Bitcoin Forum

Economy => Economics => Topic started by: bitcoin_ethiopia on April 13, 2017, 04:19:03 PM



Title: How bitcoin can be useful in developing nations like the African continent.
Post by: bitcoin_ethiopia on April 13, 2017, 04:19:03 PM
Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: d5000 on April 14, 2017, 05:20:24 AM
It's a pity that this post got no responses so far. THAT's what could thrive Bitcoin to da moon ;)

I just wrote something similar in another thread, so here are my two cents.

I don't know Ethiopia in detail (I have a desire to visit it eventually because it looks like a very interesting country) but I would focus on two aspects that Bitcoin could deliver to that kind of country:

1) a more reliable currency in economies with an unstable (very inflationary) native currency. I might be wrong but I think that's currently not the case in Ethiopia. It was the "selling point" that made Bitcoin interesting for people in countries like Argentina, Venezuela and maybe also Nigeria.
2) "banking services without banks". It could be of two kinds:
- savings accounts - these can be made with simple wallet software (even on cheap Android phones)
- crowdfinancing/microfinance. It's not necessary to code a own platform, you could use existing platforms (I've found BTCjam (https://btcjam.com/)) although the language barrier might be a problem.

A major problem is, that should not be hidden, volatility. For poor people, lose 20% in a month (happens very often with BTC, even if the long-term trend is bullish) or having to pay back 20% more for a loan could be life-threatening. That's why I would probably first focus on things like donations and slowly try to "familiarize" the people with BTC.

To start, you will first need a fiat currency gateway. Are there already Bitcoin exchanges in Ethiopia? If not, are there at least traders on Localbitcoins (http://localbitcoins.com)? You can start offering BTC there for your local currency, making profit from the spread between bid and ask. Another option without much investment needed would be an integration of an Ethiopian payment processor to Bitsquare (http://bitsquare.io) (an decentralized exchange).


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Qartada on April 14, 2017, 05:42:58 AM
I totally agree with this.  Here are the key reasons that people in developing countries would invest in Bitcoin:

-Bitcoin would naturally be stable.  In current conditions it's unstable, but with enough increasing backing from investors it will become more stable.

-Gold is easy to steal.  If you're in an area with a lot of desperate people you're not safe holding something as valuable as gold, and gold is also malleable - it could get destroyed in unsafe conditions, especially if you can only hold a tiny bit of it since you're quite poor anyway.  Bitcoin allows better control over funds.

-Increasing access to the Internet.  Even some poorer people will have some kind of Internet access, and if you have a device you can store Bitcoin.  You could even store it online and it would be moderately secure because you wouldn't have to access it too often.

Unfortunately, some people are even poorer than this and wouldn't have any significant money to put into Bitcoin anyway.  Not to mention that Bitcoin might be hard to buy with unstable currencies on exchanges.
 


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Xester on April 14, 2017, 06:39:52 AM
Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!

It is hard if only a few people with small resources will go into that kind of business making the use of bitcoin available to all local shops around africa. It will need a big company to finance that kind of system and the government of Africa to allow the use of bitcoin as a medium of exchange in the area. But do not worry it will be only a matter of time before your dream will come into reality.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: d5000 on April 14, 2017, 07:10:07 PM
It is hard if only a few people with small resources will go into that kind of business making the use of bitcoin available to all local shops around africa. It will need a big company to finance that kind of system and the government of Africa to allow the use of bitcoin as a medium of exchange in the area.

Well - to receive BTC in Ethiopia it would first require a simple fiat-BTC gateway. A permanent LocalBitcoins trader would already be the first step and doesn't require too much capital - only a bit of knowledge about risk analysis and a bit of math to calculate the buy/sell rates. You can start with an relatively high spread to minimize risks and then experiment with the ideal rates.

Another possibility is to integrate the Ethiopian Birr in an already existing payment processor like Bitpay (here is a list of alternatives (https://toughnickel.com/personal-finance/Best-Payment-Processors-for-Bitcoin-Bitcoin-for-Merchants), perhaps integration in a smaller one is easier).


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Pab on April 14, 2017, 07:47:39 PM
Maybe you can find that interesting.https://humaniq.co/ cryptocurrency bank for unbanking areas.The problem with btc is that btc is not so much mobile friendly,but look link above,contact with devs maybe you can help and even get some job with project,thay have his thread on btctalk


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Yakamoto on April 14, 2017, 07:50:11 PM
Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!
You're going to need everyone who comes in contact with Bitcoin to first and foremost be able to operate a wallet and be able to operate a smartphone. They also must be intelligent enough to deduce scams and other various malicious media on the internet before something like Bitcoin becomes viable for them.

Implementing Bitcoin systems will require a lot of time, as the population will have to get used to it, along with having reliable internet access for users, unless you want to set up places in a market or whatever where they can go and trade Bitcoin back and forth for fiat cash or whatever.

Local businesses will need my first point in order to thrive with Bitcoin.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: DustyRah on April 14, 2017, 09:34:29 PM
Do all people have internet and mobile phones in Africa? Even if they do, how exactly they are going to maintain a proper wallet without it getting lost or robbed? A lot of people cannot even understand how to get a wallet started and pay with Bitcoin to be honest.

But that's where the future should be going so we have a nice worldwide currency.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Creepings on April 14, 2017, 09:49:30 PM
Do all people have internet and mobile phones in Africa? Even if they do, how exactly they are going to maintain a proper wallet without it getting lost or robbed? A lot of people cannot even understand how to get a wallet started and pay with Bitcoin to be honest.

But that's where the future should be going so we have a nice worldwide currency.

