Africa - promised land of Bitcoin?

[bryant.coleman]

Those are the countries that need Bitcoin least, where it is likely to be least important, because they already have a good financial infrastructure.

Excellent point. Bitcoin can benefit common people in the under-developed world much more than those in the developed nations.

[Pente]

I just got back from Kenya a few weeks ago. While I was there I noticed the heavy use of mpesa. My wife uses it several times a week to pay bills or send her parents money. One time while out, she wanted to get something to drink, but we discovered that neither one of us had any money. I was expecting to just home, but she says "no problem", walks into one of many phone card stores with an mpesa sign (several on every block), talks to the gal, does something with her phone, the gal hands her 500 shillings and now we have some money.

There is a problem with mpesa though. Many transactions (not all) are heavily taxed. The government is starting to see mpesa as a gravy train and since it is centralized, there is nothing to stop them from raising taxes more and more. I think this may eventually push the population towards Bitcoin.

I rode with her one day to her job in Nairobi early in the morning. The bus was mainly young professionals going to work and I noticed that almost every one of them was using an android type smart phone. My wife has both a regular phone and an android phone. The productivity increase of having a cell phone more than pays for itself.

There is a money exchange place in downtown Nairobi where you can exchange bitcoins for fiat.

[BADecker]

I just got back from Kenya a few weeks ago. While I was there I noticed the heavy use of mpesa. My wife uses it several times a week to pay bills or send her parents money. One time while out, she wanted to get something to drink, but we discovered that neither one of us had any money. I was expecting to just home, but she says "no problem", walks into one of many phone card stores with an mpesa sign (several on every block), talks to the gal, does something with her phone, the gal hands her 500 shillings and now we have some money.

There is a problem with mpesa though. Many transactions (not all) are heavily taxed. The government is starting to see mpesa as a gravy train and since it is centralized, there is nothing to stop them from raising taxes more and more. I think this may eventually push the population towards Bitcoin.

I rode with her one day to her job in Nairobi early in the morning. The bus was mainly young professionals going to work and I noticed that almost every one of them was using an android type smart phone. My wife has both a regular phone and an android phone. The productivity increase of having a cell phone more than pays for itself.

There is a money exchange place in downtown Nairobi where you can exchange bitcoins for fiat.

I have a buddy who has been to Africa several times. He wants to move there, and he will make it, I believe. His wife is loving the idea.

I didn't realize that Africa was this extremely into Bitcoin, "There is a money exchange place in downtown Nairobi where you can exchange bitcoins for fiat." Now that I know, I might go with him, and he might go sooner.

[BittBurger]

Africa?  no.

Africa?  Yes.

There are already 3 companies working to replace the service used by 40 million people to send money via SMS.

Instead it will be sent by Bitcion.

Interesting, is there further info on this?  My understanding is that in a lot of Africa smart phones are shared.  Is there a secure solution to this?

Here is one of the companies.   

http://www.mobilepaymentstoday.com/article/216119/M-PESA-meets-Bitcoin-with-new-service-in-Kenya

Lets Talk Bitcoin podcast played an interview with the creator of this service, and he went into a lot of the details they're working out with the government.

There is another company doing the exact same thing that I ran across on Facebook awhile back.  They hadn't heard of Kipochi, but now they know.

Google for more info.

-B-

[softron]

Maybe bitcoins will  recieve mass adoption in s.africa and other newly developed countries

[AfrikaMan]

Maybe bitcoins will  recieve mass adoption in s.africa and other newly developed countries

There already is a South African fiat to Bitcoin online exchange.

[bryant.coleman]

Maybe bitcoins will  recieve mass adoption in s.africa and other newly developed countries

It will be great if Bitcoin gets really popular in rich African countries such as Gabon and RSA. However, at the moment the strongholds seems to be East Africa (esp. Kenya and Tanzania, due to Kipochi).

[Onews1990]

Africa might be a good place for bitcoins since they are already have an advanced money-transmitting industry in at least one or two countries, But I doubt the public demand for it there would be high enough.

[LostDutchman]

Africa is and will continue to be a great place for crytp to develop.

Although computer use may be lower than in other areas, those who have internet service will gravitate to Bitcoin and certain alts.

Be prepared to profit.

My $.02.

[vnvizow]

Yep, this will do good for the silk road 

[amoai]

....
There is a money exchange place in downtown Nairobi where you can exchange bitcoins for fiat.

This I have not heard of, any chance you have more details? Or can you visit it one day? Is it just a few random people who have bitcoin or is it like a business/kiosk?

[amspir]

Africa - promised land of Bitcoin?

It makes sense to me.  Consider this, that there are many African countries that have highly mismanaged centralized banks and unstable and corrupt political leadership.   Assuming that bitcoin grows to become a significant world currency, then bitcoin would make a lot of sense in developing economies on the continent.

[LostDutchman]

Africa - promised land of Bitcoin?

It makes sense to me.  Consider this, that there are many African countries that have highly mismanaged centralized banks and unstable and corrupt political leadership.   Assuming that bitcoin grows to become a significant world currency, then bitcoin would make a lot of sense in developing economies on the continent.

Good points and valid ones at that!

My $.02.

[bryant.coleman]

Yep, this will do good for the silk road 

Why? Do you think that Africans are potential SR 2.0 customers?

[right wing authoritarian]

I guess it makes intuitive sense that africa would adopt bitcoin because the existing financial system is more problematic than in rich countries so bitcoin is immediately more competitive.

[amspir]

I guess it makes intuitive sense that africa would adopt bitcoin because the existing financial system is more problematic than in rich countries so bitcoin is immediately more competitive.

After the events of 2008, where private institutional banking extorted the elected government of the United States to socialize their losses (while retaining private profits, not going to jail, giving themselves bonuses, and running scams with T-bills) incurred by selling toxic, bullshit financial instruments to the rest of the world,  I think the most problematic banking system in the world is obvious.  It's not in Africa.

[pollen_bit]

I'm working on a short documentary, filmed over two weeks in Kenya. The question is 'Whether Bitcoin Can Help The Unbanked'. Here's the trailer:
https://www.youtube.com/watch?v=mafU305mVXY

[niothor]

So let's start another hype about africa and bitcoin....

But first , let's remember this...
http://motherboard.vice.com/blog/one-third-of-kenyans-now-have-a-bitcoin-wallet

And the hype about Kipochi

And the ...0.

Let's stop with this india , africa , venezueala , south america , peru  non-sense.
Bitcoin will grow in the countries where there is the infrastructure already in place and where average citizens have enough money to spend it daily , not for safekeeping them from lions.

[bryant.coleman]

So let's start another hype about africa and bitcoin....

But first , let's remember this...
http://motherboard.vice.com/blog/one-third-of-kenyans-now-have-a-bitcoin-wallet

What's wrong in that? Millions of Kenyans do use Kipochi.

[niothor]

So let's start another hype about africa and bitcoin....

But first , let's remember this...
http://motherboard.vice.com/blog/one-third-of-kenyans-now-have-a-bitcoin-wallet

What's wrong in that? Millions of Kenyans do use Kipochi.

LOL, do you have some proof to back that up?