Bitcoin Effects on Economically Developing Nations

trickyriky

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Quote from: groll on November 17, 2016, 10:24:55 PM

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question. Wink

I do not think that Bitcoin has a great effect on the developing countries. What can it give to these people? They have not even heard about crypto.

posi

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Quote from: reda on February 07, 2018, 12:42:29 AM

Yeah it good opportunity for the country and country people growth. It avoid the scam. If People will be use people learn more information from market place. It connect the other country people for shre information and get some ideas as for the business improvement. People wil be growth country will be growth. So economy is important of the country growth. If need information for the country growth. You check the country economy. Then you will get information for the country growth.

You're right mate because bitcoin does tremendous effect in terms of economic in the developing nations and this is what was experienced in the Zimbabwe where almost the common people there are into bitcoin now.

reda

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Yeah it good opportunity for the country and country people growth. It avoid the scam. If People will be use people learn more information from market place. It connect the other country people for shre information and get some ideas as for the business improvement. People wil be growth country will be growth. So economy is important of the country growth. If need information for the country growth. You check the country economy. Then you will get information for the country growth.

andrei56

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Quote from: groll on November 17, 2016, 10:24:55 PM

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question. Wink

It can help in certain cases, for example governments in many third world countries are more corrupt and that is why you see greater economic instability in those countries, bitcoin will help people getting away from the bad effects of economic crisis and it may in fact help them to benefit from periods of uncertainty in their home countries since they will be holding a strong currency in those moments.

Regar

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in other perspective i see this decentralized economy would spread the value of money wider and it can benefit the poor country, i hope this decentralizing will resist the corrupt and the greedy MF.

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Quote from: Palodar on November 19, 2016, 03:46:26 AM

bitcoin might help the economy of all developing country if they know to fully use it. Because as you can see about bitcoin, This provide as a fast and reliable of transferring money from one place to another without any personal info requirements. It's inflating price also is the main key why bitcoin is really precious. I think a country that fully embraced BTC will rised and make name on the world

Bitcoin seems to be perfect for developing countries because it is benefeciable for the governments of these countries to be known for the issue of excessive ammounts of fiat currency.Bitcoin helps the poor to escape poverty people will find other alternatives to have a stable income to finance their lives and with bitcoin it will have a good effect

Pintasak

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Quote from: groll on November 17, 2016, 10:24:55 PM

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question. Wink

Bitcoin seems to be perfect for developing poor countries because it is particularly benefeciable for the government of these countries to be known for the issue of excessive ammounts of fiat currency .Bitcoin helps the poor to escape poverty People will find other alternatives to have a stable income to finance their lives and with bitcoin it will have a good effect

btcluisdiki

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Quote from: stronghands4lyfe on January 15, 2018, 02:35:51 PM

It may or may not aid third world countries but it will provide an option for those who are living in countries of hyperinflation as well as times of economic uncertainty. I don't know the exact numbers but I would bet anything that a couple hundred thousand people in Venezuela are using it and that isn't because BTC is cheap to transact in but they have more faith in BTC than they do their own gov't. That goes to show the power Bitcoin can have to help underdeveloped nations.

Bitcoin has a great effect on the economy of the developing countries wherein it improve lives of the residents that participate in the global economy and break away from poverty. Bitcoin has an enormous effect as this can lead to many millions of businesses and huge amounts of new wealth in developing countries because of the cryptocurrency technology.

stronghands4lyfe

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It may or may not aid third world countries but it will provide an option for those who are living in countries of hyperinflation as well as times of economic uncertainty. I don't know the exact numbers but I would bet anything that a couple hundred thousand people in Venezuela are using it and that isn't because BTC is cheap to transact in but they have more faith in BTC than they do their own gov't. That goes to show the power Bitcoin can have to help underdeveloped nations.

bajigur894784

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Quote from: groll on November 17, 2016, 10:24:55 PM

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question. Wink

In today's digital age, in fact, the phenomenon of cryptocurrency can quickly change our whole life forever. Bitcoin and Blockchains stand up to improve the enormous changes to financial services and sound as reasonable money for people in countries that are currently experiencing difficulties due to poor economic conditions. The presence of a digital currency can greatly enhance privacy and achieve financial freedom for everyone around the world.

Nexjr14

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If digital currency (bitcoin) is accepted and recognized as the trade exchange rate of their country. Then bitcoin will have an effect on the economic sector. I believe the country will flourish.

ikydesu

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Quote from: groll on November 17, 2016, 10:24:55 PM

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question. Wink

Yes i can be help, since it unbanked without fees piece for every month, just a low fee for every transaction, easy to use just you need an internet connection, micro transaction and sent worldwide(or even universe, could be).
But the problem i think is how to manage a price fluctuations.

