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Virtual currency talk and emerging markets kinu

  1. Mentor. Accelerate. Invest Developing tech entrepreneurs in subsaharan Africa Virtual Currency & Emerging Markets @mbwana @savannahfund @afrikoin #Afrikoin
  2. What are virtual currencies? • Electronic (fiat) Money: Mobile Money.. • Centralized: Airtime miles, Mobile Airtime • Decentralized Cryptocurrencies • Unique pieces of digital property that can be transferred. "pseudonymous" • Gets over the double spend problem for digital money • Created from "mining" - solving complex math problems with powerful PCs. Elaborate incentive system for rewarding miners
  3. How do you use virtual currency? • Wallets: unique address like email where you can store virtual currency • Exchanges act as key cash in and cash out points similar to mobile money agents. Online and Offline ( mt.gox, • Trusted brokers. E.g. Coinbase, Kipochi, Bitpesa • Trust and Compliance is VERY IMPORTANT. (E.g. Mt Gox losing 744,408 bitcoin worth $350M). Or bitisnstnt CEO arrested for money laundering
  4. How do you use virtual currency? • Trusted brokers/fixed Exchanges: E.g. Coinbase, Kipochi, Bitpesa • Trust and Compliance is VERY IMPORTANT. (E.g. Mt Gox losing 744,408 bitcoin worth $350M). Or Bitinstant CEO arrested for money laundering
  5. The 4 pillars of virtual currency • As a store of value (hedge against inflation, risks- Ponzi scheme) • As a secure ledger... The value of transacting globally, disrupting banking whilst seeing every public transaction • As a payment system (ECommerce & Microtransactions ) • As a global decentralized currency
  6. As a store of value • How does one protect wealth against risk in holding your local currency • Many hold USD, any issues? • Zimbabwe and South Africa capital controls
  7. As a secure Ledger • [Demo the blockchain live] • Tracking "anonymous transactions". KYC/AML • Helping track Govt. spending against corruption • Disrupt banks in Africa to move away from a "banking fee" model to more needed area such as lending
  8. As a more effective payment system • Ecommerce: Bitpay, paybutton • Microtransactions: especially in financial services for the poor and donations. • No charge back and less fraud issues dealing with plastics money • It competed directly with mobile money and banks, cutting fees directly and more global and instant. • Remittance or remittance driven ecommerce.
  9. Legality of a Bitcoin • Subject to taxation on gains • As a foreign currency. • Is it money or a commodity? • Not permitted for merchant acceptance (illegal)
  10. Social Network + Currency • Internet of money + Network effects. Think Skype, Facebook, Whatsapp + virtual currency • A better way to connect and crowdfund • The more the currency spread the more valuable it becomes A decentralized currency, and a decentralized band requires permission from no one. We are all "The Cypherfunks". This community requires plenty of people to contribute. Software developers, musicians, promoters, miners and fans. Anyone contribution is a great contribution.
  11. Dogecoin + Twitter • A much better user experience • Taps directly into a community