Topic: Bitcoin to 3rd world countries - page 2. (Read 548 times)
Look what the 3rd world nations have done to Bitcoin. The government action in India was primarily responsible for the dip in the exchange rates, from $12,000 per coin to around $7,000 per coin. And this is happening despite good news from the first world nations such as Japan and the United States.
First of all 3rd world countries are the countries which cannot provide proper facilities like internet and stuff. So people using bitcoin in such countries can be a very remote possibility. I don't think bitcoin can reach them or anyway, bitcoin can help boost their growth and development and above that many countries have started to put a stop on BTC which will cause thi]ese nations to back away from bitcoins.
Government of third world countries are not open minded to blockchain technology.
Imagine how many people blockchain technology could easily lift out of poverty if only
the these third world Government embrace Blockchain technology. God will help us all.
Imagine how many people blockchain technology could easily lift out of poverty if only
the these third world Government embrace Blockchain technology. God will help us all.
What do you think is the future of bitcoin to these kind of countries which is the poor ones ?
Is bitcoin can be useful for the citizens ?
What would be the government's approach to this kind of currency?
If you had asked this question before this dip,my answer would had been different as then all things were going good and the approach of government would had been different but right now the situation is very uncertain and not in favor of bitcoin.Many powerful governments are against it and I don't think governments of poor countries will take such big risk of going against these powerful nations.If i speak of advantages of bitcoin to the citizen of poor country,i don't think there would be any advantage as this will make rich more rich and poor more poor.Poor will not have basic internet facility and they can't cash in these opportunity while rich will have all the facility and with that they will become more rich. Is bitcoin can be useful for the citizens ?
What would be the government's approach to this kind of currency?
What do you think is the future of bitcoin to these kind of countries which is the poor ones ?
Is bitcoin can be useful for the citizens ?
What would be the government's approach to this kind of currency?
Is bitcoin can be useful for the citizens ?
What would be the government's approach to this kind of currency?
As a citizen to a third world country, I personally think that the future of bitcoin in our country is somehow good. And yes, bitcoin is useful for the citizens in our country. Like me, a bitcoiner who is also currently a student, it helps me to have a little extra money, and when the year passed by, maybe my rank gets higher and have more bitcoin. As the government's approach, that's why my answer in your first question is "somehow good" is because our country is PLANNING to legalize bitcoin. And also, make them as an alternative method of payment. But, as of now, there is no assurance that they will legalize btc. So, let's hope for the better.
It's too early to talk about third world countries. Not all developed countries are ready to accept cryptocurrency as the official currency. This is a long and painful process. It will be very interesting to observe the development of this sphere.
There's really no benefit in having an official cryptocurrency for a country, regular digital money works much better in that setting anyway. But it's true that in most places cash still is the king, so we still have a very long way to go in order to have even digital money accepted everywhere.
I beg to disagree.
While you may be correct that most third-world countries have insufficiency of internet access and a less-developed technology compared to first world countries, people would exercise all the means in order to alleviate themselves from poverty. This is true to most cases in third-world countries, including India, Philippines, etc. Most people that I know from those countries are knowledgeable about the cryptocurrency world and they share it among their friends. They even hold free corporate meetings and events just to spread the good faith of earning additional income.
For some countries in which very strong inflation, for example, Venezuela or Zimbabwe, bitcoin is a good way to save
their funds and protect them from depreciation.
their funds and protect them from depreciation.
I think that for this emerging market countries bitcoin has a lot of additional value, because it not only acts as a store of value but also enable users to hedge out some of the political risk in their national currency
The problem with some third-world countries is the underdeveloped technological standards which hinders them from accessing through the internet or having a working computer to begin with. Some third-world countries also follow the barter system of payment and that is why I believe that bitcoin is not for every country YET. Maybe in the future once we develop and advance through globalization, these countries would not be left-out.
The government is not going to allow it in 3rd world countries. We are fortunate, or at least most of us on this forum are fortunate to live in countries where this is possible. Look at Venezuela. You really think the government putting out a cryptocurrency would help the people? Absolutely not. It's the sad truth
In third world countries like ours, Bitcoin has been a great help for people, regardless of your status in life, if your graduate or not, you can earn bitcoins and your choice if you want to invest or cash it out. Ordinary people and the powerful/wealthy ones have an equal chance of earning a living or just simply investing in Bitcoin. It has been an avenue where in they can have a better chance of financial freedom.
These are things that really make bitcoin adorable by people all over the world. This is a relief especially for the lower and middle class. These people who are at present engaged with bitcoin are not all from poor class, nor from rich rather there are mixed users of bitcoin. Bitcoin has been providing equal chances to everyone for making profits with it and living a lavish life since its creation. Poor people are much relieved.
For some countries in which very strong inflation, for example, Venezuela or Zimbabwe, bitcoin is a good way to save
their funds and protect them from depreciation.
their funds and protect them from depreciation.
But in that case, Bitcoin can pose a great deal of competition to the national currency (I am not even sure whether Zimbabwe is having one), and the authorities will crack down on its usage sooner or later.
What do you think is the future of bitcoin to these kind of countries which is the poor ones ?
Is bitcoin can be useful for the citizens ?
What would be the government's approach to this kind of currency?
Is bitcoin can be useful for the citizens ?
What would be the government's approach to this kind of currency?
