Topic: Cryptocurrency an Alternative in Resisting Economy Hardship (Read 170 times)

Not only African country people from many southeast countries like Sri Lanka, Pakistan, and Bangladesh are also trying to find a safe shelter from inflation. Since covid till now Pakistan faces hyperinflation, Srilanka is insolvent, and Bangladesh is also on the way to meeting the same consequences.

Southeast Asia is one of the most densely populated places on the earth where most people use technology every day. This region of the world is an ideal place for the mass adoption of cryptocurrency and I can see this is going to happen due to the economic crises in that country. Crypto is already very popular in countries like Vietnam, Thailand, and Indonesia so this new wave of changes also influencing these countries too.

True or false, fake or not, it's a good thing to open the minds of the people who doesn't even have a savings in their bank because they don't trust their own currency. Probably at certain parts of the world where their fiat doesn't have a good value.
That's when a question cloud my mind.
How are they buying? Where?
They could be at the top countries of why Bitcoin is most searched but there's a possibility that it ends there.
Availability will be the barrier on why they cannot invest. Visualize being a merchant accepting less valuable fiat (high risk to fall) in exchange for Bitcoin.

That's true. They have a potential. Majority of videos about troubleshooting a pc and a phone are from them and many other countries are thankful for them because their solutions are easy to understand and works like a charm compared to those videos from other countries. What I only dislike about them is that some knowledgeable people from this country uses their knowledge in bad things like for scamming.

Not just small time but big time. This is why their reputation are also affected and when someone heard Nigeria or Nigerian, the first thing that can come to their mind is those big time scamming which have happened on the past.

I appreciate your question, if we give it a look from the first approach with engaging the use of bitcoin in the economy in relation to that of fiat currency, we could see that the banks can have in possession all your finances with little or no interest on it, they can freeze an account at anytime, but bitcoin has created more opportunities for a rescue way from the financial institutions and government by going decentralized, more opportunities comes in with trading bitcoin and i believe traders can attest to that, there's a great benefits miners derived when they got a reward for solving complex mathematical equations using PoW in which an average talented and skillful person couldn't have been given such an opportunity to exercise his potentials and abilities by banks despite his assets with them, no gain or benefit that comes out from this institutions.

Employment opportunities, when you look at many young adults between the age of 18 to 45 years old, you would discover they were all on the look for an alternative to banking system and government policy, this is what exactly bitcoin has come in with as a solution, privacy, security, trust, reliability, immutability, decentralization all with our finances, Satoshi could have sat down and thought about this all while ago on countless occasions before he successfully introduced bitcoin in 2009, bitcoin cannot be affected by inflation because when you buy bitcoin today and after 2 to 5 years you will never regret buying it, forget about volatility, that remains constant but here there's high tendencies that bitcoin will rise up beyond your purchasing rate when you first set in, here history should speak better.

the exchange market in bitcoin price is what many of our youth take proper cognisance to in making profits, they involve in p2p trading and make their interest aside the long term investment, what has the fiat institutions created in their system, one of the job i will never recommend a person to is a banking job, because they don't last, i use the word cryptocurrency from the topic because we still have some that have made it through with altcoins despite the high risk involved, moreso come to think of it this way, bitcoin has more applications than any for of asset which only has one way use of application, here bitcoin can be traded, investment as assets for store of value, use for making payments, it has no barriers tied to nationale meaning its decentralized unlike other currencies, have you also consider the numbers of industries that uses the blockchain in which is the basis of bitcoin network for their own interest as well just because of it immutability and decentralization unlike the centralized internet storage service providers like google drive, dropbox, etc.

 In addition i strongly believe in this:

You can imagine the market cap in bitcoin and see for yourself how people are taking every single opportunity in bitcoin into effective utilization, what do you think guarantees the CEX in going with their service (butcoin) indeed and that's the bank bone to their existence and they make a reasonable profit on users, though am not recommending them but here we talk about many ways in which bitcoin has help out of economic hardship, and i also agree with the statement from the above user amishmanish as i quoted.

