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Author Topic: The effects of Bitcoin on System D – The shadow economy  (Read 707 times)
DynamicDK
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May 11, 2014, 12:01:03 AM
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The effects of Bitcoin on System D – The shadow economy

Article up on Coinbrief.net, written from Jason De Costa's experiences in Indonesia.  Snippet below:

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In the past, Chukwuma had to rely on fellow Africans, who are traders in the city, to transfer any funds he wished to remit home, by using their own personal bank accounts.  This was needed because Nigeria's anti fraud police units station their plain clothes officers at all major banks, and payment processors like Western Union or Money Gram, to apprehend anyone suspected of retrieving funds that may be proceeds from the various scams that originate from there.

In Chukwuma's case, he sends the bitcoins to his wife in the Philippines, where she cashes it out to fiat and remits provisions and goods to Chukwuma's siblings in the town of Abuja where they sell it on the streets for a big profit. Chukwuma reasons that using crypto currency is much safer for him, and he enjoys not needing to fill out forms and pay a hefty transaction fee, use his friend's bank accounts, or rely on a remittance agency to send his earnings to his family.

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According to NIST and ECRYPT II, the cryptographic algorithms used in Bitcoin are expected to be strong until at least 2030. (After that, it will not be too difficult to transition to different algorithms.)
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May 11, 2014, 03:18:45 PM
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Yes, bitcoin is very useful in on remittances.

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May 11, 2014, 05:46:52 PM
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The effects of Bitcoin on System D – The shadow economy

Article up on Coinbrief.net, written from Jason De Costa's experiences in Indonesia.  Snippet below:

Quote
In the past, Chukwuma had to rely on fellow Africans, who are traders in the city, to transfer any funds he wished to remit home, by using their own personal bank accounts.  This was needed because Nigeria's anti fraud police units station their plain clothes officers at all major banks, and payment processors like Western Union or Money Gram, to apprehend anyone suspected of retrieving funds that may be proceeds from the various scams that originate from there.

In Chukwuma's case, he sends the bitcoins to his wife in the Philippines, where she cashes it out to fiat and remits provisions and goods to Chukwuma's siblings in the town of Abuja where they sell it on the streets for a big profit. Chukwuma reasons that using crypto currency is much safer for him, and he enjoys not needing to fill out forms and pay a hefty transaction fee, use his friend's bank accounts, or rely on a remittance agency to send his earnings to his family.

Very interesting and telling article.

I have been saying for some time that Africa is unplowed ground for Bitcoin.

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DynamicDK
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May 11, 2014, 07:10:06 PM
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The effects of Bitcoin on System D – The shadow economy

Article up on Coinbrief.net, written from Jason De Costa's experiences in Indonesia.  Snippet below:

Quote
In the past, Chukwuma had to rely on fellow Africans, who are traders in the city, to transfer any funds he wished to remit home, by using their own personal bank accounts.  This was needed because Nigeria's anti fraud police units station their plain clothes officers at all major banks, and payment processors like Western Union or Money Gram, to apprehend anyone suspected of retrieving funds that may be proceeds from the various scams that originate from there.

In Chukwuma's case, he sends the bitcoins to his wife in the Philippines, where she cashes it out to fiat and remits provisions and goods to Chukwuma's siblings in the town of Abuja where they sell it on the streets for a big profit. Chukwuma reasons that using crypto currency is much safer for him, and he enjoys not needing to fill out forms and pay a hefty transaction fee, use his friend's bank accounts, or rely on a remittance agency to send his earnings to his family.

Very interesting and telling article.

I have been saying for some time that Africa is unplowed ground for Bitcoin.

Yeah, it is really starting to catch on there.  M-Pesa has already shown that the Kenyan (and Tanzanian I think) people are quite willing to adopt digital currency, in one form or another.  As access to technology continues to increase throughout the developing world, the people there will increasingly become the group with the largest potential benefit from digital currencies.

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May 12, 2014, 12:24:41 AM
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Is this the "out of africa" model for mass Bitcoin adaptation?
DynamicDK
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May 12, 2014, 01:50:54 AM
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Is this the "out of africa" model for mass Bitcoin adaptation?

It is the "Africa is the fastest growing economy in the world" model  Grin

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