Cryptocurrencies and AFRICA

[JaySeare 29]

As demonstrated by multiple disruptive technologies, developing and emerging economies benefit the most from such revolutionary innovations. Although the decentralization of the consistently corrupt and disastrous authorities and their choke-hold on the African economy is one of the important changes cryptocurrencies will bring in the African finances, major portion of the African population is hesitant to adopt such technologies. For reasons ranging from lack of expertise and quality education to inadequate and low access to and coverage of internet and electricity, the African population, despite all the problems running rampant on the continent, stands to benefit from fair, decentralized, peer-to-peer-managed, and inclusive monetary transaction management systems. So I would love to ask the cryptotalk.org/forum family how we all can contribute for the fast and feasible adoption and integration of this revolutionary block-chain technology in the African Banking System as well as across different essential sectors like Health, Education, Food & Agriculture and so on???

[rekter 8129]

17 minutes ago, JaySeare said:

how we all can contribute for the fast and feasible adoption and integration of this revolutionary block-chain technology in the African Banking System as well as across different essential sectors like Health, Education, Food & Agriculture and so on???

We don't need to implement this to banking system, in fact none of the regions need to implement blockchain to banking system. We just need to inform everyone how to use bitcoin and take a control of their money without fearing inflation from banks. That's where we should start. Private blockchains of any bank doesn't bring any value to cryptos like bitcoin.

 

Education, health and voting etc implementations comes only after there's a stable and scalable enough platform to provide those. Those comes with time and testing. And the working blockchain underneath is most likely not provided by any government.

Edited May 25, 2020 by rekter

[Zaino34 0]

Perhaps digital currencies will help the third world countries in some way, but on the other hand it is difficult to apply digital currencies in these countries especially that the level of education in them is low and in spite of this some countries in Africa started to establish their own digital currency

[BTC Future 3946]

This is a difficult question. I tried writing some thoughts, but I've deleted them before posting. Seriously I try to find something that will actually answer your question but it is the whole continent of Africa you are asking about and there are many differences. I can tell you about the central cities of Nigeria that are seen huge development lately and how cryptocurrencies are growing in adoption as well. 

It is like that, there is need for development first. Crypto will help an individual that already has money and fears that will lose them from hyperinflation, or that the state will freeze his accounts because he voted for the other party on the elections. I don't actually know much as I haven't lived in Africa. 

What I think is that the above comment explains what Africa needs most of all.

Infrastructure and education. Without education you won't go nowhere.

[Whited35 15285]

14 hours ago, JaySeare said:

So I would love to ask the cryptotalk.org/forum family how we all can contribute for the fast and feasible adoption and integration of this revolutionary block-chain technology in the African Banking System as well as across different essential sectors like Health, Education, Food & Agriculture and so on???

If we talking about development, I can see the rapid progress in the IT sectors in the most of countries. I think if Africa is about to enable mass adoption of cryptocurrencies, first of all, most of countries from Africa should first overcome some existing problems like corruptions, bad systems, power crisis etc. Education is a key and power to bring the change and we should not forget that factor too. 

Edited May 26, 2020 by Whited35
not was missing !

[Mcd0d0 5882]

7 hours ago, Zaino34 said:

Perhaps digital currencies will help the third world countries in some way, but on the other hand it is difficult to apply digital currencies in these countries especially that the level of education in them is low and in spite of this some countries in Africa started to establish their own digital currency

Well, many people in africa are using cryptocurrencies mate but they're not using it freely because as far as i know, some coins are banned from them, by using cryptocurrencies, most of them are using it to scam people, as i see in many emails, they're sending some emails and spam it to many people so be careful for them.

[CryptoLover21 0]

Africa is the developing country with the poor literacy rate, unstable government, highly corrupt governments which are very bad aspect of the government. It will take time to adopt cryptocurrencies as most of the african people don't know about it. First they need to have to stop corruption, have stable government then only cryptocurrencies can be more beneficial.

[Syedbesharat 5423]

Africa is not developed country but they are adopting crypto very fast i read in article in african countries the ratio of adoption is 1 out 5 people crypto users can be seen.This is a good number where the developed nations are not fully acknowledged crypto as an asset.

[Omar Ommeish 4872]

Yes, I agree with you, but the problem is that most people in Africa never use computers and do not know cryptocurrencies.

[DreamStage 2105]

You can't contribute to Africa because if you do so by using 3rd party companies they will basically steal your products and even cryptocurrency basically.

 

The only thing you can make is your own organization and travel there by yourself and your team, or you can also speak with african people and teach them the ways of cryptocurrencies.

[Mcd0d0 5882]

13 hours ago, CryptoLover21 said:

It will take time to adopt cryptocurrencies as most of the african people don't know about it

Well, i think many people from that country are using cryptocurrencies mate and even though their country didn't accept it, they can convert it into real money which is also good for them.

