Bitcoin adoption in Africa: Bitcoin solving problems in the country

[The_Dark_Knight]

Bitcoin has high value against ZAR ( African currency ) so if African people able to mine or earn bitcoin, it become great advantage because it will help African's economy. Let say if they build online shop or other public service that accept bitcoin , I'm sure that the transaction will be active since the demand will increase overtime

The internet is a great platform that allow to those that have skills to command high salaries like the ones you could find in the first world while in their countries they will be paid a misery and bitcoin allow them to do it without any third party interfering in their business.

[countryfree]

I bet the person who wrote that article has never been anywhere in Africa...
My advice to someone going there is to carry $500 and 500€ in cash. Small banknotes only. Don't waste time trying to use BTC.

[xuan87]

Bitcoin has high value against ZAR ( African currency ) so if African people able to mine or earn bitcoin, it become great advantage because it will help African's economy. Let say if they build online shop or other public service that accept bitcoin , I'm sure that the transaction will be active since the demand will increase overtime

The internet is a great platform that allow to those that have skills to command high salaries like the ones you could find in the first world while in their countries they will be paid a misery and bitcoin allow them to do it without any third party interfering in their business.

I think nowadays internet can become a great solution to find some income, but in the third world internet is a bit hard to reach, but I believe that bitcoin can become a very good source of side income because you can earn it from any country, not like the survey paying sites that need you to sign in from the particular country

[bitcoineverything]

It could be a solution in the future, but I think that most rural places in Africa still do not have access to good internet. This poses a problem for widespread Bitcoin adoption there.

A friend of mine recently gave a lightning talk at the Git-Merge conference, which explained this problem and offered a solution, using Github as a money-less transaction exchange ledge system.
I know this doesn't have anything to do with Bitcoin really, but I thought it was pretty interesting, I'll copy the gist of the talk here:

“Lightning Talk / Git: The Original Blockchain”
Meredith L. Patterson, Mautinoa Technologies

Meredith showed how Git was chosen as the underlying platform for implementing a money-less transaction exchange ledge system. This implemented an actual monetary system in Sierra Leone, where phone minutes is actually considered a viable FX currency, since otherwise the national bank would go bankrupt.

Bitcoin and other blockchain-based distributed ledger systems are “gossip protocols”, and require always-on Internet access, not available in much of Africa. What is needed is a way to perform transactions off-line, with later reconciliation step. This means that the system needs to store timestamps in its blockchain… Meredith noticed that this is what Git does! The presented solution uses a ledger-cli / hledger plain text accounting format as a format for storing transactions, Git commits for blockchain, remotes as wallets / accounts, and GPG keys with short expiration dates for signing.

This shows how technologies, such as Git, that do one thing well can change the world by doing the thing they do well in unexpected places.

Source: https://git.github.io/rev_news/2017/02/22/edition-24/

Sadly the video isn't up on their website yet.

That is awesome! Does that mean it would allow transactions even offline? However, confirmations may take more time than the usual since transactions need to be stored for some time before Git transfers them to the blockchain. But that would still be great for me.

[el kaka22]

I think bitcoin is ideal for developing countries. It offers alternative forms of payment at much lower costs and for any amount. Micro loans are rapidly growing across the African continent, helping small businesses get up and running. I think bitcoin is a tool that can be utilized to make these businesses keep their costs down. If adopted and used properly, it can certainly propel many countries forward.

Bitcoin would be great for countries in Africa. There's a huge amount of government corruption in those countries, as well as exploitation of the population by people who are in high levels in the government. Using Bitcoin would be a great way for the people to protect their money.

Yeah I think bitcoin is a good idea for the people of all developing countries. They can also use it for the investment and trading purpose. As we all know that the economy of the developing countries and their currency is very low as compare to dollar or bitcoin so, it is the good platform for them to make money with their skill set.

When those people are planning up bitcoin based business for their local people, the success rate would be relatively high and I believe this forum will help them on setting up business too.

[Hydrogen]

Some african communities use cell phones to pay their bills and buy things in markets.

Its part of an experiment revolving around cashless society.

The electronic foundation they built to implement cashless transactions could work well for bitcoin too.

I wouldn't be surprised if many in those communities switched to btc.

 

[shinratensei_]

It could be a solution in the future, but I think that most rural places in Africa still do not have access to good internet. This poses a problem for widespread Bitcoin adoption there.

