And, Is Bitcoin Ready for Africa?
If you are reading this article, it means that you are probably interested in learning more about Bitcoin and the Blockchain Technology behind it, especially if you are from Africa. Are you confused yet?
This Article is titled “Is Africa Ready for Bitcoin?” and is “Bitcoin Ready for Africa?” Kind of ‘rhetorical’ in nature but there are some important points to be made.
The purpose of this article is to solicit as much feedback as possible in the form of discussion to create awareness of this relatively new but completely revolutionary technology that has been provided in the way we used to do commerce and how we can do commerce moving forward. All Comments (Suggestions moving forward) are valued at the end of this Article. Thanking you in advance.
If you are thinking about creating a Monopoly in this new arena, think twice. There are those that are already far ahead of you.
What is Bitcoin Mining?
I do not recommend Bitcoin Mining or other HYIP Programs online.
HYIP stands for High Yield Investment Programs. Proceed with caution.
My name is Paul. I am here in Ontario, Canada. My little website has opened up a completely new reality by sharing with people all around the World. I do not know why, but Africa, somehow has an attraction for me to spend my final years there and I will make it there to end my final days. I think it is about the people. The majority are real. However, this ‘New Frontier’ is ravaged with Schemes that make the poor get poorer and the rich, more rich. This has to change. Bitcoin and different Bitcoin initiatives may become an equalizer.
I have been blessed to make some very special friendships and acquaintances here on my site. I created this site as an information based utility for the D9 Clube operating out of Bahia, Brazil. I was intrigued by the concept of ‘Arbitrage Sports Trading,’ and the program showed that this could be done even in an MLM environment. I do not know if I am right or wrong, but ultimately, we all have to try to move forward. So, please, share with me your thoughts. Many have lost money. Many more do not have direction in how to proceed. Perhaps we can help each other out.
History of Bitcoin.
Started in 2009, Bitcoin was meant to bring to the world, an anonymous, person to person transfer of money on the internet. Read the White Paper Here. It was designed to behave very similar to the way actual cash behaves. It was also meant to do this while bearing very low transaction costs for the sender, in comparison to traditional online banking transactions.
Would you agree with me that it is absurd that nearly 326 million people representing 80% of the adult population in Africa do not have access to bank accounts and adequate banking?
This ‘unfair’ situation denies countless people access to financial freedom in the so-called ‘Dark Continent’ that is now being recognized as ‘The New Frontier.’ Does everyone agree with me, that Africa is the ‘New Frontier?’ (Leave your comments below in the Comments section).
A study of 10 African Nations with unusual inflationary ratios had South Sudan registering an uninmangible inflation rate of 295 percent and more. This is unacceptable. Eqypt had the slightest with 12.3 percent. This is also unacceptable. African Governments continue to plunder the riches of the African people through inflation thus making it considerably unsurmountable for individuals to conserve their resources.
More importantly, Public Sector borrowing has ‘crowded out’ the more effective Private Sector that can put credit to good use. The IMF estimates that average credit to the Private Sector is estimated to be only 30 percent of GDP in Sub-Sahara Africa.
Africa is Ripe for Bitcoin & Cryptocurrencies
Cryptocurrencies are gradually being discovered in Africa. In countries like South Africa, Ghana, Kenya, Botswana, Zimbabwe and Nigeria, there is a semblance of digital currencies, primarily bitcoin, taking roots.
Moreover, the infrastructure for the takeoff of digital tokens is solid. Telecommunication liberalisation across the continent has enabled internet accessibility remarkably.
Termed the Money Transfer Protocol of the internet…Interviews from CNN
As you, my subscribers and readers may know, my mission is to provide as much information that I can about this new protocol and have it be used to contribute to a better way of life for all. This is not an easy task and requires feedback. The D9 Clube opportunity was a good way for me to enter the Internet World.
As you can see, the following appears on page one of google:
Yes. “Reviews, don’t believe everything you read…D9 Club – Digital Entrepreneurship is an article I wrote back in 2016.
Please remember that I do not endorse this program but I have learned much to share with my readers about MLM, Network Marketing and more so, Cryptocurrencies.
Below are two Interviews that I have sourced through CNN.
In the first, CNN spoke to Werner Van Rooyen, Head of Business Development and Growth at LUNO, the biggest Bitcoin exchange in Africa about how Bitcoin and Cryptocurrencies are naturally poised to offer Africans financial inclusion.
Please read carefully and leave behind some comments on the contents of the interview.
- Are you familiar with LUNO?
- What is the acceptance of LUNO in your area?
- How easy is it to use LUNO?
- Is LUNO the only way to go?
- Are there any alternatives to LUNO?
Interview number 1:
CNN: Has Bitcoin Anything to Offer Africa?
Werner van Rooyen:
Much of the existing financial infrastructure is inefficient: banks and branches are expensive, currency transfers can often be expensive and slow and most of the developing world is still unbanked.
Most African currencies are reeking of inflation. Does this make Bitcoin attractive as a store of value to Africans?
Werner van Rooyen:
Bitcoin has proven to be the best-performing currency in the world in 2016. I believe more investors in high-inflation countries are looking at alternative asset classes, things like gold or Bitcoin.
