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Author Topic: African country adopts Bitcoin as primary currency  (Read 3446 times)
qiwoman2
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May 08, 2017, 03:10:59 PM
 #21

Liberland wants to adopt Bitcoin as it's legitimate currency,so why not other countries ADOPT it also? It may be more realistic for each country, whether African or from another continent, to create it's own DIGITAL parallel currency, to run alongside FIAT, OR to replace it completely..This is more viable I think personally than to use Bitcoin as a national currency. Maybe African countries are looking to the blockchain for solutions, but mightcarve out their own unique altcoin or crypto token and not necessarily adopt Bitcoin as their national currency.

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May 08, 2017, 03:18:44 PM
 #22

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!

As others have said already, small countries (or countries with incompetent or out of hand rogue government) are in fact using currencies of other countries. Most often that would be the US dollar, but it is not the only pebble out there. For example, Russian ruble is used in a few satellite countries as well (like Abkhazia or South Ossetia). Apart from that, just a little over a hundred years ago most countries were on the gold standard, i.e. gold was money and that made sense somehow

I guess Zimbabwe should adopt Bitcoin instead of the US dollar

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May 08, 2017, 03:21:14 PM
 #23

Not even sure how much this is true or just plainly stupid. Think about this, in a country where people are even fighting for food and their lives, do you really think there is a chance they can go on their smart phones and transfer bitcoins? I don't think so.

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May 08, 2017, 03:32:16 PM
 #24

most of african countries was having civil wars and most of them also had Experiencing famine it always be the main problem for the majority countries at there and to utilization of bitcoin internet connections is necessary but these things is rare to get for the people on african countries basically slightly impossible to them using bitcoin and i don't think they will adopt bitcoin as the primary currency because it not to effective for people at there

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May 08, 2017, 03:41:20 PM
 #25

They don't need btc reserves in order to adopt bitcoin as official currency.
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May 08, 2017, 05:13:52 PM
 #26

Not even sure how much this is true or just plainly stupid. Think about this, in a country where people are even fighting for food and their lives, do you really think there is a chance they can go on their smart phones and transfer bitcoins? I don't think so.

Well Bitcoin is more needed in countries like these. People can use bitcoins and avoid taxes. Secondly they can find good jobs online in return of bitcoins. Bitcoins has changed many lives of people and it will continue to do so.

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May 08, 2017, 05:21:30 PM
 #27

They don't need btc reserves in order to adopt bitcoin as official currency.


Actually, they need it. Their central bank must have bitcoin reserves so that every citizen can have bitcoin at any time they want. Banks there should have bitcoin ready to be accessed for the practicality of using bitcoin in a daily basis. Also for the purpose of bitcoin being rotated in their economy. Their government will not allow that they will not have any reserves due to the supply of bitcoin being low.

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May 08, 2017, 05:27:25 PM
 #28

Not even sure how much this is true or just plainly stupid. Think about this, in a country where people are even fighting for food and their lives, do you really think there is a chance they can go on their smart phones and transfer bitcoins? I don't think so.

Well Bitcoin is more needed in countries like these. People can use bitcoins and avoid taxes. Secondly they can find good jobs online in return of bitcoins. Bitcoins has changed many lives of people and it will continue to do so.
Yes bitcoin can help the poor but you are forgetting one vital thing in this and that us the internet . To the best of my knowledge, they still haven't fully adopted to the internet .  It's a good thing actually if it ever comes true cause once again bitcoin will be spread out . Its just that they should have a comprehensive learning on what bitcoin is before anything else .  To be honest there are many flaws that's why I also think that this is just a mere rumor .


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May 08, 2017, 05:30:46 PM
 #29

I am from Africa and after analyze the curses of inflation and underdevelopment in most of the African countries is using Dollar to suppress African currencies by the western countries.  Adopting bitcoin as a mode of payment by African countries will suppress the infect on dollars on their Economic.


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May 08, 2017, 06:05:54 PM
 #30

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.

