[kictanet] What is crypto currency?

Wed Sep 23 09:52:00 EAT 2015

hello @Josiah, it will be great to have insight from direct stakeholders and players involved as them. I am sure they will have great contribution to these discussion. Also there are several companies in Kenya/Africa that deal with the financial tool and  I think getting information about the challenges they face in light of rolling  the invention into a the dynamic/homogeneous global financial system will be key to understanding the nature of the of crypto currencies. Is anyone in the list with the fraternity to assist. 

     On Tuesday, September 22, 2015 7:29 PM, Ali Hussein <ali at hussein.me.ke> wrote:

 Meshack
Thanks for that tutorial on crypto currencies. :-)
On remittances, the current average cost per $100 transmitted stands at between $8 - $12. More when you include the foreign exchange arbitrage component. The value of global remittances last year was north of $550 billion generating fees of over $50 billion. So definitely anything that can reduce this cost to senders and receivers will be very welcome.

Ali HusseinPrincipalHussein & Associates+254 0713 601113 / 0770906375
Twitter: @AliHKassimSkype: abu-jomoLinkedIn: http://ke.linkedin.com/in/alihkassimBlog: www.alyhussein.com

"Discovery consists in seeing what everyone else has seen and thinking what no one else has thought".  ~ Albert Szent-Györgyi
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On 22 Sep 2015, at 10:37 PM, meshack via kictanet <kictanet at lists.kictanet.or.ke> wrote:

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. at 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
MeshackSent from Samsung Mobile
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