[Honny143 13612]

15 hours ago, CryptoLover21 said:

Africa is the developing country with the poor literacy rate, unstable government, highly corrupt governments which are very bad aspect of the government. It will take time to adopt cryptocurrencies as most of the african people don't know about it. First they need to have to stop corruption, have stable government then only cryptocurrencies can be more beneficial.

Well made you describes one side Africa but I heard so many African countries already adopt crypto currencies, because they lives in rural areas and they have no bank facilities, so they use crypto currency to pay anyone, majority of illegal African groups use crypto to send money one to another.

[gourav789 2834]

16 hours ago, CryptoLover21 said:

Africa is the developing country with the poor literacy rate, unstable government, highly corrupt governments which are very bad aspect of the government. It will take time to adopt cryptocurrencies as most of the african people don't know about it. First they need to have to stop corruption, have stable government then only cryptocurrencies can be more beneficial.

well , your all word's is real and jenuine . I also think there is alot of people are belonging from Africa due to poor government connection from each other They will not able To legal currency in their region . hopefully we see Africa Also adopted Crypto currency in their region .

[Brand1 1336]

It is very difficult to teach the field of encryption and put it inside these countries. As you mentioned, you these countries lack the most important things that encryption needs, such as fast internet and electric energy. Unfortunately, the level of learning inside these countries is very low, but it is good that there are some advanced African countries that started establishing currencies Coded of their own, and I hope this will apply to all poor African countries

[guatazoo 7150]

Cryptocurrencies in Africa now is just continue to be popular and people are getting interested on it, although some giving up too early because they have lack of patients. 

[JaySeare 29]

Highly informative comments and replies from everybody. But I would like to add some questions in this Cryptocurrencies and AFRICA topic. First, although the interactive discussion is awesome, some members have missed my question of how to facilitate the mass adoption of this new tech. Sure with the prevalent underlying economic and social (besides political) issues, the projected number of mobile-phone users in Africa in 2020 is estimated at 725 million. So the potential is there is all I'm trying to say. Secondly, I'd like to raise the issue of the race between the government sanctioned and backed fiat e-monies being implemented by more than 15 countries in Africa and the decentralized cryptocurrencies. What will happen to decentralized non-backed currency when governments and central bodies hold control and leverage over the digital monetary transactions of their citizens? And on a personal level, it would be cool if the global youth could form some type of consensus through such technologies not just for money and goods and business, but for trust, and friendship and learning and for the sake of the peaceful transition from this broken system to the next! Thanks!

[George10 9932]

 The reasons that makes some of African countries to be slow in adopting this blockchain technology is lack of requirements needed for one to get started such as no access to internet,smart phone, computer and no proper education about cryptocurrency and most of the time only those in urban areas can fully participate in this of which it's a big hindrance to the development of our African continent vai crypto. 

[Mohssine 1725]

Yes unfortunately that the Africans country will not support like this technology , because is dangerous for the governments and this is bad ,but i see some Africans country start to support cryptocurrency and blockchain technology , i wish that the other countries do the same, im from Africa and we really want this .

[Virgil dijk 1431]

Well most African countries economy is really going down , and cryptocurrencies can actually help a Countries economy to boost , so I think cryptocurrencies would be very helpful to African countries, all there need to do is adopt cryptocurrencies and learn how there can benefit from it.

[Calvinpriva 17296]

There are many African countries which are good in their economy and they have already adopt crypto currencies. You can prove this by searching bitcoin traders in Africa through localbitcoins, paxful, bitpesa, remitano and many other sites including forex brokers.

[jamesvince 2389]

Like African countries much more countries of this world which are totally confused about adopting crypto currencies market as legal tender market and they are don't wants that their money have no tax on any business specially like forex and stock market. They must used crypto market as legal tender market. 

[Ridam 7455]

Well for adopting Crypto to the national level economy you have to raise the topics to towards government and if they can rais budget for the specific field only then it could be successful and you can start from your own end by teaching people more about Crypto on YouTube or any social media. This way the promotion starts at local level and can go up to higher too. And gradually the adoption increase and gets on in all sectors.

[Quanideola 39]

Now, we all recognize the great benefits of blockchain on life. As you say, it has a positive impact on banking, agriculture, education, health, ... And we should accept it as well as respect the training and guidance of blockchain. If the government organizes its application to work, it should be agreed and implemented.

[Moaz 7239]

I think that the use of cryptocurrencies in third world countries such as countries in Africa will contribute positively to the development of their economy which suffers from many problems, and there are some African countries that try adopted crypto, and launched their digital currency

[iloveyobit 6599]

Blockchain is a technology that is not limited to any country, and unfortunately, it is not mandated in the whole world, so if any country adopts it, it will only develop internally at the present time.