This is really not a very practical picture of bitcoin's capabilities outside the developed world. In the developing world, bitcoin is very difficult to spend or cash into local currency, even assuming access to a capable smartphone/pc with internet and the technical skills necessary to manage and securely store bitcoin
>Vendors in the middle of Africa do not need a bank account and credit card merchant account to sell products online. Plus they can distribute the earnings to their family members working across the country with their mobile phone, without their family needing accounts.
The "middle of Africa" is pretty much the quintessential example of a region where bitcoin is completely impractical. Poor internet infrastructure, high rates of computer illiteracy, limited access to capable computers... bitcoin simply isn't the answer (yet).
Consider this guy who went over to Kenya in the name of a bitcoin charity effort, only to be sobered by the reality of the situation on the ground.
>Vendors in the middle of Africa do not need a bank account and credit card merchant account to sell products online. Plus they can distribute the earnings to their family members working across the country with their mobile phone, without their family needing accounts.
The "middle of Africa" is pretty much the quintessential example of a region where bitcoin is completely impractical. Poor internet infrastructure, high rates of computer illiteracy, limited access to capable computers... bitcoin simply isn't the answer (yet).
Consider this guy who went over to Kenya in the name of a bitcoin charity effort, only to be sobered by the reality of the situation on the ground.
http://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-133-t...