Could Kenya Actually Use Bitcoin?

In its story, Five Economies That Could Actually Use Bitcoin  Vice.com highlights Kenya as one of the countries that could  mainstream bitcoin adoption.

Kenya is a world leader in mobile money. The mobile payment network M-PESA, which is thought to be the most developed of its kind in the world, boasts 18 million users in Kenya alone, thanks in no small part to the rate of mobile adoption: 93 percent of Kenyans have mobile phones. Compare the number of mobile payment users with the 10 million people who have bank accounts in Kenya, and it's clear that M-PESA is actually more popular than traditional banking options.

That reliance on mobile banking makes Bitcoin a natural fit. And because Kenya is another large hub of international remittances, Bitcoin transactions through mobile phones have an even greater chance for adoption. Kenya’s currency also makes the argument for Bitcoin: the Kenyan shilling is not the most stable currency in the world, and inflation rates have been known to creep above 15 percent from time to time.

The technology for Bitcoin transfers here already exists: last summer,the global Bitcoin wallet Kipochi began allowing people in Kenya to purchase bitcoins with their mobile phone through M-PESA, aiming to undercut money transfer companies like Western Union and MoneyGram. New startups like BitPesa and Bitcoin Tablet are following suit.

Pelle Braendgaard, co-founder of Kipochi, explained his goal to CoinDesk, saying “we believe Bitcoin can truly help people in the developing world and wanted to develop a mobile wallet for it that works in a similar way to what people are already using.”

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