Today in Bitcoin History / @daily_btc_lore:
July 9, 2013 (13 years ago)
Kipochi Launches Bitcoin Wallet with M-Pesa Integration in Kenya
A tiny in-house demo, never meant for the public, leaked to the global press within days. Two weeks later a telecom giant in London quietly ordered it killed. Brief thread... 🧵👇
July 9, 2013 (13 years ago)
Kipochi Launches Bitcoin Wallet with M-Pesa Integration in Kenya
A tiny in-house demo, never meant for the public, leaked to the global press within days. Two weeks later a telecom giant in London quietly ordered it killed. Brief thread... 🧵👇
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 2/10 - M-Pesa was already the most successful mobile money system on earth. Roughly 70 percent of Kenya's adult population used it, and it accounted for close to a third of the country's entire GDP. Any Bitcoin service in Kenya had to reckon with M-Pesa first.
R to @daily_btc_lore: 2/10 - M-Pesa was already the most successful mobile money system on earth. Roughly 70 percent of Kenya's adult population used it, and it accounted for close to a third of the country's entire GDP. Any Bitcoin service in Kenya had to reckon with M-Pesa first.
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 3/10 - Pelle Braendgaard, co-founder of a small wallet startup called Kipochi, moved from Nicaragua to Kenya in May 2013 to build the integration himself. Within a month he had what he called a "ghetto integration" working, limited to a handful of in-house staff.
R to @daily_btc_lore: 3/10 - Pelle Braendgaard, co-founder of a small wallet startup called Kipochi, moved from Nicaragua to Kenya in May 2013 to build the integration himself. Within a month he had what he called a "ghetto integration" working, limited to a handful of in-house staff.
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 5/10 - It leaked anyway. Global outlets picked up the story instantly, and coverage spiraled into claims that a third of Kenyans already had a Bitcoin wallet, a wide exaggeration of a demo built for a handful of staff, as @CoinDesk reported that week:
https://www.coindesk.com/markets/2013/07/09/kipochi-launches-m-pesa-integrated-bitcoin-wallet-in-africa
R to @daily_btc_lore: 5/10 - It leaked anyway. Global outlets picked up the story instantly, and coverage spiraled into claims that a third of Kenyans already had a Bitcoin wallet, a wide exaggeration of a demo built for a handful of staff, as @CoinDesk reported that week:
https://www.coindesk.com/markets/2013/07/09/kipochi-launches-m-pesa-integrated-bitcoin-wallet-in-africa
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 6/10 - What Kipochi had actually built was still notable. Its wallet ran on SMS, USSD and HTML5, meaning it worked on basic feature phones, not just smartphones, a serious design choice in a country where most people did not carry the latest handset.
R to @daily_btc_lore: 6/10 - What Kipochi had actually built was still notable. Its wallet ran on SMS, USSD and HTML5, meaning it worked on basic feature phones, not just smartphones, a serious design choice in a country where most people did not carry the latest handset.
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 8/10 - The order had not come from Kenya. Braendgaard later said sources inside Safaricom told him the instruction came from Vodafone headquarters in London, spooked by the same exaggerated press coverage that had just made Kipochi briefly famous.
R to @daily_btc_lore: 8/10 - The order had not come from Kenya. Braendgaard later said sources inside Safaricom told him the instruction came from Vodafone headquarters in London, spooked by the same exaggerated press coverage that had just made Kipochi briefly famous.
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 9/10 - The irony: Kenya's Central Bank was the calm party in this story. In August 2013 it quietly told Braendgaard it had no objection to Kipochi continuing, as long as it partnered with a regulated institution. The telecom giant, not the regulator, pulled the plug.
R to @daily_btc_lore: 9/10 - The irony: Kenya's Central Bank was the calm party in this story. In August 2013 it quietly told Braendgaard it had no objection to Kipochi continuing, as long as it partnered with a regulated institution. The telecom giant, not the regulator, pulled the plug.
Today in Bitcoin History / @daily_btc_lore:
R to @daily_btc_lore: 10/10 - Kipochi struggled on for roughly another year before closing its Kenya operations. Braendgaard eventually founded Notabene, a company that helps crypto businesses comply with financial regulation, the very force that had ended his first Bitcoin venture.
R to @daily_btc_lore: 10/10 - Kipochi struggled on for roughly another year before closing its Kenya operations. Braendgaard eventually founded Notabene, a company that helps crypto businesses comply with financial regulation, the very force that had ended his first Bitcoin venture.
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