I think bitcoin can really help these kind of country, but the problem is, will they be interested in such digital currency? can they use a laptop or android phone? How about internet connection? Countries with poor people will not be interested in internet thing, they will be very busy for things that they will really have a profit like selling on their market. Bitcoin will not interest such busy people.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Wandering Soul~ on April 14, 2017, 10:00:46 PM
Do all people have internet and mobile phones in Africa? Even if they do, how exactly they are going to maintain a proper wallet without it getting lost or robbed? A lot of people cannot even understand how to get a wallet started and pay with Bitcoin to be honest.

But that's where the future should be going so we have a nice worldwide currency.

I think bitcoin can really help these kind of country, but the problem is, will they be interested in such digital currency? can they use a laptop or android phone? How about internet connection? Countries with poor people will not be interested in internet thing, they will be very busy for things that they will really have a profit like selling on their market. Bitcoin will not interest such busy people.

At their current state its a big NO though Its not like there's no other way right? People can always learn or encourage others to learn . Imagine if people there started using bitcoin there like 70/80% of them, I bet the tables will flip . We can see the dropping jaws of people who said that they can't adapt to technology . It's a long road but its worth giving a shot .


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: d5000 on April 15, 2017, 06:36:25 AM
Just as a small addition; There are already some traders buying BTC in Ethiopia, via Localbitcoins.

https://localbitcoins.com/country/ET

There are also cash-BTC buyers:

https://localbitcoins.com/places/607888/addis-ababa-et/

No sellers so far, that's the problem.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Sled on April 15, 2017, 06:51:37 AM
Bitcoin can be really helpful for the african continent by providing a fast and reliable financial system and by providing opportunity also because it is very easy to earn money in bitcoin if you have a lot of patience in doing simple tasks like freelance and signature campaigns. I believe that if bitcoin will be implemented in African Continents then it will be a huge help in innovating that country to a new level.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: pearlmen on April 15, 2017, 07:27:58 AM
Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!

In my own opinion, the first thing to do is to have a platform where enthutiast of bitcoin can gather or currently are in the country. You will be surprised the total number of people involved in bitcoin already in the country. It could be a forum from there you learn how its being done. With majority not in the banking population, then you might have more issues because users and traders will be spread across the country and its the bank that will serve as the  connect like we have here.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: ASHLIUSZ on April 15, 2017, 08:13:26 AM
Bitcoin can be really helpful for the african continent by providing a fast and reliable financial system and by providing opportunity also because it is very easy to earn money in bitcoin if you have a lot of patience in doing simple tasks like freelance and signature campaigns. I believe that if bitcoin will be implemented in African Continents then it will be a huge help in innovating that country to a new level.
For a financially back country bitcoins help with its much better solution in the financial system. People of Africa have started to make them adopted to the growing technology. As a part now the betterment is happening through the bitcoin usage for various needs.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: hermanhs09 on April 15, 2017, 08:32:18 AM
Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!

There are certainly be a lot of new economic activity that can be achieved through bitcoin and isn't previously available to every African, that is something that you should take note of.

Bitcoin is so flexible that everyone can use it, anywhere.

So an african living in, say the US away from his family doing some part time jobs may wants to make a transfer to his family back in Africa, but Western Union or global bank transfers take a cut from his total transaction. Bitcoin does not do that.

Helping the unbanked also, a lot of Africa's population don't have access to banking services, bitcoin is the perfect way for them to have a safe way to protect their wealth against inflation, and have access to something that they can save up upon.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: machinek20 on April 15, 2017, 11:47:27 AM
Bitcoin can help the citizen to earn more money, so its means it create a stronger economics condition for the people, bitcoin gives a lot of new opportunity to earn, so bitcoin really help the country from economics sector, and alos it can help the people to do a global transaction, but I doubt they got a proper infra structure like internet to earn and used bitcoin


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Yuuto on April 15, 2017, 12:34:00 PM
It is hard if only a few people with small resources will go into that kind of business making the use of bitcoin available to all local shops around africa. It will need a big company to finance that kind of system and the government of Africa to allow the use of bitcoin as a medium of exchange in the area.

Well - to receive BTC in Ethiopia it would first require a simple fiat-BTC gateway. A permanent LocalBitcoins trader would already be the first step and doesn't require too much capital - only a bit of knowledge about risk analysis and a bit of math to calculate the buy/sell rates. You can start with an relatively high spread to minimize risks and then experiment with the ideal rates.

Another possibility is to integrate the Ethiopian Birr in an already existing payment processor like Bitpay (here is a list of alternatives (https://toughnickel.com/personal-finance/Best-Payment-Processors-for-Bitcoin-Bitcoin-for-Merchants), perhaps integration in a smaller one is easier).
The big problem with starting bitcoin-related business in such a country as Ethopia, is that the part of the community which has access to internet is not so big, in the whole population of Ethiopia.
I doubt that anyone without reliable internet connection and computer would like to use bitcoin, or even listen about it, which is completely understandable for me:
Why would you get interested about some digital goods, when you even cannot have access to them?

They would need a computer and internet, which is not so easy to achieve in 3rd world countries, first, you should get money for food, water and place to live.

Bitcoins are not necessary goods, you can live without cryptocurrency.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: just_Alice on April 15, 2017, 01:30:34 PM
Just as a small addition; There are already some traders buying BTC in Ethiopia, via Localbitcoins.

https://localbitcoins.com/country/ET

There are also cash-BTC buyers:

https://localbitcoins.com/places/607888/addis-ababa-et/

No sellers so far, that's the problem.


Wow, it looks like it is worth going to Ethiopia!  :)

One buyer offers to buy Bitcoins at 30470.22 ETB / BTC rate, which corresponds to 1,321 USD/BTC. He has a good rating on Localbitcoins so I don't think he's lying. Here's from his profile: "First to try and build trust only 200 USD, then up to 3000 USD."

I'm not sure whether it's safe there, but I think if I had lots of bitcoins I would go to Addis Ababa to exchange some.



Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Hydrogen on April 15, 2017, 04:37:02 PM
I know parts of africa have experimented with cellphone based money transactions.

A cellphone application, bitcoin/crypto wallet, could be a decent step.

Retailers in africa accepting bitcoin/crypto would be another.

Given africa's past troubles with zimbabwe dollar hyperinflation, btc could be useful to hold/grow the value of africa's currency.



Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: ekoice on April 15, 2017, 05:42:20 PM
Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!
Definitely,Bitcoin could help for the progress of African people.Like Nigeria,soon Ethiopians would adopt bitcoins.Since bitcoin is in its early stage in Ethiopia, you could become a pioneer in bitcoin services in your country.Bitcoin's utmost use is to be realized fully if such countries get benefit by adopting bitcoins.Bitcoin could reach and benefit all the places where banking sector doesnot even want to provide service due to low profitability.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: d5000 on April 17, 2017, 10:40:50 AM
The big problem with starting bitcoin-related business in such a country as Ethopia, is that the part of the community which has access to internet is not so big, in the whole population of Ethiopia.
[...]
They would need a computer and internet, which is not so easy to achieve in 3rd world countries, first, you should get money for food, water and place to live.

But Ethiopia is a country with a high economic growth and a large population with a growing middle class. If you manage to be the first mover there, it could be a crucial advantage. And as far as I know in most African countries smartphone penetration is going up fast, so the potential target audience would be growing.

Also, you could start a Bitcoin startup first locally and then expand to other countries - or even become a global player, like China's miners.

PS: Where's the OP?


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: GregH37 on April 19, 2017, 05:56:25 AM
Welcome to the forum! I can definitely see this happening. Most developing nations like Africa have terrible traction with their own currency and very high inflation. Switching to Bitcoin would maybe help them get that traction they need to get their economy going.

The problem with bitcoin though is the price fluctuations that make it sort of hard to use as a countries currency. These problems can be overcome though so you might have a point there!


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Yuuto on April 19, 2017, 07:17:14 AM
Welcome to the forum! I can definitely see this happening. Most developing nations like Africa have terrible traction with their own currency and very high inflation. Switching to Bitcoin would maybe help them get that traction they need to get their economy going.

The problem with bitcoin though is the price fluctuations that make it sort of hard to use as a countries currency. These problems can be overcome though so you might have a point there!
Exactly, that is why we shouldnt consider something like that, this solution is just not useful for such a countries, where the citizens are living in poverty.
Their currency is not stable comparing it to other, trusted fiats such as USD or GBP, so the price is volatile, same with their earnings basically, because the value of the currency applied, has the influence on the food prices.

I think that third world countries are still not ready to use the cryptocurrencies as additional way to get money.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: thend1949 on April 19, 2017, 07:18:40 AM
Bitcoins may help in developing nations like african continent ofcourse financially.If those developing places in africa can access internet they may use bitcoins to gain money and help to raise their economy through the help of it.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Barbut on April 19, 2017, 07:25:21 AM
Some of the African countries have very bad economy, with that on my mind I think it would be good for them to start with something new and fresh. Most of the African countries, if not all, are with very corrupted governments, I think using crypto-currencies they can follow the money and everything can be more transparent, and transparency is a pillar of democracy.
I think that Africa have a lot to offer to the world, problem is someone to take money and share it justly. That is the only way for them to get out from the dark, if its possible to somehow end with bad regimes they have for centuries.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Mometaskers on April 23, 2017, 03:55:22 PM
Ah Ethiopia, cradle of humanity. One thing that still gives me faith in humanity is whenever I read something about Africans leapfrogging techs and infrastructure. It really makes me hopeful something big will come out there. They never had telephone lines, so why not just focus on mobile? Cool.

A large portion of the population is unbanked so that's where it innovation could start. Bitcoin prices can rise and fall quite quickly so it might still be unstable as fiat replacement but if they make an online wallet they'd be able to convert to fiat during times when bitcoin is high, somewhat reducing the likelihood of not having money when you need it.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: darthmaul on May 21, 2017, 11:03:27 AM
If you guys saying Ethopia is being equipped with smartphone and advancing with economic grows then that is not sufficient for it. Just imagine peoples are setting up their mind for smartphone in these days but how can we let them know about completely virtual currency like bitcoin? Means, the question is whether they will accept it in the first place or not? There still lies an infrastructure stuff, you can run business of bitcoin without an local bitcoin networking. They will need a team of miners and bitcoin awareness campaigns to be placed through out the cities. This will need additional cost to government and new regulations for tax. For this government to will need to be educated (well thats too much) but will need to look after many stuff like these. From tiny adjustments to big infrastructure.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: davis196 on May 21, 2017, 11:12:29 AM
Bitcoin is more stable than most of the african national fiat currencies.
This is the most obvious reason for the africans to adopt bitcoin.
Anyway,this question is asked here before.
You should search the forum before making such threads.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: DrGuns4Hands on May 21, 2017, 08:17:57 PM
I think this question asked here before. Bitcoin can be useful in developing nations like African. Well, yes! Unlike there national fiat currencies? Bitcoin is more stable than those. This is the most reason to adopt cryptocurrency not only for African but for other countries that have bad economy.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: The Pharmacist on May 21, 2017, 08:34:40 PM
Welcome to the forum! I can definitely see this happening. Most developing nations like Africa have terrible traction with their own currency and very high inflation. Switching to Bitcoin would maybe help them get that traction they need to get their economy going.

The problem with bitcoin though is the price fluctuations that make it sort of hard to use as a countries currency. These problems can be overcome though so you might have a point there!
Exactly, that is why we shouldnt consider something like that, this solution is just not useful for such a countries, where the citizens are living in poverty.
Their currency is not stable comparing it to other, trusted fiats such as USD or GBP, so the price is volatile, same with their earnings basically, because the value of the currency applied, has the influence on the food prices.

