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    Author Topic: Limitations of Bitcoin Utilization in Africa  (Read 589 times)
    Oluwa-btc (OP)
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     #1

    Africa having a population of over 1.4 billion people, surpassing Europe and USA, saw the rapid increase in the usage of p2p  transactions since the Covid pandemic,with countries like, Nigeria, Ghana, South Africa, Kenya and Togo topping the chart. Despite that(Increase in peer-2-peer, usage of digital currencies) they've had some limitations to the utilization of Bitcoin in Africa which have been a pain in the neck for them citizen's! Some of them are Viz ;



    •Price Financial Limitations.
    •Enlightenment.
    •Banks and Poor Governmental support.
    •Ignorance Information hoarding.
    •Education Basic amenities.
    •Ignorance Information hoarding.
    •Mining of Bitcoin.
    •Resistance to Change.


    PRICE FINANCIAL LIMITATIONS:

    The average African ( Narrowing down to the average Nigeria ) does not have 15 million spare to buy 1Bitcoin, that's because the average african thinks it's a must to buy 1 Bitcoin not fractions of Bitcoin as they're yet to understand that Bitcoin can be bought in fractions  ( Satoshi's ). The price alone is chasing away investors,that's why you see the shift in focus to alternative coins that have lesser value's.

    ENLIGHTENMENT:

    Assuming, those teaching friends, buddies and pals about Bitcoin can enlighten them bro's that, Bitcoin can be bought in little fractions of Satoshi's rather than telling them to buy altcoins and altnets that will outperform Bitcoin. The information is out there but not properly encoded to be decoded. Shouldn't pay listening ear to influencers who hype a particular project for profit sake.


    BANKSPOOR GOVERNMENTAL SUPPORT:

    Reasons for merging them both are because, Government controls the bank, so it boggles me to see and hear from folks that banks championed the ban of Bitcoin. Most government in africa care less, as most if not all, are outdated, old standard sniffing scumbags and scavengers who knows few if not nothing about the Benefits of Bitcoin.


    EDUCATION BASIC AMENITIES:


    You don't expect folks who've got no good literacy skills to pick up interest for Bitcoin as they'll find it as a very cumbersome load too carry.
    Most African countries in Africa can be classified as developing, where in some cases, the poverty rate is about half the the population of a given country.
    We've also got electricity and bad networks as one of our challenges and with the income level as per the minimum wage for most africans, those at grass roots are unable to go through like on the pay grade not too think of getting the necessary device to be Crypto enabled.


    IGNORANCE INFORMATION HOARDING:

    Like I said , the information might be there but not properly shared or encoded to be decode. Ain't it disheartening when you see and hear people hurdle information about Bitcoin ?
    Ignorance plays a key role in the limitation of Bitcoin in africa, as there are hundreds of million People who hasn't heard about Bitcoin.


    MINING OF BITCOIN:

    Due to weather, and lack of cheap electricity, I think this are another limitations in setting up a Bitcoin mining farm, as getting one down here would cost them huge sum's for Asics, coz they'll thrive in hot ends. Improvisation can be done with the sun for solar energy though.

    Some older generations are also over reliant on them local fiat,(Not saying they be scared of new technologies though)as they find it difficult to adapt to change ( older generations )as they find some interface as scam or difficult too keep up with the current trend's. But if Bitcoin can be used in them day to day activities then, then it shouldn't be more hard or complex to utilize.

    Will you consider High/ Low transaction fees as a limitation also ? Someone school my ass!










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