Topic: Would Bitcoin not have been a better option for Zimbabwe? - page 4. (Read 2145 times)
How can they have bitcoins when their foreign reserve is almost zero?They cant have lots of bitcoins even if they set up lots of mining farm.They need to buy bitcoin but without dollars,they cant even buy it
http://www.bbc.com/news/world-africa-36210680
I quote "bank customers are not always able to withdraw the amount of US dollars they want because of a shortage of dollar notes in Zimbabwe."
This is one of the countries in Africa with the poorest population and the greatest need for micro transactions. I think this decision will push more people to use alternative methods of payment and also alternative investment currencies to protect their wealth. We have already seen M-pesa making in-roads into Kenia and other African countries as a alternative to their reserve currency.
The political instability in that country will not help in making sound financial decisions and they hate western influences, but they accept the dollar? ^hmmmmm^
I quote "bank customers are not always able to withdraw the amount of US dollars they want because of a shortage of dollar notes in Zimbabwe."
This is one of the countries in Africa with the poorest population and the greatest need for micro transactions. I think this decision will push more people to use alternative methods of payment and also alternative investment currencies to protect their wealth. We have already seen M-pesa making in-roads into Kenia and other African countries as a alternative to their reserve currency.
The political instability in that country will not help in making sound financial decisions and they hate western influences, but they accept the dollar? ^hmmmmm^
You have to understand a few things here.
No so many people in that area can use Internet.
If they can use internet, they don't have enough skills and knowledge how to use Internet for finance, payments, sending or receiving money etc.
Even if they have internet and have some understanding about sending money or Internet, finance etc. what they can do with bitcoin there?
They can't buy or sell anything for bitcoin.
No, right now, I don't think bitcoin is better option for them.
I do agree with the information about the internet usage in zimbabwe is not that great like in other parts of modern world and people are not familiar with online transactions as well. even though internet is available but the usage of bitcoins is not that normal and formal forever one and not even understandable to many.
http://www.bbc.com/news/world-africa-36210680
I quote "bank customers are not always able to withdraw the amount of US dollars they want because of a shortage of dollar notes in Zimbabwe."
This is one of the countries in Africa with the poorest population and the greatest need for micro transactions. I think this decision will push more people to use alternative methods of payment and also alternative investment currencies to protect their wealth. We have already seen M-pesa making in-roads into Kenia and other African countries as a alternative to their reserve currency.
The political instability in that country will not help in making sound financial decisions and they hate western influences, but they accept the dollar? ^hmmmmm^
I quote "bank customers are not always able to withdraw the amount of US dollars they want because of a shortage of dollar notes in Zimbabwe."
This is one of the countries in Africa with the poorest population and the greatest need for micro transactions. I think this decision will push more people to use alternative methods of payment and also alternative investment currencies to protect their wealth. We have already seen M-pesa making in-roads into Kenia and other African countries as a alternative to their reserve currency.
The political instability in that country will not help in making sound financial decisions and they hate western influences, but they accept the dollar? ^hmmmmm^
You have to understand a few things here.
No so many people in that area can use Internet.
If they can use internet, they don't have enough skills and knowledge how to use Internet for finance, payments, sending or receiving money etc.
Even if they have internet and have some understanding about sending money or Internet, finance etc. what they can do with bitcoin there?
They can't buy or sell anything for bitcoin.
No, right now, I don't think bitcoin is better option for them.
The internet access requirement is BS.... I travelled to most of these countries and they are using mobile phones. We have seen people linking Sms's to Bitcoin and sending Bitcoin via emails. If these
people are knowledgeable enough to use Mpesa or whatever it is called, then they would know how to use Bitcoin. There are also enough third party services like Bitpesa to help them figure it out.
The first world countries need to give these people a chance to enter the financial market and to use this technology. We cannot keep this to ourselves.... 3rd world countries will just skip certain
stages in technology.. like they did with the phones... In first world countries... people started out with landlines and progressed to mobile / wifi access... Now 3rd world countries can skip directly to
wifi and landlines are not needed.... same thing with Bitcoin... Most of these people are going to skip the traditional fiat system {Bank accounts} and just jump directly into digital alternatives like
Mpesa & Bitcoin.
