Dreamward Group reposted this
Top takeaways from Africa Bitcoin Conference Day 2 in Nairobi: * Kenya’s ubiquitous M-pesa digital payment solution which operates in Kenya, Tanzania, South Africa, Afghanistan, Lesotho, DRC, Ghana, Mozambique, Egypt, and Ethiopia predates most e-cash solutions having launched commercially in 2007 (almost 2 decades ago) where the Bitcoin white paper was published in 2008 and Venmo launched in 2009. M-pesa/Safaricom branding in Nairobi is impressively more pervasive than Starbucks, McDonalds, and Coca-Cola combined in the US. * By 2050 1 in 4 people on earth will be African. AI, internet proliferation, and tech-driven reform by a youthful average population make Africa poised to develop a powerful middle class similar to the rise of China as other powers see declines in population and retirees as a higher portion of their population. Nigeria is the fastest adopter of cryptocurrency in the world. Kenya, Ethiopia, and South Africa are in the top 30 nations adopting cryptocurrency. * Where in many developed countries the adoption of crypto as a currency is speculative, investment-oriented, and futurist, in Africa the necessity that breeds breakthrough innovation is being experienced now. Government regimes are blatant in corruption and skimming in an adversarial relationship to industrial development today. Remittance payments are happening today. Banking is broken today. Rapid devaluation of local currencies and commerce-prohibitive regulations on cross-border currency distributions are slowing and halting livelihoods today. The amount of Bitcoin mining hashrate from Africa has increased from .15% to 3% within the last 12 months. Cryptocurrency adoption in Africa is authentic and booming. *Implementations of zone currencies like the West African Franc (CFA) centralize monetary policy and braintrust in European nations that have everpresent neocolonial conflicts of interest. The CFA for example required that countries keep at least 50% of their foreign reserves in the French Treasury. Bitcoin as an alternative decentralizes, abstracts, and opens the door for more authentic self-determination for citizens of young countries without enabling local governments to inflate and devalue the currency.