How Bitcoin can solve financial problems in Africa

[indiangrad]

First African citizens need to be made technology literate. Then only they could be introduced to something like this. Else a few might misuse their knowledge...

[CryptoCarmen]

First African citizens need to be made technology literate. Then only they could be introduced to something like this. Else a few might misuse their knowledge...

Technology will not educate. Technology give chances to educate easier. When African governments will see how much Bitcoin can help, they will start education people about everything needed to know to use it.

[calchuchesta]

First African citizens need to be made technology literate. Then only they could be introduced to something like this. Else a few might misuse their knowledge...

Technology will not educate. Technology give chances to educate easier. When African governments will see how much Bitcoin can help, they will start education people about everything needed to know to use it.

If African countries are basically ruled by 1st world powers, it will not be as easy as you make it to be. The 1st world is interested in keeping 3rd world countries being 3rd world countries..

[BitPost]

Topic UPD.

We've recently made an interview with Alakanani Itireleng, a wonderful woman involved with the Bitcoin Community in Gaberone, Botswana.

"Bitcoin  adoption is good for Southern Africa, for example, just sending money from Botswana to South Africa you incur a lot of expenses as if you are sending somewhere that is very far. The bank charges are ridiculous and with the percentage of people who are unbanked in southern Africa being this high bitcoin will really come in handy", she says.

Read more: http://bit-post.com/alakanani-itireleng/

[The Communist Manifesto]

It cannot. Because the problems in Africa are not financial. They are technological.

[Atdhe]

I do not live in Africa, but in South America, which is in better condition, but somewhat similar.

1st - for bitcoin you usually need internet. It is problematic here and much worse in Africa.

2nd - problem of 3rd world is not just the technology, much bigger problem is culture. Even here is no culture of hard work. It is all about party or family, then everyone is in debt immediately. Even the laziest hipster from US or Europe works harder. I suspect Africa is the same.

Few years ago I went to slum in Pernambuco, which is fairly poor area in Northeast of Brazil, looks exactly like Nairobi slums. I spent few weeks in this favela by guy who was soon after I left killed and met with locals. I picked up one extremely poor 20yrs old black guy, who was IMO brightest of all and he was speaking English, and took him out of the favela teaching him how to do things online.

To make story short - it utterly failed. I gave him computer, paid connection, food, his appartment. I was teaching him how to make money online. Although we were friends and he said he wants to be able to make money, he did not show effort. All he did was eating and going to church.

The problems of poor countries are much deeper, they are in culture and no mirracle will solve it. Not even BTC. It will help with money transactions but that is far not enough.

[Mrbutter]

lol how is bitcoin going to help solve financial problems in africa when they dont even have the basic necessities

[Possum577]

To the OP, what does the article say?

Lack of access to computers and the internet would be a significant barrier to BTC use in many parts of Africa.

[Possum577]

2nd - problem of 3rd world is not just the technology, much bigger problem is culture. Even here is no culture of hard work. It is all about party or family, then everyone is in debt immediately. Even the laziest hipster from US or Europe works harder. I suspect Africa is the same.

Wow! This statement is grossly stereotypical at a minimum and racists at a maximum.

Any facts or evidence to support your claim that people in Africa have "no culture of hard work"?

[2kman]

2nd - problem of 3rd world is not just the technology, much bigger problem is culture. Even here is no culture of hard work. It is all about party or family, then everyone is in debt immediately. Even the laziest hipster from US or Europe works harder. I suspect Africa is the same.

Wow! This statement is grossly stereotypical at a minimum and racists at a maximum.

Any facts or evidence to support your claim that people in Africa have "no culture of hard work"?

Indeed!

By coincidence, a couple days ago I watched a documentary about some ancient slave chip which sunk a couple of hundred years ago just after leaving port after delivering its 'cargo', black Africans. The documentary also went on about the situation of those unfortunate people. Apparently, one of the reasons that preferably African people were enslaved was the fact these people, given the circumstances they had to deal with, were, sadly,  the best workers to be found... hence they were enslaved.

[Atdhe]

2nd - problem of 3rd world is not just the technology, much bigger problem is culture. Even here is no culture of hard work. It is all about party or family, then everyone is in debt immediately. Even the laziest hipster from US or Europe works harder. I suspect Africa is the same.

Wow! This statement is grossly stereotypical at a minimum and racists at a maximum.

Any facts or evidence to support your claim that people in Africa have "no culture of hard work"?

