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Author Topic: African country adopts Bitcoin as primary currency  (Read 3444 times)
bgaf
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May 14, 2017, 01:34:01 AM
 #61

We.don't need to judge in case African country has already adopted as their primary currency. If it's only a hear say then,we respect, study and learn from them. Who knows this might help them.

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May 14, 2017, 06:17:45 AM
 #62

Uganda would be the first african country to regulate Bitcoin.If it regulates,it would be followed by kenya.In nigeria,due to failure of local currency,most people have started using bitcoins.Since africa is such a big continent having many countries,it would be much useful for bitcoin progress if they adopt bitcoin.

Well in general african some african locals do not have the access to internet daily and probably advertising it there would be hard but if Uganda can improve economically then chances are some of them can even try to adapt btc. Because btc is not taxable and the budget does not come from anyone and you will generate that without taxes instead of borrowing in some world banks.

                                     
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Amph
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May 14, 2017, 07:18:33 AM
 #63

Bitcoin adoption by a country is not feasible currently
- The value fluctuates wildly. It is not possible for shopkeepers to update prices on an hourly basis.
- How would the government control money supply and banks?

At best, it can function as an alternate currency along with fiat.

as the OP mentioned they would need to buy huge amount in the first place to adopt bitcoi, this would make the value higher which would bring even more value to bitcoin due to panic buying

if then they were to issue those coins to their people through job, liek they do with fiat, i see no reason to believe that it won't work

the problem is that they first need a correct infrastructure to handle this, and without proper connection and security of their bank i see this an hard thing to do for a contry like that

another problem is that they need the fund at the beginning to buy all these coins to distribute to their citizens, and a poor africa country i doubt can have all these money...
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May 14, 2017, 07:31:23 AM
 #64

Bitcoin adoption by a country is not feasible currently
- The value fluctuates wildly. It is not possible for shopkeepers to update prices on an hourly basis.
- How would the government control money supply and banks?

At best, it can function as an alternate currency along with fiat.

as the OP mentioned they would need to buy huge amount in the first place to adopt bitcoi, this would make the value higher which would bring even more value to bitcoin due to panic buying

if then they were to issue those coins to their people through job, liek they do with fiat, i see no reason to believe that it won't work

the problem is that they first need a correct infrastructure to handle this, and without proper connection and security of their bank i see this an hard thing to do for a contry like that

another problem is that they need the fund at the beginning to buy all these coins to distribute to their citizens, and a poor africa country i doubt can have all these money...

First they will need electricity. Which Uganda does not have.
They will need access to the internet, they don't have it.
They need people who can read and write, currently the illiteracy rate in most of the countries is ridiculous.

How can somebody start investing in "infrastructure" when you have no roads no water pipes no... nothing.

Speaking of pipes, this is a pipe dream


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May 16, 2017, 05:51:51 PM
 #65

We.don't need to judge in case African country has already adopted as their primary currency. If it's only a hear say then,we respect, study and learn from them. Who knows this might help them.

whatever it is, if its true we must be happy for africa, bitcoin will help them in their everyday lives, it can help them to buy foods that they was been their most wanted , they can build shelter their house. it can buy also other stuffs that they are needed most.

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May 16, 2017, 06:16:28 PM
 #66

We.don't need to judge in case African country has already adopted as their primary currency. If it's only a hear say then,we respect, study and learn from them. Who knows this might help them.

whatever it is, if its true we must be happy for africa, bitcoin will help them in their everyday lives, it can help them to buy foods that they was been their most wanted , they can build shelter their house. it can buy also other stuffs that they are needed most.
Many african for sure will benefits with the opportunity of bitcoin.  Yes bitcoin help their lives because they have possible to earn with help of the bitcoin . They can now buy their foods, water and even their expenses everyday . We know that african country have not rich country they also developing and they have many people there are poor and dont have shelter . I hope those people see bitcoin and the people there who rich gives opportunity to the poor people to teach how to use and how to earn bitcoin because did not know bitcoin because they dont have internet .

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May 16, 2017, 06:58:49 PM
 #67

They better adopt bitcoin as their currencies instead their offical currencies.

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May 16, 2017, 08:25:58 PM
 #68

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!

No I don't think so. Central bank of Uganda advises their citizens to stay away of bitcoin because she compares it with onecoin here. I see it extremely difficult any government of any country in the world even though it is very poor to accept is as official currency because this would be considered as a big failure for them.
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May 17, 2017, 02:05:03 PM
 #69

However this news is not presenting the real scenario of Bitcoin in the African continent, but it's under consideration most of the African countries to approve Bitcoin as a currency. If it will be implemented according to the news then it'll be blessings for Bitcoin for spreading out everywhere. If they adopt it then other continent would be influenced to use Bitcoin as major currency for transaction.

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SvenBomvolen
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May 17, 2017, 02:16:58 PM
 #70

We.don't need to judge in case African country has already adopted as their primary currency. If it's only a hear say then,we respect, study and learn from them. Who knows this might help them.
I am agree with you here. This example and experience is going to be good for every country, to those who have the same plans already and to those who only think about it.
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May 17, 2017, 02:24:05 PM
 #71

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.


