Topic: Crypto can help poor nations a lot (Read 935 times)

I had already written a post here where you can see the difference in salary. There are very big differences and i also think that people can support each other worldwide. It is easy, you can send bitcoin anywhere in the world from now on. An IBAN transaction takes longer. Some people can benefit from countries that are doing well and they can give a little bit. Of course this is a dream, but it is possible in theory, how cool would it be if such a community develops and people help each other. One with bitcoin, the other with emotions of having helped a family, or to defeat a disease.

The invention of blockchain technology is a much broader solution than its perceived solution in the eyes of the inventor: Satoshi Nakamoto.

So, we look at it as a form of currency, and its decentralized features create enablers but we don't see the part where it gets to be further expanded to become a source of job creation for borderless systems and a major means of livelihood.

People now get crypto-related jobs across continents without being known or being present in those locations and their identities are still pseudo-anonymous, only being made known by their portfolios and their wallet addresses or their usernames.

It is therefore pertinent to say that crypto has helped and is still helping a lot of people across the world, whether poor Nations or Nations in affluence.

Among the many things you've said, it's the address of inequality I accepted as crypto is not a respecter of countries and social status, we are the same as before it. But for it to improve the standard of living is not certain and neither is it automatic, it all depends on what you know about crypto, how you accept it and how you manage your way through it to safely make money and even maximize your earnings. Whether you like it or not, it's not all who are investing in cryptocurrency are making it, and as a fact, some are even losing due to poor handling or the high price they bought their asset(s).

I wonder what you will tell those who are poor and are still losing through crypto, how can that help? Crypto investment is an investment, not a super-investment like many of you think, and the earlier people know this, the better. As cryptocurrency gets older, it might become more difficult to profit significantly from it except for those smart investors. I mean those who know when to rightly invest and divest and reinvent later to earn more money.

If care is not taken, more would be lost than earned by most people and I don't see how that will improve the economy of a nation or the standard of living of the people. Had it been that crypto investment is as easy as you make it look, everyone would be rich by now.

Right now its a pain that my leaders "Politicians" can't make use of this crypto to better the country, even if they know the ways and what to do, they will prefer to enrich themselves with crypto rather than helping people, I think the solution isn't crypto but the leaders themselves, if they don't have the best interest of the people in mind crypto will still be useless in such country.

Poor countries also have rich people. According to the vicious circle of poverty, poor countries are poor because they don't have money for savings and investments. They are already poor, so they work and get paid. Afterward, they spend, because their pay is small, and their needs are too much. They spend all their money on consumer goods, nothing to save, nothing to invest. It doesn't just apply to the citizens or individuals in the poor countries, it is mostly like that cause that's what the government themselves do. If they could just save a little, one step at a time, or even burrow, and of course not spend it on only consumer goods, they would have enough to invest. These investments would lead to jobs, productivity, an increase in the standard of living, development of their environment, and so on. It won't be that smooth though, but it's all about breaking their cycle.

Some of these investments can be crypto. Considering, how it is the best asset to hold in the 21st century. So yes, crypto can very much help poor countries, but first of all, they should focus on breaking their cycle of poverty.

We all know that poor nations have poor citizens that have difficulty applying for bank accounts due to missing requirements.  With this issue, poor country have lots of citizen that is not included in the financial circuit/activities in terms of regional or international financial trades.  Bitcoin solves this problem by giving the unbanked an opportunity to have access to global financing.

Bitcoin enables financial inclusion to these individuals and with this more citizens is able to participate in financial trades which in return can improve their lives and help the family to improve their purchasing capability making the trading economy improve.


Not entirely true, although it will give huge improvement if the government itself remove their corruption, but there are tools that can help improve livelihood of a family.  The one I stated above, financial inclusion, help the unbank to participated in e-commerce which in turn can help the country e-commerce industry boom and at the same time can give a family an additional option for profit or earnings.

This article: https://guardian.ng/features/how-does-bitcoin-help-the-poor/ states some of the feature of Bitcoin that can help improve the system of a poor country resulting to lesser corruption and an option to have an hedge against inflation.

No one can help poor countries except themselves. Whether it is Bitcoin, Ethereum, or other cryptocurrencies, it will not have any significant effect on the development of a country, because again, what helps them is themselves and how they can manage their country better with the various resources they have or the right regulations for their society. So don't dream that cryptocurrency can help poor countries because it is just a delusion.

The reason why countries are poor is because the government's economic policies are too weak, do not create jobs and do not help people earn a significant income, the government is corrupt and does not care about citizens' lives...Therefore, to solve the problem of poverty, we need to come up with solutions to thoroughly handle those outstanding problems. Meanwhile, bitcoin is just a currency and a means of payment, it cannot solve the problem as I mentioned. So that's why I don't think bitcoin can help alleviate poverty in a country.

Bitcoin is just a peer-to-peer currency or an investment, we should stop exaggerating it can cure all the problems in this world.

But I want to ask you, where do poor people get the money to invest in bitcoin? If they have money to invest they will not be poor and they can do business or invest in other fields, bitcoin is not the only investment that can generate profits.
What we are talking about is how to improve the poverty of a country and clearly bitcoin or any asset cannot do that. As many people have said above, to escape poverty we need to have a job, have income...and then use that income to create more wealth. Bitcoin does not create jobs or income for people, so how can it solve the problem of poverty or help a country's economy improve?

Furthermore, bitcoin is a financial market, which means you can either make a profit or you will lose money investing in it, there is no guarantee that people will make a profit just by investing in it.

