It seems I am putting together a continuing series of forget the FUD articles.
The latest news is Bitcoin is dead (for the 500th time).
Isn't that the mainstream mantra?
Well, do not buy into it.
Bitcoin is growing at a remarkable rate. There is one section of the world where the explosion is incredible.
No it is not SE Asia although that is where most of the Bitcoin activity is.
The area with the greatest Bitcoin growth is Africa.
Known as the poorest continent, Bitcoin is a great hedge against the inflationary currencies in that country. While Bitcoin can be volatile, currencies on that continent can lose 90% in a couple years.
Look at this chart.
Unlike the Asian countries where most of the purchases are speculators, Africans are actually using the currency. Bitcoin allows them to engage in global commerce, something they were shut out of before. It also allows them to get around a corrupt banking system, if one exists at all. Basically, we are seeing the unbanked enter the marketplace.
https://decentralpost.com/2018/03/28/bitcoins-popularity-in-africa-continues-to-soar/
Some are estimating that as many as 6B people in the world do not have reliable banking. Either there is none available or the banking system is so corrupt that people are better off hiding money under a mattress. Bitcoin (all cryptocurrency) changes that. Since one only needs a smart phone to suddenly be carrying around a bank, the controls that are enslaving these people are broken (at least to a degree).
We know the banksters like a world where so many are starving. Their entire system is based upon scarcity. The few who are lucky enough to be in western countries fare a bit better although moves are being made to put them in the same position. That is why cryptocurrency is crucial.
Adding another 3B+ people to the global economy will do wonders. We are going to see amazing creativity and innovation. The key is to for them to get to the point where there is some sustenance. Cryptocurrency provides that.
This is something else you will not hear on CNBC or Bloomberg. They like to tout all the negativity about Bitcoin without acknowledging there is an entire continent that is open to using it. We see a similar situation in Venezuela where the Bolivar is basically nothing more than a roll of Bounty. For cleaning up spills, it might be great; as a currency, it sucks.
We are engaging upon a world changing battle. The banksters are trying to maintain control of people via their monetary system. Cryptocurrency, for the first time, gives more than just a few people the ability to create and distribute currency. This is huge.
Over time, we are going to see more stories like this emerge. The MSM might not be eager to report on it but it is happening. Over the next few years, you will see cryptocurrency embraced by billions of people. That is how quickly it will spread.
Quite simply, too many people are starving, which means they will embrace it.
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This is where cryptocurrency cannot be stopped. Now anyone with an internet connection can have a mobile, personal bank where they have full control over their funds.
Do you know how OMG is working towards making this easier for the people in these countries? I've heard that one of their main goals was to make "banking" more accessible for these people
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Being from a third wirld country myself I can attest to this. I only wish Cubans had had crypto currencies back when the communists started confiscating (stealing really) everything, down to watches and earrings from everyone escaping. Those who stayed also lost everything little by little as the economy was devastated and all private businesses confiscated and destroyed.
Today some small businesses are allowed but barely survive under the crushing regulations, bribery and lack of hard currency to buy raw materials in the world market.
I have many friends in Cuba who are investing what little they have in crypto. It's much better than keeping it under a mattress and saving it a bank is not an option, they'll just look for a way to prove you are a criminal and steal it from you. In Cuba everyone's a criminal because you need to buy illegally from the black market to survive, everyone lives with that legal uncertainty, even government officials have a damocles sword above them all the time.
There are three different currencies and a lot of uncertainty one of them will be taken out of circulation any day so people only save in dollars if at all. Commerce with the outside world is only allowed for the government.
Remittances are also ripe for disruption, to send 100 dollars you have to pay 110 to a shady agency in miami with connections to the cuban government and most of the fees go to build more prisons and pay for repressive forces. I've been helping my friends escape this situation by investing and using crypto and introducing them to steemit.
Regards Task!
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Well that's the most depressing thing I've read in a while, and we have a clown for president. Here's to hoping everyone's situations improve.
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I expect this president to keep economic and diplomatic pressure on the elite and take advantage of the current situation to push for real real change, hopefully democratic elections monitored internationally and where multiple parties are allowed, not just the communist one like now, or , hopefully democratic elections monitored internationally and where multiple parties are allowed, not just the communist one like now, or (hopefully democratic elections monitored internationally and where multiple parties are allowed, not just the communist one like now) or a toppling of the dictatorship.
Unfortunately, Obama threw them a lifeline after the collapse of Venezuela and extended the regime's grasp on power for many years. Socialist Obama was the worse thing that could have happened to Cuba right during the perfect time when Venezuela, the only lifeline they had collapsed. Hopefully Trump will negociate real change from a position of power rather than give everything away for nothing in return like democracy traitor Obama did.
