Bitcoin In Kenya – Documentary

Bitcoin In Kenya
Bitcoin is a world of international finance that is encrypted and peer to peer. Bitcoin as the object of my study, leads to interest in cultural and financial networks. As a non-centralised form of money, people on the Internet, with an application download, can immediately become partners in a global economy, with the lowest fees and no third-party controls.
The region of East Africa is the world’s most expensive for remittances [transfer of money by a foreign worker to an individual in home country], because of factors such as limited competition and regulatory barriers. In Kenya, where overseas money transfers represent 3 percent of the country’s GDP and, 46 percent of financial transactions are handled with mobile phones, I have identified a case study for exploring Bitcoin’s viability as a financial tool.
Kenyans have mobile money embedded into their daily lives and, lead the world in mobile money innovation. The country has been on the forefront since the 2007 launch of M-Pesa, the M is for “mobile”; Pesa is Swahili for “money.” What was originally conceived as an efficient method to make payments on micro-loans has been rapidly adopted by Kenyans as a way to send money from urban centres back to rural areas. Nearly two thirds of the local unbanked [under-banked], population use the service.
I wanted to learn if Bitcoin could ride M-Pesa’s success of explaining mobile money. After my first couple of days outside of Nairobi, I understood that M-Pesa’s greatest achievement is its vast network of agents; reaching 70,000 at the time of writing.
One of the things that the video cannot do justice to in the time available, but is also part of M-Pesa’s successful story; analysts suggest the violence in 2008 was a critical accelerator for the service. During the post-election violence, M-Pesa was used by urband dwellers to send money to relatives trapped in the home-towns and slums. Another controversial reason [which is represented in the video],being the applied research, the Kenyan trip revealed that M-Pesa’s innovator [Safaricom Mobile Provider], succeeded because of its status as a monopoly. This ensured the investment in technology, where an agent network was protected, lead to an easy dominance of the mobile money transfer industries.
Bitcoin In Kenya‘s style is framed by an investigative approach to expose Bitcoin as a global digital currency, as well as a ground-breaking technology. It is a journey between rural-unbanked Kenya to Nairobi’s technological start-up hub. This was a lived experience, an invaluable addition to my research about global finance on a specific, local level.

  • http://www.yahshuamob.com/ Mutinda Kisio

    Bitcoin Will Work in Kenya – and infact Bitcoin and Mpesa will work hand in
    hand for a while until Bitcoin use is more widespread.

    Bitcoin solves a Major issue in Kenya that involves the lower Middleclass.
    The issue of networking systems. These systems are not accepted by the Kenya
    Central Bank and yet they are EXTREMELY popular. It is ONLY a matter of time
    before all the networks in Kenya start using Bitcoin.

    The thing is – I feel, it is abit much to ask us the so called
    “Disadvantaged” to buy Bitcoins with our meager resources. I feel
    that the Bitcoin Community needs to find a way of getting Bitcoins to us.

    I have a suggestion that does NOT involve charity but equal opportunity. It
    is “unorthodox” but so is Bitcoin. I wrote a detailed article as
    follows:

    ===>

    Bitcoin Will Work in Kenya. We have started on getting it to work. HOW? Many
    Kenyans like MLM programs and they participate in large numbers. By these we
    are NOT talking about the very poor BUT the next level above that. They may NOT
    have a proper education but they understand Digital Currency. The thing is, the
    Central Bank of Kenya has placed some restriction on this kind of activities
    and many are shut down mid stream.

    So, we get our own onto the market and it is taken up quickly and with a lot
    of enthusiasm. It started as a pastime BUT the interest it sparked was
    overwhelming. In the beginning we were using an agent of one of the main mobile
    phone companies who quickly called us and showed us the Central Bank rules and
    gave us hours to stop using their systems and withheld over Kshs. 80,000/-. The
    rule says they are NOT to accept any matrix system to use their facilities.
    This applies across the board for ALL central Bank licensed financial institutions.

    So, do we shut down? No. It is our right to do whatever we want with our
    money even if the systems are called Ponzi/Pyramid schemes! So we moved into
    using Mpesa directly and used a manual system to receive and make payments via
    Mpesa. We did this for close to 90days and transacted just over Kshs. 3Million
    in payouts ALL done manually through Mpesa! We knew this was a short term
    solution and had looked at our options and went on to explore digital
    currencies starting from Ripple and then

    reluctantly landed on Bitcoin! We immediately realised that Bitcoin was fully

    developed and the structures were in place for automating our payment system.
    We started talking about Bitcoin. We did this for close to 2months. Lots of
    articles and videos have been posted at http://www.pesamob.com/blog.ph….

    Then come September 1st and the whole system was turned into a Bitcoin
    System! With over 800 members 594 of whom are paid up, there was shock and awe!
    Despite ALL the warnings, nobody took the admin really seriously BUT a manual
    system could NOT work much longer. We had to do this. The System has slowed
    down but there are takers. Bitx.co.ke is
    swamped with new wallets being opened. The change slowed us down

    BUT will NOT stop us …. them – some members have taken it it surprisingly

    well while others are extremely UPSET!

    We have had several successful transactions in and out and we expect this to
    grow.

