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Author Topic: African country adopts Bitcoin as primary currency  (Read 3492 times)
favila
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May 18, 2017, 11:21:46 AM
 #81

Bitcoin fees are too high and confirmation time too long for most people in any African country. The short answer is they might accept is as a method of payment like Japan did, or banks may opt to use it as a background service, but its a long way off from being accepted as a primary currency.

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deisik
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May 18, 2017, 03:15:09 PM
 #82

Bitcoin fees are too high and confirmation time too long for most people in any African country. The short answer is they might accept is as a method of payment like Japan did, or banks may opt to use it as a background service, but its a long way off from being accepted as a primary currency

We are all basically in the same conditions

And while I agree in general that Bitcoin fees may be way too high for the majority of African population, the confirmation times are essentially the same for everyone across the globe (provided the fees are the same, of course), so it is certainly not about just for "people in any African country". In other words, it is for other countries too. On the other hand, Bitcoin is not the only pebble on the beach, anyway. There are cheaper coins with faster confirmation times and lower fees, for example, Litecoin (which has been on the rise recently)

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iluvpie60
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May 18, 2017, 03:43:44 PM
 #83

It would have to be a richer african country. Btc fee of a dollar is what most people make in 2 days work. No way they would want btc as their currency. It is so useless for them and costs way to much. Way better off with another coin with low fees.



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Betwrong
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May 19, 2017, 08:56:10 AM
 #84

Bitcoin fees are too high and confirmation time too long for most people in any African country. The short answer is they might accept is as a method of payment like Japan did, or banks may opt to use it as a background service, but its a long way off from being accepted as a primary currency

We are all basically in the same conditions

And while I agree in general that Bitcoin fees may be way too high for the majority of African population, the confirmation times are essentially the same for everyone across the globe (provided the fees are the same, of course), so it is certainly not about just for "people in any African country". In other words, it is for other countries too. On the other hand, Bitcoin is not the only pebble on the beach, anyway. There are cheaper coins with faster confirmation times and lower fees, for example, Litecoin (which has been on the rise recently)

I was thinking about it recently. If most people, not only African people, but people in the world in general, are only starting to realize the advantages of Bitcoin compared to fiat, how long will it take to realize the advantages of any other crypto compared to Bitcoin?

I think most people rather will come to terms with that 300-400 satoshis/byte fee and will stick to Bitcoin in the foreseeable future.

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deisik
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May 19, 2017, 09:40:57 AM
 #85

Bitcoin fees are too high and confirmation time too long for most people in any African country. The short answer is they might accept is as a method of payment like Japan did, or banks may opt to use it as a background service, but its a long way off from being accepted as a primary currency

We are all basically in the same conditions

And while I agree in general that Bitcoin fees may be way too high for the majority of African population, the confirmation times are essentially the same for everyone across the globe (provided the fees are the same, of course), so it is certainly not about just for "people in any African country". In other words, it is for other countries too. On the other hand, Bitcoin is not the only pebble on the beach, anyway. There are cheaper coins with faster confirmation times and lower fees, for example, Litecoin (which has been on the rise recently)

I was thinking about it recently. If most people, not only African people, but people in the world in general, are only starting to realize the advantages of Bitcoin compared to fiat, how long will it take to realize the advantages of any other crypto compared to Bitcoin?

You are certainly not alone

I'm not just thinking about that, I'm in fact using Litecoin specifically as a transfer vehicle for Bitcoin. Litecoin's transactions are fast enough (though they could be faster, of course, since I still have to wait for 6 confirmations) and the fees are really low, at least, low enough not to think of them when making transfers for as little as a few dozen dollars (which is certainly not the case with Bitcoin where you would have to pay a few %% from the total amount transacted)

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iamTom123
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May 19, 2017, 04:07:01 PM
 #86

How are they gonna use BTC when they do not have internet, a tv nor smartphone..  Roll Eyes

Maybe the government is planning to issue all citizens with Android smartphones and give them all free internet connections...and maybe it is time to migrate into this country so we can all enjoy all the benefits many of their people would enjoy soon.

It can really be funny when some government who are known to be sucking their own people and wasting all of the resources available can think of riding the crypto revolution.
reuschman
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May 20, 2017, 09:04:41 AM
 #87

that news is partially true, not all countries are adopting bitcoin but some of the African countries are taking consideration using as a currency, but it is not sure that they are using it as a primary currency.
but hopefully, in future, every country will approve it as the main currency.
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