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Bitcoin Foundation Boss Urges Cautious Investment (bbc.com)

Posted by msmash on from the beware dept.

The head of the Bitcoin Foundation, Llew Claasen, has urged people to invest "no more than they can afford" in the crypto-currency. From a report: He was speaking at the TEDGlobal conference in Tanzania about the potential for Bitcoin in Africa. Billions lack access to formal banking, but the uptake of mobile money means many are willing to embrace alternatives. Bitcoin had been adopted in Nigeria, South Africa and Kenya, he said. The digital currency had particular resonance in countries with volatile economies, he said. "It offers people a chance to protect their savings from government abuse of monetary policy. A lot of people in Zimbabwe are interested in it as an alternative financial system, but that is not an easy thing to do formally as we don't want to be perceived as wanting to disrupt economies," he told the BBC. The Washington-based Bitcoin Foundation is a non-profit organisation that promotes the use of Bitcoin around the world.

1 of 59 comments (clear)

  1. Came here to say that... by gatfirls · · Score: 3, Informative

    Day Low 4,201.1899
    Day High 4,616.8999
    52 Week Low 571.6600
    52 Week High 4,616.8999

    I know some countries are *relatively* unstable when compared to Dollar/Euro/etc but compared to bitcoin they are relatively stable. They may take big hits on occasion and suffer unreasonable inflation but those are usually singular events or extend over months/years. With bitcoin your gas and grocery money could become just grocery money on the way from the bank to the grocery store.

    Not to mention all of the other issues surrounding bitcoin logistics in a 'developing economy'.