Also there are still have some skeptical perception:
https://www.cryptocoinsnews.com/will-bitcoin-blockchain-build-finance-developing-economies/

ethereumhunter

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if the poor country have an internet connection then bitcoin can help the poor country otherwise bitcoin can not do anything besides just to donate some money to buy needs for the people. because we all know that bitcoin is depend on the internet connection, and if the government is agree with bitcoin but if that country don't have internet connection and its limit on some of the area, i think its difficult to start helping the country and bitcoin will not grow in that country.

but i am agree about bitcoin is giving the benefit for the poor country and the trend now will be affect poor country to start to know and use bitcoin for better economic because bitcoin can lifted their economic especially for the people on that country.

davis196

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Quote from: groll on November 17, 2016, 10:24:55 PM

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question. Wink

I think that bitcoin has no effects over third world countries right now.

Bitcoin might have positive effect if the third world countries dominate btc mining

with their cheap electricity,cheap labor and maybe the ability to create cheap btc mining hardware.

Positid

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Quote from: deisik on November 19, 2016, 06:13:45 AM

Quote from: piloder on November 19, 2016, 12:17:12 AM

As we can see most of the developing nations economy depend largely on remittance from citizens working abroad due to very low chance of getting stable job in their country and in remittance they usually loss more than 10% of total amount which is really painful experience for workers. Government can focus on establishing bitcoin based remittance service where fee will be not more than 1-2% due to no central body like swift transfer to take high fees in middle.

There are a few posts in this thread (before and after the post I quoted) claiming that Bitcoin could help transfer funds to such countries given its low fees. I don't challenge the point that Bitcoin fees themselves are really low. But whoever claims that remitting money with Bitcoin could actually work out should keep in mind two things. First, you should convert the fiat you earned in the country of residence to bitcoins. If you work in Europe or in the US, this is usually not a big problem, though you will still have to pay for just moving your funds to a Bitcoin exchange (a few percent typically) and then pay trading fees (around 0.2 percent). Second, you, or your family, should be able to convert bitcoins you sent back to local currency somehow, and here you will have to pay the same fees all over again, and they may turn out to be rather hefty...

All in all, it may not actually make any sense to use Bitcoin for the remittance of fiat

You have the point there, very nice explanation. If for remittance purpose only you really have to pay but the fees you elaborated and when you compare it to the bank my guess is bank has a cheaper rate but not all countries have banks that you can use to transfer, most of the poor countries they have their the remittance center which charge like 10% of the total remittance.

This sharks are making money from the poor taking advantage their the less competition in the are, or there could be a monopoly.

deisik

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Quote from: piloder on November 19, 2016, 12:17:12 AM

As we can see most of the developing nations economy depend largely on remittance from citizens working abroad due to very low chance of getting stable job in their country and in remittance they usually loss more than 10% of total amount which is really painful experience for workers. Government can focus on establishing bitcoin based remittance service where fee will be not more than 1-2% due to no central body like swift transfer to take high fees in middle.

There are a few posts in this thread (before and after the post I quoted) claiming that Bitcoin could help transfer funds to such countries given its low fees. I don't challenge the point that Bitcoin fees themselves are really low. But whoever claims that remitting money with Bitcoin could actually work out should keep in mind two things. First, you should convert the fiat you earned in the country of residence to bitcoins. If you work in Europe or in the US, this is usually not a big problem, though you will still have to pay for just moving your funds to a Bitcoin exchange (a few percent typically) and then pay trading fees (around 0.2 percent). Second, you, or your family, should be able to convert bitcoins you sent back to local currency somehow, and here you will have to pay the same fees all over again, and they may turn out to be rather hefty...

All in all, it may not actually make any sense to use Bitcoin for the remittance of fiat

Wolfline

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Bitcoin seems like the perfect currency for developing countries, the only potential downsides are it's vulnerability to hacking and it's irreversible nature (which can also be a positive). It strips out many fees associated with banks or payment transfer systems like Western Union. It could potentially be stopped by governments if they make it hard to exchange into a local currency but people can be surprisingly creative when it comes to obstacles like that. I fear however that low tech governments would want to block it when they are scared off it by established payment processors who want to prevent competition.

clickerz

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Bitcoin can really help the Economy of any developing nations in the form of remittances. Mostly there are skillful person on developing nations, so the became freelancers looking for projects anywhere around the world. Most of the payment before are through paypal etc bt now, with the advent of bitcoin, it is not being used and utilized.

