Bitcoin in Africa

[Godforbit]

How big of a deal is this?

http://insidebitcoins.com/news/bitcoin-exchange-igot-launches-in-kenya-via-m-pesa-integration/30194

https://i.imgur.com/ljkMF7q.jpg

[luckyluigi]

Time will tell. Africa usually lags behind in everything, so I'm not really expecting mass adoption there before it happens in the west and east.

[bitwarrior]

We might be seeing a surge of mass adoption of bitcoin there in Africa if everything went smoothly.
They already have a good implementation of mobile money and BTC is just the next step with the infrastructure already set.

[QuestionAuthority]

The only people in Africa that I want to use Bitcoin are the drug lords, corrupt politicians and South Africa. They can invest money from the stolen UNICEF rice and gold/diamond deposits. No one else there has any money.

[Godforbit]

The only people in Africa that I want to use Bitcoin are the drug lords, corrupt politicians and South Africa. They can invest money from the stolen UNICEF rice and gold/diamond deposits. No one else there has any money.

So you don't want 1.1bn people to use bitcoins?

What about the $60bn African migrants sent home in 2013 with an alarming 12% fee?

http://www.theguardian.com/global-development/2013/jan/30/africans-pay-most-send-money

[Madness]

Screw logic seriously . I live in Algeria which is on North africa (Biggest country) also the richest probably because we have oil . and there is no single word about Bitcoin at all . That's pretty sad to be honest .

~ Madness

[Godforbit]

Time will tell. Africa usually lags behind in everything, so I'm not really expecting mass adoption there before it happens in the west and east.

The problem is that the west and east have alot of banking options available so they have no need for bitcoins where as the underbanked in Africa get fucked every day with remittance fees and have very few banking options, so bitcoins can satisfy a real need.

[QuestionAuthority]

The only people in Africa that I want to use Bitcoin are the drug lords, corrupt politicians and South Africa. They can invest money from the stolen UNICEF rice and gold/diamond deposits. No one else there has any money.

So you don't want 1.1bn people to use bitcoins?

What about the $60bn African migrants sent home in 2013 with an alarming 12% fee?

http://www.theguardian.com/global-development/2013/jan/30/africans-pay-most-send-money

I don't care if they use it or not. The average household income of sub-saharan Africa is roughly $60 a month. The 50 or so crooked politicians and cartels have more disposable income than the rest of the African citizens combined. I'd really like to see them take to Bitcoin.

[thompete]

We might be seeing a surge of mass adoption of bitcoin there in Africa if everything went smoothly.
They already have a good implementation of mobile money and BTC is just the next step with the infrastructure already set.

I was expecting this to happen since 2 years back, when the major impact of bitcoin I used to hear was in Africa, allowing payments to be sent from all over the world, for zero fees. Don't know why that didn't happen.

[Godforbit]

The only people in Africa that I want to use Bitcoin are the drug lords, corrupt politicians and South Africa. They can invest money from the stolen UNICEF rice and gold/diamond deposits. No one else there has any money.

So you don't want 1.1bn people to use bitcoins?

What about the $60bn African migrants sent home in 2013 with an alarming 12% fee?

http://www.theguardian.com/global-development/2013/jan/30/africans-pay-most-send-money

I don't care if they use it or not. The average household income of sub-saharan Africa is roughly $60 a month. The 50 or so crooked politicians and cartels have more disposable income than the rest of the African citizens combined. I'd really like to see them take to Bitcoin.

What about the millions of African abroad who send Billions to Africa? 

[Godforbit]

We might be seeing a surge of mass adoption of bitcoin there in Africa if everything went smoothly.
They already have a good implementation of mobile money and BTC is just the next step with the infrastructure already set.

I was expecting this to happen since 2 years back, when the major impact of bitcoin I used to hear was in Africa, allowing payments to be sent from all over the world, for zero fees. Don't know why that didn't happen.

Exactly but if you think about how hard it still is for those in technologically advanced countries to aquire bitcoin imagine in africa.

But that's the point of this thread, could we finally be seeing the start of of that major impact? m-pesa is a very popular platform for Africans  http://www.pymnts.com/in-depth/2015/m-pesa-and-the-secret-of-mobile-payments/#.VO9Fiy7hCHs  if bitcoin can find its way into Africa through m-pesa then that could be huge for bitcoins.

[RodeoX]

I think it's huge. Africans have problems with currency instability and often use things like cell phone minutes as money. It's a natural fit.

[bryant.coleman]

Actually I am surprised to see M-Pesa / Bitcoin do well in Kenya and Tanzania. Actually, the biggest economies in Africa are South Africa, Nigeria, and Egypt. But still Bitcoin is performing well outside these nations.

[Snorek]

I am really happy to see Bitcoin is known to the point that people are started using it in Africa. I hardly met any people who know about it in EU. I hope that Kenya's exchange market is not only publicity stunt.

[QuestionAuthority]

The only people in Africa that I want to use Bitcoin are the drug lords, corrupt politicians and South Africa. They can invest money from the stolen UNICEF rice and gold/diamond deposits. No one else there has any money.

