How bitcoin can be useful in developing nations like the African continent.

[mrfreezeh]

For a developing country (my country is same that), it is the first thing to expand the Bitcoin information network over the internet or newspapers and television. After doing so, they will know about Bitcoin, learn about it, thus attracting investors and users. The value of Bitcoin is like a metal, will be increasingly expensive because it Gradually scarce and many users.

[1715635859]

1715635859

[Dudeperfect]

See, the very first thing that we should understand is that Bitcoin is not any magic stick to change any country or the world. However, it is a financial solution to the limitations in fiat system which eliminates the borders of the nation and hence it creates more opportunities and enables anyone from any corner of the world to enhance their market territory without any controls & regulations. A person from these developing countries can take the advantage of this invention.

[Hydrogen]

The most obvious answer is african countries being prone towards economic instability. Zimbabwe and its currency hyperinflation of a few decades past gives bitcoin and crypto a window to offer people a reliable method of storing their wealth in the event of poor economic policies leading to currency devluation.

[angaper]

The historical conditions of economic, social and cultural backwardness in Africa represent a major challenge for the implementation of bitcoin in that continent. I believe that local governments still need to overcome many educational lags in the population that allow them to leave a subsistence economy to jump to an economy more incorporated into the modern world where accessibility to information technologies facilitates people's access to use bitcoin, otherwise, efforts to incorporate bitcoin into real economy of African nations will end up being quite unsuccessful.

[Victorycoin]

See, the very first thing that we should understand is that Bitcoin is not any magic stick to change any country or the world. However, it is a financial solution to the limitations in fiat system which eliminates the borders of the nation and hence it creates more opportunities and enables anyone from any corner of the world to enhance their market territory without any controls & regulations. A person from these developing countries can take the advantage of this invention.

Well said! To those who are yet to really catch on, Bitcoin is a revolution, a game changer and leveler. Africa has had a sordid past, yes! No thanks to past leaders/rulers and colonial masters that till date aid them in looting and milking their countries dry. That is the past! The present is that we now have Bitcoin and cryptocurrency world, God bless Satoshi Nakamoto!

With Bitcoin and most cryptocurrencies, the governments are no longer center staged and no one of them can stop it, though they may want to try. This is a veritable turning point in life, especially those left behind. No doubt many might think otherwise just like the days until Ferdinand Magellan confounded flat world believers by circumnavigating the earth. It is never a hopeless situation unless one is looking with other people's eyes.

Some talks here about some countries being too poor and all that is simply diversionary as any problem identified and given the right attention soon get solved. If we get the poorest man from Zimbabwe for instance, who might well be just a victim of circumstance, educate and empower him on Bitcoin for instance - what it is, how to earn it and all that, the rest of his life would seize to have much to do with the worthlessness of his local currency but instead become hinged on the U.S. Dollar or Euro. I personally do not know the exact conversion rate of BTC/NGN, but I can tell what BTC/USD, EUR/USD, GBP/USD , etc are by the minute.
 
That brings us to what should be done - my take is, first step education and empowerment, outright profit making ventures, should come much later. I am fine tuning my very own strategy, starting with my country, but for Greater Africa, I would be in for a synergy.

[Dudeperfect]

See, the very first thing that we should understand is that Bitcoin is not any magic stick to change any country or the world. However, it is a financial solution to the limitations in fiat system which eliminates the borders of the nation and hence it creates more opportunities and enables anyone from any corner of the world to enhance their market territory without any controls & regulations. A person from these developing countries can take the advantage of this invention.

Well said! To those who are yet to really catch on, Bitcoin is a revolution, a game changer and leveler. Africa has had a sordid past, yes! No thanks to past leaders/rulers and colonial masters that till date aid them in looting and milking their countries dry. That is the past! The present is that we now have Bitcoin and cryptocurrency world, God bless Satoshi Nakamoto!

With Bitcoin and most cryptocurrencies, the governments are no longer center staged and no one of them can stop it, though they may want to try. This is a veritable turning point in life, especially those left behind. No doubt many might think otherwise just like the days until Ferdinand Magellan confounded flat world believers by circumnavigating the earth. It is never a hopeless situation unless one is looking with other people's eyes.

