Why Bitcoin is an Advantage for Africa

[Paleus]

When you consider traditional forms of money — US dollars, the Euro, Chinese Yuan – you realize these currencies are not backed by anything more than a promise that they will be worth something. Only recently has our money discontinued being backed by gold and other physical assets that could be audited for. People using these forms of money with nothing backing them but debt know that they can purchase food or shelter with them and, thus, it holds their trust. Similarly, once people begin to realize that bitcoin is accepted as a form of payment, it will see a rise in value and increasingly be seen as a legitimate currency. Under this pretense, it is clear that currency is dependent upon a network of institutions that are willing to accept it and investors confident enough to hold it as a medium of exchange.

If bitcoin acceptance reaches a critical mass where necessities of food, shelter, and clothing can be bought with it, it will likely have reached a tipping point where it displaces national currencies. In this scenario, many areas of the world would be leapfrogging banking infrastructure and traditional money wire transfers. Most notably this would describe the financial landscape in developing economies such as the nations of Africa.

BITCOIN LEAPFROGGING BANKS

Leapfrogging is described as a theory of economic development which skips inferior or obsolete technologies in order to move directly to advanced ones. Take, for example, phone coverage in African countries. Landlines and grids for household use were never fully developed because, by the time Africa came into market view, mobile phones were the new paradigm of telecommunications and hence, the entire infrastructure for household landlines was leapfrogged by cellular technology. Similarly, bitcoin technology could leapfrog the banking infrastructure of western economies and go directly to a new financial paradigm and serve the needs of the vast number of the unbanked in these regions. All that would be required on behalf of the citizens is a mobile device with internet connectivity.

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[hua_hui]

The concepts is understood by the minority of bitcoiners. For the masses, how would they understand and accept it as a currency? Then before the bitcoin adoption rate goes to high enough at developed world, I think it will be  very difficulty for African to accept it! Because there are still many issues waiting to be resolved!

[HeroCat]

BTC can not be in Africa, because the computers over there are only in largest cities and not wide spread 

[mindrust]

Africa is already the poorest continent. They dont need to get robbed anymore. Even if you want to, probably you can't; cause they dont have anything than pure soil to buy crypto.

Stay away from there you greedies, let those people live in peace.

[Pente]

Africa is already the poorest continent. They dont need to get robbed anymore. Even if you want to, probably you can't; cause they dont have anything than pure soil to buy crypto.

Stay away from there you greedies, let those people live in peace.

When was the last time you were in Africa? Or did you read to many old National Geographic magazines?

My wife there uses her phone to pay her electric bill via MPesa. She sends money to her parents using MPesa. Her boss pays her using MPesa. They are already using electronic currency over their phones, Bitcoin will be a small step for them.

Get on a matatu headed to downtown Nairobi at 5 am in the morning on a weekday. It will be full of young professionals using Android phones.

3G in Nairobi is faster than internet in Hawaii.

[Agestorzrxx]

without internet connecting, bitcoin can;t be used in Africa.

[countryfree]

Africa is already the poorest continent. They dont need to get robbed anymore. Even if you want to, probably you can't; cause they dont have anything than pure soil to buy crypto.

Stay away from there you greedies, let those people live in peace.

When was the last time you were in Africa? Or did you read to many old National Geographic magazines?

My wife there uses her phone to pay her electric bill via MPesa. She sends money to her parents using MPesa. Her boss pays her using MPesa. They are already using electronic currency over their phones, Bitcoin will be a small step for them.

Get on a matatu headed to downtown Nairobi at 5 am in the morning on a weekday. It will be full of young professionals using Android phones.

3G in Nairobi is faster than internet in Hawaii.

Nairobi is a rare bright spot, but most of Africa is way behind.

[DonQuijote]

A good video about it:
https://www.youtube.com/watch?v=BrRXP1tp6Kw

[maurya78]

I agree, the potential for btc in Africa is amazing - equally true of India for largely similar reasons
https://www.cryptocoinsnews.com/bitcoin-dream-happening-in-africa/

[Silverspoon]

I agree, the potential for btc in Africa is amazing - equally true of India for largely similar reasons
https://www.cryptocoinsnews.com/bitcoin-dream-happening-in-africa/

http://letstalkbitcoin.com/blog/post/bitcoin-adoption-in-developing-countries

[caga]

Bitcoin will definitely help the economy and the people of africa, the only thing that needs to be done is free bitcoin from the volatility .
But thats very hard to happen in the next few years .

[izanagi narukami]

I'm pretty sure that bitcoin has a high value over African currency

without internet connecting, bitcoin can't be used in Africa.

This is why internet is so important recently

[botany]

I'm pretty sure that bitcoin has a high value over African currency

without internet connecting, bitcoin can't be used in Africa.

This is why internet is so important recently

They already have m-pesa.
Next step would be bitcoins through sms.

[LitcoinCollector]

(Hyper) inflation is a big issue in Africa, so I think Bitcoin could be an answer to this.
If cheap hard wallets would be deveopped, maybe it could succeed.

[Amph]

BTC can not be in Africa, because the computers over there are only in largest cities and not wide spread  

yeah internet infrastructure are that good there(i know because i have some parents there), but not on all africa zone, there are zone which are technological advanced

[caga]

BTC can not be in Africa, because the computers over there are only in largest cities and not wide spread  

yeah internet infrastructure are that good there(i know because i have some parents there), but not on all africa zone, there are zone which are technological advanced

Some Parents o0  ?

[Amph]

BTC can not be in Africa, because the computers over there are only in largest cities and not wide spread  

yeah internet infrastructure are that good there(i know because i have some parents there), but not on all africa zone, there are zone which are technological advanced

Some Parents o0  ?

yeah aunts, that live there(tunisia)