I think that third world countries are still not ready to use the cryptocurrencies as additional way to get money.
Yuh, I don't either.  Franky1 made a good point in another thread about transaction fees being way higher than most 3rd worlders could afford, and it made sense.  What dirt-poor African is going to spend $8 sending bitcoin to buy anything?  Ans: No one.  So transaction fees would have to come down considerably before it gets adopted as a currency.  As an investment, it's a great idea.  Don't know if Ethiopia is ready for it yet, but props to anyone there who's got any bitcoin.  You could get rich.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Pettuh4 on May 21, 2017, 10:45:49 PM
It can help those poor countries through the sending of foreign remittances at cheaper cost comparatively. It doesn't have to be controlled by their governments before it can help them so I think if they are all brought into the know of Bitcoin they will profit exceedingly.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Sled on May 22, 2017, 04:20:34 AM
It can help those poor countries through the sending of foreign remittances at cheaper cost comparatively. It doesn't have to be controlled by their governments before it can help them so I think if they are all brought into the know of Bitcoin they will profit exceedingly.
Bitcoin can't be controlled by the government so if there is a remittances then it will be cheap in fees. It will help african countries because there will be no corruption in their country if they will use bitcoin because it is fully decentralized and corruption is not possible anymore with bitcoin.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: megynacuna on May 22, 2017, 04:12:17 PM
African countries and Africans as a whole can benefit from Bitcoin by using it for foreign remittances and tradingv it's it. I'm aware most finished products are exported to Africa from china , UAE etc. and these can be paid by the African importers with Bitcoin and be able to realize good profits rather than get deductions unnecessarily through dis bank transfers.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: gabmen on May 23, 2017, 09:49:29 AM
African countries and Africans as a whole can benefit from Bitcoin by using it for foreign remittances and tradingv it's it. I'm aware most finished products are exported to Africa from china , UAE etc. and these can be paid by the African importers with Bitcoin and be able to realize good profits rather than get deductions unnecessarily through dis bank transfers.

well for some parts of africa, only those exporters and a number of illegal businesses would benefit from btc features. it can be great for the people there who have access to the internet but as we all know, africa is not yet that established when it comes to online transactions especially the poorer countries


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: syaripudin on June 01, 2017, 10:23:09 AM
Bitcoin's potential for success in Africa is widely recognized in the industry
And able to Change the way we send money to the continent and provide easy access to not having a bank account for money quickly and freely
Which is an alternative currency to anyone but especially useful land and unstable national currency and can reduce the cost of cross-border trade


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: d5000 on June 02, 2017, 01:21:52 PM
Bitcoin is more stable than most of the african national fiat currencies.

That is a common misconception, often based on news on the hyperinflation in Zimbabwe. Most African countries are using some form of the CFA franc which is tied to the Euro (see here for a price chart (https://finance.yahoo.com/quote/XOFEUR=X)). Sometimes there is a devaluation, but it's very rare, the value respect to the EUR hasn't changed in the last 5 years.

The Ethiopian Birr is constantly devaluating with respect to the USD (https://finance.yahoo.com/quote/ETBUSD=X/), but at a very, very slow pace, so the short-term volatility of Bitcoin is much higher. The Naira (https://www.bloomberg.com/quote/USDNGN:CUR) also is long-term volatile but in the short term relatively stable.

So if mass adoption in Africa is desired, volatility must be addressed in some way. But even now, for remittances it's usable, also as a speculation and saving vehicle for the growing middle/upper-middle class.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Yuhee on June 02, 2017, 02:15:14 PM
Bitcoin's potential for success in Africa is widely recognized in the industry
And able to Change the way we send money to the continent and provide easy access to not having a bank account for money quickly and freely
Which is an alternative currency to anyone but especially useful land and unstable national currency and can reduce the cost of cross-border trade

Is it really bitcoin or are they having a project for there own crypto currency?. Cause what i heard is that some countries are trying to adapt the concept of btc to have there own crypto for it to be circulated either in there own currency or just mine the btc. Because i can is that it is better to make your own btc so you can have your own gold to mine when ever all money are now invested in the web. At least a country wont be left behing with it's own currency.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: bouren on June 02, 2017, 04:14:02 PM
Widespread of bitcoin in African countries is good idea. But the major problem restricting it is internet. Bitcoin doesn't require any hard and fast infrastructure but minimum basic requirement is internet. Therefore, I think bitcoin is presently restricted to high class only until internet becomes more common among every class of society.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: audaciousbeing on June 02, 2017, 04:39:39 PM
Africa is an evolving country economically and bitcoin penetration will be high since they don't have the technical expertise to stop its popularity and it will continue to create wealth for its citizen who taps into it. Government of African countries have equally failed in creating wealth having being immersed in cases of corruption and bad governance which makes individuals creation of conducive standard of living a priority which is what bitcoin will do.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: d5000 on June 02, 2017, 08:17:50 PM
But the major problem restricting it is internet. Bitcoin doesn't require any hard and fast infrastructure but minimum basic requirement is internet. Therefore, I think bitcoin is presently restricted to high class only until internet becomes more common among every class of society.

I don't think that is still that true. Smartphones are increasingly becoming common (http://www.idgconnect.com/blog-abstract/23175/africa-2017-smartphone-penetration-open-data-online-freedom) in Africa. In Kenya, mobile payments (M-Pesa) are already mainstream, even more so than in many "developed" countries.

Africa is an evolving country

No. ;D

Quote
Government of African countries have equally failed in creating wealth having being immersed in cases of corruption and bad governance which makes individuals creation of conducive standard of living a priority which is what bitcoin will do.