Some talks here about some countries being too poor and all that is simply diversionary as any problem identified and given the right attention soon get solved. If we get the poorest man from Zimbabwe for instance, who might well be just a victim of circumstance, educate and empower him on Bitcoin for instance - what it is, how to earn it and all that, the rest of his life would seize to have much to do with the worthlessness of his local currency but instead become hinged on the U.S. Dollar or Euro. I personally do not know the exact conversion rate of BTC/NGN, but I can tell what BTC/USD, EUR/USD, GBP/USD , etc are by the minute.
 
That brings us to what should be done - my take is, first step education and empowerment, outright profit making ventures, should come much later. I am fine tuning my very own strategy, starting with my country, but for Greater Africa, I would be in for a synergy.

Point well taken. Educational awareness and connectivity should be the first priority in these countries as with the connectivity the speed of transformation takes place with much better pace. We simply can't do anything about the past, however, while looking forward I see the equal opportunities to these countries as compared to that of other countries. If a person can give better service or product then, in that case, he is entitled to earn more amount than the person in developed countries and innovations like computer, internet, bitcoin made this possible.

[Obito]

Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!

I think bitcoin will be helpful in the country of Africa in terms of growing their economy because I believe that bitcoins has a big impact in ones economy. Bitcoin will also helpful in giving a chance to unemployed person to have an alternative income.

[Yuhee]

Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!

I think bitcoin will be helpful in the country of Africa in terms of growing their economy because I believe that bitcoins has a big impact in ones economy. Bitcoin will also helpful in giving a chance to unemployed person to have an alternative income.

I think it is good because it can also be counted as one of those none perishable good. You can store in a long time and if you need you can withdraw it then transact. I don't mean like good that is consumable but it is like a gold and if a country is in need they can just extract it then at least they can have easy money with out loaning to banks.

[megynacuna]

The most obvious answer is african countries being prone towards economic instability. Zimbabwe and its currency hyperinflation of a few decades past gives bitcoin and crypto a window to offer people a reliable method of storing their wealth in the event of poor economic policies leading to currency devluation.

Good point but are there any credible exchanges out of there in Zimbabwe that will be willing to exchange their unstable currency for bitcoins? It's a good point but I doubt if it will be practical enough on the ground.

[conspirosphere.tk]

Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with?

Hi. I've been in Ethiopia and I know it a bit.

Bitcoin would have a great market in Ethiopia because it would solve several government-generated money issues (like the great difficulty in sending money out or effecting payments abroad, which is causing serial business failures), and even to serve the remits market which moves much more money than its foreign trade, and this is a reason why any bitcoin initiative there would be repressed by the state with maximum penalties and why bitcoin is still non existent there and it will be so until the current model of authoritarian government will persist, just because bitcoin frees individuals from the money powers, which in Ethiopia is the state.

I guess that even to occasionally trade btc p2p there would be a serious risk without a deep previous legal research and/or special permissions. You might start enquiring on this with the proper government agency, and maybe look for a business license (which I expect that they will never release for btc trading).

Not to mention the pitiful state of the internet access there thanks to the state monopoly of telecom + censorship + total internet blackout (like the one currently ongoing), etc.

But if/when you will have a less authoritarian government I expect that cryptocoins will bloom there.

[ekoice]

Do all people have internet and mobile phones in Africa? Even if they do, how exactly they are going to maintain a proper wallet without it getting lost or robbed? A lot of people cannot even understand how to get a wallet started and pay with Bitcoin to be honest.

But that's where the future should be going so we have a nice worldwide currency.

I think bitcoin can really help these kind of country, but the problem is, will they be interested in such digital currency? can they use a laptop or android phone? How about internet connection? Countries with poor people will not be interested in internet thing, they will be very busy for things that they will really have a profit like selling on their market. Bitcoin will not interest such busy people.

Its true to some extent but now advanced technologies have reached almost all parts of the world.It would not be difficult for people from under developed countries to use bitcoins.Already,money is sent through mpesa to african countries at very low prices.

[stergium]

Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!

I think bitcoin will be helpful in the country of Africa in terms of growing their economy because I believe that bitcoins has a big impact in ones economy. Bitcoin will also helpful in giving a chance to unemployed person to have an alternative income.

yes bitcoin is really increasing the economic condition of theses countries. it is providing opportunities to its people to make more and more money from bitcoin. as they already have the facilities of internet, so it is not such a difficult job to  get benefit from bitcoin. they just need to have some investment n altcoin and must also have some experience and trading skill then they can really make good profit from bitcoin.

