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5thStreetResearch
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April 01, 2014, 04:11:03 PM |
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Micropayments and microloans have arguably their biggest impact in Africa. Any countries that deal with outrageous remittance fees can be greatly helped by bitcoin, lots of African countries would fit this profile, especially as internet and smart phones continue to become more available there.
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OROBTC
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Activity: 2912
Merit: 1852
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April 01, 2014, 05:30:30 PM |
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...
Other than the USA, my beat is Peru. Hardly anyone there accepts BTC, nor even knows what they are... Yet, all the young ones I saw (albeit in better parts of Lima, in general a big poor city) are running around poking on the smartphones just like here...
I agree that in countries that inefficient and corrupt, BTC has great potential, but IMO it will take a BUNCH of time. Who in Africa will take your BTC for gold?
No one (among jewelers, etc.) I could find in Peru (in March) would take BTC.
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jc01480
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April 01, 2014, 05:41:34 PM |
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My great uncle passed away in Nigeria. Before he passed, he deposited $10,000,000.00 in a bank account there. For a nominal fee of 1%, I will require your assistance in retrieving this balance. Please send me your bank account information if interested in helping me recover this money.
(Isn't this about right?)
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hello_good_sir
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April 01, 2014, 05:50:25 PM |
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Africa? No. Africa doesn't have a good track record at adopting advances in technology or culture.
Peru and other South American countries? I think that it is quite possible, but I think that a dose of pessimism is warranted.
There are three technologically and socially advanced countries that have high levels of inflation. They are: The US, the UK, and Japan. So these are the three countries where I expect Bitcoin to flourish.
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OROBTC
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Activity: 2912
Merit: 1852
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April 01, 2014, 06:04:27 PM |
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...
I know a guy (from whom I bought BTC), who went to a BTC conference in Argentina a few months ago. He told me that among the people he talked to (granted, likely to be all tekkies) the interest was huge... Argentina has LOTS of problems, it is governed terribly by an incompetent blowhard Socialist (Cristina Kirchner). So, BTC would enable many locals to avoid the currency restriction and other roadblocks their .gov lays in to block their citizens from financial protection...
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BittBurger
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April 01, 2014, 06:10:42 PM |
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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. Instant adoption by 40 million people. Africa? Yes. -B- |
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newguy05
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April 01, 2014, 06:27:31 PM |
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The entire continent of africa only has a 2.5% of the world nominal GDP, less than that of italy. Whether africa adapts bitcoin or not, is a non-factor. |
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grifferz
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April 01, 2014, 06:31:04 PM |
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Whether africa adapts bitcoin or not, is a non-factor.
Except possibly for the people of Africa who are currently paying outrageous transaction fees on MPesa. |
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newguy05
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April 01, 2014, 08:24:32 PM |
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Whether africa adapts bitcoin or not, is a non-factor.
Except possibly for the people of Africa who are currently paying outrageous transaction fees on MPesa. I thought my statement was pretty clear, but to clarify - the people of africa benefits if they adapt bitcoin as a currency, but bitcoin benefits very little from adaption in africa, for the simple fact they just dont matter in the big picture of the world economy. Not to be mean, just stating the obvious. USA, China, and EU is what matters to bitcoins. So far china is the lowest/worst in term of bitcoin friendly, usa in the lower middle with the recent irs ruling, and EU is what i believe has the best chance to allow widespread adaption/usage to occur. |
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5thStreetResearch
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April 01, 2014, 08:34:08 PM |
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Africa? No. Africa doesn't have a good track record at adopting advances in technology or culture.
Peru and other South American countries? I think that it is quite possible, but I think that a dose of pessimism is warranted.
There are three technologically and socially advanced countries that have high levels of inflation. They are: The US, the UK, and Japan. So these are the three countries where I expect Bitcoin to flourish.
Times are changing. Tons of initiatives are bringing the internet to new users everyday, and mobile adoption continues to skyrocket in poor countries. Countries that have seen huge percentages of their GDP erased every year by predatory banking and money transmitting fees will not stand for this forever. So Africa? Yes. Peru, Central, and South America as well. The Philippines could be a potentially huge market with about half of their GDP coming from remittances. |
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grifferz
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April 01, 2014, 08:36:44 PM |
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Whether africa adapts bitcoin or not, is a non-factor.
Except possibly for the people of Africa who are currently paying outrageous transaction fees on MPesa. I thought my statement was pretty clear You were clear and I agree with your assessment, if it were to come from the perspective of someone trying to make money off of consumerism. But I thought what I said was pretty clear too. Just because it doesn't promise riches for you doesn't mean it is a non-factor to everyone. Africa could be a very interesting market for bitcoin. Just not a very profitable one for outside interests. |
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roslinpl
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April 01, 2014, 08:39:36 PM |
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Well this is great to read. You know this is what Bitcoin was mentioned to do? Help economy over the world! Africa + Bitcoin = success ? Perhaps yes, if Bitcoin will be growing stronger, one day it will completely change the world!  ♥ BTC |
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pening
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April 01, 2014, 10:23:18 PM |
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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? |
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5thStreetResearch
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April 01, 2014, 10:35:04 PM |
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I said more people there are getting internet and mobile, not that it was a fun place to go on vacation you muppet |
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LostDutchman
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April 01, 2014, 11:12:50 PM |
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More than a bit interesting. I'll be keeping my eye on this thread. My $.02.  |
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b¡tco¡n
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Correct Horse Battery Staple
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April 01, 2014, 11:15:20 PM |
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Big adoption in Vietnam, Cambodia, Laos wouldn't surprise me.
They use a non-fiat currency already, the $US for most of their transactions. By non-fiat I mean it is not fiat to that country.
So they could move over to any currency, including BTC.
I also noticed travelling through these countries how well connected they are. Wifi is everywhere and it is free. So someone with a cheap smart phone can get free access fast enough to send/receive transactions from their phone.
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BADecker
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Activity: 3822
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April 02, 2014, 01:07:46 AM |
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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. Instant adoption by 40 million people. Africa? Yes. -B- Africa is coming out of the dark ages in some areas. Let's start them off right. Bitcoin rather than fiat. |
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hello_good_sir
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April 02, 2014, 02:06:38 AM |
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Africa is coming out of the dark ages in some areas. Let's start them off right. Bitcoin rather than fiat.
"in some areas" That is somewhat more believable. Could you list some of these places? I am genuinely curious, and also a bit sceptical. It seems like a lot of people genuinely think that Africa as a whole is someday (soon!) going to be something other than.... Africa. |
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