“People say they have been forced to skip meals and work without cash to pay for food or transport to their jobs… An estimated 40% of the population do not have access to bank accounts.”
Discussion
Bitcoin is not a speculative investment. It’s a necessity.
#[0]
Wow!
Africa will bank on bitcoin before any other continent
🔥
💯
Bitcoin will un-bank the banked.
Few
B
🤞 This time for Africa 🧡
Africa is home of tech leapfrogs.
Circular economies springing up from desperate people will then continue to grow. Like a force field against CB’s and fiat.
Americans often don’t understand the need for bitcoin because at least our fiat system is still limping along. Africans get it, Iranians get it, and the Argentinians get it because they have seen the endgame of what all fiat systems are eventually devolve into. They’ve already watched the movie and seen how the story ends.
This. Our system is still mostly “functional” so people can’t conceive of needing a new system. Until things start to break down people will continue to function within the framework they are used to.
Americans have the benefit of being close to the money printer so they get some of the benefits. Some more than others, but with the middle class eroding the beneficiaries are becoming a smaller and smaller group.
Africa and South/Central America
Why Africa and not Latin/South America or Asia? 🤔
Currently highest natural adoption rate out of neccesity
Maybe Yes! Maybe No! Africa has leaders that can change the game in half a sec. It's already banned in multiple countries and nobody is working to reverse those bans.
Also by 2021, 45 percent of the population in Sub-Saharan Africa did not have a bank account. Why would we jump directly to BTC? Bold statement my friend.
Bitcoin doesn’t care about leaders or bans it just works.
You really don't understand how Africa works guys. You're really privileged to keep repeating these Slogans . But ok whatever u say guys. No wonder why all the American Tech companies fail to expand in Africa. You really don't get us and don't even try.
Educate me then instead of just saying I’m wrong.
1- Africans live in fear. If the government says don't touch. They won't touch it or at least the majority. It doesn't matter if BTC works or not really.
2- Africans LOVE cash. We have this mentality. if we don't touch it, it's not real money. We all stack cash and gold in Africa (in our homes).
3- Many don't even understand / trust the banking system , so imagine BTC and Blockchain tech.
In reality only the minority of the minority will use BTC. That's the truth!
Fair points. Is this consistent over all of Africa given the many countries and geographical differences as it is a vast continent?
I’m not sure how it plays out in Africa but bitcoin is open and permissionless in nature the small minority of a minority could expand quite rapidly over a few decades no?
The beauty about Africa is that we are all the same. Different skin colors sure but the mentality is similar all around.
Before banking the Unbanked, you need to Educate the Uneducated. Don't forget that a big chunk of Africa is illiterate too. So in order for this to work there needs to be a HUGE UNITED movement led by Africans designed to educate the masses.
Africans have trust issues. BTC is scary to most because most are not tech savvy either. They are scared to get hacked and lose it, which makes banks more appealing.
In my country BTC is banned 100%. But I know for a fact that ALL the elite people and their kids have it. So it's basically banned for the average Joe. To get BTC is hard. To use it inside the country? IMPOSSIBLE!
Could it expand over a few decades? Good question! Possible! IF there is a real movement NOW. Stronger than what's happening. I know #[3] ha appointed some kids to do some things down there but it's not enough. You need a really good strategy and a strong team lead by Africans. That's what I think.
Growth from absolute necessity
3rd world countries have a lot less to loose, ofcourse they a more prone to change
gradually then suddenly
Crazy to think but true.
Why I think it will work in Africa
https://bitcoinnews.com/mobile-bitcoin-wave-lighting-could-replace-phone-credit-in-africa/
Let’s hope so.
Is this another premonition like hyperinflation is going to change everything? Im living in a simulation, Nostradamus
I hear the main issue over there is buying bitcoin with naira.
Agreed. Have you heard about how Gridless is partnerimg with stranded hydro energy producers to support Bitcoin mining with the excess energy they're just burning away? It's a business model that can replicated all over Africa and Gridless said they don't have the ability to do it on their own. Maybe you can get the word out and inspire more projects like it.
