I was just curious to know how will adapting to blockchain technology and bitcoin effect developing countries like India.
I think bitcoin is doing more for developing countries than for developed countries. Because people from developed countries already have a good and stable currency. We don't have one here.
In Latin America we have a big problem with inflation. Our governments think that printing money out of thin air is a good idea to fund social programs.
When a country has inflation like this, there is food shortage, basic personal hygiene items shortage (like toothbrushes, toilet paper).
Everyone just becomes poor. Money is worthless.
That's all basically because an irresponsible government is printing money at will at the benefit of few.
Bitcoin is already protecting people from the government in Venezuela. As electricity is very cheap there, common people are mining bitcoins for living. The ones who are doing this are not the poorest people there, they are like "middle class", but they would be miserable in US standards.
30 dollars is a huge amount of money there.
Anyway, bitcoin and other cryptocurrencies are helping people in undeveloped countries to be a little bit better. To have a little bit more liberty, and a bit more protected from irresponsible government decisions.
Try to imagine your life with 100% inflation per month. Well, we all know how is to live like this in Latin america.
Agree with you,Just because there will be a new opportunities for undeveloped countries to get a new money,Its very important for countries like that to increase money import,which also increases the economical conditions of X country,So this is the simple economical rule,at the same time undeveloped countries need a very good tool to control the balance between imported and exported money.In additional,It gives one more advantage,In particular,Let's take X country with 4 billion budget and at the same time lets get one successful project related to cryptocurrencies(created in this undeveloped country) which may costs 1 billion and just imagine how profitable will this be for this undeveloped country.Anyway the key to success is here and the main factor is how goverments will use it and how people value this opportunities.