A friend of mine recently gave a lightning talk at the Git-Merge conference, which explained this problem and offered a solution, using Github as a money-less transaction exchange ledge system.
I know this doesn't have anything to do with Bitcoin really, but I thought it was pretty interesting, I'll copy the gist of the talk here:

“Lightning Talk / Git: The Original Blockchain”
Meredith L. Patterson, Mautinoa Technologies

Meredith showed how Git was chosen as the underlying platform for implementing a money-less transaction exchange ledge system. This implemented an actual monetary system in Sierra Leone, where phone minutes is actually considered a viable FX currency, since otherwise the national bank would go bankrupt.

Bitcoin and other blockchain-based distributed ledger systems are “gossip protocols”, and require always-on Internet access, not available in much of Africa. What is needed is a way to perform transactions off-line, with later reconciliation step. This means that the system needs to store timestamps in its blockchain… Meredith noticed that this is what Git does! The presented solution uses a ledger-cli / hledger plain text accounting format as a format for storing transactions, Git commits for blockchain, remotes as wallets / accounts, and GPG keys with short expiration dates for signing.

This shows how technologies, such as Git, that do one thing well can change the world by doing the thing they do well in unexpected places.

Source: https://git.github.io/rev_news/2017/02/22/edition-24/

Sadly the video isn't up on their website yet.

That is awesome! Does that mean it would allow transactions even offline?

Is this a real? I don't think if the transaction can get deliver without packet data. 

[justdimin]

Yes true bitcoin demand was really high even tbc there.Africans are just taking oportunity to earn and make some money because on how they live there, we all know that there is a crisis before so people are adopting everything to earn and bitcoin is one of it.If it dominates and helps to increase economy status it will be a good effect on whole country and whole bitcoin community

Yeah I think it’s a good opportunity for them to earn a decent income through it I think the countries of Africa are suffering with a huge poverty and unemployment so I think it is a good way for them to earn and fulfill their daily use. This is also good for the promotion of the bitcoin as it is now mostly popular in just developed countries.

When those people are planning up bitcoin based business for their local people, the success rate would be relatively high and I believe this forum will help them on setting up business too.

Not just in Africa, world wide people can do this in this respective countries just to make use of the advantageous of bitcoin system. I agree developing countries and under developed countries are having more potential than developed countries. Still, bitcoin will get all of them huge profits for sure.

[bitcoineverything]

Hi Everyone,

We come to learn that Bitcoin adoption is rapidly growing in Africa. Analysts say that Bitcoin could be a solution to problems in Africa including remittances, economic difficulties and even corruption. If this would be successful for Africa, would it do the same for other countries too?

What can you guys say about it?

How can it be? I mean, most of the people in Africa do not have a chance to interact with common technology like smartphone, television and internet. How can they able to use Bitcoin widely in the country? Of course we can send Bitcoin to help them, but using Bitcoin in Africa is a big problem. I doubt that Bitcoin can affect and make the life of people in Africa be better

I disagree. There are areas in Africa that are already well developed and technology is already flourishing such as smartphones and of course internet. It may not be that much as in your country, but at least they have and they keep on growing.

[bitcoineverything]

It's not just a solution for solving problems in Africa but that is applicable to all countries in the world. But when it comes to corruption that's the only thing that I'm thinking that those corrupt officials will have to use the advantage of using bitcoins anonymity for their shady acts inside their offices.

I believe the same for other countries too. When it comes to solving corruption, I guess the solution is that government transactions will be traceable when Bitcoin is used.

[bitcoineverything]

Hi Everyone,

We come to learn that Bitcoin adoption is rapidly growing in Africa. Analysts say that Bitcoin could be a solution to problems in Africa including remittances, economic difficulties and even corruption. If this would be successful for Africa, would it do the same for other countries too?

What can you guys say about it?

I truly think that it is a great idea. But I just don't know whether it would actually work because there is very little wifi access in Africa. As in the more underdeveloped countries. That is a big problem because pretty much everything that relates to Bitcoin is online. However, for the people that wifi access, I think that Bitcoin can solve a lot of their problems. Posting on this forum would make them a good amount of money for their standards. Because they probably earn a couple of dollars per day. That would mean that they are doubling their salary. And this should work for pretty much all developing countries, not just Africa.

Internet access may be a problem for now but if other countries can do it, Africa can too. If companies see potential in Africa, they would invest in bringing the technology in the country.

