How do developing countries begin to adopt bitcoin?

1

If you're in, for example Congo, or Ecuador (or any other developing country) how do people there begin to adopt bitcoin? I mean the very first people, obviously things are easier once a, even small, group of people are using it in a given country. The problem I see here, is why would you (say as the owner of bitcoin) want a high risk currency, in exchange for bitcoin? So:

1 Who can you give bitcoin to in these countries?

2 Why would you(or any seller of bitcoin to the local currency) be willing to accept such an insecure local currency?

lubei

Posted 2014-10-12T05:00:02.377

Reputation: 11

You can obviously by staff with that "insecure local currency", so why wouldn't you accept it? – Jozef – 2014-10-12T08:55:16.227

If you're not in the country. My question is really, the very first person to bring bitcoin to a country. How does it work? – lubei – 2014-10-12T15:22:45.567

Answers

1

It's quite simple to begin being part of the Bitcoin network. It's public and open to everybody.

If there is no Bitcoin infrastructure around your community, for example where you could buy bitcoins, you start telling people that you accept bitcoins as a payment.

  1. You could sell a product and accept bitcoin.
  2. Offer your services for bitcoins.

Eventually, someone will be the first one to pay you in bitcoins. Like a domino effect you will start tipping your friends and the bitcoins will move around.

In case you do have a credit card you could buy them on an exchange such as bitstamp, circle or bpesa to mention a few. You could then sell them in your community to help adoption. They pay you in local currency and you hand over bitcoin. What you do with the local currency is your choice. You can keep them, pay a bill or exchange them and purchase more bitcoins.

If it has utility people will start using them. Some sooner and some later. Same with countries.

Jonathan Rogiest

Posted 2014-10-12T05:00:02.377

Reputation: 479

1This is a really excellent answer. I need more reputation to upvote, but thank you for the insight. I guess it makes sense, you just need someone from the "outside" to bring it to the country somehow. Whether through selling goods or even sending remittances. – lubei – 2014-10-22T04:29:17.307

Asked: 2014-10-12T05:00:02.377

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