I doubt very much that Bitcoin as well as the other cryptocurrencies will be used in these countries (at least in the nearest 8-10 years). People there care about simple money that is cash. For them even 10 dollars is a very large sum.
For some countries in which very strong inflation, for example, Venezuela or Zimbabwe, bitcoin is a good way to save
their funds and protect them from depreciation.
their funds and protect them from depreciation.
I think that for this emerging market countries bitcoin has a lot of additional value, because it not only acts as a store of value but also enable users to hedge out some of the political risk in their national currency
For some countries in which very strong inflation, for example, Venezuela or Zimbabwe, bitcoin is a good way to save
their funds and protect them from depreciation.
their funds and protect them from depreciation.
What do you think is the future of bitcoin to these kind of countries which is the poor ones ?
Is bitcoin can be useful for the citizens ?
What would be the government's approach to this kind of currency?
In my opinion bitcoin will be a lot useful to that kind of country but that does not mean that all people living on that country are poor, example would be our country which is Philippines, Ph is underdeveloped country but there are wealthy people here and lots of investors. Person who will be having this coin is the higher class ones , than the poor because bitcoin has a high value some cant get ride the flow and only some will can. Is bitcoin can be useful for the citizens ?
What would be the government's approach to this kind of currency?
Bitcoin and the Blockchain is already helping 3rd world countries by creating remote jobs, these people also get the right to be treated equally by the blockchain jus at a first world country citizen in case of investment and gaining from the world market.
It would be a very bad idea for people in those countries to get involved in Bitcoin. They have only a very little money as it is and they should not lose the little money they have. It would be really irresponsible to promote Bitcoin in those countries as some kind of get rich scheme. Because a few people might get rich but others will lose all their money.
I do not believe that the benefits of bitcoin goes to a particular region of the globe nor its diaadvantages , to another part of the globe. Rather, what I see is a whole lot of opportunities being granted to humanity by bitcoin and the blockchain technology.
The view that the disadvantages are more to the so called 'third' world countries are mere falacy because the industrialized nations are still encumbered by some of those misgivings of bitcoin. Moreover, it is not every individual in the industrialized nations that are into the business of bitcoin nor have anything to do with it. Some have also seen it as a bubble waiting to bust in the faces of adopters. So , we see is not just a thing of disadvantage to the 'third world'.
On the other side, to say that the industrialized nations are also beneficiaries of the bitcoin is felt in the exchanging value of bitcoin to their fiat . The point is, bitcoin earnings also support to argument their financial challenges which they wouldn't have been able to undertake if and where the exchanging rate of bitcoin were to be lower than their local fiat.
Consequently, whichever side of the coin, bitcoin is also making financial gains to every part of the globe.
The view that the disadvantages are more to the so called 'third' world countries are mere falacy because the industrialized nations are still encumbered by some of those misgivings of bitcoin. Moreover, it is not every individual in the industrialized nations that are into the business of bitcoin nor have anything to do with it. Some have also seen it as a bubble waiting to bust in the faces of adopters. So , we see is not just a thing of disadvantage to the 'third world'.
On the other side, to say that the industrialized nations are also beneficiaries of the bitcoin is felt in the exchanging value of bitcoin to their fiat . The point is, bitcoin earnings also support to argument their financial challenges which they wouldn't have been able to undertake if and where the exchanging rate of bitcoin were to be lower than their local fiat.
Consequently, whichever side of the coin, bitcoin is also making financial gains to every part of the globe.
My friend, if you research you will at least understand that Bitcoin and blockchain encryption technology has a greater ability to bring more of the world's population out of poverty than anything we've seen in the last decade. The ones who have not ventured in the world of crypto is because of the problem is the infrastructure and education delivered to them. Since, Bitcoin is “beyond borders” it will be as useful to every citizen, at least help in improving their living standards, indifferent from the country they belong to. Hence, the effectiveness of the technology will be as useful to the citizens of the 3rd world countries as it will be in the 1st world countries. We are also observing more of the middle and upper classes to be involved in mining and investing in their cryptos. Finally, since the economy of a country is primarily based on “centralization” of their currency, the governments will always be against the cryptos, since their foundation is based on “de-centralization”.
We are not in 3rd world countrie? Encrypting the world of money has become a unique country of the world that changes the environment in which we live, changes our world, makes us more different than ordinary people, and has equal opportunities with the rich.
In third world countries like ours, Bitcoin has been a great help for people, regardless of your status in life, if your graduate or not, you can earn bitcoins and your choice if you want to invest or cash it out. Ordinary people and the powerful/wealthy ones have an equal chance of earning a living or just simply investing in Bitcoin. It has been an avenue where in they can have a better chance of financial freedom.
What do you think is the future of bitcoin to these kind of countries which is the poor ones ?
Is bitcoin can be useful for the citizens ?
What would be the government's approach to this kind of currency?
Compared to develop the countries, bitcoin must be a blessing for the people who are not having stable economy. Many African country people are forced to use US dollar as they are local currency is getting inflated enormously which is leading into decreasing of their currency's buying power. When they will be using bitcoin, they can be sure about their hard work will not reduce overnight so that they can buy for the money they are actually owning.Is bitcoin can be useful for the citizens ?
What would be the government's approach to this kind of currency?
Bitcoin must be useful for all the country people at the same time we cannot expect the governments to support bitcoins. We need to plan up based on the regulations where we are living also making use of the most of bitcoin is purely depending on our knowledge about how we spend/save bitcoin within our country and its situation.
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