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Author Topic: Bitcoin in Africa  (Read 1907 times)
thompete
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February 26, 2015, 08:00:59 PM
 #21

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.

Well, I imagined it the other way round. Usually, its people settled in developed countries like the States or UK , who can acquire bitcoin with not much difficulty to Africa.
Over there an exchange sort of office, would hand over the money/fiat to the person on the receiving side.

RedhatCAT
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February 26, 2015, 08:42:34 PM
 #22

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? 
In the whole scheme of things this is really a small amount. Total dollar trade is valued in the trillions of dollars per day. Total bitcoin market cap is roughly $3.3 billion. The amount of commerce of the african continent massively adopting bitcoin would cause bitcoin to have is very small. They would probably need to mostly use off chain services otherwise the tx fees would be too high
mlferro
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February 26, 2015, 09:48:49 PM
 #23

Everything happens in its own time. Now is wait, and certainly Bitcoin will very good for Africa.

xingming
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February 26, 2015, 09:59:30 PM
 #24

Bitcoin in Africa is almost unkown , Expect little number of countries . African are so under develope that they don't have water
how could they have BTC ? Althougth can really help them in money transactions and fast receive donations ,,,

Godforbit (OP)
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February 26, 2015, 11:43:15 PM
 #25

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.

^This was the consensus a few years back. Bitcoin would have the most impact in the most underdeveloped countries who don't have access to banking. People in first world countries don't have a need for bitcoins, it is either used as a speculation vehicle or as a store of value. Those who buy with bitcoins are really doing it to support bitcoin and just for the lulz.

The only things bitcoins are truly needed for in developed countries is drugs, gambling and related activities. No need for anyone in first world countries to adopt bitcoins unfortunately. But there is a real need in countries with unstable currencies like most African countries.

Those saying the Africans are just poor and bitcoin cant help them or whatever are failing to see that these are the people that would adopt bitcoins the fastest once they can have access to them. One of the selling points of bitcoins is that it would level the financial playing field so that not only those with access to traditional banking methods benefit but everyone.

Godforbit (OP)
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February 26, 2015, 11:47:26 PM
 #26

Bitcoin in Africa is almost unkown , Expect little number of countries . African are so under develope that they don't have water
how could they have BTC ? Althougth can really help them in money transactions and fast receive donations ,,,

How are there over a billion of them if they don't have water?

Hard to live without H20.

Africa is the second largest continent on the planet.

Not all of it is the infomercials you see on TV asking for 30 cents a day.
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