I agree with you in general, most people in Africa are too poor to use Bitcoin. Only 28% of African population use Internet and like you said many people have no power at all. However, there are countries, and Nigeria, Kenya, Tanzania, Uganda, Congo and South Africa are among them, where in big cities many people use Bitcoin already.

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May 17, 2017, 05:15:03 PM
 #72

How are they gonna use BTC when they do not have internet, a tv nor smartphone..  Roll Eyes
I agree, How can they use bitcoin while they don't have internet or smartphone. If there is one institution from africa as long as I know they use bitcoin for attracting donation all over the world. WHy, because when they use banking, they will find dificulties with beurocracy.

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sergio red
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May 17, 2017, 05:32:18 PM
 #73

So far I know about that news, this is not representing the actual scenario of Bitcoin in the African continent. But some countries are taking it seriously to consider using Bitcoin as a currency. If it will happen then it would be great for Bitcoin.

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May 18, 2017, 01:06:51 AM
 #74

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 will be unheard of, a country adopting bitcoin as its official currency, but it is not that rare that another country adopted a currency they don’t control, some countries have adopted the US dollar as their official currency despite the fact they have no control over it.

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DrGuns4Hands
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May 18, 2017, 04:24:14 AM
 #75

Really? African country adopts Bitcoin as primary currency? I don't judge African people but most of them are very poor and not computer literate or whatsoever. But if it's true then it's good because as time passed by people are embracing cryptocurrency world which in fact has help it a lot and vice versa as well to the people who use it.

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May 18, 2017, 06:43:48 AM
 #76

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.


I agree with you in general, most people in Africa are too poor to use Bitcoin. Only 28% of African population use Internet and like you said many people have no power at all. However, there are countries, and Nigeria, Kenya, Tanzania, Uganda, Congo and South Africa are among them, where in big cities many people use Bitcoin already.
i personally have no idea about the economy of African countries, but the news that  i am hearing  about  them shows that they are not financially too much good, therefore i do not think that they can adopt bitcoin and can consider it as legal currency , may be in some part of African countries people may be using bitcoin but still they will be using is as an optional, because i do not think that there are any chances to use bitcoin for everything,
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May 18, 2017, 07:56:10 AM
 #77

Uganda would be the first african country to regulate Bitcoin.If it regulates,it would be followed by kenya.In nigeria,due to failure of local currency,most people have started using bitcoins.Since africa is such a big continent having many countries,it would be much useful for bitcoin progress if they adopt bitcoin.

Well in general african some african locals do not have the access to internet daily and probably advertising it there would be hard but if Uganda can improve economically then chances are some of them can even try to adapt btc. Because btc is not taxable and the budget does not come from anyone and you will generate that without taxes instead of borrowing in some world banks.

Well even though the majority of the African locals doesnt have access to internet but it will not be a hindrance to btc users in their country. But of course if we talk about using bitcoin as their primary currency that will be troublesome since internet access and computers or smartphones are needed to make transactions. But if they are decided the state could do something to make it possible.

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May 18, 2017, 08:02:25 AM
 #78

Really? African country adopts Bitcoin as primary currency? I don't judge African people but most of them are very poor and not computer literate or whatsoever. But if it's true then it's good because as time passed by people are embracing cryptocurrency world which in fact has help it a lot and vice versa as well to the people who use it.

Yes, many of them are very poor. But what prevents the state from allowing people to use crypto currency and learn computer literacy in order to be able to provide for their family.

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May 18, 2017, 08:34:56 AM
 #79

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.


I agree with you in general, most people in Africa are too poor to use Bitcoin. Only 28% of African population use Internet and like you said many people have no power at all. However, there are countries, and Nigeria, Kenya, Tanzania, Uganda, Congo and South Africa are among them, where in big cities many people use Bitcoin already.
i personally have no idea about the economy of African countries, but the news that  i am hearing  about  them shows that they are not financially too much good, therefore i do not think that they can adopt bitcoin and can consider it as legal currency , may be in some part of African countries people may be using bitcoin but still they will be using is as an optional, because i do not think that there are any chances to use bitcoin for everything,

You can google it, man ) Here's the statistics on Internet usage  for Africa:

http://www.internetworldstats.com/stats1.htm

And here's a good article on Bitcoin usage in some African countries:

http://edition.cnn.com/2016/12/23/africa/bitcoin-startup-africa/

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May 18, 2017, 09:41:53 AM
 #80

Really? African country adopts Bitcoin as primary currency? I don't judge African people but most of them are very poor and not computer literate or whatsoever. But if it's true then it's good because as time passed by people are embracing cryptocurrency world which in fact has help it a lot and vice versa as well to the people who use it.

Yes, many of them are very poor. But what prevents the state from allowing people to use crypto currency and learn computer literacy in order to be able to provide for their family

African governments don't even need that

I mean they don't need to specifically ban or otherwise discourage and disallow Bitcoin to prevent their citizens from using it. They would just have to keep their folks in poverty (as they always did), and that will suffice for all practical intents and purposes. When you have no Internet access, no device to reach out and touch your coins, or just no money to buy a few satoshi to begin with, you are pretty much stuck, and Bitcoin will continue to remain your pipe dream mostly

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