Marc Faber on Bitcoin: Unbanked Developing World Not Ready for Bitcoin

[okthen]

Even the most recalcitrant technophobes usually catch on. Who would have thought you would see 90 year olds talking on cell phones? There will also be companies that can make money by facilitating BTC use by people that aren't tech savvy. This is kind of a non issue.   

But the thing in this case is not whether they're tech savvy or not.
If they have no money to buy a computer or a smartphone, they can't know about technology.

[Ron~Popeil]

Even the most recalcitrant technophobes usually catch on. Who would have thought you would see 90 year olds talking on cell phones? There will also be companies that can make money by facilitating BTC use by people that aren't tech savvy. This is kind of a non issue.   

But the thing in this case is not whether they're tech savvy or not.
If they have no money to buy a computer or a smartphone, they can't know about technology.

A lot of third world places have cell service now. Cell towers are a lot less expensive to build than miles and miles of copper wire.

[bitrider]

Forget about the developing world. Even the vast majority of the people in the developed world won't be able to use bitcoins, unless they are made simpler, so that the non-tech savvy population will also be able to use them.

Yes, all this is true. But give it a couple of years, and this will all change. I believe much faster than most think.

But you seem to have missed the point. The point of the OP was that the developing nations were not ready for bitcoin. My view is they are absolutely ready, and will adopt rapidly (much faster than in the developed/banked world) as soon as bitcoin is ready. They don't have to get banked first, or even get ipads first. They have what they need and the desire. That's a very different story and potential use case for investment.

It is small now but it is already beginning..
https://www.bitpesa.co/

[Ron~Popeil]

Forget about the developing world. Even the vast majority of the people in the developed world won't be able to use bitcoins, unless they are made simpler, so that the non-tech savvy population will also be able to use them.

Yes, all this is true. But give it a couple of years, and this will all change. I believe much faster than most think.

But you seem to have missed the point. The point of the OP was that the developing nations were not ready for bitcoin. My view is they are absolutely ready, and will adopt rapidly as soon as bitcoin is ready. They don't have to get banked first, or even get ipads first. They have what they need and the desire. That's a very different story and potential use case for investment.

They also need it more than we do. Their governments are some of the worst offenders when it comes to manipulating currency. Given access to a world wide economic system would be huge for them

[bitrider]

Forget about the developing world. Even the vast majority of the people in the developed world won't be able to use bitcoins, unless they are made simpler, so that the non-tech savvy population will also be able to use them.

Yes, all this is true. But give it a couple of years, and this will all change. I believe much faster than most think.

But you seem to have missed the point. The point of the OP was that the developing nations were not ready for bitcoin. My view is they are absolutely ready, and will adopt rapidly as soon as bitcoin is ready. They don't have to get banked first, or even get ipads first. They have what they need and the desire. That's a very different story and potential use case for investment.

They also need it more than we do. Their governments are some of the worst offenders when it comes to manipulating currency. Given access to a world wide economic system would be huge for them

This.

[Erdogan]

Bitcoin could be a driver for smartphones.

[OROBTC]

...

Erdogan

Has iApple seen the light yet?  Last I heard, Apple was making it difficult to use BTC on their iPhones...

I may have to switch to an Android if Apple keeps this up...

[jeffersonairplane]

They aren't ready for Bitcoin in all honesty. Let's face it, you look at 3rd world country and think, are they ready for a computer based crypto currency? Of course not. Bitcoin is designed and forever will be designed for the first world.

[peeveepee]

Need to have infrastructure in place as well as proper integration with the traditional banking service.

[Erdogan]

...

Erdogan

Has iApple seen the light yet?  Last I heard, Apple was making it difficult to use BTC on their iPhones...

I may have to switch to an Android if Apple keeps this up...

Maybe they changed something, I don't care, what I object to is that they can decide what apps go on to your device. That is not changed. As a private company, they can do what they like, but I do not have to be one of their customers either.

[nwfella]

I agree with BitRider on this one.  Adoption will be slow to gain serious traction in some of these developing nations...but once it does...watch out!  Just imagine the developing nation crypto gold rush once the first of these nations has some degree of success embracing crypto's.  Can you say dominoe-effect?