Not all African governments are corrupt like Zimbabwe or Cameroon. There are pretty efficient ones (Ghana, Senegal, Rwanda, Zambia ...) also Nigeria is improving. But Bitcoin can be a medium to put some pressure on bad governments, that's true.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: mrfreezeh on June 03, 2017, 04:18:02 AM
For a developing country (my country is same that), it is the first thing to expand the Bitcoin information network over the internet or newspapers and television. After doing so, they will know about Bitcoin, learn about it, thus attracting investors and users. The value of Bitcoin is like a metal, will be increasingly expensive because it Gradually scarce and many users.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Dudeperfect on June 03, 2017, 05:16:32 AM
See, the very first thing that we should understand is that Bitcoin is not any magic stick to change any country or the world. However, it is a financial solution to the limitations in fiat system which eliminates the borders of the nation and hence it creates more opportunities and enables anyone from any corner of the world to enhance their market territory without any controls & regulations. A person from these developing countries can take the advantage of this invention.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Hydrogen on June 04, 2017, 07:00:40 PM
The most obvious answer is african countries being prone towards economic instability. Zimbabwe and its currency hyperinflation of a few decades past gives bitcoin and crypto a window to offer people a reliable method of storing their wealth in the event of poor economic policies leading to currency devluation.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: angaper on June 04, 2017, 07:14:21 PM
The historical conditions of economic, social and cultural backwardness in Africa represent a major challenge for the implementation of bitcoin in that continent. I believe that local governments still need to overcome many educational lags in the population that allow them to leave a subsistence economy to jump to an economy more incorporated into the modern world where accessibility to information technologies facilitates people's access to use bitcoin, otherwise, efforts to incorporate bitcoin into real economy of African nations will end up being quite unsuccessful.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Victorycoin on June 04, 2017, 09:48:40 PM
See, the very first thing that we should understand is that Bitcoin is not any magic stick to change any country or the world. However, it is a financial solution to the limitations in fiat system which eliminates the borders of the nation and hence it creates more opportunities and enables anyone from any corner of the world to enhance their market territory without any controls & regulations. A person from these developing countries can take the advantage of this invention.
Well said! To those who are yet to really catch on, Bitcoin is a revolution, a game changer and leveler. Africa has had a sordid past, yes! No thanks to past leaders/rulers and colonial masters that till date aid them in looting and milking their countries dry. That is the past! The present is that we now have Bitcoin and cryptocurrency world, God bless Satoshi Nakamoto!

With Bitcoin and most cryptocurrencies, the governments are no longer center staged and no one of them can stop it, though they may want to try. This is a veritable turning point in life, especially those left behind. No doubt many might think otherwise just like the days until Ferdinand Magellan confounded flat world believers by circumnavigating the earth. It is never a hopeless situation unless one is looking with other people's eyes.

Some talks here about some countries being too poor and all that is simply diversionary as any problem identified and given the right attention soon get solved. If we get the poorest man from Zimbabwe for instance, who might well be just a victim of circumstance, educate and empower him on Bitcoin for instance - what it is, how to earn it and all that, the rest of his life would seize to have much to do with the worthlessness of his local currency but instead become hinged on the U.S. Dollar or Euro. I personally do not know the exact conversion rate of BTC/NGN, but I can tell what BTC/USD, EUR/USD, GBP/USD , etc are by the minute.
 
That brings us to what should be done - my take is, first step education and empowerment, outright profit making ventures, should come much later. I am fine tuning my very own strategy, starting with my country, but for Greater Africa, I would be in for a synergy.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Dudeperfect on June 05, 2017, 04:19:01 AM
See, the very first thing that we should understand is that Bitcoin is not any magic stick to change any country or the world. However, it is a financial solution to the limitations in fiat system which eliminates the borders of the nation and hence it creates more opportunities and enables anyone from any corner of the world to enhance their market territory without any controls & regulations. A person from these developing countries can take the advantage of this invention.
Well said! To those who are yet to really catch on, Bitcoin is a revolution, a game changer and leveler. Africa has had a sordid past, yes! No thanks to past leaders/rulers and colonial masters that till date aid them in looting and milking their countries dry. That is the past! The present is that we now have Bitcoin and cryptocurrency world, God bless Satoshi Nakamoto!

With Bitcoin and most cryptocurrencies, the governments are no longer center staged and no one of them can stop it, though they may want to try. This is a veritable turning point in life, especially those left behind. No doubt many might think otherwise just like the days until Ferdinand Magellan confounded flat world believers by circumnavigating the earth. It is never a hopeless situation unless one is looking with other people's eyes.

Some talks here about some countries being too poor and all that is simply diversionary as any problem identified and given the right attention soon get solved. If we get the poorest man from Zimbabwe for instance, who might well be just a victim of circumstance, educate and empower him on Bitcoin for instance - what it is, how to earn it and all that, the rest of his life would seize to have much to do with the worthlessness of his local currency but instead become hinged on the U.S. Dollar or Euro. I personally do not know the exact conversion rate of BTC/NGN, but I can tell what BTC/USD, EUR/USD, GBP/USD , etc are by the minute.
 
That brings us to what should be done - my take is, first step education and empowerment, outright profit making ventures, should come much later. I am fine tuning my very own strategy, starting with my country, but for Greater Africa, I would be in for a synergy.

Point well taken. Educational awareness and connectivity should be the first priority in these countries as with the connectivity the speed of transformation takes place with much better pace. We simply can't do anything about the past, however, while looking forward I see the equal opportunities to these countries as compared to that of other countries. If a person can give better service or product then, in that case, he is entitled to earn more amount than the person in developed countries and innovations like computer, internet, bitcoin made this possible.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Obito on June 05, 2017, 04:29:18 AM
Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!
I think bitcoin will be helpful in the country of Africa in terms of growing their economy because I believe that bitcoins has a big impact in ones economy. Bitcoin will also helpful in giving a chance to unemployed person to have an alternative income.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Yuhee on June 05, 2017, 04:33:51 AM
Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!
I think bitcoin will be helpful in the country of Africa in terms of growing their economy because I believe that bitcoins has a big impact in ones economy. Bitcoin will also helpful in giving a chance to unemployed person to have an alternative income.

