Bitcoin Forum

How big of a deal is this?

http://insidebitcoins.com/news/bitcoin-exchange-igot-launches-in-kenya-via-m-pesa-integration/30194

https://i.imgur.com/ljkMF7q.jpg

Time will tell. Africa usually lags behind in everything, so I'm not really expecting mass adoption there before it happens in the west and east.

We might be seeing a surge of mass adoption of bitcoin there in Africa if everything went smoothly.
They already have a good implementation of mobile money and BTC is just the next step with the infrastructure already set.

The only people in Africa that I want to use Bitcoin are the drug lords, corrupt politicians and South Africa. They can invest money from the stolen UNICEF rice and gold/diamond deposits. No one else there has any money.

So you don't want 1.1bn people to use bitcoins?

What about the $60bn African migrants sent home in 2013 with an alarming 12% fee?

http://www.theguardian.com/global-development/2013/jan/30/africans-pay-most-send-money

Screw logic seriously . I live in Algeria which is on North africa (Biggest country) also the richest probably because we have oil . and there is no single word about Bitcoin at all . That's pretty sad to be honest .

~ Madness

The problem is that the west and east have alot of banking options available so they have no need for bitcoins where as the underbanked in Africa get fucked every day with remittance fees and have very few banking options, so bitcoins can satisfy a real need.

I don't care if they use it or not. The average household income of sub-saharan Africa is roughly $60 a month. The 50 or so crooked politicians and cartels have more disposable income than the rest of the African citizens combined. I'd really like to see them take to Bitcoin.

I was expecting this to happen since 2 years back, when the major impact of bitcoin I used to hear was in Africa, allowing payments to be sent from all over the world, for zero fees. Don't know why that didn't happen.

What about the millions of African abroad who send Billions to Africa? 

Exactly but if you think about how hard it still is for those in technologically advanced countries to aquire bitcoin imagine in africa.

But that's the point of this thread, could we finally be seeing the start of of that major impact? m-pesa is a very popular platform for Africans  http://www.pymnts.com/in-depth/2015/m-pesa-and-the-secret-of-mobile-payments/#.VO9Fiy7hCHs  if bitcoin can find its way into Africa through m-pesa then that could be huge for bitcoins.

I think it's huge. Africans have problems with currency instability and often use things like cell phone minutes as money. It's a natural fit.

Actually I am surprised to see M-Pesa / Bitcoin do well in Kenya and Tanzania. Actually, the biggest economies in Africa are South Africa, Nigeria, and Egypt. But still Bitcoin is performing well outside these nations.

I am really happy to see Bitcoin is known to the point that people are started using it in Africa. I hardly met any people who know about it in EU. I hope that Kenya's exchange market is not only publicity stunt.

I'd love to see corrupt income disparity end in Africa. Then Bitcoin could be really useful for rural areas with cell coverage but limited internet infrastructure. In the last 60 years I've heard of no advances in that direction. Bitcoin can't fix the problems of crime, extortion and bribery in Sub-Saharan Africa. What they need first is urbanization and industry to spread like wildfire. Then maybe Africa has a chance. If you just want Bitcoin to be used there then you want to target the wealthy crooks of Africa. The poverty stricken can't help you and Bitcoin can't help them unless the criminals accept payoffs in Bitcoin or there is a multitude of exchanges spread across the depressed areas of Africa.

Africans lose about $7.5 billions a year to the likes of western union. I think keeping that money in their pockets by using bitcoins can both help us in the bitcoin community and the poverty stricken in Africa. http://sendmoneyafrica.worldbank.org/en/feature-story

Those of us in first world countries don't really need bitcoins, unless there's an economic collapse, because we have options. Those in third world underdeveloped countries are the ones who can benefit the most from bitcoins. http://www.economist.com/news/middle-east-and-africa/21581995-western-worries-about-money-laundering-are-threatening-economic-lifeline

Before we could see widespread integration and adoption of bitcoin in Africa, we must first see at least some progression in terms of urbanization. Africa is a poverty-stricken continent, and a lot of crooked politicians and wealthy crime lords make money in that place. The people in Africa needs help, and bitcoin can help in some way.

Indeed hopefully it works out better than Kipochi or the other service that failed there
But your correct time will tell

What does crooked politicians and crime lords have to do with it? Crooked and politician are synonyms, its like that in every country.
Please explain why we must see progession in urbanization before integration of bitcoins? M-pesa is a huge success in places like Kenya, bitcoin only needs to be integrated into something like m-pesa and Africans will be using it without even knowing. Are you guys only reading posts and not the links provided?

I think it would be great if every African had some Bitcoin on their cell phone. It would have helped us peace corp volunteers if we could have paid the ransoms for our supply shipments in Tanzania and Malawi with Bitcoin. Do you know how hard it is to get that much cash at a peace corp camp. LOL

Well, I imagined it the other way round. Usually, its people settled in developed countries like the States or UK , who can acquire bitcoin with not much difficulty to Africa.
Over there an exchange sort of office, would hand over the money/fiat to the person on the receiving side.

In the whole scheme of things this is really a small amount. Total dollar trade is valued in the trillions of dollars per day. Total bitcoin market cap is roughly $3.3 billion. The amount of commerce of the african continent massively adopting bitcoin would cause bitcoin to have is very small. They would probably need to mostly use off chain services otherwise the tx fees would be too high

Everything happens in its own time. Now is wait, and certainly Bitcoin will very good for Africa.

Bitcoin in Africa is almost unkown , Expect little number of countries . African are so under develope that they don't have water
how could they have BTC ? Althougth can really help them in money transactions and fast receive donations ,,,

^This was the consensus a few years back. Bitcoin would have the most impact in the most underdeveloped countries who don't have access to banking. People in first world countries don't have a need for bitcoins, it is either used as a speculation vehicle or as a store of value. Those who buy with bitcoins are really doing it to support bitcoin and just for the lulz.

The only things bitcoins are truly needed for in developed countries is drugs, gambling and related activities. No need for anyone in first world countries to adopt bitcoins unfortunately. But there is a real need in countries with unstable currencies like most African countries.

Those saying the Africans are just poor and bitcoin cant help them or whatever are failing to see that these are the people that would adopt bitcoins the fastest once they can have access to them. One of the selling points of bitcoins is that it would level the financial playing field so that not only those with access to traditional banking methods benefit but everyone.

How are there over a billion of them if they don't have water?

Hard to live without H20.

Africa is the second largest continent on the planet.

Not all of it is the infomercials you see on TV asking for 30 cents a day.