It began in AFRICA!!!

[CoinRocka]

Talk about the possibilities of wealth redistribution.  Imagine we fast forward 3 years and there are more Africaners with mobile devices holding bitcoin than in let's say America.  The 3rd world economies adopting first and leading the revolution...  

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[jc01480]

Um, not sure if you know this or not but the US isn't really as advanced technologically as say, Europe.  Look at a European credit card for example.  The US is too lazy to upgrade the infrastructure because that cuts into the bottom line, etc., etc....

[Boston.Miner]

... and where Africa reside in this picture from 2013 ?

http://www.euromonitor.com/medialibrary/HighResImage/UnderstandingChinaTCM.png

[Pente]

I see more young people with Androids in Kenya than I do in the USA.

In fact, most young Kenyans have two phones. This is because some services basically allow you to make free phone calls, while others allow you to receive free phone calls. None do both though. So you keep two different phone to keep your costs down.

BTW, most young Kenyans are use to the idea of sending money using their phone thanx to Mpesa.


Edited to correct spelling error.

[roslinpl]

I see more young people with Androids in Kenya than I do in the USA.

In fact, most young Kenyans have two phones. This is because some services basically allow you to make free phone calls, while others allow you to receive free phone calls. None do both though. So you keep two different phone to keep you costs down.

BTW, most young Kenyans are use to the idea of sending money using their phone thanx to Mpesa.

They seems pretty well informed in the IT techs and I am 100% sure that they will use Bitcoin very well.

[keithers]

Talk about the possibilities of wealth redistribution.  Imagine we fast forward 3 years and there are more Africaners with mobile devices holding bitcoin than in let's say America.  The 3rd world economies adopting first and leading the revolution...  

Hard to imagine, but I would actually be stoked to see some of the poorer countries come up.   Seeing first hand some of the conditions that kids are born into is really sad..

[BitchicksHusband]

But when you consider that there is already more money in Bitcoin than in almost all of the countries in Africa combined, you'll quickly see that it will have little impact in the price.

But I would love to see Africans enter the modern world quickly because of bitcoin.  That would be awesome for them.

[minerpart]

But when you consider that there is already more money in Bitcoin than in almost all of the countries in Africa combined

Where do you get that from?!

http://en.wikipedia.org/wiki/List_of_African_countries_by_GDP_(nominal)

GDP of Africa must be over 2,000 Billion USD by now and it's rising quickly.

[elasticband]

Africa pretty much skipped the pc laptop generation and jumped in right at the mobile tech.

Being able to backup and hide your wealth in poorer countries is a great advantage, cryptos suit the developing countries, they just need easier access.

[Redrocket2]

Yes there are plenty of money everywhere

But when you consider that there is already more money in Bitcoin than in almost all of the countries in Africa combined

Where do you get that from?!

http://en.wikipedia.org/wiki/List_of_African_countries_by_GDP_(nominal)

GDP of Africa must be over 2,000 Billion USD by now and it's rising quickly.

[bananas]

www.youtube.com/watch?v=PRC7zKfKomc‎

[minerpart]

South Africa was primarily built by Europeans but it is now crumbling away since Madela took over, so I wouldnt clump them in with the rest of Africa.

However, if you take just sub Saharan Africa then his statement is basically true, more money in bitcoin than in all of Africa.

Dumbest post of the day. Despite hard facts (yes even Wiki can be trusted on some things) you repeat the nonsense that a Continent with 2,000 Billion GDP and over 1 Billion people has less money in it than a 6 Billion dollar market cap digital currency based on a few mill speculators. Get a life dude.

32 of the 52 countries in Africa EACH have a bigger GDP than bitcoin's market cap.

These are all Sub Saharan nations:

Kenya - 34 Bilion
Sudan - 64 Billion
Ethiopia - 31 Billion
Ivory Coast - 24 Billion
Zambia - 19 Billion
Tanzania - 23 Billion
Botswana - 17 Billion
Uganda - 16 Billion
Namibia - 12 Billion
Cameroon - 25 Billion

There are many more and this data is 3 years old.

[grifferz]

Compared to the whole rest of the world, though, all the African countries combined have a relatively low GDP. I think that means that it doesn't make a lot of sense for an outside organisation to try to launch something targeted solely at the African market.

I do think that something like Bitcoin is ideal for Africans themselves though as there is a much higher take-up of mobile banking there, currently with ruinous fees. Bitcoin could free them from that and make a real positive change to their standard of living, helping to even things up.

I just don't think it's going to make anyone outside Africa richer than they are now.

[Phinnaeus Gage]

Compared to the whole rest of the world, though, all the African countries combined have a relatively low GDP. I think that means that it doesn't make a lot of sense for an outside organisation to try to launch something targeted solely at the African market.

I do think that something like Bitcoin is ideal for Africans themselves though as there is a much higher take-up of mobile banking there, currently with ruinous fees. Bitcoin could free them from that and make a real positive change to their standard of living, helping to even things up.

I just don't think it's going to make anyone outside Africa richer than they are now.

You do realize that Africa is a continent and South Africa is one country on said continent, don't you?

[grifferz]

You do realize that Africa is a continent and South Africa is one country on said continent, don't you?

Yes, that's why I said "all the African countries".

The GDP of all African countries combined is only about 1,800 billion USD. If it were a single country it would be something like 11th on the table of per-country GDP. I don't think it is an attractive market for a Western investor. I do think it is an attractive market for a business local to the African continent and could really help shrink the gap.

[BitCoinDream]

... and where Africa reside in this picture from 2013 ?

As I understand Euromonitor International is market research firm and MR data for third world countries are mostly unreliable.