So you don't want 1.1bn people to use bitcoins?

What about the $60bn African migrants sent home in 2013 with an alarming 12% fee?

http://www.theguardian.com/global-development/2013/jan/30/africans-pay-most-send-money

I don't care if they use it or not. The average household income of sub-saharan Africa is roughly $60 a month. The 50 or so crooked politicians and cartels have more disposable income than the rest of the African citizens combined. I'd really like to see them take to Bitcoin.

What about the millions of African abroad who send Billions to Africa?  

I'd love to see corrupt income disparity end in Africa. Then Bitcoin could be really useful for rural areas with cell coverage but limited internet infrastructure. In the last 60 years I've heard of no advances in that direction. Bitcoin can't fix the problems of crime, extortion and bribery in Sub-Saharan Africa. What they need first is urbanization and industry to spread like wildfire. Then maybe Africa has a chance. If you just want Bitcoin to be used there then you want to target the wealthy crooks of Africa. The poverty stricken can't help you and Bitcoin can't help them unless the criminals accept payoffs in Bitcoin or there is a multitude of exchanges spread across the depressed areas of Africa.

[Godforbit]

The only people in Africa that I want to use Bitcoin are the drug lords, corrupt politicians and South Africa. They can invest money from the stolen UNICEF rice and gold/diamond deposits. No one else there has any money.

So you don't want 1.1bn people to use bitcoins?

What about the $60bn African migrants sent home in 2013 with an alarming 12% fee?

http://www.theguardian.com/global-development/2013/jan/30/africans-pay-most-send-money

I don't care if they use it or not. The average household income of sub-saharan Africa is roughly $60 a month. The 50 or so crooked politicians and cartels have more disposable income than the rest of the African citizens combined. I'd really like to see them take to Bitcoin.

What about the millions of African abroad who send Billions to Africa?  

I'd love to see corrupt income disparity end in Africa. Then Bitcoin could be really useful for rural areas with cell coverage but limited internet infrastructure. In the last 60 years I've heard of no advances in that direction. Bitcoin can't fix the problems of crime, extortion and bribery in Sub-Saharan Africa. What they need first is urbanization and industry to spread like wildfire. Then maybe Africa has a chance. If you just want Bitcoin to be used there then you want to target the wealthy crooks of Africa. The poverty stricken can't help you and Bitcoin can't help them unless the criminals accept payoffs in Bitcoin or there is a multitude of exchanges spread across the depressed areas of Africa.

Africans lose about $7.5 billions a year to the likes of western union. I think keeping that money in their pockets by using bitcoins can both help us in the bitcoin community and the poverty stricken in Africa. http://sendmoneyafrica.worldbank.org/en/feature-story

Those of us in first world countries don't really need bitcoins, unless there's an economic collapse, because we have options. Those in third world underdeveloped countries are the ones who can benefit the most from bitcoins. http://www.economist.com/news/middle-east-and-africa/21581995-western-worries-about-money-laundering-are-threatening-economic-lifeline

[dothebeats]

Before we could see widespread integration and adoption of bitcoin in Africa, we must first see at least some progression in terms of urbanization. Africa is a poverty-stricken continent, and a lot of crooked politicians and wealthy crime lords make money in that place. The people in Africa needs help, and bitcoin can help in some way.

[freedomno1]

Time will tell. Africa usually lags behind in everything, so I'm not really expecting mass adoption there before it happens in the west and east.

Indeed hopefully it works out better than Kipochi or the other service that failed there
But your correct time will tell

[Godforbit]

Before we could see widespread integration and adoption of bitcoin in Africa, we must first see at least some progression in terms of urbanization. Africa is a poverty-stricken continent, and a lot of crooked politicians and wealthy crime lords make money in that place. The people in Africa needs help, and bitcoin can help in some way.

What does crooked politicians and crime lords have to do with it? Crooked and politician are synonyms, its like that in every country.
Please explain why we must see progession in urbanization before integration of bitcoins? M-pesa is a huge success in places like Kenya, bitcoin only needs to be integrated into something like m-pesa and Africans will be using it without even knowing. Are you guys only reading posts and not the links provided?

[QuestionAuthority]

Before we could see widespread integration and adoption of bitcoin in Africa, we must first see at least some progression in terms of urbanization. Africa is a poverty-stricken continent, and a lot of crooked politicians and wealthy crime lords make money in that place. The people in Africa needs help, and bitcoin can help in some way.

What does crooked politicians and crime lords have to do with it? Crooked and politician are synonyms, its like that in every country.
Please explain why we must see progession in urbanization before integration of bitcoins? M-pesa is a huge success in places like Kenya, bitcoin only needs to be integrated into something like m-pesa and Africans will be using it without even knowing. Are you guys only reading posts and not the links provided?

I think it would be great if every African had some Bitcoin on their cell phone. It would have helped us peace corp volunteers if we could have paid the ransoms for our supply shipments in Tanzania and Malawi with Bitcoin. Do you know how hard it is to get that much cash at a peace corp camp. LOL