Yes, it's fascinating how those countries with high inflation rates provide the motivation for people to investigate and start using bitcoin. On the other hand, here in the West, that motivation is lacking and we focus instead on price and arguing with each other whether bitcoin matters at all. 😎
💯
Probably because they are the least invested in the existing global economic system, and not by their own choice - having been deliberately excluded for so long, this is a chance for Africa to take a giant leap forward toward economic equality
Why ?
- Lack of traditional banking infrastructure
- Currency instability
- Remittances
Planty of arable land to grow non GMO food on 🥑🥝
it's an incredible thing happening in real time while the privileged world look the other way.
The future is bright once people understand the possibilities. ⚡
💯 the unbanked will flock to BTC by necessity and I am anticipating more hashrate getting deployed there. So many hydro dams with extra capacity
Latin America has quite high adoption rate too. Is Africa outpacing LATAM?
Here’s the report with un/banked data https://www.worldbank.org/en/publication/globalfindex/Report
Bitcoin is illegal in some africain countries like here in Tunisia
That's your signal to adopt.
Third world will lead #Bitcoin adoption to hyperbitcoinization
I think we will have a functioning hybrid system quicker than Africa having meaningful adoption. The younger generations in USA are adopting so quickly. We also have the discretionary income to play in the markets and the stability/security. We are the early adopters of tech, despite the old guards narrative.
testing, does this really work?
They need it the most. Zimbawe has really high inflation. I think south/central america will be next. They already started in El salvador
Agreed and SEA!
Nostr will bring financial access to africa
Zapped you for this ⚡️⚡️⚡️
Africa will lead as example
Its a race between Africa and Central/South America
You believe bitcoin make me ponder am I wrong about the assertion that bitcoin is no value.
Great! They have been left behind and abused too often in history. Let the flourish! 🌅🤙🏻
Agree. Huge cross continent diaspora, capital controls, hyperinflation, lack of property rights, entrepreneurial people. Potent ingredients.
That will be the greatest leap.
Yeah I'm feeling it's Africa or South America first.
I have no doubt! Glad to be a part of it!
It has started!
My heart goes out to our brothers and sisters in Nigeria.
#Bitcoin for the unbanked.
Nigerian Government straight to the Nuremberg trails for crimes against humanity for enslaving through CBDC’s
The question in my mind is if they have no access to ban accounts can they access to internet to use Bitcoin?
Tragic circumstances for those people. Good thing there's a solution available, usable on any smartphone 🧡
Ready to work on the front lines of some of these causes. What can we do to add value?
Bitcoin fixes this.
That’s a use case if I’ve ever seen one
A lot of people out of touch with the realities and cultural differences in Africa.
Very few people here embrace free markets in the freer ways one sees in the US.
Your message is garnering a lot of interest.
Added to the https://member.cash/hot feed
The global fiat economy is designed to keep developing countries in a perpetual state of developing. Nigeria will join the developed world only after their citizens renounce the yoke of fiat slavery and adopt Bitcoin.
I agree non euro usd yuan countries
Is anyone organizing a fund to send donations over lightning? I'd gladly donate!
Is this because they refuse to use the eNaira, or because they don't have access to either electronic or regular cash?
Its because of the recent policy of the Naira redesigning and cashless policy. It's a policy not well thought in defense of going fully cashless.
The banks are boarding the new notes which most likely are been move to the politicians considering the coming election.
It's much worse because even the electronic channels are not to be relied upon (bank apps are shitty) and old notes are been phased out of circulation.
I personally have been out of cash for weeks now.
Thanks for filling me in. Yikes :(
Yup. This happens everytime a country demonitizes their currency. Happened in India back in 2016. It's a struggle for general public for the first 6-8 months, things do normalise after that.
The problem is, Africans are too poor and lazy. Can't do anything. A lazy and unmotivated citizen is hopeless.