    Kenyans understand Digital Currency and will take to Bitcoin with enthusiasm
    BUT ONLY if they can make some money out of it. Bitcoin is a solution to the
    central bank problem and it is ONLY a matter of time before other networking
    programs adopt Bitcoin.

    The Combination of Mpesa and Bitcoin Instantly creates traders in Bitcoin
    ALL on the phone.

    I know, you will frown at the adoption of what you may call a ponzi scheme
    BUT Kenyans have ALWAYS had a system called Harambee where they gave without
    the expectation of a return BUT now, here is a system they give into and expect
    a return.

    The adoption is quiet amazing BUT it will require a great deal of education.
    We can do this and more. Pesamob will slowly lead us into the remittance
    sector. When our relatives abroad are educated about Bitcoin, Pesamob members
    will be ready to exchange Bitcoin in to Kenya shillings and lives will be
    changed. Kenya receives close to $120M (as of today about 255,000BTC) in
    remittances per year. The cost of sending this much money to Kenya is about
    $6.3M (about 13,400BTC). This 13,400BTC or more could quite easily move to the
    lower levels of the Kenyan society through Bitcoin. They will exchange it for
    Kenya Shillings among themselves and as soon as they have enough Bitcoins, they
    WILL not need the regular exchanges Because many individuals will turn into
    exchangers! We will within a reasonable time become one of the biggest users of
    Bitcoin.

    We have not even mentioned the farmers that export their Tea, coffee,
    flowers etc.

    ALL we need is an education. This we are carrying out ourselves though a bit
    slowly BUT surely!

    YOU can help make this a success – a pyramid scheme is frowned upon because
    the bottom or late adopters are said to lose out. This is true BUT only if we
    do not have the numbers to make it cycle. The potential to make it cyclical is
    there ESPECIALLY you – a Bitcoiner becomes the Bottom.

    Have you ever heard about the Panare Indians? The story is that a BIBLE THAT
    says “THE PANARE KILLED JESUS BECAUSE THEY WERE WICKED” was created. It was
    created specifically for them.

    In 1979, Christian Missionaries went into South America, and encountered the
    Panare Indians. In their language, they didn’t have words for “evil” and “sin”.
    So the missionaries were having a hard time convincing them that they needed to
    accept Jesus. So the missionaries went and customized a bible for them, in
    which “God” said that the Panare’ killed Jesus, and needed to be saved!

    The Book is – Jesus Against the Indians:Who Won That War?

    By Xavier James

    Bitcoiners may have to use this kind of Tactic to help Pesamob.com build the Bitcoin Ecosystem. When over 800 people start earning Bitcoins from your partcipation, the it will ONLY
    be a matter of time Before the whole of East Africa quickly picks this up through
    our members. Join Pesamob.com and send us your
    Bitcoins. It is NOT a charity because ALL members have to be paid BUT you can
    keep opening accounts until your earnings are used up. Use the link http://www.pesabit.com – this is a revolving URL with 800 members.

    Help us build the Bitcoin ecosystem through Mass Use. Join http://www.pesaBit.com (pesamob) and cause the
    existing members to earn Bitcoin. This will force them to open Bitcoin Wallets
    and Learn How to withdraw their Bitcoins. They will then have to cash them or
    spend them as they are.

    With a membership of 800 people and growing …. this has the potential to
    spread the Bitcoin Gospel extremely fast. Joining will cost you 0.28BTC. The
    member under who you join will immediately earn 0.08BTC.

    This is a Pyramid System turned over in that you – a Bitcoin Owner – though
    interested in the income opportunity would not feel much loss AS the benefits
    to the less endowed would be much greater. Please Join us.

    The link http://www.pesabit.com is a rotator url for 800 members!

    We intend to go East Africa, Africa and global.

    Bitcoin is OUR ONLY payment System! The System is Already accepting and
    paying out in Bitcoin automatically!

    The only drawback currently is education. Educating people on what Bitcoin
    is. There is plenty of stuff on the site so far http://www.pesamob.com/index.p
    and http://www.pesamob.com/blog.ph

    and we keep sending out more especially through the Twitter handle @PesamobCom
    (https://twitter.com/PesamobCom….

    There are two areas we can focus on one being 37coins.com
    for which we have already set up a gateway and https://btcjam.com.
    These two can quickly enable Bitcoin to spread quickly BUT we first need to get
    Bitcoin to the people.

    How? Through Pesamob.com.

    Where do you come in – find a way of getting Bitcoiners to sign up or you
    place several accounts in a revolving fund until exhausted. This way, Once the
    people have earned some Bitcoins, they will HAVE to find a way to Cash it or
    use it.

    Kenya being the highest adopter of Digital money in the world has huge potential,
    especially through the use of 37coins which is exactly like Mpesa EXCEPT that
    now it is global, to quickly enhance the uptake of Bitcoin locally and
    globally. Remittances to Kenya run into Billions of shillings and therefore
    Kenyans would immediately benefit from the adoption of Bitcoin NOT to mention
    tea farmers and coffee farmers.

    There is NO better way to spread the message than through Network Marketing
    which is already in place and ready.

    Please review this idea and see how you can get involved.

    Help us build the Bitcoin ecosystem!

  • Rychrd Lee
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