five ways developing world uses bitcoins. newsbtc We frequently speculate about the “killer app” that will drive wider adoption of Bitcoin, but rarely do we look beyond Europe and North America. Meanwhile, in developing countries, digital money is already taking root. From Bitcoin on Latin American social media to mobile money wallets in South Africa, digital currency is spreading to communities all over the world. Let’s explore a few intriguing projects:
> Taringa! is a popular social media site in Latin America. They’re similar to Reddit: Users share and discuss links to their favorite websites. Targina! recently gave $76,000 in bitcoin to their users. Social media offers a low-barrier opportunity for people to experience using digital financial services, and rewarding content creation with bitcoin could both strengthen this site’s user base and expose new people to digital currencies.
The World Food Programme’s electronic cash transfer system enables refugees in Kenya to buy food with their phones. For a refugee in a foreign country with few belongings or resources, funds may be locked away in an inaccessible account back home. The World Food Programme sends refugees money directly for basics like food and shelter. Since direct cash transfer is proven to be one of the most effective means of lifting people out of poverty, the WFP system shows digital money’s potential to improve the lives of marginalized communities like refugees.
Nigerian digital money wallet Bitsoko will use funding from the Bill & Melinda Gates Foundation to support digital financial literacy. Bitsoko’s Android app uses blockchain technology to lower transaction costs. The company is encouraging Bitcoin adoption in Kenya by setting up local businesses to accept bitcoin payments.
Vumi’s upcoming open-source app will enable young women in South Africa to save money on their phones. The nonprofit Praekelt Foundation is using […]