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Call it what it is @taskmaster4450
#warofthecurrencies
Banksters will not leave this without a fight.
Like your post, thanks man
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No way they are going away without putting up a fight...we can presume this.
The banksters are going to keep swinging at every turn.
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There are so many people that are unable to see the forest for the trees...after months of sideways consolidation I see this continuing much much higher
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The people in these countries are transacting with Bitcoin as the financial system cannot efficiently tend to their needs. They buy Bitcoin without think of the speculation in the market, nor do they hear all the news talking about it because they need it to make transaction viable. This is the true use case that we need to proliferate around the world. Only then would we achieve the truth potential for cryptocurrencies.
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Yeah they do not look at Bitcoin as slow or expensive....look at the system they are use to dealing in...
This is heaven compared to that.
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I could not agree more. I am waiting for BTC and especially LTC to hit a target and then I am buying more. Its not going away. Its not a ponzi.
Its freedom written in code.
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@taskmaster4450 I just listened to Jason Goodman interview Tone Vays talking about how STEEMIT is a PONZI. I see all the Good Things that Crypto is doing and I just have to Turn my Back on the Thoughts of those that say bad things toward STEEMIT or any alternatives to Central Banking that has enslaved Humanity for all of our lives........................
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Yeah amazing a guy who is so into Bitcoin talks about distribution.....
Of course, steemits distribution is a bit of a problem, that that is the case with all new tokens. The pace at which the steem whales are losing power has to outpace every other token. When you see them losing possibly 33% in a year, that is a significant loss.
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I am listening to The Age of Cryptocurrency on audiobook, and this is some of what they were talking about. See also: countries where women legally can't have their own bank accounts. Bitcoin doesn't ask your gender!
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I am not familiar with that one...I will have to try and find it..
Thanks for the tip @phoenixwren.
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You re very right. Am a Nigeria and the inception of crypto hold a great hope for the people of Africa. Here we re spending those cryptos already, though still in the hands of few, more people re coming to the crypto trend and its growing massively. Crypto hold the solution to global poverty, with crypto the world would be better. My hope is to see soaring higher higher
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Thank you for your comment @petercheng.
You might want to check out Manna...it is a basic income token designed to try and stamp out poverty. It is given out on a weekly basis to anyone who signs up and verifies. There is also a referral program to allow people to earn more tokens.
You might want to get involved.
https://www.mannabase.com/?ref=fbt5zz3bfh
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Who wouldn’t prefer Bitcoin over Zimbabwe’s fiat?
Banks will be cut out of the loop other ways too. Remittances from Africans living overseas back to their families? Peer-to-peer payments using cell phones? Banks will increasingly be seen as irrelevant.
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I drop by from time to time because I've got shit to do and I already wholeheartedly believe, but this one sparked my interest.
Don't believe the FUD guys. It's happening already.
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I don't believe bitcoin will be the crypto to win. However, I do think cryptos will win in the next 50 years.
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I think crypto will win within the next 7...10 at most.
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Well let's define win. I mean I think it will become more used than fiat.
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This is truly the reason why Bitcoin was created
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Still have people I know who are on my case almost every day when Bitcoin falls.
I keep telling them all cryptocurrency can devalue down to zero today, (ain’t happening) and it wouldn’t matter. With the crypto profits I’ve cashed in, I’ve already made more money than what I’ve put into crypto already.
I hear 10 times the amount of FUD from people who have never bought Bitcoin than the positives. It sure is irritating, but it’s not going to stop me from HODLing.
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Yeah the ignorance out there is amazing.
There are potentially millions of people embracing it in areas like Africa and Venezuela, yet people think it is nothing.
When the bull market kicks off again, we will see them changing their tune. They wont invest of course, only change their tune.
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I have heard countless testimonies about how bitcoin changed many lives in my country so I could not agree less with you.
Bitcoin is now a mainstay and everyone is talking about it. Wish I knew about it back then in 2009 it would have made a whole lot of difference in my life right now.
The advent of bitcoin cryptocurrency is the best to have happened to mankind.
Lovely update
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Very interesting the stats you've showed about the increasing volumes on LocalBitcoins in under-banked countries (or with corrupt banking systems). That's where the mass adoption started already. Because that's where the need really is.
Everybody else fancy a better world, or see the benefits of the technology in the future or want to speculate the moments. But the need is what I think creates the first wave of mass adoption, and we're seeing it now.
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