How Bitcoin can solve financial problems in Africa

[BitPost]

BitPost has recently published an article explaining the ways Bitcoin could help African economics. Written by a writer from Kenya.
http://bit-post.com/africa-in-the-age-of-bitcoin/

Are here any African citizens? What's your point of view?

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[manselr]

Africa is struggling with ebola and the problem is only going to get higher now... they can't focus on complex shit now, what they need is external help to stablish normality, then you can talk about stablishing a new economic system. Bitcoin could help in forms of donations for them, but it seems only DOGE and PND focus on charities.

[CryptoCarmen]

Africa is struggling with ebola and the problem is only going to get higher now... they can't focus on complex shit now, what they need is external help to stablish normality, then you can talk about stablishing a new economic system. Bitcoin could help in forms of donations for them, but it seems only DOGE and PND focus on charities.

agree. Africa needs medical stuff now not Bitcoin. 20% dead is among medical stuff and as it all progress, doubles every 2 weeks, it will run out of ot fast.

[pattu1]

With casualties in US and the developing world, Ebola is back in focus now. Hopefully, pharma companies should come out with a cure soon.

[brian_23452]

BitPost has recently published an article explaining the ways Bitcoin could help African economics. Written by a writer from Kenya.
http://bit-post.com/africa-in-the-age-of-bitcoin/

Are here any African citizens? What's your point of view?

Okay maybe my reading comprehension skills just suck today, but I didn't see him explain even a single way how bitcoin can uniquely help solve financial problems in Africa. 

[negafen]

BitPost has recently published an article explaining the ways Bitcoin could help African economics. Written by a writer from Kenya.
http://bit-post.com/africa-in-the-age-of-bitcoin/

Are here any African citizens? What's your point of view?

The wire fee for Africa continent is quite high. Bitcoin transaction with decentralized exchange abroad can save them a lot of fee on simple transaction.

[pattu1]

BitPost has recently published an article explaining the ways Bitcoin could help African economics. Written by a writer from Kenya.
http://bit-post.com/africa-in-the-age-of-bitcoin/

Are here any African citizens? What's your point of view?

The wire fee for Africa continent is quite high. Bitcoin transaction with decentralized exchange abroad can save them a lot of fee on simple transaction.

m-pesa has already taken the lead there.

[TaunSew]

BitPost has recently published an article explaining the ways Bitcoin could help African economics. Written by a writer from Kenya.
http://bit-post.com/africa-in-the-age-of-bitcoin/

Are here any African citizens? What's your point of view?

The wire fee for Africa continent is quite high. Bitcoin transaction with decentralized exchange abroad can save them a lot of fee on simple transaction.

m-pesa has already taken the lead there.

and it works on a Nokia 1100 and similar models, "dumb phones" used by over a billion people in this world.


Market capitalization of $4.2 billion with only 15 million users..  same ratio as PayPal which has 150 million users ($40 billion).  Which proves that you can have something based in Africa still be worth a lot (after all the people using your service aren't the ones in rurals but the middle and upper classes living in the cities).

Of course if Bitcoin had 15 million users like M-Pesa or 150 million users like PayPal, then the capitalization would be in the $100s of billions or the $Trillions due to the asset characteristics of digital currencies.   In practice it's only 500K-2M users with a peak capitalization of $15-$18 billion.

The problem here is Bitcoin userbase expansion doesn't seem to be occurring.  If we take Bitcointalk as an coincidental example, the number of new registrations each month has been on the decline. 

[touhonoob]

The problem here is Bitcoin userbase expansion doesn't seem to be occurring.  If we take Bitcointalk as an coincidental example, the number of new registrations each month has been on the decline. 

There are a lot of local communities around social networks.
People no longer need to discuss Bitcoin on this forum.

[DhaniBoy]

let us together donated most bitcoin we have to help our brothers and sisters in Africa, they are now fighting against the ebola virus is endemic, it is not likely the virus will grow after poverty afflict many African people, we wish all these outbreaks quickly done and well-being of our brothers there is increasing, hopefully ... 

[mmsen]

Last time I checked ebola is only affecting three countries (three of the smallest on the continent mind you).

It's extremely stupid to lump every country on the continent together, if you knew anything about the various countries you would avoid doing so.

I'm amazed at how easily some people are swayed by lazy media reports.

This thread is loaded with ignorance.

[erre]

Surely.

Some years ago, some well-educated first-world tech-saviours " visionaries" mined a large bunch of btc for the cost of some hours of standardard-pc work.