I think it is good because it can also be counted as one of those none perishable good. You can store in a long time and if you need you can withdraw it then transact. I don't mean like good that is consumable but it is like a gold and if a country is in need they can just extract it then at least they can have easy money with out loaning to banks.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: megynacuna on June 05, 2017, 06:02:15 AM
The most obvious answer is african countries being prone towards economic instability. Zimbabwe and its currency hyperinflation of a few decades past gives bitcoin and crypto a window to offer people a reliable method of storing their wealth in the event of poor economic policies leading to currency devluation.

Good point but are there any credible exchanges out of there in Zimbabwe that will be willing to exchange their unstable currency for bitcoins? It's a good point but I doubt if it will be practical enough on the ground.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: conspirosphere.tk on June 06, 2017, 09:11:32 AM
Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with?


Hi. I've been in Ethiopia and I know it a bit.

Bitcoin would have a great market in Ethiopia because it would solve several government-generated money issues (like the great difficulty in sending money out or effecting payments abroad, which is causing serial business failures), and even to serve the remits market which moves much more money than its foreign trade, and this is a reason why any bitcoin initiative there would be repressed by the state with maximum penalties and why bitcoin is still non existent there and it will be so until the current model of authoritarian government will persist, just because bitcoin frees individuals from the money powers, which in Ethiopia is the state.

I guess that even to occasionally trade btc p2p there would be a serious risk without a deep previous legal research and/or special permissions. You might start enquiring on this with the proper government agency, and maybe look for a business license (which I expect that they will never release for btc trading).

Not to mention the pitiful state of the internet access there thanks to the state monopoly of telecom + censorship + total internet blackout (like the one currently ongoing), etc.

But if/when you will have a less authoritarian government I expect that cryptocoins will bloom there.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: ekoice on June 06, 2017, 12:31:58 PM
Do all people have internet and mobile phones in Africa? Even if they do, how exactly they are going to maintain a proper wallet without it getting lost or robbed? A lot of people cannot even understand how to get a wallet started and pay with Bitcoin to be honest.

But that's where the future should be going so we have a nice worldwide currency.

I think bitcoin can really help these kind of country, but the problem is, will they be interested in such digital currency? can they use a laptop or android phone? How about internet connection? Countries with poor people will not be interested in internet thing, they will be very busy for things that they will really have a profit like selling on their market. Bitcoin will not interest such busy people.
Its true to some extent but now advanced technologies have reached almost all parts of the world.It would not be difficult for people from under developed countries to use bitcoins.Already,money is sent through mpesa to african countries at very low prices.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: stergium on June 06, 2017, 09:16:46 PM
Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!
I think bitcoin will be helpful in the country of Africa in terms of growing their economy because I believe that bitcoins has a big impact in ones economy. Bitcoin will also helpful in giving a chance to unemployed person to have an alternative income.
yes bitcoin is really increasing the economic condition of theses countries. it is providing opportunities to its people to make more and more money from bitcoin. as they already have the facilities of internet, so it is not such a difficult job to  get benefit from bitcoin. they just need to have some investment n altcoin and must also have some experience and trading skill then they can really make good profit from bitcoin.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Sakamoto09 on June 07, 2017, 02:01:49 AM
The use of bitcoin now is growing,many peoploe where using bitcoin.And that is one thing that can help many coun countries to overcome many circumstances.We can help them by teaching them to how to buy products using bitcoin and by using these to save money and also to invest.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: chocolah29 on June 10, 2017, 01:35:50 AM
Do all people have internet and mobile phones in Africa? Even if they do, how exactly they are going to maintain a proper wallet without it getting lost or robbed? A lot of people cannot even understand how to get a wallet started and pay with Bitcoin to be honest.

But that's where the future should be going so we have a nice worldwide currency.


You have a point. In fact, you will be starting in totally scratch. You need to educate the people what is Bitcoin and how amazing it is. You can advertise it thru television,newspaper or other media that is accessible in your country. In that way many people will know and many investors will get attracted in Bitcoin. And success will not happen overnight so you better work hard for your dream to your country.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: d5000 on June 10, 2017, 03:36:19 AM
Hi. I've been in Ethiopia and I know it a bit.

Finally someone that doesn't entirely speculate about "the african country" ;)

Quote
[...]any bitcoin initiative there would be repressed by the state with maximum penalties and why bitcoin is still non existent there and it will be so until the current model of authoritarian government will persist, just because bitcoin frees individuals from the money powers, which in Ethiopia is the state.

That looks pretty pessimistic (and I hope it has nothing to do with the fact that the OP disappeared from the thread, he didn't look like a newbie trying to accumulate posts). Well, Bitcoin has made some progress in another country with an similarly authoritarian government that is China. It was often said in mainstream media that Ethiopia is following the Chinese model in many ways. Maybe there could be some cooperation between the Chinese Bitcoin pioneers and Ethiopian Bitcoiners to discuss strategies how to avoid repression.

Quote
Not to mention the pitiful state of the internet access there thanks to the state monopoly of telecom + censorship + total internet blackout (like the one currently ongoing), etc.
Do you know if there are mesh networks in Ethiopia? (at least, in the major cities?) Or is there a restriction respect to it? I know it would not be a satisfactory solution but at least it may make usable Bitcoin in some places without relying on the (untrustworthy) Internet service.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: conspirosphere.tk on June 20, 2017, 04:57:43 PM
Finally someone that doesn't entirely speculate about "the african country" ;)

Quote
[...]any bitcoin initiative there would be repressed by the state with maximum penalties and why bitcoin is still non existent there and it will be so until the current model of authoritarian government will persist, just because bitcoin frees individuals from the money powers, which in Ethiopia is the state.

