Daily Fintech

For Bitcoin to get mass adoption in Underbanked, it has to be more like M-Pesa

The meme that mass adoption for Bitcoin will happen first in the developing world is spreading fast.

I don’t buy it.

These stories are written by people in the West who are Bitcoin enthusiasts and who are depressed by the lack of mass adoption in the West. So, they grasp at the straw that Bitcoin will be adopted somewhere else that they do not really understand.

The grass is not always greener on the other side.

I think that Bitcoin will find mass adoption in the West quite soon, but that is another story.

The Bitcoin in the developing world meme is connecting two dots:

Bitcoin has one massive advantage over M-Pesa – it is an open platform. M-Pesa only works great in countries where Vodafone is dominant. However in the real world of the Underbanked, M-Pesa has two massive advantages:

I can only see three ways that this can play out:

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