How to transition local economy into bitcoin?

[prakashrj]

How to transition local economy into bitcoin?

I have been reading news about how people have transitioned to bitcoin in Africa or Bangladesh, where fiat cash was used predominantly. I would like learn how they brought the change. How they motivated early adopters to use it? What early adopters did when they needed cash?

Can you please provide me resources to projects that have helped local economies use bitcoins. I would like to learn from their experience.

[prakashrj]

Currently going through humaniq use cases, but it's more about possibilities of humaniq.

https://humaniq.com/use-cases

[stompix]

How to transition local economy into bitcoin?

I have been reading news about how people have transitioned to bitcoin in Africa or Bangladesh

Well I have read a lot of news about how bitcoin will impact in Africa and Asia and a few months and years after I learned only how nearly all the projects failed.

And it is the same story over and over

How Kipochi is Taking Bitcoin into Africa
https://www.coindesk.com/kipochi-taking-bitcoin-africa/
then
https://blog.stakeventures.com/articles/what-actually-happened-at-kipochi


Beam Launches Cheap 'Rebittance' Solution for Ghana
https://www.coindesk.com/beam-launches-cheap-rebittance-solution-ghana/
then
African Remittance Firm Beam Stops Bitcoin Service in Pivot
https://www.coindesk.com/african-remittance-beam-drops-bitcoin-pivot/

Face the truth
Most of Africa is too poor to even think of a way to get rid of poverty.
Bitcoin is not a magic wand that will turn a disaster in a flourishing economy with a simple spell.

[krishnapramod]

How to transition local economy into bitcoin?

I have been reading news about how people have transitioned to bitcoin in Africa or Bangladesh, where fiat cash was used predominantly. I would like learn how they brought the change. How they motivated early adopters to use it? What early adopters did when they needed cash?

Can you please provide me resources to projects that have helped local economies use bitcoins. I would like to learn from their experience.

Bitcoin is banned in Bangladesh. Africa and other developing countries contribute to the majority of world's unbanked population. M-Pesa, a mobile phone based branchless banking service was a game changer in Africa simply because it was targeted at providing a smooth, convenient cashless solution to the unbanked people. Bitcoin has the potential to change African economy, the adoption rate is slow, but yeah Humaniq and Abra can speed it up, https://www.abra.com/blog/abra-tellers-available-in-over-170-cities/

[ekoice]

I don't know where you got news that economy is transitioned to bitcoins in bangladesh.Using bitcoins is banned in bangladesh.Even people are imprisoned if caught using bitcoins.But african continent have a large number of countries with huge population.Their economy is not that much good.Money transactions was made possible in bitcoins there with m-pesa.It became a big success there.But that same strategy would not be successful in all countries.For example,unless bitcoin is legalized like japan,economy could not be transitioned to bitcoin.

[HeRetiK]

Well I have read a lot of news about how bitcoin will impact in Africa and Asia and a few months and years after I learned only how nearly all the projects failed.

And it is the same story over and over

How Kipochi is Taking Bitcoin into Africa
https://www.coindesk.com/kipochi-taking-bitcoin-africa/
then
https://blog.stakeventures.com/articles/what-actually-happened-at-kipochi


Beam Launches Cheap 'Rebittance' Solution for Ghana
https://www.coindesk.com/beam-launches-cheap-rebittance-solution-ghana/
then
African Remittance Firm Beam Stops Bitcoin Service in Pivot
https://www.coindesk.com/african-remittance-beam-drops-bitcoin-pivot/

Face the truth
Most of Africa is too poor to even think of a way to get rid of poverty.
Bitcoin is not a magic wand that will turn a disaster in a flourishing economy with a simple spell.

Interesting reads, thanks for sharing. It's good to see that at least BitPesa still appears to be going, but although sobering it's important to point out that we're not quite there yet. Bitcoiners tend to have a love affair with what could be, while often ignoring what is.

To me one take-away from Kipochi's story however was that it's not just about growing a userbase. You need to keep an eye out for the established players as well, as they won't hand you over the market all that easily. It's especially hard to disrupt an industry if you depend on the ones that you're trying to replace in the first place.

I don't know where you got news that economy is transitioned to bitcoins in bangladesh.Using bitcoins is banned in bangladesh.Even people are imprisoned if caught using bitcoins.

Got any more details on that?

[krishnapramod]

I don't know where you got news that economy is transitioned to bitcoins in bangladesh.Using bitcoins is banned in bangladesh.Even people are imprisoned if caught using bitcoins.

Got any more details on that?

In September 2014, Bangladesh Bank said that "anybody caught using the virtual currency could be jailed under the country's strict anti-money laundering laws".

https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory

Bitcoin is not a legal currency (legal tender) issued by any country. Bangladesh Bank or any organization of Bangladesh government does not approve any transaction of bitcoin or any other artificial online currency.

Bitcoin and it's transactions operate mainly through online network and it does not depend/approved by a central payment system, as such, people can be financially harmed. Transactions of these kind of currency could involve unapproved matters stated in Foreign Currency Control Act, 1947 and will be punishable by it. Moreover, users of these kind of currency will also be punishable by Money Laundering Control Act, 2012 for disobeying the stated act.

AFP also reportedly spoke to a representative from the bank, who said that the act of using a digital currency could be punishable by as much as 12 years in prison.

https://www.coindesk.com/bangladesh-outlaw-bitcoin-jail/