Take me as an example
When i was 10 years old ( 1996 ) my mother gave me 100 SP ( Sudanese Pound ) , I got good marks at school so that was my reward , i lived that summer holiday as a king buying daily and most time giving as same as what I purchase to my friends , in daily bases , i can't tell you accurately how match that worth now , but am sure it is above 100$ , back then roughly 1 SP = 1 USD .
Today after 20 years 1 $ = 15000 SP , WWWTF , Yes that number is totally correct .
in spite of that Sudanese government change the name of currency to Dinar witch worth 1000 SP , then they get back to SP recently ( making 1SD = 1SP ) but people still use the old price of SP . imagine how much fiat money you should take to eat in a fancy restaurant or buy a fancy phone , sure you cant carry it a lone .
Inflation is killing Africa
Obviously from the example i mentioned upove you can take a good grasp and sense about current situation in Africa , fiat money loosing value every day and people cant do anything about it .
I think the inflation cause in most Africa :
1 - No strong economy or solid source to give a real value to the fiat money .
2 – people lost the faith in money , although it is forbidden to hold hard currency ( USD – EUR - GBP) in some African country , many people do it to protect their saving .
3 – Greedy government always print new money witch automatically take a big bite of value from distributed money ( unfair ) .
Take a look at List of countries by inflation rate according to wikipedia , this is the bottom of the list most African country ( with red dot )
So tell me if you in Africa with this situation would you hold your saving in local centrally controlled currency or decentralized cryptocurrency ?
you don't need to be super smart to go crypto
List why Africa should go crypto
1 - local African currency went more than X100 down in 10 years , Crypto went up x100 in 5 years .
2 - Most Africa is not safe and holding large amount of fiat money make you an easy target , but holding digital currency is more safe .
3 - African fiat money not accepted internationally .
4 - the first 3 is special for Africa and maybe Asia but am sure you know that there is some advantage for crypto over fiat like that it is peer to peer so international transaction will be faster then ever , very low fee and relatively anonymous and more .
Steemit is the the best gate to enter crypto world now :
Africa fiat money is the worst currency to hold witch make crypto world very attractive for people .
I think The only thing make African average person not to use crypto is simply because he don’t know about it or don’t know how to use it and time can solve both .
Steemit is the best start for Africa people , it is easy to use , friendly warm community and when you start steeming basically you are using cryptocurrency
so you can gradually enter crypto world .
image credit
I hope at the end Africa free itself from central controlled fiat system , That is the true freedom , financial freedom .
Let me know what you think ?
what crypto african are using?
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Few use Bitcoin. Significant number are one Steemit specially in Nigeria. The exception is South Africa where most crypto are used there, BTC and Monero (one of XMR dev live there)
Crypto can help Africa and Africa can help Cryoto
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it surprising that monero is popular there. have you heard about pipcoin ?
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It seems cash just isn't working in some countries and this will affect the less well off the most. Their hard earned money will be worthless. I expect the rich have their money somewhere safe in $/£/€. Crypto seems a good option as long as people have the technology to use it.
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totally true @steevc , rich people usually not harmed by inflation simply because what you said , they hold their money in $/£/€
average person pay indirectly to gov part of his money value every time gov print fiat money
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Africa meets Steemit ... a whole continent start using Steem and SBD ... they have finally a solution to their problem and everybody gets rich!
Let's do this !
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YES , really i am excited about what steemit and cryptocurrency can do to world and Africa
Thnx a lot for input @glitrfart , you have interesting blogs , following you now :)
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Google and Elon musk are heading toward internet everywhere with balloons, solar electric drones and global mini satelites red.
People in Africa have already old generation smartphones from Europe, Asia and USA. These are able to use basic wallets and display steemit.com.
These people will very soon be able to keep money in a secure and stable way. That should boost the growth of these most unlucky parts of the world.
We are almost there !!!
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totally agree , we will see a lot of change soon
As you said any one anywhere can have aan steemit account or a wallet and use crypto
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I agree with you friend. True freedom comes with financial freedom. What are your thoughts to start this process in Africa?
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Thnx for the input @lydon,sipe
we have already small Bitcoin club . I am planing with some friend to do a big orientation about steemit and cryptocurrency in Sudan soon . we will intorduce them in details and give away some coin to make them test crypto, we will make a video and post it when it is done
Thnx again for your concern :)
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Great ideas! I am more than willing to assist in some way. If you wish to show how simple it is to interact with people outside of Africa through Steemit just let me know. I'd be happy to help.
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Great , really appreciate the support man
i will inform you as soon as we are ready to go , bu i think it will take some time
Thnx again @lydon.sipe following you now
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You just said it all man @araki
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Thnx man , you know how it feel to be in Africa financially :)
good to see you my friend
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I'm intrigued. Africa has skipped alot of infrastructure development that was the model from the past, and has embraced smartphones/digital communication/digital banking and commerce sequence of development. So it will be interesting to see how the diverse African economies and people take on cryptos. Still need quality transportation, sanitation, water infrastructure, but there again, how African governments approach cryptos is going to be interesting as well.
First day, first reply, first person I've followed.
Alright. Alright. Alright.
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