[Yakamoto]

I bet the person who wrote that article has never been anywhere in Africa...
My advice to someone going there is to carry $500 and 500€ in cash. Small banknotes only. Don't waste time trying to use BTC.

This is actually something that I think a lot of people overlook.

If anyone has ever watched "Empire of Dust" or been to Africa, it paints a relatively decent picture of the situation and why something like Bitcoin would be far less effective than people on here imagine.

I wonder how far ahead they're going to get within the next few decades, and if they're ever going to be able to succeed making technological progress.

[sportis]

Africa is a continent with many contrasts. That is, there countries which are is technologically friendly like as the South Africa, but in general most of them unfortunately, are underdeveloped. Many citizens of these countries are without bank status. Bitcoin offers them what no fiat was able to give. It is decentralized and does not require a trusted third entity aka bank. Obviously, an appropriate training is required but is not impossible especially for young people and those who really have the will to change their life. As far as it concerns the internet infrastructure there is also the mobile one 3G/4G offered by cellular networks. Bitcoin only will not definitely solve all the residents of Africa problems but is certain that is a good way to improve their everyday life. As a recent example let's look what bitcoin offered to people of Venezuela.

[szpalata]

Hi Everyone,

We come to learn that Bitcoin adoption is rapidly growing in Africa. Analysts say that Bitcoin could be a solution to problems in Africa including remittances, economic difficulties and even corruption. If this would be successful for Africa, would it do the same for other countries too?

What can you guys say about it?

I'm fascinated by the mass adoption of Bitcoin in Africa especially in the west as it seems to be the panacea for their current fight for economic freedom and the stabilization. I'm impressed that Nigeria being the most populous country in Africa is spearheading this Bitcoin usage.

[Notanon]

Africa is a continent and not a country.
It has 54 countries.
Just saying....

+1

Some of you people obviously did not pay attention in geography lessons back in school...

[Farma]

if it does work in Africa, of course it will be successful in other countries. but it all depends on the government, because if the government does not provide direction in the use bitcoin, then, bitcoin may only be used for illegal purposes.

[MWesterweele]

Hi Everyone,

We come to learn that Bitcoin adoption is rapidly growing in Africa. Analysts say that Bitcoin could be a solution to problems in Africa including remittances, economic difficulties and even corruption. If this would be successful for Africa, would it do the same for other countries too?

What can you guys say about it?

i think it is probably one of the solution but I think the best solution is their government needs to take care of its country, other country such as america,asia needs to put some investment in africa to create a job for the people. People needs to help their self first. the progress of every country depends on its coutrymen.

[bitcoineverything]

Bitcoin has high value against ZAR ( African currency ) so if African people able to mine or earn bitcoin, it become great advantage because it will help African's economy. Let say if they build online shop or other public service that accept bitcoin , I'm sure that the transaction will be active since the demand will increase overtime

Also, transaction fees for online shopping will also be less and and B2B transactions outside the country, especially with China, will be cheaper when it comes to sending payments.

[mrcash02]

Bitcoin has high value against ZAR ( African currency ) so if African people able to mine or earn bitcoin, it become great advantage because it will help African's economy. Let say if they build online shop or other public service that accept bitcoin , I'm sure that the transaction will be active since the demand will increase overtime

Also, transaction fees for online shopping will also be less and and B2B transactions outside the country, especially with China, will be cheaper when it comes to sending payments.

The only problem is that the transactions would take a lot of time to be finished if a whole country starts using Bitcoin. However, when this issue be solved there won't be negative points about a Bitcoin adoption in african countries, at least I can't imagine any negative point right now. It would increase the wealthy in the hands of that people. Currency rising its price, exactly the oppost of what happens now.

[asdalani]

Bitcoin has high value against ZAR ( African currency ) so if African people able to mine or earn bitcoin, it become great advantage because it will help African's economy. Let say if they build online shop or other public service that accept bitcoin , I'm sure that the transaction will be active since the demand will increase overtime

Also, transaction fees for online shopping will also be less and and B2B transactions outside the country, especially with China, will be cheaper when it comes to sending payments.

Yes, the transaction fees for shopping will be a whole lot less but without any access or information on how to purchase Bitcoin then part of the payment system will be obsolete to a group of people. The systems that are all set up on Mobile phones is how the payment niche is getting popular because mobile phone payments are easy to use and mobile phones are really cheap to get within those locations.
Bitcoin will get popular when a merchant decides that they could spread their Bitcoin purchasing business within places like Africa and Malaysia.