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Bitcoin Shop, Mbezi, Dar es Salaam (2026)

16/08/2017

Bitcoin is being used by African migrant workers to send money home
The digital commodity is a cheaper alternative to Western Union and MoneyGram

Hazel Sheffield Tuesday 10 March 2015 13:08 GMT0 comments

250

Click to follow
The Independent Online
RTX17587.jpg
Bitcoin is a peer-to-peer currency that avoids central banking systems by letting owners set up their own transactions. The currency's value has fluctuated dramatically since its introduction REUTERS/Pawel Kopczynski
Migrant African workers are increasingly turning to bitcoin to send money home.

BitPesa, a service that allows bitcoins to be transferred to Kenya and Ghana for a flat fee of 3 per cent, said its user base is growing by 60 per cent month-on-month. Elizabeth Rossiello, chief executive of BitPesa, told the BBC that a shortage of payment options in Africa is driving bitcoin use.

It’s also cheaper: that 3 per cent fee contrasts sharply with an average 12.3 per cent paid to money transmitters by Africans living abroad, according to figures by the Overseas Development Institute. The ODI said that total annual fees to money transmitters amount to $1.4 billion.

READ MORE
uTorrent hijacks users’ computers to mine Bitcoins
Bitcoin will be hit by halving in value of its transactions
In some parts of Sub-Saharan Africa, MoneyGram and Western Union control 50 per cent of the remittance market while credit cards are available to less than 3 per cent of the population. Other web solutions like PayPal are not widespread and can also be expensive. Bank transfers are no better – they can be two the three times as expensive as other countries.

Africa is fertile ground for bitcoin. It has history with mobile money services that allow users to pay for good using a mobile phone as an alternative to cash or cards. A mobile money service called M-Pesa is now so widespread in Kenya that almost 70 per cent of the volume of all national payments is made through the service.

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Toby Shapshak, a technology journalist, said that M-Pesa has become a financial institution in its own right. “You can pay school fees, you can buy groceries, I’m told you can even bribe customs officials using MPesa. The most important thing is that you can do it on the most basic of cell phone because Africa isn’t a smart phone continent yet,” Shapshak told the Guardian.

Bitcoin works with this local economy. Once it is received by a transmitter like BitPesa it can be converted into M-Pesa in Kenyan shillings.

While bitcoin is on the rise, liquidity might still be a problem. As a commodity, can also be subject to greater volatility than currencies, though remittance companies say they combat this by immediately converting transfers.

Transparency can also be an issue. Bitcoin users store a record on their computer of where every bitcoin is spent that acts as a virtual ledger – but the record does not show the identity of users. “From a law enforcement perspective, the danger is that the anonymity makes it an attractive proposition for criminals to use in terms of hiding the money trail we would use to get evidence against them,” Terence Chua, Singapore's deputy public prosecutor, told the Guardian.

16/08/2017

britain-in-pic-1.jpg
INDYTECH
BITCOIN: GOVERNMENT TO REGULATE CRYPTOCURRENCY TO AVOID MONEY LAUNDERING, SAYS TREASURY
Prime Minister David Cameron and Chancellor of the Exchequer George Osborne pose for a selfie photograph with an apprentice during a visit to the Spooner engineering works in Ilkley
Bitcoin proponents say the move is a step towards the wider adoption of cryptocurrencies

ANDREW GRIFFIN

Wednesday 18 March 2015 17:03 GMT

58

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THE INDEPENDENT TECH
The Government is to regulate bitcoin exchanges to stop their use as money laundering hubs, the Treasury said today.

In a report published alongside George Osborne's annual budget, the Treasury said the new regulation would support innovation and prevent criminal use of digital currencies. The proposals will be consulted on early in the next parliament.

The government will work with the British Standards Association (BSI) to develop a set of standards that will protect consumers, it said.

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The Treasury also announced a new research initiative on digital currency technology, and said it would inject an additional 10 million pounds ($14.66 million) into the area.

"Today's announcement is significant in that it brings bitcoin and other block chain technologies closer to mainstream adoption," said Tom Robinson, a board member of the UK Digital Currency Association, which has been involved in the Treasury's consulation process.

In a discussion paper published in February, the Bank of England said that digital currencies such as bitcoin showed "considerable promise" and that they showed it was possible to transfer value securely without a trusted third party.

The bank also raised the question of whether central banks should themselves issue digital currencies.

