Bitcoin Forum

how are poor African countries with wars benefit in cryptocurrecy system or blockchain tecnology ? 

Crypto It's an easy way to carry your wealth to other countries without any complications.

Now imagine choosing gold over crypto, it's easy to spot anyone carrying gold, but it's hard to tell if you own cryptocurrencies and also, most people in Africa are unbanked, being honest there aren't too many options to protect your wealth in Africa

Government can control your bank accounts , when the war is going on they can do anything and tamper with it , but no one can tamper with cryptocurrencies, simple reason:- because they can't .
They don't hold the key to it , they are not in control of it.

During war it is extremely important to have someone to help you out with that time , financial things are bound to fall , Bitcoin on the other hand is something that is related globally thus it would still flourish and you can still make some profit even if the situation at home is bad.

       In time of war, crypto currency will help people to hide their money or something like civil war , this gonna be the exact currency to convert for those who have plenty of money , since all you save and keep is private keys of their wallet .

African people need a reliable currency that can really be turned back into something valuable and without all the hurdle, using bitcoin does make sense if you are in a time of danger, it doesn't have physical form so that no one can take it away from you forcefully. There's no currency more suitable for that I guess.

The main financial issue in the African countries is that there is not parity in wealth distribution. Bitcoin or any other cryptocurrencies doesn't have the power to resolve this issue! The only good cryptos can do is that people will have control to their own wealth where government can't interfere! However, the main reason why majority of the African countries are in bad state, is the failure of their governments. Otherwise, Africa sits on the richest mineral and diamond deposits, they can be the richest continent on earth. But due to failed administration, they have become the poorest continent! Blockchain or cryptos can't do much unless the governments want it, apart from having control on their own wealth!

The primary use case for Bitcoin in this war scenario is to protect people's wealth, because they can convert their wealth into Crypto currencies to protect it's value from the depreciation that would occur, when local fiat or reserve currency's value plummet.

Bitcoin is also borderless, so even if the country place restrictions on the amount of currency that can be taken out of that country, people can still convert their wealth into Bitcoin and flee their home country with all their wealth and not just the portion that the government allow.  ;)

Why should your personal wealth suffer due to politicians and governments mistakes?

Whether there is war or not, I don't think Bitcoin and Crypto really do not carry and are not affected by things like that.
Because basically the cause is the situation in the country. We know today that bitcoin is often a trading tool, but as long as it doesn't change completely in global trade, I don't think it can affect more

If wars were inflicting in a country then I guess online things would not be possible if war is breaking loose, But in a poor country that has poverty and affliction I guess this can make a downtrend economy to sure struggle in gaining momentum, Where this kind of technology is uncontrollable by the government they can sure use its transaction for their benefit,

That is why the banks and the government call the system off cryptocurrency broken because there is no stability with their value, But that is why investors are getting with the platform because of its volatility and the financial freedom that it can give to certain individuals, But if they can truly work it out correctly.

Just like every poor country can benefit. As means to conserve value.

In countries where really inflationary rates it's great, just like the fiat of a developed country. But if it turns out you like innovation as well you can put in your grain of sand towards improving the technology and making it grow.

Everything needs to mature and grow because the best possibilities become available.

it's hard to imagine what you say, where we know crypto needs a good internet connection, what about poor and warring countries that can make crypto transactions perfectly. obviously there will be a problem but clearly if used for storage, surely crypto is very safe and very reliable.

I don't think it's because of caring the wealth thing. One thing is, surely, that they are not so deep into the banking system, so it's easy for them just to opt for something newer and bureaucratically easier. Another thing is that in unstable regions there're usually serious problems with the economy, so their fiat might be too terrible for them to choose as a means of storing money. Not to mention that cryptos open up new opportunities in terms of jobs, and citizens of countries in this region don't tend to trust their governments, so cryptos are naturally more attractive for them.