I agree with you that crypto is not a solution for poor countries because what must be considered first is that eradicating corruption in a poor country must be punished and punished as severely as possible, and the assets owned must be confiscated by the state so that there is a deterrent effect and no one wants corruption. Again, allocate taxes according to targets, avoid useless infrastructure development, create jobs for natives, maybe everything I said can reduce the poverty of the country, because from what you can see the things I mentioned are the main factors in poor countries

from experience and a little knowledge about crypto, actually it really helps the community's economy from simple things, being able to make transactions and increase your income from crypto, just a small example, such as participating in buying and selling in each market on a small scale and making a profit.but for now All of this, you must always be careful, there are many fraudsters who do everything they can to make a profit without looking at the sacrifices of old players who are already involved in the crypto world.

That means people would be more open to it, and that means people could benefit when the price goes down as well. I am not saying that it will be overnight, but at the same time considering how fiat goes down, that means we are talking about something that will not be too simple, and can't be done some other way, we have to accept that fiat is gone and bitcoin is far superior.

So if you are a poor nation, trusting your fiat will not help you, whereas trusting bitcoin will. How and Why? Because if you hold that poor nations fiat then it will go down and that will make you poor, whereas if you hold bitcoin then that will go up and it will make you richer. This is why I believe that we are going to end up with something that would benefit the poor nation citizens a lot.

It is also important to say that the country in which the people live must have access to the internet or a bank account. If you cant pay with bitcoin in that country, then you have to trade bitcoin, or Bitcoin is only used as a speculative currency. If you want to help poor people with bitcoin, then countries where people live and salary are higher should give a part of it to help other people. For example in Sansibar the income is 250$ for a year. In Europe, a person can earn that in a month with their second job and pay a person and their family a years salary, imagine that, it is a really great thing. I think bitcoin can help with that, but you also need a person who to give something of his bitcoin away... for help.

That can happen if the country understand the important of cryptocurrency and mostly bitcoin, at first many nation kicked at the existence of bitcoin and also seen Bitcoin as a source of indulging in money laundering, but from my perspective it's few countries that will think that expanding tor extending their economy to cryptocurrency mostly Bitcoin can make them to regain inflation in her country, but they kept criticising bitcoin and it's technology.

Cryptocurrency helps only some individuals, and this is true. But it cannot help entire countries, after all, it is not a panacea for economic problems, inflation and corruption. Officials must solve problems in the state, spend a lot on supporting children and education. Create opportunities for citizens to develop themselves and support their families. And cryptocurrency will help some smart and brave people achieve their goals faster.

El Salvador's biggest problem is crime, and thanks to Nayib Bukele's strong crime suppression and punishment policies, unrest in their country has decreased significantly, which in turn has fueled the recovery of the country. I don't see any impact of bitcoin in suppressing crime, how does bitcoin help them suppress crime?

Being open and innovative is the right thing to do in any economy, but we need to find out exactly what is causing the bad situation in our economy and come up with the right solutions. Your country is in chaos because of crime, you need to find ways to suppress them, your country is still poor, you need solutions that can create more jobs and income for people...Meanwhile, bitcoin is just a currency, it cannot create jobs, cannot bring stable income to people. What impact will its adoption and sole reliance on it have on the situation in your country?

I strongly agree that crypto can help improve one's finances to be better financially, especially in every poor country that definitely has a low local currency, it will be even lower when the economy is not good and added to the inflation. But if you have crypto it will be very different because crypto can also protect the value from inflation and to invest will also get multiple benefits. So by jumping into the world of crypto will help you to get out of poverty, that's true if we really study crypto well.

But overall of course crypto cannot solve the problem of poverty in a country. The point is that knowing crypto really helps someone to get out of poverty, but cryptocurrency cannot completely eliminate poverty in a country. I am one of those who managed to improve my finances after getting to know crypto.

The fight against poverty cannot be fixed with a single-sided effort. It must be a systematic, planned, and applicable effort. Even if the country's resources generate a huge income from cryptocurrency, how that income will be utilized and how the public will benefit from this income is an important issue. An enrichment that the public does not benefit from is no different from personal enrichment.

In fact, the greatest power in the fight against poverty is education. If education is given the necessary importance and this continues systematically for years, opportunities to use many things more beneficially may arise. Crypto is an opportunity for many people, but there must be the financial strength to invest and the necessary research and knowledge.

Even if bitcoin is to be taught to everybody I’m sure you’ll agree with me that it will take extremely long period of time to actuality this and as much as I love bitcoin doesn’t even make me want to drop all load on it and expect it to solve all human problems as a lot of people perceive it to do and as such will shouldn’t add more pressures on bitcoin and blockchain and rather explore it gradually to help better the world.

I agree with you that accessibility is another key factor that should be considered and the only way to make these things applicable then it must fire be made accessible but you’ll also agree with me that none of this activity would actually be easy and in my opinion m, I think people should stop fighting fiat and let’s world in hand with fiat until it gradually gets outdated and by then, the full potential of bitcoin would have been unleashed

Particularly for small firms who typically get the short end of the stick with conventional banks, blockchain technology is revolutionary. Every transaction is tracked on a very safe digital ledger that virtually makes fraud almost impossible. For companies in places where banks are not wanted to set up shop, this is enormous.

And underdeveloped nations? Are they able to even apply this technology? The truth is, even if blockchain could transform the planet, it won't be helpful if people cannot access it. Everybody, regardless of their residence or income level, should be able to participate in this. Teaching individuals how to use digital tools and developing the infrastructure to assist this new technology is therefore essential. It's about empowering people and arming them with the means to succeed, not only about the tech itself