16/08/2017

Bitcoin is being used by African migrant workers to send money home
The digital commodity is a cheaper alternative to Western Union and MoneyGram

Hazel Sheffield Tuesday 10 March 2015 13:08 GMT0 comments

250

Click to follow
The Independent Online
RTX17587.jpg
Bitcoin is a peer-to-peer currency that avoids central banking systems by letting owners set up their own transactions. The currency's value has fluctuated dramatically since its introduction REUTERS/Pawel Kopczynski
Migrant African workers are increasingly turning to bitcoin to send money home.

BitPesa, a service that allows bitcoins to be transferred to Kenya and Ghana for a flat fee of 3 per cent, said its user base is growing by 60 per cent month-on-month. Elizabeth Rossiello, chief executive of BitPesa, told the BBC that a shortage of payment options in Africa is driving bitcoin use.

It’s also cheaper: that 3 per cent fee contrasts sharply with an average 12.3 per cent paid to money transmitters by Africans living abroad, according to figures by the Overseas Development Institute. The ODI said that total annual fees to money transmitters amount to $1.4 billion.

READ MORE
uTorrent hijacks users’ computers to mine Bitcoins
Bitcoin will be hit by halving in value of its transactions
In some parts of Sub-Saharan Africa, MoneyGram and Western Union control 50 per cent of the remittance market while credit cards are available to less than 3 per cent of the population. Other web solutions like PayPal are not widespread and can also be expensive. Bank transfers are no better – they can be two the three times as expensive as other countries.

Africa is fertile ground for bitcoin. It has history with mobile money services that allow users to pay for good using a mobile phone as an alternative to cash or cards. A mobile money service called M-Pesa is now so widespread in Kenya that almost 70 per cent of the volume of all national payments is made through the service.

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Toby Shapshak, a technology journalist, said that M-Pesa has become a financial institution in its own right. “You can pay school fees, you can buy groceries, I’m told you can even bribe customs officials using MPesa. The most important thing is that you can do it on the most basic of cell phone because Africa isn’t a smart phone continent yet,” Shapshak told the Guardian.

Bitcoin works with this local economy. Once it is received by a transmitter like BitPesa it can be converted into M-Pesa in Kenyan shillings.

While bitcoin is on the rise, liquidity might still be a problem. As a commodity, can also be subject to greater volatility than currencies, though remittance companies say they combat this by immediately converting transfers.

Transparency can also be an issue. Bitcoin users store a record on their computer of where every bitcoin is spent that acts as a virtual ledger – but the record does not show the identity of users. “From a law enforcement perspective, the danger is that the anonymity makes it an attractive proposition for criminals to use in terms of hiding the money trail we would use to get evidence against them,” Terence Chua, Singapore's deputy public prosecutor, told the Guardian.

16/08/2017

Bitcoin is being used by African migrant workers to send money home
The digital commodity is a cheaper alternative to Western Union and MoneyGram

Hazel Sheffield Tuesday 10 March 2015 13:08 GMT0 comments

250

Click to follow
The Independent Online
RTX17587.jpg
Bitcoin is a peer-to-peer currency that avoids central banking systems by letting owners set up their own transactions. The currency's value has fluctuated dramatically since its introduction REUTERS/Pawel Kopczynski
Migrant African workers are increasingly turning to bitcoin to send money home.

BitPesa, a service that allows bitcoins to be transferred to Kenya and Ghana for a flat fee of 3 per cent, said its user base is growing by 60 per cent month-on-month. Elizabeth Rossiello, chief executive of BitPesa, told the BBC that a shortage of payment options in Africa is driving bitcoin use.

It’s also cheaper: that 3 per cent fee contrasts sharply with an average 12.3 per cent paid to money transmitters by Africans living abroad, according to figures by the Overseas Development Institute. The ODI said that total annual fees to money transmitters amount to $1.4 billion.

READ MORE
uTorrent hijacks users’ computers to mine Bitcoins
Bitcoin will be hit by halving in value of its transactions
In some parts of Sub-Saharan Africa, MoneyGram and Western Union control 50 per cent of the remittance market while credit cards are available to less than 3 per cent of the population. Other web solutions like PayPal are not widespread and can also be expensive. Bank transfers are no better – they can be two the three times as expensive as other countries.

Africa is fertile ground for bitcoin. It has history with mobile money services that allow users to pay for good using a mobile phone as an alternative to cash or cards. A mobile money service called M-Pesa is now so widespread in Kenya that almost 70 per cent of the volume of all national payments is made through the service.