[Sakamoto09]

The use of bitcoin now is growing,many peoploe where using bitcoin.And that is one thing that can help many coun countries to overcome many circumstances.We can help them by teaching them to how to buy products using bitcoin and by using these to save money and also to invest.

[chocolah29]

Do all people have internet and mobile phones in Africa? Even if they do, how exactly they are going to maintain a proper wallet without it getting lost or robbed? A lot of people cannot even understand how to get a wallet started and pay with Bitcoin to be honest.

But that's where the future should be going so we have a nice worldwide currency.

You have a point. In fact, you will be starting in totally scratch. You need to educate the people what is Bitcoin and how amazing it is. You can advertise it thru television,newspaper or other media that is accessible in your country. In that way many people will know and many investors will get attracted in Bitcoin. And success will not happen overnight so you better work hard for your dream to your country.

[d5000]

Hi. I've been in Ethiopia and I know it a bit.

Finally someone that doesn't entirely speculate about "the african country"

[...]any bitcoin initiative there would be repressed by the state with maximum penalties and why bitcoin is still non existent there and it will be so until the current model of authoritarian government will persist, just because bitcoin frees individuals from the money powers, which in Ethiopia is the state.

That looks pretty pessimistic (and I hope it has nothing to do with the fact that the OP disappeared from the thread, he didn't look like a newbie trying to accumulate posts). Well, Bitcoin has made some progress in another country with an similarly authoritarian government that is China. It was often said in mainstream media that Ethiopia is following the Chinese model in many ways. Maybe there could be some cooperation between the Chinese Bitcoin pioneers and Ethiopian Bitcoiners to discuss strategies how to avoid repression.

Not to mention the pitiful state of the internet access there thanks to the state monopoly of telecom + censorship + total internet blackout (like the one currently ongoing), etc.

Do you know if there are mesh networks in Ethiopia? (at least, in the major cities?) Or is there a restriction respect to it? I know it would not be a satisfactory solution but at least it may make usable Bitcoin in some places without relying on the (untrustworthy) Internet service.

[conspirosphere.tk]

Finally someone that doesn't entirely speculate about "the african country"

[...]any bitcoin initiative there would be repressed by the state with maximum penalties and why bitcoin is still non existent there and it will be so until the current model of authoritarian government will persist, just because bitcoin frees individuals from the money powers, which in Ethiopia is the state.

That looks pretty pessimistic (and I hope it has nothing to do with the fact that the OP disappeared from the thread, he didn't look like a newbie trying to accumulate posts). Well, Bitcoin has made some progress in another country with an similarly authoritarian government that is China. It was often said in mainstream media that Ethiopia is following the Chinese model in many ways. Maybe there could be some cooperation between the Chinese Bitcoin pioneers and Ethiopian Bitcoiners to discuss strategies how to avoid repression.

I hope so too and wish him well. :-)

I think that Ethiopia has way less any historical experience nor any concept of free market than China. They are now into an ideology of state-led economy called "developmentalism" (or develop-mentalism) which is just a cover for the not so original marxist ideology of the party which is ruling since the 1991 revolution against the previous marxist regime.

Clearly the fact that the economy is booming from then just encourages more of the same state expansion, which will be their ruin, as always happened everywhere.

Not to mention the pitiful state of the internet access there thanks to the state monopoly of telecom + censorship + total internet blackout (like the one currently ongoing), etc.

Do you know if there are mesh networks in Ethiopia? (at least, in the major cities?) Or is there a restriction respect to it? I know it would not be a satisfactory solution but at least it may make usable Bitcoin in some places without relying on the (untrustworthy) Internet service.

They are currently under a "State of emergency", that is a suspension of constitutional rights, the government imprison journalists, dissidents by the tens of thousands, opposition leaders (even parliamentarians), etc. It is said that 1 out of 5 people in the whole population are informers of secret services kinda how it was in East Germany and so on. In such conditions I would not even open my mouth, much less start a mesh network (which might likely be illegal due to the state monopoly on telecommunications).

[oreits11]

as developer works on manage with the service to gives with the offers as improving chance with the users experience as utilizing use of altcoins, the more on users have with the chance of possession those helps might in the future to gives with the ease of access as deliberating use of aggregate occupation to improves the dynamics with the decision as entering business with the crypto currency related field.

