>As just one example of what drew me to Bitcoin, Bitcoin holds (or used to hold) such tremendous promise for the developing world, and to people who are shut out of traditional banking.
First 20 minutes goes into detail on how useful Bitcoin really is in the developing world.
In short, if you've got access to a data plan and a smartphone you're not going to be unbanked. And if you are unbanked, you're not going to have access to a smartphone and a data plan.
Bitcoin is only actually useful in countries with the infrastructure to support it.
As someone who lives in Argentina, Bitcoin is extremely useful. I have a smartphone, but banks don't really want me. Not that I could benefit much from them anyway, since I'm not even allowed to make international wires, and I can't legally buy US dollars either to escape the 30% inflation we suffer here.
It's crazy to see how much time you, a UK citizen who finds Bitcoin only useful for buying illegal drugs (by your own words), invest in attacking Bitcoin. I thought your limit was Reddit, but now I see you are also spending time on other sites like HN under the same name doing the same thing almost as a full-time job. No wonder some people think there is a paid smear campaign going on against Bitcoin.
As someone who has lived in a "developing" country, I disagree. I'm talking about potential here, not the current situation.
And a lot of the early failures of Bitcoin in developing countries were the result of overzealous Bitcoin supporters rushing into a developing country with no prior experience, and then running into some of the inevitable problems (e.g., no reliable electricity).
If it's going to work in these situations, it's going to have to happen from within, not imported by outsiders.
In what developing country besides Kenya is there widespread mobile banking?
One advantage Bitcoin already has over m-pesa is that Bitcoin is an international currency, whereas m-pesa is confined to East Africa. This means that people in developing countries that sell their goods or services for Bitcoin have access to a currency limited, yet fully international market.
Here in Uganda where I currently live mobile banking is used by pretty much everyone. Mobile solutions like m-pesa and airtel money is used by most of my Ugandan friends.
From what I have seen some of the main advantages of mobile banking are: 1. You can manage your account with any phone. Most people here just use gsm phones.
2. Opening an actual bank account is expensive. Not expensive from my western point of view. But from the perspective of local people it is.
3. It is easy. Mobile carriers are everywhere. And since cash is still the way of handling most money transfers it is very convenient to be able to, even when you are in a village in the middle of nowhere. Go to a place with the "airtel money" sign and get cash so that you can buy that roasted cassava.
As someone who lives in Mexico, I beg to disagree. Many unbanked have access to smartphones and data plans, unlike your country most don't buy into multi year contracts with carriers and don't require banking for cellular service, which many use as their primary number instead of a landline (which also doesn't require a bank account).
Vastly overstated benefits.
http://letstalkbitcoin.com/blog/post/lets-talk-bitcoin-133-t...
First 20 minutes goes into detail on how useful Bitcoin really is in the developing world.
In short, if you've got access to a data plan and a smartphone you're not going to be unbanked. And if you are unbanked, you're not going to have access to a smartphone and a data plan.
Bitcoin is only actually useful in countries with the infrastructure to support it.