People think that Bitcoin is so easy - just download a wallet and use it, but in fact there are many requirements that people in extreme poverty and harsh conditions, like African warzones, can not meet. You can't use Bitcoin without Internet and some sort of electronic device, which already puts millions of people away, then you also need education - basic computer literacy, knowledge of english are bare minimum, but to use Bitcoin effectively a more advanced knowledge is required, otherwise people risk losing their money to malware, fake wallets and such.

So, while some people can use Bitcoin in those zones, and get benefits from it, when they need to safely store and move money, or hedge against weak local currency, Bitcoin can't be adopted on a big scale.

I'm sorry to say that but sometimes you guys lose your minds, obviously cryptos can benefits the world, but a huge amount of people in Africa barely have their basic necessities like security, food, education and health care
No matter how good is BTC, people need those things first

If the country is in war, it must be chaos and the government is busy with other affairs and more focused on the present problem of the their country, I thought of one good possibility, that there could be no regulations for cryptocurrency but I’m not sure and people can also freely use crypto in illegal activities. Only my opinion. 

I pretty much agree with avikz.

If Africa doesn't have the ability to stand as a better continent despite they have the most valuable minerals in their lands than how a cryptocurrency will help them to benefit from. Maybe some African nations are doing good now, but most of the nations are still struggling with wars.

The nasty politics and also the first world manipulation will never let Africa stand on their own until they suck out all the minerals they got imo.

I have seen some images where African locals work in gold mines as labor for foreigners but they don't have the ability yet to mine on their own. Why do governments lease the lands to outsiders?

Any person or even country independent of their marital status will have access to benefits and information with any blockchain, mainly from Bitcoin.

they don't.
despite what you may think, blockchain buzzword and bitcoin are not some magical solution to solve every single problem in the world. people in poor countries, specially with wars, domestic or otherwise, aren't really thinking about using something new that they hardly understand. they have more pressing concerns ahead of them such as basic human needs for survival.

Well, the blockchain technology is transparent, meaning to say it is open to the general public. In countries full of concealed transactions, blockchain is a better option. And of course, these kind of countries are too centralized as to focus the power only to the ruling person or party. Cryptocurrency is therefore a viable option. However, the problem, and it is a huge problem, is that the common people might be deprived of the technologies that would allow them to use blockchain and crypto. They might have no access to electricity, much less to computers and the internet.

It helps to keep their wealth and money safe. And to avoid other people touching it. If there are war, its very helpful since it can avoid getting steal by anyone.
The government cant also touch your wealth unlike the banks that are centralized. No one has the power with your own wealth except you.

I am from Africa and I believe the advent of cryptocurrency has really helped so many African to be able to bridge the gap that exists between working online and getting paid. Before, it was not easy to work online. Not because Africans do not have the skill but most payment processors are not available for many African countries but with many crowdworking platform increasingly accepting crypto, Africans can now compete with the rest of the world. I used to be a crowdworker on clixsense but I left when I could not withdraw my earning but when Clixsense integrated bitcoin via tangocard, I was able to withdraw and trade my earning.

Some key points to consider for our African brethren:

• Little to no framework for the internet.
• Not everyone has a computer at their disposal, let alone mobile devices at hand.
• Money is directed towards food and water rather than tech

These alone are sufficient and hard evidence that bitcoin isn't helping poor African countries at all. Sure humanitarian causes can be a bridge to the gap, but still, it's not the citizens themselves using the tech but rather different people using it for them. As much as people want bitcoin to be the savior of poverty and world hunger, it simply isn't the case and perhaps will never be.

I don't see how cryptocurrencies will help savage bad economies or resolve war crisis in war ravaged countries. Crypto is not some magic wand that automatically fixes problems, also there is still a lean information about crypto in Africa.

I think that in African countries, bitcoin is primarily a defense against inflation and the possibility of saving money that is not honestly received. Corruption in African countries is quite high and it is quite possible that many officials launder money using Bitcoin. Unfortunately, not many people in African countries can afford to buy bitcoins because they do not even have money for clothes. And it's very bad.