The Ultimate Way to Find Cheap Flights
Save70.com
6 College Degrees And Jobs That Pay Women More Than Men
Womensarticle.com
A Solution That Puts Snoring to Bed
My Snoring Solution
by Taboola Sponsored Links
Toby Shapshak, a technology journalist, said that M-Pesa has become a financial institution in its own right. “You can pay school fees, you can buy groceries, I’m told you can even bribe customs officials using MPesa. The most important thing is that you can do it on the most basic of cell phone because Africa isn’t a smart phone continent yet,” Shapshak told the Guardian.

Bitcoin works with this local economy. Once it is received by a transmitter like BitPesa it can be converted into M-Pesa in Kenyan shillings.

While bitcoin is on the rise, liquidity might still be a problem. As a commodity, can also be subject to greater volatility than currencies, though remittance companies say they combat this by immediately converting transfers.

Transparency can also be an issue. Bitcoin users store a record on their computer of where every bitcoin is spent that acts as a virtual ledger – but the record does not show the identity of users. “From a law enforcement perspective, the danger is that the anonymity makes it an attractive proposition for criminals to use in terms of hiding the money trail we would use to get evidence against them,” Terence Chua, Singapore's deputy public prosecutor, told the Guardian.

250

16/08/2017

Some things you need to know

If you are about to explore Bitcoin, there are a few things you should know. Bitcoin lets you exchange money in a different way than with usual banks. As such, you should take time to inform yourself before using Bitcoin for any serious transaction. Bitcoin should be treated with the same care as your regular wallet, or even more in some cases!

IconSecuring your wallet

Like in real life, your wallet must be secured. Bitcoin makes it possible to transfer value anywhere in a very easy way and it allows you to be in control of your money. Such great features also come with great security concerns. At the same time, Bitcoin can provide very high levels of security if used correctly. Always remember that it is your responsibility to adopt good practices in order to protect your money. Read more about securing your wallet.

IconBitcoin price is volatile

The price of a bitcoin can unpredictably increase or decrease over a short period of time due to its young economy, novel nature, and sometimes illiquid markets. Consequently, keeping your savings with Bitcoin is not recommended at this point. Bitcoin should be seen like a high risk asset, and you should never store money that you cannot afford to lose with Bitcoin. If you receive payments with Bitcoin, many service providers can convert them to your local currency.

IconBitcoin payments are irreversible

Any transaction issued with Bitcoin cannot be reversed, they can only be refunded by the person receiving the funds. That means you should take care to do business with people and organizations you know and trust, or who have an established reputation. For their part, businesses need to keep control of the payment requests they are displaying to their customers. Bitcoin can detect typos and usually won't let you send money to an invalid address by mistake. Additional services might exist in the future to provide more choice and protection for the consumer.

IconBitcoin is not anonymous

Some effort is required to protect your privacy with Bitcoin. All Bitcoin transactions are stored publicly and permanently on the network, which means anyone can see the balance and transactions of any Bitcoin address. However, the identity of the user behind an address remains unknown until information is revealed during a purchase or in other circumstances. This is one reason why Bitcoin addresses should only be used once. Always remember that it is your responsibility to adopt good practices in order to protect your privacy. Read more about protecting your privacy.

IconUnconfirmed transactions aren't secure

Transactions don't start out as irreversible. Instead, they get a confirmation score that indicates how hard it is to reverse them (see table). Each confirmation takes between a few seconds and 90 minutes, with 10 minutes being the average. If the transaction pays too low a fee or is otherwise atypical, getting the first confirmation can take much longer.

Confirmations Lightweight wallets Bitcoin Core
0 Only safe if you trust the person paying you
1 Somewhat reliable Mostly reliable
3 Mostly reliable Highly reliable
6 Minimum recommendation for high-value bitcoin transfers
30 Recommendation during emergencies to allow human intervention

IconBitcoin is still experimental

Bitcoin is an experimental new currency that is in active development. Each improvement makes Bitcoin more appealing but also reveals new challenges as Bitcoin adoption grows. During these growing pains you might encounter increased fees, slower confirmations, or even more severe issues. Be prepared for problems and consult a technical expert before making any major investments, but keep in mind that nobody can predict Bitcoin's future.

IconGovernment taxes and regulations

Bitcoin is not an official currency. That said, most jurisdictions still require you to pay income, sales, payroll, and capital gains taxes on anything that has value, including bitcoins. It is your responsibility to ensure that you adhere to tax and other legal or regulatory mandates issued by your government and/or local municipalities.

Bitcoin Shop

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