Adopting a recognized and legal currency is not that tough but bitcoins is tough to even regulate and manage as it's a virtual currency that works only online and that too it requires confirmations. It would be very tough to take over bitcoins and regulate this currency. The country would have to suffer in terms of collecting taxes and controlling the reserves which brings in more issues. The countries you mentioned were not capable enough to control the monetary policy. Also, the supply of bitcoins is limited.

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May 08, 2017, 09:11:03 PM
 #31

The closest thing related to the OPs post is: http://www.newsbtc.com/2016/12/28/uganda-africa-bitcoin-regulations/ and this was half a year ago, so I don't know if he meant this article or another one maybe. :|

Every article is saying that there's an open field for implementing bitcoin but not that a specific african country has adopted it as a primary currency.
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May 08, 2017, 10:47:17 PM
 #32

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 am African and I agree with you, for Africans, this is impossible


I imagine there is no Ugandian subscriber in bitcointalk.

I have not seen any yet, is there any member of uganda?


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May 08, 2017, 11:17:16 PM
 #33

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!

I think it's close to impossible. Bitcoin is to violate to be national currency for any country at this point of development.
A decision like this will ruin the whole import/export and many more.
Imagine you are buying oil/diamonds or whatever you find in Uganda and you get a pre-invoice. Then you have, for example, 7 days to pay it. Meanwhile the BTC price rises 20%. Will you pay it?? Or the priced drops by 20%. Will they honor your order??


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xuan87
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May 08, 2017, 11:32:00 PM
 #34

I don't think that is good, bitcoin is not suitable to become primary currency, for short term maybe it's a good idea to maintain the country economic, but for long term it will create chaos and add a lot of new problem, like the price go up too quickly and the amount is not enough, so it is better not to used it as primary currency but as secondary currency

stripykitteh
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May 08, 2017, 11:46:45 PM
 #35

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!
I am pretty sure that you’re just speculating that a part from Africa will be accepting Bitcoin as a Currency because the information would be all over the news and the price of Bitcoin would be much more volatile than it is right now. Knowing how much money the people within the African military and rebel Military area’s they won’t allow Bitcoin to become a Currency that easily, where would they put all that Fiat?

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louisvuitoon
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May 08, 2017, 11:56:03 PM
 #36

Do you have any credible sources for this? I highly doubt that any government would adopt a currency that they do not have control of as their national currency. The prospects of this happening is close to impossible. For bitcoin to become a national currency, the citizens in these countries would have to have access to computers and internet. how do you expect people to be able pay for goods and services with an internet currency in a third world country with limited access to computers and the internet?
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May 09, 2017, 06:59:12 AM
 #37

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!

This rumor has been going around the internet late last year. Its nothing to celebrate about. If a nation were to adopt Bitcoin for real then they would have to accept BTC payments for their taxes. If that doesnt happen, everything will stay the same no matter how you say its accepted.



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May 09, 2017, 08:04:27 AM
 #38

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 09, 2017, 08:12:59 AM
 #39

adopting bitcoin is not the same as adopting it as their "primary currency".
for that to happen, there should be a lot of prerequirements met before any country can do it. first thing is obviously access to internet, to computers or at least devices such as smart phones or anything similar to be able to hold a wallet on and spend bitcoin from them.

and apart from all of this, price needs to be stable. as stable as other fiat currencies such as USD, EUR,... so people can consider it.

that is why all these news, are either misinterpreting the situation or are talking about people adopting bitcoin as in buying it (mostly investing) and using it for their online payments, etc.

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May 09, 2017, 08:23:15 AM
 #40

Very often it happens that the payment is processed for a long time in the blockchain. Accepting payment in bitcoin the seller can risk a cheap product, but to sell an expensive product under these conditions, no one will. On the other hand, the buyer will not risk paying for goods in advance. I think that when this problem will be solved the use of bitcoin will increase. Although I am still the official currency of bitcoin or not.
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