IS CRYPTOCURRENCY A VIABLE SOLUTION FOR AFRICA'S ECONOMIC PROBLEMS.

[Bitco55]

With the promises of financial freedom for many people, and easy access, cryptocurrency has soared continuously in many African countries. It used to be this weird internet money, until people understood it wasn't just some digital money, but an asset, a store of value. With just a phone, or a laptop, people can make transactions, save and invest money, access the global market, etc.

In countries where local currencies often lose their values quickly due to inflation, cryptocurrency provides safe alternative. It has many more advantages such as  providing youth with online money making opportunities, Blockchain job opportunities, enabling cheap and fast cross- border transactions without bank charges or fees and many others.

Although, it also have some disadvantages. Crypto is very volatile and messy. Values can cras overnight leaving one with absolutely nothing. Without proper knowledge and research, crypto feels like scam and leaves many people with regrets. It is heavily used for frauds, money laundering, scams, and most African countries lack the regulatory frameworks to protect users. Some African Central Banks have banned their commercial banks from dealing in crypto showing it's distrust & critic fear crypto may lead to new financial crisis.

So, with the advantages and disadvantages listed above, which do you think should be more focused on by people? Is crypto a viable solution for Africa's economic problems?

[Roberto888]

Crypto is a useful tool for Africa, not a total solution. Focus on its advantages like bypassing weak currencies and creating opportunities, but always respect its risks like volatility and scams. Success depends on education and caution, not luck.

[Dogedegen]

No it is not. A single tool can't eradicate issues which are systemic. You need to take a deep down into the sources of the issues of Africa. Systemic issues arise because of sytemic abuse from politicians from every side of the political vector. That is also where a primary inflation driver is. People in charge abuse their power and print more money or they use this power to rescue themselves when they mess up. Everyone else ends up paying the price. Bitcoin can not eradicate corruption on its own, it is a neutral tool which can aid in this process but it requires a generational shift.

With the promises of financial freedom for many people, and easy access, cryptocurrency has soared continuously in many African countries. It used to be this weird internet money, until people understood it wasn't just some digital money, but an asset, a store of value. With just a phone, or a laptop, people can make transactions, save and invest money, access the global market, etc.

The super majority of Africans can't do much with this as they don't have money to invest. The only good thing about this is that they are able to plug into the world's economy and participate. That is the main advantage that Bitcoin provides them, not investment potential.

So, with the advantages and disadvantages listed above, which do you think should be more focused on by people? Is crypto a viable solution for Africa's economic problems?

Bitcoin can help and the disadvantages that you listed do not apply to it. Cryptocurrencies are volatile as hell, Bitcoin is no longer that volatile.

[BIT-BENDER]

For countries that their currency is easily affected and lose value very often then another solution is owning asset and reduce the Fiat.

The best solution for African economy is having good leaders, those that wants real positive change for their countries. Bitcoin is not the supreme saviour and master fixer of everything, if African countries want to work then capable leaders needs to be in power because even with Crypto-currency and poor leaders things will fail.

[Findingnemo]

No, bitcoin or any other crypto is not created with the intention of solving a problem like saving a country's economy. It can help with the financial freedom of an individual and create some opportunities to work but it is supposed to be a tool against censorship and this centralized banking system.

Bitcoin is an asset just like others so if anyone which including governments to have some then they need to pay the required amount in fiat or other means to acquire it in the firs place and if those governments had money in the first place then they would probably have resolved most of the issues in their country.

[shinratensei_]

Sure it can, you can hedge against inflation, you can get paid through crypto and find job opportunity abroad, definitely can help solve problem to some extent, I think it was never meant to solve problem about economy as a whole but it gives opportunity.
If you can take advantage of it properly I bet it will change your life around. The volatility that you're speaking of isn't really problem these days since price has stabilized to some extent. Talking about volatility, even gold is also volatile though it leaning upwards.

Try to look at venezuela and how the people solved their economic problem by using crypto such as stablecoin or bitcoin to hedge against inflation.

[STT]

Use the resources available to you as best they can be and have an economy that builds stability and valid investment and I think the answer is yes.  I only say this generally, because it doesnt have to be about crypto as if thats the only path.

  Africa is rich but in resources mostly when the processed product is what retails at the highest profit so what we have seen for decades is Africa or at least many countries not all provide great resource wealth;  however these countries don't benefit as much from that vital resource as they could do which is sad and unfortunately not the best outcome.
  If the resource money was reinvested well it could develop wealth but if the money is wasted in any way then its not going to help that nation even half as much as there is potential for.

[El_Tammy]

So, with the advantages and disadvantages listed above, which do you think should be more focused on by people? Is crypto a viable solution for Africa's economic problems?

It's even better as this is the economic board so we can talk everything there is to say as long as it's involving the economic affairs of our own home (Africa).
Even with a thousand advantages mentioned, I don't think cryptocurrency is going to be solution to what Africa is going through. Originally, I believe that the capitalist system in the world global market is one major factor or agent that has continued to drain Africa when it comes to Economic Freedom. African countries which are still developing and where colonized by the Westerners still going into trade with the same countries that didn't want them to break free from the shackles of slavery, tell me how you would expect them to be treated fairly in the trade system?
Even if Bitcoin is accepted everywhere in the continent, as long as the leaders and the trade system of the African nations are loyal and still directly linked to that of the Americans and Europeans then nothing good will still come out of it. Take a look at how these Westerners give directives on how we run our market and we do it, how then do you think they won't try to indirectly control how the affairs of the various states are managed if Bitcoin becomes generally accepted.

[Iranus]

As far as I know, Africa is facing very complex economic problems such as lack of infrastructure, high public debt, unemployment and poverty in large proportion of the population as well as corruption in government. Meanwhile, bitcoin or cryptocurrencies cannot solve those core problems.  It cannot create jobs, it cannot fight corruption, and it cannot improve Africa's infrastructure. So, cryptocurrency is not a viable solution for the African economy or any other country.

[Agbamoni]

No. Africa should find solutions to whatever problem they are facing. Cryptocurrency cannot be the solution to bad government, non-frequent electricity and many others.
A continent where favoritism, tribalism and nepotism has been the order of the day, it will take every individual to have a positive change for everything to get back in order.

[Hewlet]

.

In countries where local currencies often lose their values quickly due to inflation, cryptocurrency provides safe alternative. It has many more advantages such as  providing youth with online money making opportunities, Blockchain job opportunities, enabling cheap and fast cross- border transactions without bank charges or fees and many others.

To an extent, online money is a major distraction that Africa has a continent is even facing which is preventing them from harnessing other areas within their reach which isn't all that financially viable like what they do online. That mentality that crypto is a solution to African problem on it own is a big red flag that can only limit an individual from doing real things while hoping that by mere investing in bitcoin, financial freedom becomes attainable. If you do not have a source of income, how then do you think investing in bitcoin will be possible?

Africans solution to her problem is not a crypto related one and looking at crypto as means to her economics e d will end up landing her in more ruin.

[free-bit.co.in]

Sure it can, you can hedge against inflation, you can get paid through crypto and find job opportunity abroad, definitely can help solve problem to some extent, I think it was never meant to solve problem about economy as a whole but it gives opportunity.
If you can take advantage of it properly I bet it will change your life around. The volatility that you're speaking of isn't really problem these days since price has stabilized to some extent. Talking about volatility, even gold is also volatile though it leaning upwards.

Try to look at venezuela and how the people solved their economic problem by using crypto such as stablecoin or bitcoin to hedge against inflation.

If we just want to protect our assets and hedge against inflation, we don't need bitcoin and cryptocurrencies, we can also use gold or other assets. And the economic problem we need to solve here is how people in Africa or poor countries like Venezuela can have jobs, stable income, clean living environment, adequate infrastructure and education. Because only then will people's lives truly improve. But can bitcoin create jobs, improve infrastructure or provide education for people? Obviously bitcoin can't do that, so it can't improve any country's economy.

[kotajikikox]

Although, it also have some disadvantages. Crypto is very volatile and messy. Values can cras overnight leaving one with absolutely nothing.

Other cryptocurrencies? Yes but bitcoin? No

Bitcoin will not crash overnight and leave you with nothing it may decline in price a few times but if you just practice patience you will end up seeing better news after a while anyway.

Without proper knowledge and research, crypto feels like scam and leaves many people with regrets.

You said it yourself without proper knowledge and research so make sure to just make proper research to avoid the things you are so scared of. This can be done if there are massive informative events around your continent.

[Fortify]

Africas problems don't exist in the currency that they choose to use, even though bitcoin gives them many advantages - it may not be accessible enough right now to be useful. Africa generally suffers from a corruption problem, because it has few long standing institutions that are powerful and independent enough to stand up to politicians. When you are at the bottom of the ladder that looks very difficult to climb, it's understandable if people try to take shortcuts when everyone around you is in such cutthroat competition. Until that problem is solved or alleviated, it's unlikely to see that much change in Africa.

[cryptomaniac_xxx]

Africas problems don't exist in the currency that they choose to use, even though bitcoin gives them many advantages - it may not be accessible enough right now to be useful. Africa generally suffers from a corruption problem, because it has few long standing institutions that are powerful and independent enough to stand up to politicians. When you are at the bottom of the ladder that looks very difficult to climb, it's understandable if people try to take shortcuts when everyone around you is in such cutthroat competition. Until that problem is solved or alleviated, it's unlikely to see that much change in Africa.

Yeah, it's more on the leadership and centuries under rule by the old and traditional way and they have been taken advantage in their resources and up to this day they are still are like China and bigger countries and they can't do anything about it.

And there are a lot of crypto enthusiast if I'm not mistaken, trying to push crypto in that continent and nothing happens. So it's a bigger problem and crypto might just be one of the solution but it's not like a magic bean that will solved all their problems.

[Gamanka@@]

Crypto is a useful tool for Africa, not a total solution. Focus on its advantages like bypassing weak currencies and creating opportunities, but always respect its risks like volatility and scams. Success depends on education and caution, not luck.

Perhaps crypto is an advantage,  and a useful tool for Africa,  it's an opportunity for one who understands what crypto is all about so as for me crypto can solve Africans economy problems if really we are all ready to take a risk because that's number piyourity to be fearless and  do achieve our aims.


I think is a solution to africa why because Africa have a numerous people whom are graduated from school which are yet to find work so than being jobless,  I think is an idea to engage yourself in such and focus to be self dependent also shape your personalities, Perhaps yes crypto currency is a way of solution to africa's.

[batang_bitcoin]

With the promises of financial freedom for many people, and easy access, cryptocurrency has soared continuously in many African countries.

This is a wrong belief about crypto or with bitcoin. It doesn't promise anything at all like having a financial freedom. It's been said to be like that because of the early investors but it's visible that it happened to them because they have been patient and invested on it.

So, with the advantages and disadvantages listed above, which do you think should be more focused on by people? Is crypto a viable solution for Africa's economic problems?

It won't solve any country's economic problem but on a personal note, I think people have to focus on the two things that it has brought. Being an investment and as well as the job opportunities that it has brought. There is not that much people that knows about cryptocurrency and so, the opportunities that are in it are only limited to the people that has an idea about it. Also, it's still young and being early to it gives the advantage. Individual people's economies will help and have it solved but not entirely solve Africa's economic problem or the countries that are in it.

[Davidvictorson]

So, with the advantages and disadvantages listed above, which do you think should be more focused on by people? Is crypto a viable solution for Africa's economic problems?

No. The infrastructure is not set to be able to do this. Besides it is strong policies that will fix the economic problems and not crypto use. Crypto use or adoption is just an add on. Strong policies, decent leaders and patriotic citizens will take Africn countries out of poverty. When we are ready to have this conversation, then there will be a head way but for now African countries and her leaders are just deceiving themselves.

[Justbillywitt]

It is important to note that cryptocurrency alone will not fix the enormous challenges of African economy. While cryptocurrency can help individuals and nations attain certain level of financial freedom, leaders of African countries have to make some critical economic reforms and policies that will fix the economic challenges of the region. Even with the emergence of crypto if there are no good economic revival blue prints by leaders of the continent, the region will continue to have economic challenges.