Re: [kictanet] What is crypto currency?
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@gmail.com> Date: 22/09/2015 16:29 (GMT+03:00) To: meshack <memakunat@yahoo.com>,KICTAnet ICT Policy Discussions <kictanet@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@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 _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/nmutungu%40gmail.com The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development. KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications. -- Grace L.N. Mutung'u Nairobi Kenya Skype: gracebomu Twitter: @Bomu <http://www.diplointernetgovernance.org/profile/GraceMutungu>
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 $50 billion. So definitely anything that can reduce this cost to senders and receivers will be very welcome. Ali Hussein Principal Hussein & Associates +254 0713 601113 / 0770906375 Twitter: @AliHKassim Skype: abu-jomo LinkedIn: http://ke.linkedin.com/in/alihkassim Blog: www.alyhussein.com "Discovery consists in seeing what everyone else has seen and thinking what no one else has thought". ~ Albert Szent-Györgyi Sent from my iPad
On 22 Sep 2015, at 10:37 PM, meshack via kictanet <kictanet@lists.kictanet.or.ke> wrote:
Hi all
@Ali crypto currency (bitcoin, bitpesa etc.) is some form of medium of exchange used online. Us economist would prefer calling it an online commodity that acts as a derivative for the internet economy or market. It is different from paper money in others in that it is completely decentralised unlike paper money. What It means is that most central bank acknowledge its existence but have no control or regulation over it. Some economist compare it to gold. Gold can be found in reserves of countries and yet a miner can mine it at his/her farm and derive value from it. @Grace, crypto currency thrive in online( internet economies ). companies are coming up witj the commodity as an alternative to other mediums whose cost are much higher compared to crypto currency. Another significance is that with the growing GDP contribution of internation remittances to kenya most from expatriates; which is know the second largest contributer to the GDP, it can be a great relief to Africans by reduced cost of transferring money from abroad. ( which is at 15$ 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@gmail.com> Date: 22/09/2015 16:29 (GMT+03:00) To: meshack <memakunat@yahoo.com>,KICTAnet ICT Policy Discussions <kictanet@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@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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KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
-- Grace L.N. Mutung'u Nairobi Kenya Skype: gracebomu Twitter: @Bomu
<http://www.diplointernetgovernance.org/profile/GraceMutungu>
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The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
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@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 $50 billion. So definitely anything that can reduce this cost to senders and receivers will be very welcome. Ali HusseinPrincipalHussein & Associates+254 0713 601113 / 0770906375 Twitter: @AliHKassimSkype: abu-jomoLinkedIn: http://ke.linkedin.com/in/alihkassimBlog: www.alyhussein.com "Discovery consists in seeing what everyone else has seen and thinking what no one else has thought". ~ Albert Szent-Györgyi Sent from my iPad On 22 Sep 2015, at 10:37 PM, meshack via kictanet <kictanet@lists.kictanet.or.ke> wrote: Hi all @Ali crypto currency (bitcoin, bitpesa etc.) is some form of medium of exchange used online. Us economist would prefer calling it an online commodity that acts as a derivative for the internet economy or market. It is different from paper money in others in that it is completely decentralised unlike paper money. What It means is that most central bank acknowledge its existence but have no control or regulation over it. Some economist compare it to gold. Gold can be found in reserves of countries and yet a miner can mine it at his/her farm and derive value from it.@Grace, crypto currency thrive in online( internet economies ). companies are coming up witj the commodity as an alternative to other mediums whose cost are much higher compared to crypto currency. Another significance is that with the growing GDP contribution of internation remittances to kenya most from expatriates; which is know the second largest contributer to the GDP, it can be a great relief to Africans by reduced cost of transferring money from abroad. ( which is at 15$ 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@gmail.com> Date: 22/09/2015 16:29 (GMT+03:00) To: meshack <memakunat@yahoo.com>,KICTAnet ICT Policy Discussions <kictanet@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@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 _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/nmutungu%40gmail.com The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development. KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications. -- Grace L.N. Mutung'u Nairobi Kenya Skype: gracebomu Twitter: @Bomu <http://www.diplointernetgovernance.org/profile/GraceMutungu> _______________________________________________ kictanet mailing list kictanet@lists.kictanet.or.ke https://lists.kictanet.or.ke/mailman/listinfo/kictanet Unsubscribe or change your options at https://lists.kictanet.or.ke/mailman/options/kictanet/info%40alyhussein.com The Kenya ICT Action Network (KICTANet) is a multi-stakeholder platform for people and institutions interested and involved in ICT policy and regulation. The network aims to act as a catalyst for reform in the ICT sector in support of the national aim of ICT enabled growth and development. KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
On 22 September 2015 at 22:37, meshack via kictanet < kictanet@lists.kictanet.or.ke> wrote:
@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.
Excuse my ignorance Meshack :) Where did the first bit currency come from? How does it multiply from one bit coin to 10,000,000 bit coins? ______________________ Mwendwa Kivuva, Nairobi, Kenya "There are some men who lift the age they inhabit, till all men walk on higher ground in that lifetime." - Maxwell Anderson
participants (4)
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Ali Hussein -
meshack -
meshack emakunat
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Mwendwa Kivuva