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JUST IN: 🇰🇪 50 MILLION users in Kenya now have access to #Bitcoin and Lightning payments through M-PESA and Bitnob integration 🙌
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I'm currently in Kenya & have been to some slums. No shop has a card machine. The population often lacks simple things like a birth certificate or ID, which are required to open a bank account. And who would set up an ATM im a slum? That thing will be gone before anyone can enter their pin. M-PESA, often considered the most influential mobile money system and one of the first, hasn't evolved much since 2007. Depending on the amount, transfers to another person can cost up to a dollar. Withdrawals cost up to $2.5. It also has transaction & max holding limits. For crypto, all you need is a phone & everyone has that, even in slums. Most people of course us the local currency but trusting its longevity in one of the most corrupt countries in the world is another thing entirely. All that goes to say that I can understand how crypto can a good option for the people there.
tldr; Bitcoin has been introduced in Soweto West, a neighborhood in Kibera, Kenya, Africa's largest urban slum, through AfriBit Africa's initiative to improve financial inclusion. Around 200 residents, including garbage collectors and merchants, use bitcoin for transactions, citing lower fees and faster processing compared to traditional platforms like M-PESA. While some see it as a path to financial freedom, experts warn of risks like volatility and overexposure in a vulnerable community. AfriBit Africa emphasizes education to mitigate risks. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
M-PESA already exists in Africa for Bitcoin via SMS, no need to reinvent the wheel
I couldn't help but wonder it you ever interacted with the real world. So, remittance in crypto invokes no costs for people? Riddle me this, what do you think most people want when they send money through the ether? The guarantee and safety that their money gets to the person. They get their money in hard currency. And you keep tap dancing around subjects, it's hilarious. Again, no palpable example. Again, what are crypto loans good for, except for people who are mostly active in crypto themselves? Emerging markets won't see people taking out loans in crypto, cashing out to do their work. And depending on the size of the loan I can get it approved within the minutes in classic finance, so I'm not sure where the massive benefit here is. Collateralized loans are on average still cheaper in FIAT currency in probably all developed parts of the world. And far simpler too, and that's the key argument. But you wouldn't get that. For crypto, you obviously need a means of getting fiat for your crypto. You won't find many that simply shrug and say "Yo, can I pay you with my crypto?" M-PESA is processing almost 60% of the country's GDP. No banks needed either. Again, far simpler than crypto could ever make this. Sorry, it was hard to take your seriously to begin with, but it sure is entertaining watching you living in a bubble that hadn't produced anything in 15 years. Have a nice one.
Crypto goons like you have the burden of proof and not the other way around. But I'll bite. Remittance. - Western Union, Wisely, Remitly are by far more in use than crypto and far easier to use. Loans. - Show me where people somehow benefit from loans in crypto? If you can't provide actual examples, you mostly talking out your read end. DAO's - Not only are they not decentralized, they are still in the hands of often anonymous owners of said project. Literally every DAO I can think of isn't made more democratic because a handful of people have a far greater voting power than anyone. Crypto doesn't add to the concept, it just enables more centralization. Might want to look up Siesta Labs/Azuro for that. Unbanked: - Doesn't help either. The issue of the unbanked is an infrastructural one, not a technical one. You might want to see how it works in countries like Kenya with M-PESA. And stop whinging like a toddler. You literally insulted someone from the get go in your response, so grow a pair.
Most of us have seen the gifs and short clips of near-instant transfers via layer 2 solutions in developing countries in South America and Africa. Kenya has been using mobile money solutions (safaricom, E-PESA) since 2013, and last year (June '21-'22) it processed $340B USD of Tx's. That's massive! Widespread adoption and increased web3 onboarding **is already** gaining traction around the world with a plethora of easy to use solutions.
The issue is that a lot of Africa has good mobile coverage but no internet. There is no infrastructure for the internet in much of the continent. The only choice is satellite internet which is still quite expensive but getting cheaper every year. Other payment methods in many countries work in the same manner as described but with fiat. It's definitely a step in the right direction if it works better and is run by a better company than other payment methods that are available, M-PESA for example has very high fees and the company who runs it isn't exactly trustworthy.
M-PESA is a fiat exchange. This is not Bitcoin.
Thank you for the tip, she has M-PESA already so this just might work
M-PESA is operational in TZ it's a micro payment system that has recently incorporated LN (kinda like strike and usd).....maybe get her to look in to this?
To the original point of looking for problems to solve, M-PESA already solves most of those problems in Africa without using crypto
Why not? If you have internet you can create a wallet. You can also VPN your way into an exchange and start the process. Then you can exchange crypto to crypto for goods & services, just like cell phone minutes were being traded (and are traded through M-PESA now). A lot of impoverished and unbanked people in Africa have phones and trade is done locally. Crypto is perfect for that.