What do you make of some African governments tagging Bitcoin as a tool for terrorism and money laundering?
Werner van Rooyen:
I think this is mostly fueled by incorrect data, click-driven media hype and lack of understanding about Bitcoin. Firstly, I should say that the biggest facilitator of organised crime, including money laundering and terror financing, is cold hard cash.
Many other modern inventions, such as the Internet, Twitter, cars and cellphones, are currently being used to facilitate crime. It doesn’t mean that we should shut these technological advances down (I doubt anyone is seriously proposing it), but rather that the good that comes with it outweighs the bad.
Lastly, there is very little proof that Bitcoin is currently being used for these nefarious purposes. Remember: Bitcoin is only pseudo-anonymous: all Bitcoin transactions ever conducted are recorded in the Blockchain.
Adoption in Africa is irritatingly slow. How do we push penetration?
Werner van Rooyen:
Education and user experience. At Luno, we’re doing a lot to tackle this. Our aim is to make Luno the easiest place to buy, sell and learn about Bitcoin. Something which is no trivial task, but we’re seeing fantastic growth in Africa, especially for our mobile wallet. We’ve also created a Learning Portal to help new people with some basic concepts about Bitcoin.
Do you think Africans will finally embrace Bitcoin?
Werner van Rooyen:
What makes Bitcoin more expensive in Africa than anywhere else?
Werner van Rooyen:
Bitcoin is a very liquid instrument: it’s easy to move around the world. This, in theory, means that it can and will trade at roughly the same exchange rate, wherever it is available.
Could you paint a picture of the future of Bitcoin in Africa?
Werner van Rooyen:
It’s really too soon to tell, but what we’re seeing already today is really fantastic and I believe Bitcoin has a lot of potential in emerging markets in Africa and abroad.
Interview Number 2
CNN also spoke to Adewale Bankole, President of the Bastiat Society and Humaniq Ambassador of Nigeria about the future of Cryptocurrencies in Africa.
Africa is an emerging market with lots of opportunities. People have been failed over time by fiat money that doesn’t hold value. It is ardouous for our local business people because the local currency doesn’t hold value and most of the time it has to be changed to dollars in order to access International Markets for raw materials and machinery for example. However, with Cryptocurrencies holding the same vallue Globally, it will become more and more seamless to transact business by Africans Globally. This will absolutely create a circle of human and economic development in Africa in the long run.
So, it’s Africa that has a lot to offer Bitcoin and other Cyrptocurrencies and not the other way around?
Yes, the market is here for cryptocurrencies in Africa. Africa has lots to offer Bitcoin and other cryptocurrencies, simply because Africa needs an alternative to the weak and not – always – available fiat money. All products of cryptocurrencies will be well embraced if promoted in Africa. As we speak the vacuum for alternative means of payment is obvious in Africa at the moment.
And do you believe Africans would embrace Bitcoin if the necessary awareness is created?
Absolutely. Once they see that it works. Africans really want something that works with value. The missing link here is the awreness about the technology.
Do you think that the necessary infrastructure is there to make it thrive?
Yes, infrastructure is the key. However, average Africans have smartphones these days, which means that Bitcoin and other Digital Currency transactions can be done. Moreso, with their advent of their Fintech App, has made Africa a most fertile land for Cyrptocurrencies.
From your perspective, do you see any challenges?
Sure. There are always going to be challenges from State and or Central Banks. Definately, they will feel threathened that Cryptocurencies will send them out of the Money Market Monopolisation. But with the persistent success of cryptocurrency transactions in Africa that are slowly solving problems and raising human development, cryptocurrency will surely take over.
Penetration and adoption is painfully slow. What is the way forward?
At this point, I think that a wise governement in Africa that cares about FDI and overall economic growth should just adopt cryptocurrency and let it work in their respective countries. I beleive adoption will rise steadily once the cryptocurrency companies spend more in sensitising African business people and Africans in general. It is obvious that people want an alternative to fiat money. People are tired of working hard for money and working harder to transact with it which is the current situation with fiat money in Africa. This is what I see on a daily basis.
What about Civil Society? Do they have a role here?
Yes, Civil Society has a special role to play because especially Civil Society promotes business.
Civil Society works to promote human development, and I think that they should be a major partner in this Cryptocurrency drive in Africa, since most Civil Society Organizations already have an area of interest and keen followers.
Finally, why will you choose cryptocurrency over fiat currency?
The ‘store of value,’
‘Easy to transact with,’
‘Accepted Globally,’ and
Tanzania is the latest African Country that is embracing the tecnological currency revolution as it shows some impressive growth, despite the small numbers.
“The main hindrance to adoption of Bitcoin technology, which we do not often talk about, is the lack of awareness and skills to adopt the technology. Bitcoin currently is a sophisticated technology compared to the simplicity of existing platforms like M-Pesa, which my grandmother who does not even speak English can use. The Bitcoin technology needs to get simpler or integrate into other simpler platforms. We also need to get better at educating Africans about this technology.” – John Karanga of BitHub.Africa