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Author Topic: African country adopts Bitcoin as primary currency  (Read 3447 times)
roadbits
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May 18, 2017, 11:12:42 AM
 #81

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

Yes the govt will accept Bitcoins, but people know how to use that bitcoins in real life right, as you told in Africa they are not rich, and most of the cities don't have the internet facility. So how people can use Bitcoin? But if they started to use bitcoin means it is good news. And they need money to buy bitcoins if they are poor how they can afford this bitcoin price. 
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May 18, 2017, 11:21:46 AM
 #82

Bitcoin fees are too high and confirmation time too long for most people in any African country. The short answer is they might accept is as a method of payment like Japan did, or banks may opt to use it as a background service, but its a long way off from being accepted as a primary currency.

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May 18, 2017, 03:15:09 PM
 #83

Bitcoin fees are too high and confirmation time too long for most people in any African country. The short answer is they might accept is as a method of payment like Japan did, or banks may opt to use it as a background service, but its a long way off from being accepted as a primary currency

We are all basically in the same conditions

And while I agree in general that Bitcoin fees may be way too high for the majority of African population, the confirmation times are essentially the same for everyone across the globe (provided the fees are the same, of course), so it is certainly not about just for "people in any African country". In other words, it is for other countries too. On the other hand, Bitcoin is not the only pebble on the beach, anyway. There are cheaper coins with faster confirmation times and lower fees, for example, Litecoin (which has been on the rise recently)

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May 18, 2017, 03:43:44 PM
 #84

It would have to be a richer african country. Btc fee of a dollar is what most people make in 2 days work. No way they would want btc as their currency. It is so useless for them and costs way to much. Way better off with another coin with low fees.



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Betwrong
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May 19, 2017, 08:56:10 AM
 #85

Bitcoin fees are too high and confirmation time too long for most people in any African country. The short answer is they might accept is as a method of payment like Japan did, or banks may opt to use it as a background service, but its a long way off from being accepted as a primary currency

We are all basically in the same conditions

And while I agree in general that Bitcoin fees may be way too high for the majority of African population, the confirmation times are essentially the same for everyone across the globe (provided the fees are the same, of course), so it is certainly not about just for "people in any African country". In other words, it is for other countries too. On the other hand, Bitcoin is not the only pebble on the beach, anyway. There are cheaper coins with faster confirmation times and lower fees, for example, Litecoin (which has been on the rise recently)

I was thinking about it recently. If most people, not only African people, but people in the world in general, are only starting to realize the advantages of Bitcoin compared to fiat, how long will it take to realize the advantages of any other crypto compared to Bitcoin?

I think most people rather will come to terms with that 300-400 satoshis/byte fee and will stick to Bitcoin in the foreseeable future.

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May 19, 2017, 09:40:57 AM
 #86

Bitcoin fees are too high and confirmation time too long for most people in any African country. The short answer is they might accept is as a method of payment like Japan did, or banks may opt to use it as a background service, but its a long way off from being accepted as a primary currency

We are all basically in the same conditions

And while I agree in general that Bitcoin fees may be way too high for the majority of African population, the confirmation times are essentially the same for everyone across the globe (provided the fees are the same, of course), so it is certainly not about just for "people in any African country". In other words, it is for other countries too. On the other hand, Bitcoin is not the only pebble on the beach, anyway. There are cheaper coins with faster confirmation times and lower fees, for example, Litecoin (which has been on the rise recently)

I was thinking about it recently. If most people, not only African people, but people in the world in general, are only starting to realize the advantages of Bitcoin compared to fiat, how long will it take to realize the advantages of any other crypto compared to Bitcoin?

You are certainly not alone

I'm not just thinking about that, I'm in fact using Litecoin specifically as a transfer vehicle for Bitcoin. Litecoin's transactions are fast enough (though they could be faster, of course, since I still have to wait for 6 confirmations) and the fees are really low, at least, low enough not to think of them when making transfers for as little as a few dozen dollars (which is certainly not the case with Bitcoin where you would have to pay a few %% from the total amount transacted)

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May 19, 2017, 04:07:01 PM
 #87

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

Maybe the government is planning to issue all citizens with Android smartphones and give them all free internet connections...and maybe it is time to migrate into this country so we can all enjoy all the benefits many of their people would enjoy soon.

It can really be funny when some government who are known to be sucking their own people and wasting all of the resources available can think of riding the crypto revolution.

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May 20, 2017, 09:04:41 AM
 #88

that news is partially true, not all countries are adopting bitcoin but some of the African countries are taking consideration using as a currency, but it is not sure that they are using it as a primary currency.
but hopefully, in future, every country will approve it as the main currency.
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