Bitcoin Forum
May 26, 2024, 04:29:53 AM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: Bitcoin in Africa  (Read 1740 times)
oprahwindfury
Full Member
***
Online Online

Activity: 586
Merit: 108



View Profile
January 22, 2014, 05:44:49 PM
 #21

I don't see why bitcoin would be widely used there yet. The MPisa service already seems to give the ability for individuals to transfer money between themselves within the country, and it is probably more expensive to use bitcoin rather than Western Union to transfer money into the country because of the fees, inconvenience and risk currently associated with buying and selling bitcoins.

I think these fees, inconvenience and risk for conversion betweeen bitcoin and fiat are possibly the most important indicator of the viability of the bitcoin economy, and I'd love to quantify them in different countries, and track them over time. Specifically, I'm interested in the percentage cost to transfer fiat to bitcoin and bad again to fiat.

Think about how hard it is explaining bitcoin to an average American who has access to 1st world services, internet etc. Now think of how hard that would be to explain to someone who has no concept of what the internet is.

Mavrick (OP)
Newbie
*
Offline Offline

Activity: 24
Merit: 0


View Profile
January 23, 2014, 08:43:56 AM
 #22

I don't see why bitcoin would be widely used there yet. The MPisa service already seems to give the ability for individuals to transfer money between themselves within the country, and it is probably more expensive to use bitcoin rather than Western Union to transfer money into the country because of the fees, inconvenience and risk currently associated with buying and selling bitcoins.

I think these fees, inconvenience and risk for conversion betweeen bitcoin and fiat are possibly the most important indicator of the viability of the bitcoin economy, and I'd love to quantify them in different countries, and track them over time. Specifically, I'm interested in the percentage cost to transfer fiat to bitcoin and bad again to fiat.

Think about how hard it is explaining bitcoin to an average American who has access to 1st world services, internet etc. Now think of how hard that would be to explain to someone who has no concept of what the internet is.

thank you for your opinion. i think you are right in a sense but you cant neglect something cause it will be hard to do!

help break the barriers there is no cant do other wise there would be no progress, what are your thoughts?

please give feedback!
LRCGROUP
Newbie
*
Offline Offline

Activity: 34
Merit: 0


View Profile WWW
January 23, 2014, 09:35:04 AM
 #23

If I can make a suggestion coming from Canada, a developed first world country it is this:

Create a service that makes it easy for people in Africa to receive payments in BTC and have those payments converted to local payment systems that the local people use much like Bit-pay does for merchants. A good example would be a BTC to M-PESA gateway for people in Kenya.

Let us say Bob in Kenya needs to receive payments from Alice in Canada. Bob would sign up with the service in Kenya and is provided with a custom web page on a site in Kenya and a password for a sender to use. Bob does not need to have Internet access. Bob then provides the password and the site url to Alice. This can even be done by regular (snail) mail. Alice then logs into the site with the password provided by Bob. Alice is provided with a Bitcoin address to send funds to Bob. After say 3 confirmations the M-PESA credit shows up on Bob's phone.

The key here is that the service in Kenya does not need to concern itself with how Alice obtains the BTC or learn how to use BTC or for that matter what the regulatory requirements are in Canada. Leave that up to the Bitcoin community in Canada. Replace Canada by any other "rich" country and one immediately sees the benefit Bitcoin can provide here.

I mention this because I still recall a situation 18 months ago. I was waiting in line at the local Post Office, ironically to pick up some documents I needed for my MTGox account. The fellow in front to me wanted to send 70 CAD to someone in Kenya. I could not avoid to overhear that it cost him in the neighbourhood of 10 CAD in fees. Do the math please.

ArticMine your insight and direction are right on point.  If I may take it one step further.  This service you provide can be as little as setting up the system that allows you to be the point of access for many that are not fortunate of having access to the system.  Provide a service that goes in direct contradiction to Western Union and your local bank branch. 

Take for example Europe.  There are many Africans that come to Europe and work and perform business and use systems such as Western Union to move cash flow back and forth for the set fee Western Union see's fit.

Check out your countries regulation on crypto currency and set up your new point of access.  This technology opens the door for endless possibilities.

If you want to build up a network with Europe, send me a PM and we could talk about further possibilities.
manxfella
Newbie
*
Offline Offline

Activity: 14
Merit: 0


View Profile
January 23, 2014, 09:47:44 AM
Last edit: January 23, 2014, 05:24:14 PM by tysat
 #24

Join a gifting programme and as I have said in a previous post the skies the limit of the Btc's you get in return


MOD NOTE:
Link removed as it's clearly a scam
BADecker
Legendary
*
Online Online

Activity: 3794
Merit: 1373


View Profile
January 28, 2014, 07:28:32 PM
 #25

Get some locals together who have the funds to start and back an exchange for the poor locals. Find the business folks who want to improve Africa and the people, rather than line their own pockets. Hold local meetings. Make kiosks available to the people who can't afford computers. But do it locally at first. Then expand to nearby areas.

Smiley


Cure your cancer at home. Ivermectin, fenbendazole, methylene blue, and hydroxychloroquine (HCQ) are chief among parasite drugs. Find out that all disease is based in parasites or pollution, and what you can easily do about it - https://www.huldaclark.com/.
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!