Now they're trying to dump their coins to Africa at the cost of some hundred dollars each.

Immoral.

[Timetwister]

Bitcoin can solve "financial problems" everywhere, as it's vastly superior to fiat money.

[FattyMcButterpants]

BitPost has recently published an article explaining the ways Bitcoin could help African economics. Written by a writer from Kenya.
http://bit-post.com/africa-in-the-age-of-bitcoin/

Are here any African citizens? What's your point of view?

The wire fee for Africa continent is quite high. Bitcoin transaction with decentralized exchange abroad can save them a lot of fee on simple transaction.

m-pesa has already taken the lead there.

I believe this is the service that facilitates payments via mobile phones. I would say they are certainly a competitor of bitcoin, the difference between m-pesa and bitcoin is that bitcoin is not controlled by any central company/person while m-pesa is which will prevent any disputes from arising with bitcoin while disputes will be a common occurrence with m-pesa (this will also increase costs with m-pesa as they need to pay people to deal with these disputes)

[brian_23452]

Bitcoin can solve "financial problems" everywhere, as it's vastly superior to fiat money.

How so?

[Eastwind]

Bitcoin can solve "financial problems" everywhere, as it's vastly superior to fiat money.

How so?

BTC is not inflationary. You can predict the monetary supply easily.

[Unbelive]

Bitcoin can solve "financial problems" everywhere, as it's vastly superior to fiat money.

How so?

BTC is not inflationary. You can predict the monetary supply easily.

But inflation dont make financial problems. Inflation is helpfull for economy. Deflation is dangerous it can push economy in deflation spiral. This is what makes me most worry of Bitcoin, lack of inflation.

When some currency have inflation, holders are encouraged to spend it. or somehow invest to implement (start business yourself, lend to someone that makes business, buy shares, place in bank)
When currency have deflation you hold yourself to spend it you rather save. Why buy car today if you will be able to get car and a bike if you will wait till January for same money.


So is economy uses deflationed currency, start suffering from it. People less spend, companies less sell, companies less employ, workers get less salaries, workers spend even less, companies sell even less, companies employ even less, ...

Deflation spiral starts.

[Eastwind]

Bitcoin can solve "financial problems" everywhere, as it's vastly superior to fiat money.

How so?

BTC is not inflationary. You can predict the monetary supply easily.

But inflation dont make financial problems. Inflation is helpfull for economy. Deflation is dangerous it can push economy in deflation spiral. This is what makes me most worry of Bitcoin, lack of inflation.

When some currency have inflation, holders are encouraged to spend it. or somehow invest to implement (start business yourself, lend to someone that makes business, buy shares, place in bank)
When currency have deflation you hold yourself to spend it you rather save. Why buy car today if you will be able to get car and a bike if you will wait till January for same money.


So is economy uses deflationed currency, start suffering from it. People less spend, companies less sell, companies less employ, workers get less salaries, workers spend even less, companies sell even less, companies employ even less, ...

Deflation spiral starts.

If we make the increase of BTC supply of 0.01% a year, would that alleviate your worry?

[Unbelive]

Bitcoin can solve "financial problems" everywhere, as it's vastly superior to fiat money.

How so?

BTC is not inflationary. You can predict the monetary supply easily.

But inflation dont make financial problems. Inflation is helpfull for economy. Deflation is dangerous it can push economy in deflation spiral. This is what makes me most worry of Bitcoin, lack of inflation.

When some currency have inflation, holders are encouraged to spend it. or somehow invest to implement (start business yourself, lend to someone that makes business, buy shares, place in bank)
When currency have deflation you hold yourself to spend it you rather save. Why buy car today if you will be able to get car and a bike if you will wait till January for same money.


So is economy uses deflationed currency, start suffering from it. People less spend, companies less sell, companies less employ, workers get less salaries, workers spend even less, companies sell even less, companies employ even less, ...

Deflation spiral starts.

If we make the increase of BTC supply of 0.01% a year, would that alleviate your worry?

Price of bitcoin must decrease tiny bit every year. I dont see possibility that will ever happen. What i am saying is not. Bitcoin is worth nothing and wil never be used. What i am saying Bitcoin will not be most used currency that will economies use.

[Q7]

If you are talking about replacing government controlled currencies then the answer is yes it would help. Maybe to make it more accessible, i think it will benefit in a way if let's say bitcoin can be transferred using a normal phone rather than all the high end smartphones.