Cryptocurrencies and AFRICA

[Guru2050 8284]

Africans are making a significant response, movements towards adopting and implementing the use of Crypto currencies system. Considering how fast people are appreciating the system, keying in to the system and taking various means earnings opportunities available to also benefits from it.

[Projectcrypto 4382]

I believe blockchain technology doesn't restrict any nation from using it and since Africa is currently one of the top continent in terms of population and I think it will be good if Cryptocurrency is adopted over there because it will reduce unemployment rate in many developing countries there and also make the nation's government to earn to tax from traders which will definitely help the economy of the country.

[BitcryptoHan 2557]

On 8/14/2020 at 4:36 PM, Guru2050 said:

Africans are making a significant response, movements towards adopting and implementing the use of Crypto currencies system. Considering how fast people are appreciating the system, keying in to the system and taking various means earnings opportunities available to also benefits from it.

Not all parts of Africa, the sub-saharan/black africans are adopting bitcoin but the northern/white africans are not adopting it at all. They ate even againsting it. 

[Izeal 4404]

Even the africa is the third world country the cryptocurrencies are doing very well. And many people are living from cryptocurrency. I think the cryptocurrency can provide employee opportunity to the people with the good knowledge. So, start learning new skills like trading and even editing which will be your extra activities for the future.

[TimopheyKa 3900]

This is very pleasing, the fact that the cryptocurrency appeared in Africa. After all, in fact, Africa is a country that is not some rich level of production. In General, this is the third grade! Which is very sad. And to be honest, it would be cool if cryptocurrency helped many people develop, but the sad thing is that not many residents even have a phone to use it 😞

[Captain Karim 0]

I believe that blockchain technology, with all its features such as decentralization, transparency and security, will do much good for Africa, perhaps it is the continent most in need of transparency and decentralization due to the growth of corruption rates in those countries, but the problem is that the first step is legislation and this step should be It is carried out by governments, and then decentralization can be implemented in many areas.

[AlexBerkut 51]

On 25.05.2020 at 21:01, JaySeare said:

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???

For the development of medicine, education, food supply, a developed financial system is needed, and for this it is necessary to develop the financial literacy of the population. We and the Yobit platform could organize additional courses about cryptocurrencies, but problems with electricity / internet / lack of mobile devices will not allow to fully use such educational programs. Offline help is needed here. I think the most effective will be donations to funds to aid African countries.

[Shaza Ahmad 1682]

Cryptocurrencies are adopted when they have use cases, and people go to buy them to fulfill a need, payment cannot be considered one of them. We have Bitcoin, and we have many ways to pay by our local currency or the dollar, but a way must be found that motivates people to request a cryptocurrency For a project to improve, develop and be adopted.

Edited October 19, 2020 by Shaza Ahmad

[Zeshan Khalid 2577]

Digital currencies are helpful for business franchises working in developing countries because it can give good profit margin. Or can be used to store crypto in profitable way.

[Jromz 2158]

Quite an interesting topic indeed. Despite the mentioned facts that interfere with the development of crypto in Africa, it is important to consider that people in Nigeria are currently preferring crypto over bank transfers to make monetary transactions. This is apparently due to the high fees that bank charge when transferring money, and the high unpredictability in the local currencies. Then people of an African country are actually taking advantage of cryptocurrencies and blockchain technology.

[khan22 3478]

On 5/25/2020 at 10:01 PM, JaySeare said:

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???

In so many countries crypto is blocked but soon the crypto is going to be launched with the high rate and all the world will except it at that time. Now the crypto market in allover the world is not legal but soon it is going to be legal.

[Rosarvx 965]

use of cryptocurrencies in third world countries such as countries in Africa, cryptocurrency will definitely help their economy

[Khan 1414]

On 5/25/2020 at 10:48 PM, 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

Africa is struggling from the hunger and other issues and there are a lot of resources they have in need to fulfill their basic need. There is a possibility that crypto will destroy it if they adopt it in the current situation.