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In developing countries Bitcoin is mostly unknown and this is actually a problem. In my Post-Soviet country an average salary fo a full-time job is around 150$. Working on this forum for a Signature campaign you can earn around 100$ for a job a lot easier and taking less time. Thus, Bitcoin is a huge help for such countries but mostly it is a potential help, because many people aren't aware of it.

Palodar

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bitcoin might help the economy of all developing country if they know to fully use it. Because as you can see about bitcoin, This provide as a fast and reliable of transferring money from one place to another without any personal info requirements. It's inflating price also is the main key why bitcoin is really precious. I think a country that fully embraced BTC will rised and make name on the world

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Quote from: Yuuto on November 19, 2016, 01:04:02 AM

Quote from: groll on November 17, 2016, 10:24:55 PM

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question. Wink

I think that bitcoin definitely has the potential to bring a banking device to the unbanked peoples in underdeveloped countries in the third world. These people have no way to ensure that their savings are not being over-inflated by their governments, nor can they invest their funds anywhere. Bitcoin i think, is the perfect solution to this unbanking crisis in third world countries.

That's actually the essence of using bitcoin, we do not need bank to do banking. We just need blockchain to transact, with bitcoin as the system use for online fun transfer it will not make the bank lose it's income but will only minimize their income and maximize the savings of the people.

Yuuto

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Quote from: groll on November 17, 2016, 10:24:55 PM

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question. Wink

I think that bitcoin definitely has the potential to bring a banking device to the unbanked peoples in underdeveloped countries in the third world. These people have no way to ensure that their savings are not being over-inflated by their governments, nor can they invest their funds anywhere. Bitcoin i think, is the perfect solution to this unbanking crisis in third world countries.

xdrpx

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For economically developing nations, there could be large number of remittances from abroad that could be easily handled with the help of Bitcoins because of the lower fees. Lets take the case of India where majority of the NRI's remit money to their parents and families in India from abroad and usually prefer to do so using wire transfers from Western Union or similar such mediums and the cost of remittance using such services is on the higher side, Bitcoins could easily help resolve this problem. The people living abroad could remit the money and the receiving family member can benefit by selling their Bitcoins at a higher price on the Indian exchange cause usually there's 5-10% higher rate than the US exchanges. The fees are low as well.

Aamir1

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Quote from: groll on November 17, 2016, 10:24:55 PM

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question. Wink

Not sure if it can be beneficial for third-world country itself or not but it probably can be beneficial for the people living in that country if they come to know about it and they can earn or use it like you are doing, you should ask yourself as you said you are from a country like that, isn't it helping you in a financial way in your life?

Nahl

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people are often discusses this repeatedly and because limited opportunity to work for people who come from third countries making people will find other alternatives to get steady income to finance their lives and with bitcoin they could able to get that and indirectly unemployment will wane so automatically welfare of the people will be better i think that would have good effect for Developing Nations but unfortunately bitcoin only could help people who become bitcoin users not other else

piloder

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As we can see most of the developing nations economy depend largely on remittance from citizens working abroad due to very low chance of getting stable job in their country and in remittance they usually loss more than 10% of total amount which is really painful experience for workers. Government can focus on establishing bitcoin based remittance service where fee will be not more than 1-2% due to no central body like swift transfer to take high fees in middle.

Yakamoto

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Quote from: groll on November 17, 2016, 10:24:55 PM

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question. Wink

Probably helps poorer people get more money for them and increases their standard of living, but a lot of what comes out of Bitcoin is individual wealth and less of it goes towards the national economy of economic health. It all comes down to the spending habits of the individual and what they end up doing with the money.

More money entering the economy is good, but it all comes down to the individual.

neochiny

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Main things I can see are:
1. Low-cost remittances especially since most developing countries have plenty of overseas workers.
2. The unbanked. A recourse for people who does not/can not meet the requirements set by
traditional financial institutions.
3. An opportunity for individuals and small-scale business to transact/deal internationally without
having to go through banks/financial institutions.

I'm sure there are a lot more.

Offtopic:
I really find the term "third world" extremely offensive.
It is no longer the Cold War (half a century ago). Which was when terms like that were coined.
First World - U.S. , Western Europe, and their Allies
Second World - The Soviet Union, China, Cuba, and friends.
Third World - the remaining nations, which aligned with neither group and most were former
colonies

Quote

This 1-2-3 classification is now out of date, insulting and confusing. Who is to say which part of the world is "first"? And how can an affluent country like Saudi Arabia, neither Western nor communist, be part of the Third World? Plus, the Soviet Union doesn't even exist anymore.

http://www.npr.org/sections/goatsandsoda/2015/01/04/372684438/if-you-shouldnt-call-it-the-third-world-what-should-you-call-it

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Quote from: groll on November 17, 2016, 10:24:55 PM

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question. Wink

I think it is exactly the developing countries that Bitcoin is particularly beneficial for (wouldn't call them third-world countries, though). The governments of these countries are known to issue excessive amounts of fiat currency thereby mercilessly exploiting their population (so-called inflation tax, if anyone is interested), and Bitcoin helps these poor fellas escape this kind of modern slavery. If more and more people run into Bitcoin, the government may have to rethink their operation toward more competent economic policies and decisions...

