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Author Topic: African country adopts Bitcoin as primary currency  (Read 3451 times)
DustyRah
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May 03, 2017, 08:22:46 PM
 #1

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!
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May 07, 2017, 05:38:28 PM
 #2

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

Any clearer information on what country is it? I'm not sure if that would be a good idea for a still developing country. I mean, the price of bitcoin can change quite quickly, how are they going to adjust for that?

Bitcoin being recognized as a legal tender alongside the official fiat would be a better setup in the meantime, I suppose.

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May 07, 2017, 09:56:52 PM
 #3

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

Since its still a rumour as you have rightly connoted, then I will take it as such. But the argument that it does not make sense at all is where I will like to address and the fact is that it does not need to make sense to you because I am sure that for a country to adopt bitcoin, they must have done proper analysis and understanding of how the currency works before embarking on such venture. Don't know rich the human content of the Ugandan government but I know a proper understanding and consultation would have been adequately done.

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May 07, 2017, 10:50:34 PM
 #4

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

Since its still a rumour as you have rightly connoted, then I will take it as such. But the argument that it does not make sense at all is where I will like to address and the fact is that it does not need to make sense to you because I am sure that for a country to adopt bitcoin, they must have done proper analysis and understanding of how the currency works before embarking on such venture. Don't know rich the human content of the Ugandan government but I know a proper understanding and consultation would have been adequately done.

I do think it does not make sense too if some country will adopt it promptly without proper documentation, legalization and proposals.  Probably there is a proposals but unless there is a link to the article/news that telling about this adoption then, I believe this is just a hearsay thing.  Though, if this thing is true, then this is one great milestone for Bitcoin.

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May 07, 2017, 11:07:41 PM
 #5

Sorry, but this is a little bit ridicule. am living in an african coutry which is considered more developped than Uganda + the 80 percent of african countries and i can tell you that this is impossible for our government or any other government to adopt bitcoin as official currency. i think this is even impossible for advanced countries in the world. there is a lot of obstacles as the large number of ignorant people and all the international financial treatements and many other dilemmas. Any african member in this forum can confirm what am talking about.

I imagine there is no Ugandian subscriber in bitcointalk.

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May 07, 2017, 11:10:03 PM
 #6

If they have heard about the benefits of bitcoin then it is not strange as any entity which hear about the importance of bitcoin adopt it but the problem is that many areas of Africa do not have much facility especially the facilities of internet and electricity so they will face some hardship in the start while using it.

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May 08, 2017, 12:21:25 AM
 #7

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!


A quick Google search of the below terms yields no countries in Africa about to officially adopt Bitcoin:

"Africa, country, adopts, Bitcoin"

https://www.google.com/search?q=Africa%2C+country%2C+adopts%2C+Bitcoin&oq=Africa%2C+country%2C+adopts%2C+Bitcoin&aqs=chrome..69i57.9620j0j7&sourceid=chrome&ie=UTF-8

Nigeria and Uganda are talking about it, but...
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May 08, 2017, 12:24:23 AM
 #8

That is not good if really happens... Who wants to adopt it as primary currency will be the government, what means they will tax their people to use Bitcoins, what means less profit for the citizens and more profit for governments. Bitcoin should be used as it is now everywhere, people use it, use local currency, governments don't matter about it and everyone is happy...

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May 08, 2017, 12:29:47 AM
 #9

Give me a break.  For one thing, it's a rumor.  The second thing is that any country that adopts a wildly-fluctuating currency as their own is asking for disaster.  Wouldn't surprise me if it was Uganda or one of those underdeveloped ones.  One with a stupid leader, leading them into catastrophe.  But I strongly doubt it's true in any event.
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May 08, 2017, 01:32:57 AM
 #10

How are they gonna use BTC when they do not have internet, a tv nor smartphone..  Roll Eyes
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May 08, 2017, 01:50:56 AM
 #11

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!
Maybe it's just the issue, so that it becomes the talk of many people. I was not convinced that the country that don't have internet access can adopt bitcoin as its official currency.

