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Question: Can Africa truly embrace Bitcoin  (Voting closed: April 27, 2017, 02:37:42 PM)
Yes - 9 (31%)
Probably - 11 (37.9%)
No - 9 (31%)
Total Voters: 29

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Author Topic: Bitcoin and Africa  (Read 3469 times)
vatived22
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April 20, 2017, 02:37:42 PM
 #1

Hope this will give me a clear understanding of the direction that Africa should take in embracing Bitcoin. If the answer is positive will inquire about how Africa can adopt cryptocurrency.

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April 20, 2017, 02:40:31 PM
 #2

The xxx topic about Bitcoin conquering  Africa.

Here is an article from 2013:
Remember 2013!!!!


http://www.coindesk.com/bitcoin-and-m-pesa-why-money-in-kenya-has-gone-digital/

Africa is a place where bitcoin has major potential. But what you might not realize is how important electronic money already is to countries there such as Kenya. First, a little economic information about this East African nation. Kenya is one of the region’s largest economies with a GDP of $41 billion dollars. Fifty percent of its people live below the poverty line. Approximately 75 percent of people work in agriculture. According to the CIA World Factbook, on Kenya, “low infrastructure investment threatens Kenya's long-term position as the largest East African economy.”

http://www.coindesk.com/kipochi-launches-m-pesa-integrated-bitcoin-wallet-in-africa/
Where is Kipochi now?


Read this about dreams going the wrong way:
https://blog.stakeventures.com/articles/what-actually-happened-at-kipochi


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April 20, 2017, 03:27:05 PM
 #3

Yes,Bitcoin has a great future in Africa and Africans have a great future with bitcoins.Already they are getting benefit by sending remittance in bitcoin through m-pesa.Africa being a continent full of developing and poor nations would be benefited economically through bitcoin.Nigerians already adopting bitcoins due to the failure of their currency.
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April 20, 2017, 03:36:11 PM
 #4

Hope this will give me a clear understanding of the direction that Africa should take in embracing Bitcoin. If the answer is positive will inquire about how Africa can adopt cryptocurrency.

It has the potentials to grow but not everywhere (not in all countries), that's for sure. A lot of African countries are poor and people don't even have things to eat or water to drink, the life conditions are the worst that they could ever be and I don't think those people have the time for bitcoin.

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April 20, 2017, 03:47:52 PM
 #5

It can certainly thrive in places where there's infrastructure and internet, mostly big cities. But it will be a while before rural Africa can benefit from Bitcoin.
The rather large fees could also deter people from using Bitcoin, though that issue seems to be over for now.


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April 20, 2017, 03:49:27 PM
 #6

I don't believe in the prospects of bitcoin in Africa. There is very little infrastructure. The people are very poor and not all places even have Internet. If possible the market for bitcoin in Africa, a very long time.
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April 20, 2017, 04:01:03 PM
 #7

Hope this will give me a clear understanding of the direction that Africa should take in embracing Bitcoin. If the answer is positive will inquire about how Africa can adopt cryptocurrency.
I don't want to ruin your hopes, but vast majority of African countries are unfit to be good planting grounds for cryptocurrency.
The poorer the country the harder is to introduce bitcoin to it. Especially now when on-chain Bitcoin transaction cost around half a dollar each.
First things first, African countries need water, good stable governments and peace. Not bitcoin.
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April 20, 2017, 04:03:56 PM
 #8

If you are talking about the already urbanised cities in Africa, why not? No difference at all. If talking about countryside or tribes etc, hell no, dont even have computers or easy access to internet, how to use bitcoins

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April 20, 2017, 04:06:03 PM
 #9

A lot of aspects have to considered, Lack of the infrastructure, There are lots of social gaps among the ordinary person.
Although there is a potential, but it looks still there a lot of the contraries. While most of the countries are included in the poor countries we can't expect enough infrastructure to support it.

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April 20, 2017, 04:08:47 PM
 #10

A large sum of people in Africa don't have access to the internet.
Any country in the world can choose to adopt Bitcoin, but Africa has some of the worst living conditions, so if anyone wants to pool his resources on getting Bitcoin embraced there, maybe he should rethink and focus on improving their living conditions instead, shouldn't he?
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April 20, 2017, 04:18:34 PM
 #11

Developing countries will benefit from bitcoin more than developed countries because of inflation and the influence on dollars payment on transactions. If Africa countries will adopt bitcoin the pressures on USA dollars will reduce and bitcoin be a decentralised crytocurrency will create equality on their economic.
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April 20, 2017, 04:19:03 PM
 #12

I think in some states of Africa where national currencies is weaken by war and crysis BTC could be among alternative means of payment
in the other hand soooo much illegal transactions would take place there
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April 20, 2017, 04:49:30 PM
 #13

Africa and most third world countries are usually slow to adopt new technologies, but sometimes they skip a whole early phase of emerging

technologies and they come in at the end when the technology have matured. I think the same will happen with Africa.... they will get Bitcoin,

when most of the problems {scaling} are sorted out. They need a Bitcoin with cheap micro transaction capabilities and Bitcoin cannot offer that

at the moment.  Angry

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April 20, 2017, 04:51:03 PM
 #14

The people in Africa have smartphones and they could use that technology to use Bitcoin.

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April 20, 2017, 04:53:23 PM
 #15

i think people in africa are way too behind in terms of technology there to fully embrance bitcoin, they will have an hard time keeping bitcoin alive, but some of the countries in africa are not so behind like tunisia and egypt, they can trade bitcoin and build some atm for them, but to be honest i can't see anything big happening there, like regulation or exchange
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April 20, 2017, 05:18:03 PM
 #16

Hope this will give me a clear understanding of the direction that Africa should take in embracing Bitcoin. If the answer is positive will inquire about how Africa can adopt cryptocurrency.
I do believed Africa is like Japan where bitcoin was being accepted as mode of payment electronically. And I agreed that every nation will accept bitcoin it will surely the price will also increase in which Africa can be like other country who will continuously  in progress.

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April 20, 2017, 05:36:55 PM
 #17

Depends on which part of africa. If you are talking about the part where there is stable interenet and power then you might have a chance. But if you are talking about the poorest part of africa where the wars and turmoils are happening then you have no chane to make it possible.

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April 20, 2017, 06:25:16 PM
 #18

Depends on which part of africa. If you are talking about the part where there is stable interenet and power then you might have a chance. But if you are talking about the poorest part of africa where the wars and turmoils are happening then you have no chane to make it possible.

Agreed. On which part of Africa. Africa is a huge continent and mostly poor countries. But Nigeria, South Africa, Algiera and Seychelles, which is one of the riches country in Africa, bitcoin can thrive because they have already the structures and facilities (e.g., internet and power supplies) needed for the support of bitcoin technology.

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audaciousbeing
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April 20, 2017, 08:55:42 PM
 #19

I see bitcoin thriving in Africa as recent facts have even supported such. According to Luno who claimed over1 million downloads in a yyear. That's definitely a good start. Although, there might not be serious regulation as its going to be in the advance countries due to level of technology development, but that's equally an advantage has free movement can be achieved without unnecessary regulations.

richardsNY
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April 20, 2017, 09:45:05 PM
 #20

They need a Bitcoin with cheap micro transaction capabilities and Bitcoin cannot offer that

at the moment.  Angry

Lightning Network is going to play an important role here, but the main problem is that it may take a very long time before we see this become reality. In the meantime most of the people that are somewhat up to date with everything will most likely look for altcoins to do the job. Not that something is wrong with this, but I much rather prefer people to make full use of Bitcoin, which at this point isn't possible as you also stated.

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