Investments made over properties, metals and other centralized authorities easily give a statement that they have gone bankrupt as the country is economically down due to wars and other issues prevailing within the governments. When the same is being invested on cryptocurrency it won't affect the life much as the funds can be easily moved unlike the war and other issues.

cryptocurrency is the best way for poor countries.think about it.somw countries dont allow to any trade without using local fiat money.if you have any crypto, you can change is to cash in everywhere.if you are smart enough you can memorise your private key so there is not any proof.

I agree with this point of view. Of course, in not the most favorable countries, where the banking system is not reliable or completely absent, you have not so many options. Either store everything in cash or precious metals, which is not always convenient, or use modern methods, such as cryptocurrencies.

If the country if poor and full of wars, I doubt people will have the tools and access to internet thus making cryptocurrency unavailable there. Some places in africa are still like an isolated place where there's nothing there but just nature.

I am from South Africa. It is like a mix of third and first world countries. Imagine a third world public transport system with a mi of third and "first world" roads. The roads are tar here not concrete like in the USA.
When it rains there are many potholes because of this. There are no wars here that would be countries north of us.

Cryptocurrency is a popular payment method here and we have a payment processor called payfast and it allows vendors to enable bitcoin payments. I have also used other currencies to purchase from privately from people when I bought some seeds for my garden I paid in Eth. There are two main markets here takealot and bidorbuy. Both accept bitcoin. Bidorbuy accepts bitcoin payment directly and you can also buy credits with bitcoin.
You can buy from cars to tents or from gardening equipment to video game consoles and accessories. Nice prices and normally price or cheap delivery. It takes 2 days normally some items 5. You can also sell on both websites. You would just need to verify yourself (to prevent scammers from running off with peoples money) or you need a long term good rating. I think they have a threshold as to the maximum amount you can sell something without verifying yourself. For example you can't sell a car without papers.

We have things like fibre internet here so that is first-world technology I guess. I have a fibre line and can go up to 200mb upload and download. probably 1gps in the future.

Cryptocurrency is a tangible asset here. Changing to fiat is not really needed, maybe for food petrol and light and water bills. If you do then you pay capital gains but only if you go over a certain amount. You can also make business expenses and pat for things you need and then only from there you will pay tax on the profits. So if it costs 10k to run your business and you make 12k you don't pay tax but if you go over 16k you start paying tax. So you can write quite a lot off as a business expense.

Oh and in case anyone wants to know. Cryptocurrency theft/crime whatever you want to call it is very low. There is buyer protection here and other legal requirements you agree to when you signup for their service.
The way most crime is done is when people open a bank account with fake details or with details from someone who lives in the middle of nowhere and can't be tracked easily. They won't bother to find them either and the scammers know this.

in my opinion, the blockchain system for the world of education and the world economy is better than war, on a small scale, the city of Orania in South Africa has plans to make crypto currencies. so that their lives are not dependent on national currencies, their plans will be more efficient for the world economy. 
besides that. the cryptogene community sees that blockchain technology is a solution to improve the lives of African residents for the better.

One of the problems of these African countries is bribery and corruption which waste the funds of their countries so with the implementation of the use of cryptocurrency and blockchain technology it will help improve their financial transactions making it difficult for government officials from spending the countries money.

I beg to differ from you. I do contract work for my company in some of these African countries and even people in rural areas have access to mobile phones and even internet access. The cellular networks has spread like wildfire in these countries and a lot of them are already using M-Pesa on their mobile phones to do financial transactions.

The 1st world countries are also dumping a lot of old used smart phones in Africa, so these people are buying cheap used phones for next to nothing.  ;)

In the war zones infrastructures must have suffered severe damage thus the chances of having access to a stable electricity and internet will be very slim invariably ruling out the possibility of using cryptocurrencies.
Obviously cryptos is a perfect replacement of the banking system in those war torn zones in African countries but it will take a lot of efforts to divert the attention of the people to using such services having been subjected to psychological trauma as a result of the war.