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May 08, 2017, 01:57:16 AM
 #12

If this is true then it will be a big news for bitcoin because i think this is the very first time for bitcoin to be adopted as a primary currency and i think the country of Africa needs a stable internet connection because if they don't have then it will be a disaster for them because how can they use bitcoin if they will not have internet connection and the most important question is, do they have knowledge about bitcoin?

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May 08, 2017, 02:43:20 AM
 #13

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

Wow this is great. We all know that in africa there are poor countries, if they accepts bitcoin it would be nice and great ,it will help them in their needs. This could be a great news for us. Hopefully they can manage their earnings hee too. Im so happy for this news.

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May 08, 2017, 02:57:57 AM
 #14

Rumour is just a rumour whereas I'm pretty doubt that country in africa, especially outside their capital city or atleast the countryside be able to use bitcoin due to lack of technology, i don't know the real situation there but as I've seen in media that in the countryside of many country in africa barely have electricity, it must be hardly be applicable in the whole country


     
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May 08, 2017, 03:19:33 AM
 #15

Rumour is just a rumour whereas I'm pretty doubt that country in africa, especially outside their capital city or atleast the countryside be able to use bitcoin due to lack of technology, i don't know the real situation there but as I've seen in media that in the countryside of many country in africa barely have electricity, it must be hardly be applicable in the whole country

For a country to adopt bitcoin as there primary currency, especially one without its lowest ranking citizens( based on income) to be able to own technology would be extremely illogical. The two main reasons this can't be true are that a country with a primary currency it has no control over would be very much reliant on what ifs and would have no economical sense of security. The second reason is that how are you going to open up shop wanting people to buy stuff from you but primarily want bitcoin as the purchasing currency when you have to have technology in order to use btc and your entire economical environment doesn't have the means to use a bitcoin wallet? wtf? seriously...

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May 08, 2017, 01:16:41 PM
 #16

They are not adopting bitcoin as a currency, but there are lot of small/very small/individual companies that take the advantages of using bitcoin.
Just like any shop add different payment processors to their site

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May 08, 2017, 01:27:50 PM
 #17

Highly unlikely that of all the countries in Africa, Uganda will lead the bitcoin revolution there. You good infrastructure like internet to fully maximized the potential of bitcoin and I don't think Uganda has this kind of the basic physical and organizational structures and facilities yet needed for the operation of a bitcoin technology there. So this is fake news and rumors only.

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May 08, 2017, 01:40:13 PM
 #18

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency. Does not make sense to me at all for a country to adopt a currency it has absolutely no control over. I am not 100% sure but I think they don't have internet or electricity down there. In any case, the Central Bank would have to first make a reserve which means they would have to buy Bitcoins first before just adopting it. Anyway, would be dope if some country officially adopted Bitcoin!

Source or you're just posting lies.

If you don't have the source at least tell us how your heard about it?
At 4 am after you  had 8 beers and two joints and the pink wabbit that was making popcorn on your sofa told you?

And now seriously
Uganda?

75% Ugandans have no access to power
http://www.monitor.co.ug/Business/Technology/75--Ugandans-have-no-access-to-power/688612-1525390-wa1q42z/index.html

I think they should do something about this before thinking of going full bitcoin.


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

Forget internet and smartphones, they don't have water and electricity.

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May 08, 2017, 01:56:24 PM
 #19

To me that sounds like a hoax.
Uganda is not know to be leading when it comes to technical developements of any kind.
30% of the people there can not even read or write (says wikipedia). How should they understand how bitcoin works?
Then again, its a middle african country. Governments in that part of the world have done stranger things in the past...

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May 08, 2017, 02:26:56 PM
 #20

I heard rumors that Uganda or some other country is adopting Bitcoin as its official currency.
Rumors, that is exactly what you heard. There is no news about this case.

Does not make sense to me at all for a country to adopt a currency it has absolutely no control over.
Why not? Some countries are using currency not controlled by their central bank/government: Ecuador, El Salvador, Zimbabwe all are using US Dollar.
It is not about control, it is about stability and faith in the strength of the currency they adopted. Bitcoin can offer the same.


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