That looks pretty pessimistic (and I hope it has nothing to do with the fact that the OP disappeared from the thread, he didn't look like a newbie trying to accumulate posts). Well, Bitcoin has made some progress in another country with an similarly authoritarian government that is China. It was often said in mainstream media that Ethiopia is following the Chinese model in many ways. Maybe there could be some cooperation between the Chinese Bitcoin pioneers and Ethiopian Bitcoiners to discuss strategies how to avoid repression.

I hope so too and wish him well. :-)

I think that Ethiopia has way less any historical experience nor any concept of free market than China. They are now into an ideology of state-led economy called "developmentalism" (or develop-mentalism) which is just a cover for the not so original marxist ideology of the party which is ruling since the 1991 revolution against the previous marxist regime.

Clearly the fact that the economy is booming from then just encourages more of the same state expansion, which will be their ruin, as always happened everywhere.

Quote
Not to mention the pitiful state of the internet access there thanks to the state monopoly of telecom + censorship + total internet blackout (like the one currently ongoing), etc.

Do you know if there are mesh networks in Ethiopia? (at least, in the major cities?) Or is there a restriction respect to it? I know it would not be a satisfactory solution but at least it may make usable Bitcoin in some places without relying on the (untrustworthy) Internet service.

They are currently under a "State of emergency", that is a suspension of constitutional rights, the government imprison journalists, dissidents by the tens of thousands, opposition leaders (even parliamentarians), etc. It is said that 1 out of 5 people in the whole population are informers of secret services kinda how it was in East Germany and so on. In such conditions I would not even open my mouth, much less start a mesh network (which might likely be illegal due to the state monopoly on telecommunications).


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: oreits11 on September 24, 2017, 04:40:10 PM
as developer works on manage with the service to gives with the offers as improving chance with the users experience as utilizing use of altcoins, the more on users have with the chance of possession those helps might in the future to gives with the ease of access as deliberating use of aggregate occupation to improves the dynamics with the decision as entering business with the crypto currency related field.



Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: rivoke on September 24, 2017, 04:53:10 PM
as developer works on manage with the service to gives with the offers as improving chance with the users experience as utilizing use of altcoins, the more on users have with the chance of possession those helps might in the future to gives with the ease of access as deliberating use of aggregate occupation to improves the dynamics with the decision as entering business with the crypto currency related field.



Of course they need the knowledge for operating bitcoin things since bitcoin works based on complicated algorithm. As I ever know that Ethiopia have a less knowledge about internet but it's still possible for their people to keep learn how to work with bitcoin for better future. As I'm experience , bitcoin really change my life !


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: soham on September 24, 2017, 06:27:43 PM
Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!

I think bitcoin will not be much of a help for the developing nations like Africa because bitcoin is a technical matter which is hard for them to understand first and then use it for their betterment. I am not saying that Africans are technically backward, but it is certainly needs a lot more education to handle a computer and then a crypto currency. The concept of crypto currency is fairly complex.

To make a good use of crypto currency, first they need good education and computer literacy. Otherwise, bitcoin will not be of much use to them. But if suddenly an African country declares bitcoin as legal for their country, it will certainly give a good boost to bitcoin as well as to their economy because then a lot of foreign investment will flow in to their country to evade tax and legal complication. Otherwise not!


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: centralbanksequalsbombs on September 24, 2017, 07:09:57 PM
Adoption of electronic-remittance has been great in many places in Africa! Primarily from the widespread use of cell phones with internet connectivity.

To answer the question, the greatest use would be obtaining Bitcoin as a long-term savings mechanism and secondary use as a cheap means of transfer for cross-border remittances. Bitcoin is the best tool to break away from central-bank financial bondage.

Has everyone known about the widespread use of cellphone remittance in Kenya (other parts of Africa) and attempts to centralize and control, shutdown competition?
Not too long ago - the debacle of Safaricom Mpesa and Bitcoin;
https://www.kenyainsights.com/revealed-how-a-worried-safaricom-used-backdoor-to-shutdown-bitcoin-which-was-set-to-neutralize-mpesa-dominance-in-kenya/ (https://www.kenyainsights.com/revealed-how-a-worried-safaricom-used-backdoor-to-shutdown-bitcoin-which-was-set-to-neutralize-mpesa-dominance-in-kenya/)


Not just in Africa, Fiat around the world is heavily infested, broken, and burdened with:
-regulatory burden on fiat banks & system (incredibly costly)
-insurance fraud
-false claims and insurance losses
-unemployment & other welfare costs
-inflating fiat to keep stock market rising and to keep house-prices from collapsing
-financing conflicts, bombs, and "aid"
-stabilize regions after natural disasters
-keeping monopolies with internet access centralized and search engine crawlers centralized
-money laundering
-chargebacks
-frivolous legal costs (lawsuits bogging the system down)
-state-sponsored corruption and unofficial corruption (governments and gangs, banks and conartists)
-retirement obligations (debasement in value to keep up with payments from government or other retirement-obligations)
-fake credit (goods being transacted with credit-loss, replaced by inflation of monetary base rather than bringing perpetrators & source to justice)


Bitcoin, systemically, is free from these burdens.

Bitcoin CANNOT be controlled.
Bitcoin cannot be made legal. Governments may still attempt to do so.
Bitcoin cannot be made illegal. Governments may still attempt to do so.

