[kictanet] What is crypto currency?

[meshack]

Hi all 

@Ali crypto currency (bitcoin, bitpesa etc.) is some form of medium of exchange used online. Us economist would prefer calling it an online commodity that acts as a derivative for the internet economy or market. It is different from paper money in others in that it is completely decentralised unlike paper money. What It means is that most central bank acknowledge its existence but have no control or regulation over it. Some economist compare it to gold. Gold can be found in reserves of countries and yet a miner can mine it at his/her farm and derive value from it.
@Grace, crypto currency thrive in online( internet economies ). companies are coming up witj the commodity as an alternative to other mediums whose cost are much higher compared to crypto currency. Another significance is that with the growing GDP contribution of internation remittances to kenya most from expatriates; which is know the second largest contributer to the GDP, it can be a great relief to Africans by reduced cost of transferring money from abroad. ( which is at 15$ for every 100$ from the current international remittance companies.(i stand corrected). Then there is the introduction of competition in the industry.

Sent from Samsung Mobile

-------- Original message --------
From: "Grace Mutung'u (Bomu)" <nmutungu at gmail.com> 
Date: 22/09/2015  16:29  (GMT+03:00) 
To: meshack <memakunat at yahoo.com>,KICTAnet ICT Policy Discussions <kictanet at lists.kictanet.or.ke> 
Subject: Re: [kictanet] What is crypto currency? 
 
Hi, 
I do not know if there has been specific discussion on crypto currency but general discussions about inventions aided or through the Internet have been discussed. Would be interesting to know whether/how crypto currency can be useful for our development as well as challenges we would face. 
Regards, 

2015-09-22 16:10 GMT+03:00 meshack via kictanet <kictanet at lists.kictanet.or.ke>:


Dear all

I would like to request for a discussion around crypto currency. What role does the IGF play in the development and advancement of the invention? Are there any initiatives that have been made so far to1.) Understand the invention 2.) Establish governance and control.?

Regards

Meshack
Sent from Samsung Mobile

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Grace L.N. Mutung'u 
Nairobi Kenya
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Twitter: @Bomu

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