Something like that currently happens in China

eternalgloom

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If you saw the thread about the higher Bitcoin price in India in the main section of the forum, then it's already proof that Bitcoin can have an effect on developing nations.

Just as long as the people have access to the internet, they will use Bitcoin if they have any issues with their national currency.

Fortify

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Bitcoin seems like the perfect currency for developing countries, the only potential downsides are it's vulnerability to hacking and it's irreversible nature (which can also be a positive). It strips out many fees associated with banks or payment transfer systems like Western Union. It could potentially be stopped by governments if they make it hard to exchange into a local currency but people can be surprisingly creative when it comes to obstacles like that. I fear however that low tech governments would want to block it when they are scared off it by established payment processors who want to prevent competition.

clickerz

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Quote from: goldcoinminer on November 18, 2016, 01:07:18 AM

IMO, it is about time the government should support bitcoin in the remittance sector, we know that with the support of the government, partnership with banks and other remittance is possible, in such way we can lessen the fee for our remittances.

What worries me in the Developing nations are the politicians are corrupt and they protect the interest of the big businesses and we cannot compete bitcoin under than unfair treatment.

Remmitance sector is the one that can really harness or can highly benefits this. Charges can be lowered,fast with several confirmations only, and transaparent as you can cehck on blockchain and the most important removeing the third party or middlemen.

olubams

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Quote from: groll on November 17, 2016, 10:24:55 PM

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question. Wink

There is definitely a part Bitcoin plays in development of the economy even from a developing country myself but the part I see it is that its more on the individual part than the country in the sense that I as an individual can earn Bitcoin or trade one to make more to exchange thereby increasing my income after converting to FIAT by this then I get to increase my purchasing power of what I couldnt have gotten initially which in effect, give me a positive outcome but not on the larger scale of the whole economy...

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Quote from: groll on November 17, 2016, 10:24:55 PM

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question. Wink

woah bitcoin is becoming one of the things that has a good benefits. im from third world country also and i could say that bitcoin change the track of my life. right now bitcoin has grow again. I was so happy that i've invested in bitcoin so my money has grow more even im not doing anything. when i get some savings im gonna try to put the half of it on a gambling sites bank roll .

amacar2

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There are few ways in which developing countries can take benefits with use of bitcoin.

a. Bitcoin need support from government level and they have to establish or support the setup of mining farms by both government or private sector
b. They can promote use of bitcoin for remittance inside and outside of their country
c. Government can also keep some bitcoin vault to be in safer side when market goes down or when there is uncertainty in world forex market.

ArdiPrabowo

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i think is not big effect to some country in bitcoin
except this user bitcoin is very big and understand about bitcoin, is case this china
user bitcoin in there is very big, and china exchanger is very dominate in volume transaction bitcoin
so in china bitcoin is big effect on economic

BitcoinPanther

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We all know that pioneers benefits the most in any industry. So If a developing country support bitcoin transactions, they will be the pioneer country that supports bitcoin and mostly bitcoin trades will boom in this country. Just see the scenario of all bitcoin users around the globe purchasing items in your country, this will have a chain effect in their economy. This will boost economic stability since merchants of that country will prosper, demands needs an increase in supply, thus creating jobs for every citizen of that country and so on down to the every needs of every family being met.

Kakmakr

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Yes, It can influence you in a big way, IF it was allowed by your government. This technology opens up global markets for poor people. The cheap micro payments makes it possible for people to send $1 to someone in poor countries, and they would still get the lion's share of that money. Try sending $1 to someone in another country through traditional remittance services and see how much you have left, after fees have been deducted.

Charity organizations can now effectively use Bitcoin for crowd funding, because the receiver gets almost the full donation.

goldcoinminer

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IMO, it is about time the government should support bitcoin in the remittance sector, we know that with the support of the government, partnership with banks and other remittance is possible, in such way we can lessen the fee for our remittances.

What worries me in the Developing nations are the politicians are corrupt and they protect the interest of the big businesses and we cannot compete bitcoin under than unfair treatment.

groll

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Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question. Wink

Topic: Bitcoin Effects on Economically Developing Nations (Read 1301 times)