Efforts by any country's central bank or government to regulate bitcoin will accelerate that country's demise of fiat value. These costs of such attempts and many other costs are absorbed by monetary inflation - making fiat even more worthless over time. Fiat system has been broken for decades. Bitcoin however had reached escape velocity globally 4-years ago in 2013 thus will continue to rise & be adopted as it is the only escape from financial slavery and an opt-out of war-making, slave-labor producing central bank regimes.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Lpim01 on September 24, 2017, 10:24:49 PM
The use of bitcoin now is growing,many peoploe where using bitcoin.And that is one thing that can help many coun countries to overcome many circumstances.We can help them by teaching them to how to buy products using bitcoin and by using these to save money and also to invest.
We know that africa have a big problem in terms of finacial stability and it could be hard for them to take bitcoin because of having limited resources individually. And probably only rich people will take advantage with this because they are only person that can afford to used and invest bitcoin.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: coolstory on September 24, 2017, 10:28:02 PM
The use of bitcoin now is growing,many peoploe where using bitcoin.And that is one thing that can help many coun countries to overcome many circumstances.We can help them by teaching them to how to buy products using bitcoin and by using these to save money and also to invest.
We know that africa have a big problem in terms of finacial stability and it could be hard for them to take bitcoin because of having limited resources individually. And probably only rich people will take advantage with this because they are only person that can afford to used and invest bitcoin.

Mate Africa's territory is away from internet connection even. Hoping them to do good with coins is not logical. They have life problems, serious problems. They lack of drink water and food. This problems should be solved first.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Hamstead on September 24, 2017, 10:48:30 PM
Do all people have internet and mobile phones in Africa? Even if they do, how exactly they are going to maintain a proper wallet without it getting lost or robbed? A lot of people cannot even understand how to get a wallet started and pay with Bitcoin to be honest.

But that's where the future should be going so we have a nice worldwide currency.
That could be a huge problem with the african citizens. Probably they could take this bitcoin hardly because of many reasons, limited resources and financial stability in their people is a big factors.
And I don't think that bitcoim would be embraced by most, probably they will ignored it maybe.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: d5000 on September 25, 2017, 05:01:14 PM
I have begun to elaborate a list with African Bitcoin companies  (https://bitcointalk.org/index.php?topic=2154185), so we can do something constructive to promote Bitcoin usage in that world region.

Unfortunately, I didn't find too many, so I encourage anyone that knows about another Bitcoin enterprise (e.g. exchanges, payment processors, Bitcoin-accepting service providers etc.) to share their knowledge ;)

Mate Africa's territory is away from internet connection even.


False, although connection in rural areas is not very good in some countries (particularly those hitten by wars and conflicts), but connectivity should be enough in almost every African city of let's say 50.000+ inhabitants to allow usage of a SPV (light) wallet like Electrum.

Quote
Hoping them to do good with coins is not logical. They have life problems, serious problems. They lack of drink water and food. This problems should be solved first.

That is a chicken-and-egg problem. In our current economic system you almost for sure need money to solve infrastructural problems like a reliable drinking water supply (regardless that there are drastic differences between the countries). But Bitcoin companies could bring in some of this money - their contribution first will be tiny but then can grow if Bitcoin succeeds.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: kkukkugaga on December 28, 2017, 07:46:06 AM
Btc can be really useful in developing nations, not just African continents but also other sleeping countries. However, it's not easy most especially if the country is very limited. Most countries that need development are lacking and poor, so it's a bit difficult to operate btc to those countries. But, I guess soon, there will be alternatives in terms of accessing btc so that everyone will be able to accommodate and use it.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Roukawa on December 28, 2017, 08:03:02 AM
Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!
I think you can negotiate with bitcoin or developers of any altcoin inrelation to the needs of your continent, Africa. I think bitcoin will change the life of the people in Africa and the unbanked people may find some hope in bitcoin. You are right, bitcoin has the potential to change the world economically. There a lots of benefits of bitcoin and it is applicable for those developing countries. Likewise, it is important to start right now and be hopeful that someday the Africa and even the developing countries will become successful with bitcoin.
I guess you can talk it about the developers and I saw a project dealing with the internet speed in Africa. I hope that project will pursue and if it will be implemented in Africa. That is the time that the Africa will start to bring change.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: gledek on February 10, 2018, 01:25:39 AM
In my country, it is possible for bitcoin miners to be very helpful, but for my government there is no news to ban the inclusion of bitcoin to my country, because everything associated with free currency can be risky.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: nightfury on February 10, 2018, 03:10:59 AM
Bitcoin offers opportunities to unemployed people and can improve the economy of Third-world countries like Africa. Once majority of its people know about bitcoin and cryptos, it will open up lots of opportunity for they can participate in bounties offered by ICOs, they can trade, invest, and many more.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: cherrymobile on February 10, 2018, 03:49:14 AM
Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!
It gives a lot of benefits to them specially those who are in need. First their country needs to give educations for everyone then educate them how to deal with bitcoin. And upgrade the used of technologies in africa so that each of everyone will live happily and easily. Specially the communicatuons.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: Choyor on February 10, 2018, 04:14:21 AM
Infrastructure for solid digital token lift. Telecommunications liberalization across the continent has enabled internet access well. Countries in the African continent recognize the importance of crypto in their business and encourage cross-border trade and payments. I think Bitcoin and other cryptocurrencies have an opportunity and can grow in the African market.


Title: Re: How bitcoin can be useful in developing nations like the African continent.
Post by: MMS2017 on February 10, 2018, 04:16:24 AM
Bitcoin is useful for me and for every one in the community it is a good tool for developing a country situation like the African continent and the rest as well. The thing is a currency can do more then the other things like the bitcoin is using for many things this provide a job facility to many people in the Africa and not all this happen because of the bitcoin the shops there can earn a good amount of bitcoin and this is also a good job that we have to work for the bitcoin.