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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 3550 times)
satchelsidney
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April 20, 2017, 10:38:30 PM
 #21

With Bitcoin, power returns to the people. All Africans need to rally from their own provinces to their leaders, and push for a change in the system from a bottom-up approach.

Gradually, we'll break free from this slavery we all call "freedom".

What if I told you, we are not alone in this world?
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April 21, 2017, 10:13:34 AM
 #22

I guess Africa wouldn't readily embrace bitcoin because I know their leaders would not accept it since it cannot be controlled and manipulated. The people there I think would not readily use bitcoin too since not all people there have internet access and a computer/smartphone to use to store bitcoin yet. Also, using crypto currency would be a hassle for some people there.

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April 21, 2017, 10:23:07 AM
 #23

With Bitcoin, power returns to the people. All Africans need to rally from their own provinces to their leaders, and push for a change in the system from a bottom-up approach.

Gradually, we'll break free from this slavery we all call "freedom".

Yes, it will help them to add more opportunities for development. They will be able to earn money and pay for various purchases on the Internet.
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April 21, 2017, 10:33:21 AM
 #24

Each and every country in the wold has the power to use the block chain technology and bitcoin can act as the that power as a currency for transferring against the goods and services. It is as good as currency which can be sent in globe anywhere to anyone. Only thing is that it ns not regularized by anybody.

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April 21, 2017, 10:48:03 AM
 #25

If the government can build the right infra structure and support bitcoin then bitcoin can help the people to giving them a better life, but the potential to grow still low maybe because some of the country not too familiar with internet, but introducing more people to join is good, with more user bitcoin will become stronger and more powerful
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April 21, 2017, 01:54:21 PM
 #26

Each and every country in the wold has the power to use the block chain technology and bitcoin can act as the that power as a currency for transferring against the goods and services. It is as good as currency which can be sent in globe anywhere to anyone. Only thing is that it ns not regularized by anybody.

No, there are enough countries in the world that do not yet have 'the power' to use Bitcoin, you'd be amazed to find out how many countries worldwide do not have proper infrastructure to connect the majority of their population to the internet.

Then add the fact that millions of people do not even have enough money available to even buy 0.01 Bitcoin makes that statement wrong.


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April 21, 2017, 06:14:34 PM
 #27

Most people on this thread have wrong perception about Africa and it's embrace to crypto currency, Crypto-Currency is a major source of business and revenue for lots of people here in my country. People tend to buy bitcoins and sell them at a good profit weekly in my country.

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April 21, 2017, 08:26:02 PM
 #28

Most people on this thread have wrong perception about Africa and it's embrace to crypto currency, Crypto-Currency is a major source of business and revenue for lots of people here in my country. People tend to buy bitcoins and sell them at a good profit weekly in my country.
Are you from African country and do you mean to say already you people are using bitcoins as a trading instrument not as a currency ? I guess you people are on right track.

When you find bitcoin trading is profitable, you may enter into 2nd phase of bitcoin ecosystem : using bitcoin as store of value. Every bitcoin trader will become an bitcoin investor when we realizes holding will be more profitable than trading. The 3rd phase needs more time which is establishing bitcoin economy. Bitcoin economy needs bitcoin-users and bitcoin accepting merchants. When those will be happening you will embrace bitcoin as a currency.

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April 21, 2017, 08:47:45 PM
 #29

Something to consider before hoping for mass adoption in Africa:

WORLD RANKING OF COUNTRIES BY THEIR AVERAGE IQ SCORE

Source: https://iq-research.info/en/page/average-iq-by-country

You don't have to be a genius to use bitcoins, but you probably need to be at least above 'mental retardation' level.

Quote
Borderline intellectual functioning, also called borderline mental disability, is a categorization of intelligence wherein a person has below average cognitive ability (generally an IQ of 70–85)
https://en.wikipedia.org/wiki/Borderline_intellectual_functioning


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April 22, 2017, 05:32:27 AM
 #30

^^^ The problem with Bitcoin is that, the user is also responsible for the safety of the coins in his wallet. I don't know whether people having an IQ of 60 or 65 will properly understand the risks such as wallet hacking.

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April 22, 2017, 06:21:52 AM
 #31

I don't really know the situation and infrastructure in africa, but in the big cities where the internet is available, there's potential of bitcoin to grow. But apart from there, i don't think bitcoin can grow in africa for now as from i've seen there's too many poor and uneducated people there.


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April 22, 2017, 06:48:08 AM
 #32

Few African countries were getting more and more bitcoin users. This has been taking place even after the government revealing several warning statement. People feel comfort in using it as well in those nations the transaction accessibility is not that good. So people move towards it as it too provides a growth in value. This in some cases improve the living.

