Topic: Developing countries using bitcoin: Is it possible? (Read 4249 times)

Would be a way to gain some extra income lifting on the ever rising price of the Bitcoin.
We will see, Bitcoin will be used by many people in the future, and that is a good thing!

Couldnt ask for any more explanation after I read this.

Very nice idea but impossible on a worldwide level. Too many countries need something more important than Bitcoin at this moment.

what

All rumors no official statement about this topic.

What countries are included in the developing countries?

I dont hear people talk about bitcoin all the time. I hear the word "dollar" 50x a day.

He who has little faith. So do you prefer it as virtual currency or you want it to be adopted by developing countries as their currency?

1. Most of the people in the poor countries don't know how to use a computer,
so they need to learn to use it. 2. Most of them haven't computers and internet.

So your is a good idea, but it involves a huge amount of money...

Bitcoin isn't limited to developed or undeveloped countries.It's just about the tech knowledge of people certainly.More the people in technical line more they will know about the ongoing trend and quick adopt it.

This is not true. Many countries have adopted the dollar because it is more stable. Most countries in the EU have given up their ability to issue money by adopting the Euro, which is suppose to be more stable then the country's individual currencies.

There are always some people get the reach of technology somehow no matter where in the world you live.The problem is the general people aren'r getting the ease of technology like bitcoin

No country will willingly give up their own sovereign power to issue money. 

Beside, a well manage country do not need to worry their own currency will become worthless one day.

Governments won't embrace bitcoins, because they want to keep controlling the currency used. But citizens will slowly start using bitcoins, no matter what governments say.

Third world countries like Philippines is not yet ready for this. It might be possible for the next 20 years but I couldnt see these guys embracing the bitcoin thought.

Of course, governments just care about themselves, so they steal as much as the population allows them to. Governments don't want to lose control over money, that's why they hate bitcoin.

They can use Blockchain.info to store the Bitcoins. 

Those countries just need more capital goods per capita. Give them some free market medicine and they'll get there soon.

all gov in the world only likes to take taxes from bitcoin.
they dont care about " Bitcoin " itself

The internet now is helping the poor, but at its beginning, it was something used in rich countries by the riches. Same with all major advantages, first helped the rich, then after some time the benefits leak to the poor.

Same with bitcoin, we need to consolidate first among the wealth people, then the benefits can leak to the poor. Once the riches adoption stabilizes, we can reach a stable price and it will be easier to use.

If they knew that poverty will end if they turn to Bitcoin...

https://docs.google.com/spreadsheet/ccc?key=0ArD8rjI3DD1WdFIzNDFMeEhVSzhwcEVXZDVzdVpGU2c#gid=1

Is there anyone here located in Africa who would be interested in helping make this a reality using Infinitecoin? Please reply here or PM me.

The price of bitcoin needs to stabilize in order for it to be a form of currency money

I didn't judge you by your trust history but your arrogant confrontational response to me here, so don't worry.

Ha! Ha! That guy got angry because I did not give him enough sympathy. If you look at his post history you will see he disappeared after that. I help out a lot in the electrum forum and get thanked a lot. Perhaps you should take a closer look at my post history instead of judging me from some fly by night's tantrums.

Actually bitcoin isn't a currency IMO; it's a form of payment system. However, as people adopt the idea of bitcoin as an alternative currency, it's slowly becoming a currency. But most of the people tend to value bitcoin as an investment rather than a currency; most of the people waits for the value to rise and then trade it for fiat to profit. If we want to stay away from using fiat and wants bitcoin to be a replacement to it, we should use it more often and liquidate all of it for its value not to be volatile.

Many people who know what they are doing see that. It is only those who think bitcoin that can become the reserve currency or replace local currency has no clue.

I see that paper wallets can be a thing, but how can one send coins by using only that paper wallet? Let me know if you already found out a solution on that problem. I already stated that the widespread adoption of bitcoin isn't impossible, but just improbable at the time being,

Wow, you've been here a whole year! Clearly you know what you are talking about...
Profiting is one thing. Profiting without contributing anything at all is another.
 Everyone wants money but no one wants to give back any time or money to the system that made them money.
As a result the golden goose is slowly being smothered. Everyone loves open source, as long as some one else pays/works for it.

Side note: I found this in your trust ratings and found it telling...
BTC-e Help Me Please 0: -0 / +0(0)   2013-11-15   0.00000000      "Talks out his ass alot, Unwilling to help anyone but himself."

Well I'm not a noob and we are all here because it's profitable. Unless of course you aren't? In which case you must be some sort of religious person who worships Satoshi.