18.5% of the population has Internet access, yeah, bitcoin would be awesome...
https://en.wikipedia.org/wiki/List_of_countries_by_number_of_Internet_users
And this is your answer guys. As much as we all want to popularize bitcoin and let it be solution to economic problem of every nation this simply can't happen anytime soon.https://en.wikipedia.org/wiki/List_of_countries_by_number_of_Internet_users
Bitcoin is only good in first world countries - with developed internet network and whole infrastructure present. Africa in most cases won't be a good place for BTC.
Bitcoin would definitely be the better choice for Zimbabwe. But the problem is that it needs internet and internet connection is really rough there. I mean, somebody, an individual or a company, would have to invest/donate to Zimbabwe so they can have access to better internet and that would require heck load of funds and guts.
I gather Venezuela is even worse.
It is brutal for both countries, but it is probably especially bad in Venezuela. There is basically no economy for them to use, they have so few people working they can't really export anything, and the regime in power doesn't plan on backing down anytime soon.This is part of what socialism gives us, especially when applied in extreme cases. Brazil, Venezuela, Peru, lots of these countries.
http://www.bbc.com/news/world-africa-36210680
I quote "bank customers are not always able to withdraw the amount of US dollars they want because of a shortage of dollar notes in Zimbabwe."
This is one of the countries in Africa with the poorest population and the greatest need for micro transactions. I think this decision will push more people to use alternative methods of payment and also alternative investment currencies to protect their wealth. We have already seen M-pesa making in-roads into Kenia and other African countries as a alternative to their reserve currency.
The political instability in that country will not help in making sound financial decisions and they hate western influences, but they accept the dollar? ^hmmmmm^
I quote "bank customers are not always able to withdraw the amount of US dollars they want because of a shortage of dollar notes in Zimbabwe."
This is one of the countries in Africa with the poorest population and the greatest need for micro transactions. I think this decision will push more people to use alternative methods of payment and also alternative investment currencies to protect their wealth. We have already seen M-pesa making in-roads into Kenia and other African countries as a alternative to their reserve currency.
The political instability in that country will not help in making sound financial decisions and they hate western influences, but they accept the dollar? ^hmmmmm^
You have to understand a few things here.
No so many people in that area can use Internet.
If they can use internet, they don't have enough skills and knowledge how to use Internet for finance, payments, sending or receiving money etc.
Even if they have internet and have some understanding about sending money or Internet, finance etc. what they can do with bitcoin there?
They can't buy or sell anything for bitcoin.
No, right now, I don't think bitcoin is better option for them.
I was thinking they could print these new notes with bitcoin private keys imbedded in each note to add some intrinsic value to the notes.
Bitcoin is best used on Internet only. Most people need to use paper money instead, because the infrastructure to receive digital form of money only (which can be both traditional Visa/MC or trustless Bitcoin cryptocurrency) is far from ready in Zimbabwe.
So only the tech savvy can store their wealth to Bitcoin there actually.
So only the tech savvy can store their wealth to Bitcoin there actually.
Hell, tulips would have been a better choice for that basket case.
18.5% of the population has Internet access, yeah, bitcoin would be awesome...
https://en.wikipedia.org/wiki/List_of_countries_by_number_of_Internet_users
https://en.wikipedia.org/wiki/List_of_countries_by_number_of_Internet_users
I gather Venezuela is even worse.
http://www.bbc.com/news/world-africa-36210680
I quote "bank customers are not always able to withdraw the amount of US dollars they want because of a shortage of dollar notes in Zimbabwe."
This is one of the countries in Africa with the poorest population and the greatest need for micro transactions. I think this decision will push more people to use alternative methods of payment and also alternative investment currencies to protect their wealth. We have already seen M-pesa making in-roads into Kenia and other African countries as a alternative to their reserve currency.
The political instability in that country will not help in making sound financial decisions and they hate western influences, but they accept the dollar? ^hmmmmm^
I quote "bank customers are not always able to withdraw the amount of US dollars they want because of a shortage of dollar notes in Zimbabwe."
This is one of the countries in Africa with the poorest population and the greatest need for micro transactions. I think this decision will push more people to use alternative methods of payment and also alternative investment currencies to protect their wealth. We have already seen M-pesa making in-roads into Kenia and other African countries as a alternative to their reserve currency.
The political instability in that country will not help in making sound financial decisions and they hate western influences, but they accept the dollar? ^hmmmmm^
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