The fact is stated in my post. I live in 3rd world coutry, I see how it works here. I tried to deal with people here (black, white, mixed) and no success.
It is noit about race, but culture. Culture in poor countries is fucked up. I remember how I had to do something important on Friday night in Rio, so I was sitting with my laptop on sidewalk and WHITE WEALTHY guy stopped car in shock and started to shout at me that I am idiot that I am working on Friday night and let's go fucking some girls. Party here, party there.

I had few Africans from Egypt and Morocco on my payroll. They do not work either. It is their cultural (not racial) stereotype, where they believe, that it has no sense to work like Germans for example.

I really love hysterical US comments like yours. Move your ass and go to Africa and then tell me how hard the people work there. Until then you have no experience, just opinion. And you know how is it with opinions. Everyone has some as everyone has butthole...

[lili song]

Africa is the one of poor country on the world.
I'm sure with bitcoin, it has a high value on their currency.
With that high currency, African government can spend it for African people for good, especially for curing EBOLA disease

[1Referee]

Africa is the one of poor country on the world.
I'm sure with bitcoin, it has a high value on their currency.
With that high currency, African government can spend it for African people for good, especially for curing EBOLA disease

Africa isn't a country....

Do you actually know what you're talking about?

If so, please explain why you think your comment makes sense.

[jcoin200]

bitcoin cannot create wealth for an entire impoverished continent out of thin air.

maybe help with crazy inflation of certain african currencies, but that still is a gamble due to the wild btc exchange rate.  also, the level of technology available to the average person is probably very very different than in other parts of the world

[panju1]

bitcoin cannot create wealth for an entire impoverished continent out of thin air.

maybe help with crazy inflation of certain african currencies, but that still is a gamble due to the wild btc exchange rate.  also, the level of technology available to the average person is probably very very different than in other parts of the world

Bitcoin is an enabling technology. In developed countries, the level of banking penetration is very high. You have many banks, with well established infrastructure in place. This is not the case in Africa.

Bitcoin may help Africa leapfrog over its infrastructure inadequacies. Now, all you need is a basic phone with an internet connection. You have your payment mechanism in place!!

[jcoin200]

bitcoin cannot create wealth for an entire impoverished continent out of thin air.

maybe help with crazy inflation of certain african currencies, but that still is a gamble due to the wild btc exchange rate.  also, the level of technology available to the average person is probably very very different than in other parts of the world

Bitcoin is an enabling technology. In developed countries, the level of banking penetration is very high. You have many banks, with well established infrastructure in place. This is not the case in Africa.

Bitcoin may help Africa leapfrog over its infrastructure inadequacies. Now, all you need is a basic phone with an internet connection. You have your payment mechanism in place!!

But again, there is no wealth there in the first place. Payment systems don't mean anything without any money. Not to mention, is there a cellular/data network infrastructure in place to facilitate bitcoin use? Probably not in most areas. Again, a huge problem.

[LOBSTER]

bitcoin cannot create wealth for an entire impoverished continent out of thin air.

maybe help with crazy inflation of certain african currencies, but that still is a gamble due to the wild btc exchange rate.  also, the level of technology available to the average person is probably very very different than in other parts of the world

Bitcoin is an enabling technology. In developed countries, the level of banking penetration is very high. You have many banks, with well established infrastructure in place. This is not the case in Africa.

Bitcoin may help Africa leapfrog over its infrastructure inadequacies. Now, all you need is a basic phone with an internet connection. You have your payment mechanism in place!!

But again, there is no wealth there in the first place. Payment systems don't mean anything without any money. Not to mention, is there a cellular/data network infrastructure in place to facilitate bitcoin use? Probably not in most areas. Again, a huge problem.

Facebook and Google are developing a good solution to cover huge areas with data network.

[panju1]

Unfortunately, there is no helping Africa. It's been tried time after time and the end result is the same. Innumerable tons of food have flooded the continent, and flocks of experts, consultants, and administrators have come to solve Africa’s problems. Yet the state of Africa is no better.

With the right people in charge, Africa should be the richest continent on the planet. However, it's the poorest in the world.
It's not PC, but it is the truth.

You shouldn't be painting the whole of Africa with a single brush. Africa is a vast and diverse continent. Agreed that on an average it is very poor, but that shouldn't be a reason for us to give up on the continent as a whole.

Its problems are also unique. The Ebola virus has set the development of a few countries back by a few years.

[worle1bm]

Africa needs political stability and infrastructure. Not a digital currency only popular with a small segment of the richest nations.

[gablay12]

What they need is peace.

Everything will be balanced after the peace.