[Erdogan]

The developing world only need the wealth to buy the phones. Everything is ready when they have it. The network providers know what to do, they can estimate the adoption rate, the public knows the usefulness of the phones and they know that they want them, and the production capacity for network equipment and terminals are ready.

In the west, it took 15 years to implement the automatic cell phone systems, in a developing country it may take only 2 years. It will be like an explosion, compared to the pioneer countries.

[Ron~Popeil]

The developing world only need the wealth to buy the phones. Everything is ready when they have it. The network providers know what to do, they can estimate the adoption rate, the public knows the usefulness of the phones and they know that they want them, and the production capacity for network equipment and terminals are ready.

In the west, it took 15 years to implement the automatic cell phone systems, in a developing country it may take only 2 years. It will be like an explosion, compared to the pioneer countries.

Agreed. They really have a need for it even more so than the west.

[painlord2k]

"Unbanked Developing World Not Ready for Bitcoin"

In a free market, it doesn't matter if "the world" is not ready.
What matter are the individuals ready to.
If they are, they can profit and increase their wealth at the expenses of the unready.

The developing world is adopting cellphones (even in Somalia, without a government to build the line and protect them).
The developing world is adopting the cellphone (and the smartphone) because hey have need it can satisfy (information).
The fishermen of Kerala had their income increased by 5-10% by adopting cellphones to know where to bring their fishes.

Woodworkers, carpenters, etc. increased their income with cellphones, because buyers can now find and call them with ease.

[Marlo Stanfield]

The developing world only need the wealth to buy the phones. Everything is ready when they have it. The network providers know what to do, they can estimate the adoption rate, the public knows the usefulness of the phones and they know that they want them, and the production capacity for network equipment and terminals are ready.

In the west, it took 15 years to implement the automatic cell phone systems, in a developing country it may take only 2 years. It will be like an explosion, compared to the pioneer countries.

Everyone in Cambodia has cell phones already. The lack of phones is not the problem. The cell penetration there is actually over 100% from what someone mentioned on here a few days ago.

[okthen]

The developing world only need the wealth to buy the phones. Everything is ready when they have it. The network providers know what to do, they can estimate the adoption rate, the public knows the usefulness of the phones and they know that they want them, and the production capacity for network equipment and terminals are ready.

In the west, it took 15 years to implement the automatic cell phone systems, in a developing country it may take only 2 years. It will be like an explosion, compared to the pioneer countries.

Everyone in Cambodia has cell phones already. The lack of phones is not the problem. The cell penetration there is actually over 100% from what someone mentioned on here a few days ago.

You also need a majority of people with 3G.
And the infrastructure to do that.
And not only cell phones, but smartphones.

[zimmah]

He's wrong.

MPesa is a big hit in Kenya and similar countries.

More people have a cell phone with Internet than people have a bank account.

So bitcoin is more accesable than a bank account. All you need is a cellphone with Internet. And Internet is very important to people living in developing countries.

[okthen]

He's wrong.

MPesa is a big hit in Kenya and similar countries.

More people have a cell phone with Internet than people have a bank account.

So bitcoin is more accesable than a bank account. All you need is a cellphone with Internet. And Internet is very important to people living in developing countries.

But is there a decent 3G coverage all around?
And every store has to have decent internet too.

[cryptodevil]

MPESA is already very popular in many African nations, but it is centralized, and governments keep raising the taxes on using it. I believe at some point this cause a huge shift to cryptocurrencies.

This is where an innovation such as Vericoin with its newly-developed SMS wallet sending and receiving could be a fantastic facility for people in these nations. No need for 3G phones or Android/IOS tablets.

Dan Kaminsky, one of the most globally respected people in computing science has been assisting the lead developer, Patrick Nosker, in creating this system. Albeit with some regret from Patrick that he even mentioned Dan's name following the usual rampage of the great unwashed and unhinged cryptocurrency denizens demanding personal reassurances and no end of invasive interrogations.

[Marlo Stanfield]

He's wrong.

MPesa is a big hit in Kenya and similar countries.

More people have a cell phone with Internet than people have a bank account.

So bitcoin is more accesable than a bank account. All you need is a cellphone with Internet. And Internet is very important to people living in developing countries.

But is there a decent 3G coverage all around?
And every store has to have decent internet too.

3G coverage with 4G rolling out in major areas yeah.