[bogdanoff 3173]

I have been reading very interesting facts about adoption of cryptocurrencies in the African continent and it could be something that adds to the overall bullish sentiment we have today. Cryptocurrencies can help in ways of better commerce and finances in poor countries and developing that have problems with their currencies and high inflation. Also blockchains can help reduce corruption and increase productivity in the whole continent.

[Mella 3680]

On 5/25/2020 at 8:01 PM, 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

My dear you are given a very good post for a lot of discussion points to be made by us. I am glad for the African adoption for Bitcoin and I am think that you are already understand that the banking system is only to follow the adoption and explosion of cryptocurrency without able to change a lot of their ways. The decentralization of money is more importance than the banks that are for centuries make the people poor.

[BrolySSJ 7899]

I think that this is where many people seem to get it mistaken with cryptocurrency adoption. it is not necessary for the currencies to be integrated into the current banking system but rather it should be adopted in the sense of the legal sense, in order to promote its use, and with ATMs and exchange systems to allow people to purchase these crypto. I think that expecting it to become part of a centralized system like a bank, especially for crypto being such a decentralized currency may be a bit of a long shot and we may not see this happen for a while. 

 

On a separate note however, i do think that Africa has made significant progress in cryptocurrencies as there are many countries in Africa that now has bitcoin ATMs that can be used by the population. 

[Fixfin 2569]

Cryptocurrencies can help anyone in Africa especially in countries with extreme poverty as anyone with a smart phone is able to find ways to make better living with crypto, it will need knowledge first and finding the tricks and ways to send money home. Also it needs a lot of knowledge on cryptocurrencies but it is acquired over time. Also storing the national currency people earn in crypto like Bitcoin is better way of saving the money from inflation and from thefts or bad banks.

[Brandonsaw 1973]

Africa I heard that it will be the first country that will use cryptocurrencies as in the form of payments and other things if this is true Africa could get out of its poverty and have a good economy and its country would be a world power because it would already be a country with more technology  And surely if Africa does that, the other countries will not be left behind and they will still take out their cryptocurrency and use it the same and towards everyone else they will occupy cryptocurrencies.

[yonkii 3205]

You are talking about how blockchain technology can help the banks. I don't know about that and I don't really care to help the banks in Africa. What I care is the people and I think that the best option they have is to be their own bank and not trust or support the banking or fiat currencies as this is what keeps them subjugated to the bounds of the traditional finances and in poverty.

[zhoutong 2188]

Africa is vast and the opportunities are more than enough. Cryptocurrencies can help and blockchain systems too. It is how the people in their countries will want to run their economy and their financial life. Usually the banks take over and control everything with the government above them overseeing the operations. With cryptocurrencies you cut everyone from your money and you are the only one responsible.

[Barbarellah 2225]

In particular, I think that in order to promote the inclusion of cryptocurrencies in Africa, the first problem to be solved is that of internet access, since this is what guarantees that the project gets off to a good start. After that, the next point to address is that of training and it is here where the forum plays a very important role. And the main objective would be to attract a considerable number of members to participate with the main purpose of acquiring knowledge that would later lead to the adoption of crypto as an economic means of emergence.

[percare 3192]

Africa is at a crossing point this decade. It will need to build democracies that have strong foundations and reduce the corrupt system of governance they had until lately. All warlords that were in power should be voted for if they want to remain and arms race should stop. In some countries that have started to working correctly there are still problems but they have potential. Kenya Nigeria and South Africa can be examples. In this situation cryptocurrencies can help but will need to be legal first.

[annayks 2314]

I don't know how blockchains can help banks. this is something technical they can find if this system helps them. You should understand the differences of using cryptocurrenices and using banks. It is the opposite.

[Razan alikac 1899]

Africa is one of the developing countries where poverty is severe, and ignorance prevails and the primary resources they have are almost non-existent, as well as a mobile phone, communications network and the Internet. Trading and using cryptocurrencies seem very difficult for them.

[saradz 2259]

@JaySeare  True, there is a significant lack of related infrastructure such as virtual currency mining operations, and support for dealers with them, these matters hinder the spread of cryptocurrencies among the inhabitants of the continent of Africa.