Africa Isnt Ready For Bitcoins

[djoko adi]

Lesetja Kganyago, Governor of South African Reserve Bank (SARB) also noted that: "Blockchain technology has the potential to help millions of uneconomed people in the economy, and improve government services to be much more efficient." He is also interested to consider the benefits of Blockchain further to south Africa

In line with South Africa's fresh air from governments in the country, the Blockchain industry in Nigeria also received full support from its government to collaborate with the Cryptography Development Initiative of Nigeria (CDIN) in education and technology implementation programs. CDIN is a non-governmental organization that aims to address gaps in the development of cryptography for the common good. CDIN hopes to make government agencies, investors, consumers and other stakeholders simultaneously awakened and interested in Blockchain technology to be used as a tool to prevent crime, protect consumers, open new jobs, and expand business opportunities in Nigeria.

[stompix]

Lesetja Kganyago, Governor of South African Reserve Bank (SARB) also noted that: "Blockchain technology has the potential to help millions of uneconomed people in the economy, and improve government services to be much more efficient." He is also interested to consider the benefits of Blockchain further to south Africa

Haha, that mugambe wasambe would better do something about this:

https://www.thesouthafrican.com/fsi-only-civil-war-torn-countries-are-in-a-more-fragile-state-than-south-africa/

South Africa has been called many things this year: Junk, in recession, state captured… Now we can add ‘a fragile state’ to that list. Man, we are blessed.
The findings came from the work of the Fragile States Index (FSI) who annually rate 178 countries based on their economic performance and governmental stability: Two things that Zuma and the gang have effectively thrown into the Atlantic.
Only five other countries have seen their stability ratings plunge further in the last 10 years – Syria, Yemen, Libya, Senegal and Mali.

http://www.iol.co.za/business-report/recession-south-african-economy-shrinks-by-07-9585516
Recession: South African economy shrinks by 0.7%

We observe that in the first quarter of 2017, both the secondary and tertiary sectors recorded negative growth rates. The trade and manufacturing industries were the major heavyweights that stifled production, with trade falling by 5,9% and manufacturing by 3,7%.

https://www.reuters.com/article/us-safrica-politics-idUSKBN19L2KF
South Africa says may need seek outside help to get economy going

And the solution?

He called for "radical solutions" -- albeit within the constitution -- to redistribute land to the country's black majority.

South Africa is going the way of cuckoo socialism.
Bitcoin is pure capitalism and free market.
Those two can't be mixed.

[Azkabal]

In fact, not only Africa, but other third world countries are also not ready for bitcoins. Many people in these countries do not even have access to a computer, not to mention the Internet.

[Kprawn]

Africa isn't even ready for smartphones. I'm talking about central Africa here because the North and South are fairly developed. Read about the things that are going on in there. Kids running around with guns, pirates attacking transport ships in their little wooden boats. Bitcoin isn't going to change anything for them.

This is where you are wrong.... they need it even more, given this exact situation. Imagine a world without ATM's where people can transfer

wealth with a push of a few cellphone buttons. {no third party} A world where no corrupt centralized services has control over their wealth and

where they are not robbed when they withdraw money at an ATM. They have access to their money 24/7 and might be able to do micro tx's with

very low fees. I hope people can look past the "bad" actors and see the potential Bitcoin can have, if they are given the right tools. 

[Inmydomain]

Africa is seeing great progress through mobile phone banking and easy to create accounts, the monetary system, be it centralized or decentralized is the way out of poverty.

The key for bitcoins in Africa is easy of use, if it can be taken up through texting etc. then there is a very bright future

[jennywhzz]

Maybe not now yes it is true. However if africa tries to atleast adopt this would let their economy grow. We know that there are smart africans if they invest of trading they can actually do it

Africa is little back in technology and one need to have a good infrastructure of INTERNET for bitcoins to work seamlessly. I think they need to built their infrastructure if they want to adopt bitcoin as a mainstream currency.

[gabbie2010]

Maybe not now yes it is true. However if africa tries to atleast adopt this would let their economy grow. We know that there are smart africans if they invest of trading they can actually do it

Africa is little back in technology and one need to have a good infrastructure of INTERNET for bitcoins to work seamlessly. I think they need to built their infrastructure if they want to adopt bitcoin as a mainstream currency.

I agreed with you as regards lack of basic infrastructures i.e internet. Internet is one of the major factor limiting the acceptance of bitcoin in africa, infact high cost of production of internet service make  for internet subcription to highly expensive and internet is a major tool for creating awareness about bitcoin in africa. With low data subcription the  more awareness.

[Slow death]

Just one small remark - stop saying that whole Africa is not ready for bitcoin that is no true.
There are rich countries in Africa too: Nigeria, Egypt, South Africa, Algeria, and not everyone is living in mud huts there.
One is certain - Africa is not the most internet heavy continent, and Bitcoin = internet. Smartphones are slowly changing that fact though.

I am African and live very well, my father is a general and my family has money. I have a computer since I was born and my brothers and friends all have a computer

Frankly I read many comments from people who talk a lot of bullshit

In my poorest atheist country has a cell phone and there are few people who do not have a smartphone or a computer at home

Access to the internet is very easy to have in my country

I hope people do not talk bullshit.

[markjamrobin]

Maybe not now yes it is true. However if africa tries to atleast adopt this would let their economy grow. We know that there are smart africans if they invest of trading they can actually do it

Everyone is smart, however, that intelligence depends on how the person performs. In addition, passion also helps people succeed, not just Africans, anyone who has passion for their work, they will succeed.

[BitcoinBallerina]

Well, Bitcoin is an internet-based tech. Given Africa is likely the least connected area to the internet, it only makes sense they would be the least ready for Bitcoins.

[xvids]

The price of Bitcoin doesn't matter. Transaction fees do.
High transaction fees kill micropayments and that rules out Bitcoin from poor countries.

Yeah the transaction fees are too high even if it is just a small amount of transaction.
I really hope that we could use bitcoin like the old times when transaction is much faster and the transaction fee is free.

[Proton2233]

The price of Bitcoin doesn't matter. Transaction fees do.
High transaction fees kill micropayments and that rules out Bitcoin from poor countries.

Yeah the transaction fees are too high even if it is just a small amount of transaction.
I really hope that we could use bitcoin like the old times when transaction is much faster and the transaction fee is free.

Probably this will not be. After all the coins are mined miners will earn only at the expense of the payment for the transaction. People should already get used to it. Maybe after August 1, the cost per transaction will decrease, but it is not yet known.