be transparent for many transaction kinds.
I don't think Africa would benefit from having crypto as payment. However, I do believe that they can use the blockchain technology in different use cases such as storage of documents, ledger for government transactions, etc. This would minimize corruption on the officials since all transactions are transparent and can be monitored that will discourage corrupt politicians from stealing people's money. Not only in currency, but can also be used in their statements of their assets, making their profiles open for the public
I understand your opinion, any country in this world deserves to apply cryptocurrencies to improve the economic or social situation. However, in order to use cryptocurrencies as the main currency in Africa, I think it is impossible and needs more time for this problem because it needs to go through the governments or the banking systems of the countries where they are, In addition, the internet in Africa is still not well developed, so access to cryptocurrencies is still a challenge, and the literacy rate in Africa is still very low, so right now the cryptocurrencies(blockchain system) is not the best solution to change the economy here.
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?
Africa is one of the continents with high economic growth besides Asia. With stable economic growth, I think Africa can be a good market for the development of the cryptocurrency market and I think many African citizens are already involved in the cryptocurrency market
If Africa has a lot of users then it will be, positive people in nations will give life of crypto improvements. that way, a lot of people will notice and recognize that some country are legalize the use of crypto and make it as one of their main currency. Not just good but it will give to african people freedom of their choice.
Africa could be the best place to develop crypto. because usually if the government does not interfere too much and only supervise it, it will facilitate the development of crypto. and that usually happens in developing countries.
Why not? Crypto can be used by everyone, it is universal. Whether you came from a third world country or belong from the rich Westerners you can be a part of crypto world 
. However, there's a question in my mind which bothers me, "Is this what Africa need right now?". I mean, yeah blockchain tech would work on urban areas there but how about the rural ones? It was so sad if they won't have a chance to experience this technological breakthrough, right? If I will have the power to command, I think Africa and all of the developing countries should deal withe the major problems of their country first. Aiming for high tech advancements is not bad but I hope they should give more attention to major issues like poverty, poor education, healthcare, crime prevention etc. They bandage is not the best solution to cure a wound, disinfecting does. (See the analogy?)
. However, there's a question in my mind which bothers me, "Is this what Africa need right now?". I mean, yeah blockchain tech would work on urban areas there but how about the rural ones? It was so sad if they won't have a chance to experience this technological breakthrough, right? If I will have the power to command, I think Africa and all of the developing countries should deal withe the major problems of their country first. Aiming for high tech advancements is not bad but I hope they should give more attention to major issues like poverty, poor education, healthcare, crime prevention etc. They bandage is not the best solution to cure a wound, disinfecting does. (See the analogy?)
Africa is indeed a good place for crypto, because most countries there are considered among the third world and the unemployment rate is high, so people in these countries are trying their chances in the crypto world (investing, holding, trading..), many people in Africa work for crypto full time.
Jump to: