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Author Topic: Why Bitcoin's adoption in Africa may not first be institutional.  (Read 714 times)
citywise2
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Today at 08:36:48 AM
 #61

Bitcoin adoption was not institutional-first anywhere else either! It was always regular people who first adopted it and then the institutional investors jumped on board and tried to take their own fish from the "stormy waters" that is the bitcoin market.
Well said, the institutions are about the last to adopt Bitcoin everywhere else as they can only do so when  a good number of people are already aware of the asset - Bitcoin. If you have noticed the developing countries are more prone to faster  adoption of Bitcoin because of the scourge of inflation and distrust in their local currencies. Government of most countries might be against  the adoption of Bitcoin, but that does not stop the people from the acquisition and use of Bitcoin.

Webutxo
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Today at 11:21:11 AM
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We have to understand as well that institutions getting into the picture is somewhat late already. The first use case for Africa could be those who are unbank. And so with that, majority really put their money on Bitcoin or any other crypto for that matter. If I'm not mistaken, Africa has also one of the biggest in terms of mobile phone, as people can have as many 2 phone at one time.

So with that, they can just have their Bitcoin their phone and use it if possible. So it's a very different case in Africa. And if we have notice, institutions investment on Bitcoin is being the narrative to have it in their balance sheet. It might not be applicable to African government like what Bukele or Trump is doing.

Please this idea of bank the unbank keep it aside. Then it used to be one of the things people said about communities that does not have bank accounts but today, the problem are now solved with money operators, even withoit the internet, you can use money operators finance by micro finance bank and they are very fast like looking for lightening network. You should check OPAY, Palmpay, Moniepoints and many of them in Nigeria, they have ussd code too.

African adoption is not even about the government, it's about the people. Those that has money to invest in Bitcoin are already doing it but majority are poor, investments is not their priority. If they have $100 today, they will use it to buy food stuff and other things to take care of their self before they even think about Bitcoin because of how bad the leadership is, the gap between the rich and poor is so wide that's why people don't adopt Bitcoin like other part of continents.

JimaGod
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Today at 03:26:10 PM
 #63

Bitcoin adoption was not institutional-first anywhere else either! It was always regular people who first adopted it and then the institutional investors jumped on board and tried to take their own fish from the "stormy waters" that is the bitcoin market.
You're correct mate, ordinary people were the first to invest in Bitcoin, they helped build the network long enough before these hugh institutions started to pay full scrutiny about Bitcoin and today, they're making good investment in Bitcoin and also generating huge profits. I'm sure we do know the arrival of institution towards investing in Bitcoin doesn't cancel or rule out the fact that early adopters where the one that put in immense hardwork in securing the future of Bitcoin. The market could have been nothing without the existence of Bitcoin and also the roles played by these early adopters.

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