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April 22, 2017, 07:06:43 AM
 #33

Something to consider before hoping for mass adoption in Africa:

WORLD RANKING OF COUNTRIES BY THEIR AVERAGE IQ SCORE

Source: https://iq-research.info/en/page/average-iq-by-country

You don't have to be a genius to use bitcoins, but you probably need to be at least above 'mental retardation' level.

Quote
Borderline intellectual functioning, also called borderline mental disability, is a categorization of intelligence wherein a person has below average cognitive ability (generally an IQ of 70–85)
https://en.wikipedia.org/wiki/Borderline_intellectual_functioning
So according to this map Chinese are the smartest people? no wonder those little fellows ASICboostraped us all for more than a year or so Cheesy
I'd say let bitcoin first answer our needs, us the loyal users the always in the scene community and then think about other people, besides everyone are free to use the network if their government allowing them though.

For now there are some people lining their pockets waiting for an eminent hard fork to happen to secure their next 10 generations Cheesy

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April 22, 2017, 08:14:51 AM
 #34

I don't really know the situation and infrastructure in africa, but in the big cities where the internet is available, there's potential of bitcoin to grow. But apart from there, i don't think bitcoin can grow in africa for now as from i've seen there's too many poor and uneducated people there.
That's right, even before teaching people there about the basic of bitcoin and cryptocurrency, they're already lacking infrastructure and basic education. Only in big cities there in Africa are capable of using bitcoin, the rest is doubtfully incapable.


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April 22, 2017, 08:27:10 AM
 #35

Africa has already BitPesa, so I doubt that bitcoin will not gain popularity in Africa. In my opinion having low IQ is a not hindrance, people just need a basic concept (like buying and seling) of how money works. So if they know that bitcoin can be convert to fiat then I think more people from Africa will take advantage of bitcoin technology. This will be more evident in countries like Nigeria and Kenya, as per BitPesa website. Bitcoin is truly conquering the global scene, US, UK, Russia then Asia now Africa.

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April 22, 2017, 09:47:02 AM
 #36

With Bitcoin, power returns to the people. All Africans need to rally from their own provinces to their leaders, and push for a change in the system from a bottom-up approach.

Gradually, we'll break free from this slavery we all call "freedom".
Yes, but how can African community know about bitcoin, and even about cryptocurrencies at all? Most of them are not into technology, because they simply dont need it now, it is just useless for them. Too many people in there do not have internet connection to take any profits from BTC, they just do different things.

They need to build needed infrastructure for that purpose, also without many agrocultural improvements, that still wont make a thing, and the Africans will stay in poverty.

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April 22, 2017, 01:07:43 PM
 #37

Africa has already BitPesa, so I doubt that bitcoin will not gain popularity in Africa. In my opinion having low IQ is a not hindrance, people just need a basic concept (like buying and seling) of how money works. So if they know that bitcoin can be convert to fiat then I think more people from Africa will take advantage of bitcoin technology. This will be more evident in countries like Nigeria and Kenya, as per BitPesa website. Bitcoin is truly conquering the global scene, US, UK, Russia then Asia now Africa.

It's already 4 years since the fall of Kipochi.

They tried to replicate the Mpesa success in Africa but they failed and they did it badly.
Why? Because it was damn impractical.

And there was no real financial advantage. And the people decided...sorry bitcoin..

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April 22, 2017, 01:41:19 PM
 #38

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.

Bitcoin is already moving in Africa and it is running smoothly. In a country such as Africa what we need to do is to let bitcoin move naturally even without any road map to follow. Third world countries doesnt need to force things to itself rather it will need for bitcoin to be absorbed by the community before it will be accepted on local shops and other stores.

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April 22, 2017, 02:02:17 PM
 #39

There are roughly 346 million Internet users in Africa, so I have voted "Probably" because those people definitely could use Bitcoin. As for the other 73% population of the continent the answer is obviously "No".

In Kenya, Uganda, Tanzania, Nigeria and the Democratic Republic of Congo businessmen are already extensively using Bitcoin to make payments to their Chinese suppliers. And of course Bitcoin is used by many in South Africa.

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April 22, 2017, 02:16:22 PM
 #40

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.

Hello friend! I think you are a little late. I have African friends (from Kenya) who not only know bitcoin since months but even hold or use it for several reasons. I don't know if you are African and if yes from which country but your data about this matter are a little old.
Maybe in Africa bitcoin have not the spread that it have in several European countries or USA but to pretend that is not known seems a little not realistic for me.
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