No doubt that Nigerians are nice people and trying to survive is a strong goal for every family and youth. Nigerians are well exposed and intelligent, giving same opportunities they will excel beyond expectations. This is the reason that bitcoin trading and other online businesses isn't strange to the people of Nigeria. We already know some Nigerians at the top echelon of world economy , others are doing well in all angles.

From what I've seen on this forum about Nigeria, I really like this country. I'm sorry that the legislation and policies are unwelcoming there, but I can see that the people are very proactive, hopeful, trying to make Nigeria a much better place, especially with economic innovations. There's this passion that few nations seem to currently possess from my knowledge. Bitcoin can't be a solution to everything, and to poverty specifically. But it can be a part of bigger things that make the economy improve, and with improving economy improves the quality of life of people there.

The things mentioned in your list are a little bit far-fetched.
1.How do you define "financial security". In the crypto world, everyone is supposed to be responsible for his own financial security, but in reality, most of the crypto users simply leave their coins in centralized exchange platforms.
2."Running a balanced economy free from inflation". What do you mean by "balanced economy"? It has been proven that cryptocurrencies cannot guarantee zero inflation. Inflation will always exist. It doesn't matter if it's crypto or fiat.
3.Cryptocurrencies cannot help in reducing the poverty and increasing the GDP. This is more or less BS.
4.The employment opportunities inside the crypto industry aren't that much and they are mostly for programmers and tech savvy people.

I know of several times the Nigerian government has tried to quench the existence of crypto in the country but her youths find means to trade on crypto despite the ban. It's very appalling that the Nigerian government are not in full support of her youths trading on crypto.
The Nigerian economy is marking down daily with outbursts in the price of commodities.
Cryptocurrency has been the means of livelihood for many in the country. Now the crypto market is down many that are dependent on crypto are crying bitterly due to the bearish market.
I just hope that the next government would be in full support of crypto

Yes crypto is an way of resisting hardships. Because in many countries failed governments has led to failure of economy and literally enslavement of people. In such countries the avenues of income are very little. In such scenarios the Bitcoin based economy provide avenues for such people Bitcoin can be a saviour. There are countries where people have made Bitcoin their primary source of income and there are many who have made Bitcoin their second income source

That's not how google rankings work, it has been discussed thousands of times before, here are two answers on how those percentages are calculated, from  another topic, by Rikafip and DdmrDdmr and the answer by google itself:

https://trends.google.com/trends/explore?date=now%207-d&q=Bitcoin

Are you saying that if 100 guys in the country trade 100 Bitcoins and half of them make money the others are going to lose money?
So this trading where everyone makes money and affords everything during these times and nobody but nobody loses anything, this money printing bullet proof wealth generator is not true? Wow, who could have thought!

Seen pictures of Nigerian currencies being thrown away in bulk as if they are just piece of papers so its definitely worth a try for them to switch to the crypto currencies and get synchronised with the worlds rate of trade. I mean who would want to take out bag full of stash and ask shopkeeper to give a chocolate bar in exchange that. Obviously that is heart breaking for them and the Government itself to use their own fiat. Sadly, they can’t bring up the prices against dollar because it would take lot of development in the nation, business establishments, e-commerce going up and what not.

But Nigeria does not seem to be in position to do that. They are in hyper hyperinflation.

The two graphics you presented, while very interesting, have absolutely zero to do with the premise of the thread which is "resisting economy hardship". Bitcoin and all other altcoins are just a method of exchange. They do not magically make your life easy or provide you with a free source of money that can sustain your day to day living. All of the supposed economic benefits are equally applicable towards any currency, they are certainly not unique to cryptocurrency. While it may have some useful purposes in places like Africa, where the banking system is perhaps a bit fragmented and can be hard to access, let's not pretend it is going to bring people a revenue source out of nowhere.