[rivoke]

as developer works on manage with the service to gives with the offers as improving chance with the users experience as utilizing use of altcoins, the more on users have with the chance of possession those helps might in the future to gives with the ease of access as deliberating use of aggregate occupation to improves the dynamics with the decision as entering business with the crypto currency related field.

Of course they need the knowledge for operating bitcoin things since bitcoin works based on complicated algorithm. As I ever know that Ethiopia have a less knowledge about internet but it's still possible for their people to keep learn how to work with bitcoin for better future. As I'm experience , bitcoin really change my life !

[soham]

Hey folks!

I'm new to the forum here. I've been watching with excitement lots of documentaries about Bitcoin and cryptocurrency. As probably most of you here, I am completely fascinated by the wonders of Bitcoin and its potential use in paving a new path towards decentralization of the financial system. I live in Ethiopia (East Africa), second highest population in the continent with a large amount of people still considered unbanked (low to no access to financial institutions). Hence, I am seriously considering starting a bitcoin service in the country to try and alleviate some of these issues. I am therefore open to any engagement of productive discussions about Bitcoin and its benefits in developing nations. How can we implement Bitcoin systems here? Where do we begin? Who can we partner with? How to include the financially unincluded? How can local businesses thrive with Bitcoin? How can donations happen using Bitcoin? And all questions related to developing nations and Africa. Thank you all in advance for the active participation!

I think bitcoin will not be much of a help for the developing nations like Africa because bitcoin is a technical matter which is hard for them to understand first and then use it for their betterment. I am not saying that Africans are technically backward, but it is certainly needs a lot more education to handle a computer and then a crypto currency. The concept of crypto currency is fairly complex.

To make a good use of crypto currency, first they need good education and computer literacy. Otherwise, bitcoin will not be of much use to them. But if suddenly an African country declares bitcoin as legal for their country, it will certainly give a good boost to bitcoin as well as to their economy because then a lot of foreign investment will flow in to their country to evade tax and legal complication. Otherwise not!

[centralbanksequalsbombs]

Adoption of electronic-remittance has been great in many places in Africa! Primarily from the widespread use of cell phones with internet connectivity.

To answer the question, the greatest use would be obtaining Bitcoin as a long-term savings mechanism and secondary use as a cheap means of transfer for cross-border remittances. Bitcoin is the best tool to break away from central-bank financial bondage.

Has everyone known about the widespread use of cellphone remittance in Kenya (other parts of Africa) and attempts to centralize and control, shutdown competition?
Not too long ago - the debacle of Safaricom Mpesa and Bitcoin;
https://www.kenyainsights.com/revealed-how-a-worried-safaricom-used-backdoor-to-shutdown-bitcoin-which-was-set-to-neutralize-mpesa-dominance-in-kenya/


Not just in Africa, Fiat around the world is heavily infested, broken, and burdened with:
-regulatory burden on fiat banks & system (incredibly costly)
-insurance fraud
-false claims and insurance losses
-unemployment & other welfare costs
-inflating fiat to keep stock market rising and to keep house-prices from collapsing
-financing conflicts, bombs, and "aid"
-stabilize regions after natural disasters
-keeping monopolies with internet access centralized and search engine crawlers centralized
-money laundering
-chargebacks
-frivolous legal costs (lawsuits bogging the system down)
-state-sponsored corruption and unofficial corruption (governments and gangs, banks and conartists)
-retirement obligations (debasement in value to keep up with payments from government or other retirement-obligations)
-fake credit (goods being transacted with credit-loss, replaced by inflation of monetary base rather than bringing perpetrators & source to justice)

Bitcoin, systemically, is free from these burdens.

Bitcoin CANNOT be controlled.
Bitcoin cannot be made legal. Governments may still attempt to do so.
Bitcoin cannot be made illegal. Governments may still attempt to do so.

Efforts by any country's central bank or government to regulate bitcoin will accelerate that country's demise of fiat value. These costs of such attempts and many other costs are absorbed by monetary inflation - making fiat even more worthless over time. Fiat system has been broken for decades. Bitcoin however had reached escape velocity globally 4-years ago in 2013 thus will continue to rise & be adopted as it is the only escape from financial slavery and an opt-out of war-making, slave-labor producing central bank regimes.