Topic: Advantages of cryptocurrency in developing countries (Read 177 times)

You can use bitcoin and transact using lightning network, but seems that some countries controling btc transactions and collected a little amount of fee. But In this case I'm very positive that we're going to use a peer to peer transaction, without a 3rd party involve.

Um, sorry to say, but you are totally wrong.

Crypto has yet to benefit the world in general.
The only two significant ones (btc and eth) are still very much minor and not even close to mass adoption.
Everything the blockchain can do to "benefit" developing countries is purely speculative.

Also, crypto, as it stands is a terrible way to send money and do transactions.
Remittance services like western union and moneygram aren't actually that expensive, and coins like btc are very expensive to use.
When volume is high (like last jan) transaction costs were around $20 and took a couple hours to be confirmed.
There are fast and free coins like nano, but there isn't any practical way to use it in your daily life.

As far as corruption goes, blockchain was developed for anonymity.
Just because it is open source doesn't mean that we see everything that is going on.
Yes, we see where things are moved around but the addresses behind them are totally anonymous.
Anonymity is what corrupt officials love the most.

Already developing countries peoples are understand the crypto technology but government is not legalised in most of the countries so many peoples are not ready to invest in crypto investment. But Crypto reputation is day by day increase in the world so one day all the governments are accepting the crypto legalisation. Another problem is Internet is must for the crypto currency so still some remote village peoples are not upgrade in current technology so it take more time in entire legalisation.

I agree. Though there are existing disadvantages in Cryptocurrency.
One example is the risk of getting hack. The crypto industry must find solutions for that, maybe add some security features against malwares carried by hackers. Because of its provided financial privacy, cryptocurrency can obviously be use for different illegal activities such as for buying illegal items like drugs, illegal firearms
Human trafficking, child pornography, money laundering and even exclusive subscription of brutal and inhumane live video clips from the deep web paid from cryptocurrencies.

Indeed that cryptocurrencies are a bridge in making individuals' financial life become stable and limitless. The effect that cryptocurrencies has given on countless individuals are seen through these surging numbers of users increasing daily, hoping to catch up and hoping to acquire even little amount of blessings that bitcoins and cryptocurrency gives unrequited. Although it is not seen, the positive effects of the emergence of cryptocurrencies are aslo justified by the acts of the people engaged in it since they are reallt giving their best efforts just to gain and become stable;they spend their money and time well to be organized and to open up a life supported by the grace of cryptocurrencies.

But I would also like to see how these positive outlooks that we are currently seeing creates negativities around people, currencies, trading, individual, and so much more aspects because it is agreed that cryptocurrency are for the sake of good and it makes good things that satisfy most people. Well then, let us talk about the adverse effect it may bring. Do we have that? Does that exist? Does this benefits bring us to harm's way and blind us of the truth we intend to seek?

It is true that crypto currency has great advantages
But I’m reality, crypto currency is a big disadvantage in developing countries
Because

1. It promotes corruption
2. It encourages money laundering
3. It makes their youth desperate too leading to various scams and hacking we have witnessed in crypto currency today

To my mind, it is better to invest in crypto because soon their prices will increase greatly. In developing countries, soon people will understand that they have many pros and can be used in many spheres

The economy of most countries ensures the stability of its currency and its financial system at the expense of the Gold Reserve Fund, which is difficult to replenish due to the high price of gold. In developing countries, it is better to replace gold with bitcoin, which will be stable and limited in quantitative increase. Due to decentralization and transparency, it will be necessary to fight against bureaucracy and corruption. The economy will grow immediately.

Actually Cryptocurreny is indeed a good development in terms of transaction and in the system of new form of currency that people could used as a foundation on making and learning an investment or to build a way that we could earn out of trading, investment and transactions. People needs to initiate and to find a way we could used to make a good way to look at Bitcoin as a better and more efficient currency in the future.

As you said it brings more advantage and also disadvantages. And it seems that "Third World Countries" is not ready in this "Crypto Revolution" in terms of Technological Infrastructure and Real life Application. Since you include corruption. I think the main cause of corruption is the bureaucracy itself no matter how advance the technology in any countries if the people who run the government is corrupt it will stay corrupt. that's my personal opinion.

We have seen the great advantages cryptocurrency has brought the world. Payment and transaction gas become for easier, faster and more transparent. Cryptocurrency has also tackled the issues of personal information security with just a simple creation of proxy ID you identify is safe from theft and so many other advantages, cryptocurrency has literally improved life's and enhanced day to day transactions.
  Well as we all know the under developed countries are struggling with numerous number of hindrances and obstacles. The standard of living in these place are really poor according to worldbank.org counties like AFGHANISTAN, BENIN, BOLIVIA, BURKINA FASO,BURUNDI,CAMEROON,CENTRAL, just to mention a few are up there in the poor countries list.
  Countries like this are faced with a lot of challenges ranging from corruption, poverty, low standard of living and a general rise in the prices of service and goods resulting in a fall in the value of money.
 
     Crypto roles in tackling most of the problem faced by developing countries

1.    In terms of corruption in developing countries. Government in countries like this has so much made life hell for the citizens by mismanagement of funds, selfishly enriching them self with the nations money and still rigging election to gain power feel the the use of cryptocurrency that are established on smart protocol  can put an end to this menace by being transparent and recorded on a blockchain enabling every citizen to view the way funds are spent and elections are carried out
 
2.  Cryptocurrency can bring about earlier and faster way of sending and receiving transactions.  Well some citizens of developing countries are in other countries trying to create a better life for them and there family at home and they have been faced with the problem of sending money home.  Agencies like western union and money gram has high cost of fee and charges and most times are slow with cryptocurrency all this hindrances will not exit. And transaction made at a very fast pace their by improving standard of living
 And so many other advantages cryptocurrency can bring to developing countries so I think we should spread the word and make the world a better place through cryptocurrency