Sure Bitcoin is better than some of the weakest fiat currencies in the world that experience hyperinflation, but on its own Bitcoin is not a good foundation for a country's economy. A currency needs to be stable in order to have a prosperous economy. If a currency jumps up or down by tens of percents every month, it's impossible to do business planning. And there are technical problems like scalability, dependence on Internet connection and electronic devices, no way to return stolen or lost funds, etc.

So, in case of Africa Bitcoin is not a long-term solution, but more of a band-aid.

Can you please explain how will this actually help in fighting with the economic hardship for them? If people will do transactions in bitcoin how will things change? All we will see is that prices of things variating too much on daily basis. Moreover government will have a difficult time paying off it's foreign debts because it'll have to buy bitcoin from its earnings to pay it off. I don't know how will economy get stronger just by this change.

The Nigerian youth are well educated, at least over 70% of the youth population are educated in Nigeria and scattered all over the world and properly informed. The information is not far from the fact that Nigerian youth are well informed about cryptocurrency. The economic hardship is even the more reason that the youth don't need to rely on the government for survival and they have to source their living through the new age of generational technology. We know all that online businesses are thriving not only bitcoin trading or crypto but many other businesses exist online.

I don't know how true the above statement is because Nigeria is currently facing a great economic hardish ranging from a high rate of inflation and bad leadership, unemployment, insecurity and more. it is true some of the youth engage in crypto trading but the majority where about 40% to 50% are uneducated still don't have the slightest clue what crypto is and how it can really help their financial status amidst all the economic hardship they are facng. 

Africa's past history with fiat currency isn't a good one. Zimbabwe dollar hyperinflation is legendary. For all reasons minters of an asset would not want to be known. Africans have had a lot of negative life experience with state issued fiat. Their typical economic situation is one where they search for alternatives.

I suspect a high percentage of africa's population are also unbanked demographics. Their success story with cryptocurrencies trends with claims of 4 billion unbanked in the world.

Crypto doing well in africa could be a double whammy of history conspiring with the unbanked to create a perfect storm of crypto mass adoption. If inflation around the world continues to rise, it is possible we will see an uptrend to these metrics. People will seek alternatives to fiat and inflation. Which could drive them into embracing crypto markets and other alt assets.

Cryptocurrency an Alternative in Resisting Economy Hardship, Nigeria in Africa as a Case Study.

Some months back earlier this year, the word "bitcoin" became the most globally search word on the internet while research also shows that Nigerians have the highest search for bitcoin on Google on another note, it has been said to be the country with the highest bid of Nigerians interested in cryptocurrency on a global scale and yet amidst the restrictions from its government against participating in cryptocurrency related affairs from users of commercial banks and the financial institutions in general, also in 2018 the country Nigeria was rated third in place for bitcoin holders in the world


source

We could see from above table how the country has venture into a number of cryptocurrencies with bitcoin being the highest and altcoin solana which is experiencing difficulty as at the moment from it users coins been hacked from hot wallets, despite the whole conditions of users all over the African countries, bitcoin adoption has increase with a vast numbers of trading rate compare to other cryptocurrencies which the statistics from Sango below explained.



From the above statistics, we could see how the reflection of cryptocurrency participation in the coast of Africa led to sporadic adoption of bitcoin and how it has been use to evade the impact of economy hardship the people could have suffered from the use of fiat backing up with inflation all over, it's of no doubt that cryptocurrency had come in providing the audacity to decentralized economy system in dealing with financial circumstance, the economy in  cryptocurrency activities is fast increasing in Africa (Nigeria) and Middle East according to source: https://agadir-group.com/nigeria-the-uae-are-the-most-cryptocurrency-obsessed-markets/

Areas of Economic Benefits in Cryptocurrency

Financial security
Employment opportunities
Indepency with decentralized network
Secured and reliable digital investment opportunity
Solution to hardship from transaction charges
Running a balanced economy free from inflation
Reduction in poverty rate while increasing GDP
Intercontinental collaboration, friendship and partnership