Anyway remittances are definitely possible with bitcoin. You need a network of agents though. That's how remittances work. Ordinary folk here don't know how to use a computer or the net. They just go to an agent's and he uses a computer and internet connection to process their transaction for them. This way the poor avoid having to deal with the volatility of bitcoin as well. They get the local currency and bitcoin is just a medium for the money transfer.

Bitcoin is designed as a method of transaction, not as a stock to speculate on. Of course everyone wants free easy money with no work, but all you newbs don't seem to get the fact that everyone thinks they are the smartest by doing this and it inevitably results in a weaker market. As a result everyone tries to speculate, contributes nothing to the actual cryptocoin infrastructure, developers are left unsupported, innovation stops, everyone loses. It is time for people to get off their asses and contribute in stead of just waiting for someone else to do the work for you. Cryptocurrency is the most powerful tool humanity has EVER HAD in escaping fiat economic slavery, it is WAY MORE important than personal petty greed.

"Don't bet more than you can afford to lose".

Hence the reason bitcoin should only target high net worth individual for speculation purposes.

I should like to point out that the idea that you buy bitcoin to escape inflation is a little odd. Bitcoin supply is inflating at the rate of 10% per annum at least. We are all just betting that adoption will be even faster. I don't think poor people have the sort of savings buffer that would allow them to make bets like that. It is too risky for them.

The lack of internet access is not such a big deal. Dumb phone usage is already high. Smart phone prices keep falling. We'll get there soon enough.

This is just another example of a circular argument. It won't stabilize until it is used as a currency, and it won't be used as a currency until it stabilizes.

Bitcoin is too volatile to use as a currency.

This will likely (IMO) be how the internet will reach much of the world in the future. This would also be how bitcoin must be used if it will ever be used in day-to-day transactions as many purchases are impulse buys when shopping.

http://www.coindesk.com/brock-pierce-announces-dollar-backed-cryptocurrency-realcoin/

Someone in developing country should come up with something similar. Peg the local currency to something that is perceived to be stable to use on everyday transaction.

Developing countries may not have 100% mobile internet coverage, their voicecall mobile coverage should be adequate for sending and receiving sms text messages. If there is a service where they can send and receive bitcoin using sms text messages, bitcoin can complement their local fiat.

Building a cell network is much less expensive than a copper or fiber optic network. Cell phone use is increasing dramatically in 2nd and 3rd world countries. With a trusted wallet a good portion of the developing world can all ready use bit coin. The biggest issue is educating them about it.

The key is mobile phones. Mobile phones with cellular coverage and internet are more and more common in developing economies and are a lot more simple to use and affordable than home computers. Even without cellular coverage or service it is still a matter of just scanning QR codes until you do have service (of course this implies a certain level of trust with no confirmations). In the Infinitecoin project this is one of the areas we are trying to focus on. As a large cap altcoin, each coin is more numerous and affordable, and there is a new block about every 30 seconds so confirmations are fast. If you want to check it out Infinitecoin has an android mobile wallet in the Google play store. If you send me a PM I will give you a few so you can try it (please no addresses posted here it is against forum rules, and I will not pay anything to them).
https://play.google.com/store/apps/details?id=de.schildbach.wallet.infinitecoin

Ultimately a system that could reach developing economies could make strong independent cells of local barter economies that can still connect with the global economic system with ease. To country's with no banking system to speak of, this is a big opportunity to have access to the world economy.

Its never possible its only virtual currency

Most poor people in developed countries got their spirit overrun by the crisis and political instability, so they just dump whenever money they have, if they manage to get some, and have no savings and no investing. This behavior also explains why they keep poor and government depended, and maybe against decentralized currencies because of that dependence

Even if they have access to computer, I doubt they would invest in bitcoins.

Developing countries are getting more access to things like computers and the internet. Granted the level of access and the quality of service is nowhere near that of what it is like in the US, but access is still growing.

Bitcoin could very well be accepted as a currency of choice for smaller, developing countries as they generally have smaller economies and a very volatile currency.

Problem is, the private key can be copied to empty the bill/note.

Most of the people in the poor countries don't know how to use a computer, so they need to be teach ,your idea is good,but it involves a huge amount of money,help from the local city hols(and most are corrupt and they will see this opportunity to make themselves rich),people who are willing to teach about computers ,internet and how it works, an internet provider......all that is possible if it exist any infrastructure and electricity....

The usage problem that I'm talking about is all about computers and internet. Not all people living in developing countries have access to computers and the internet. Let's say that they have access to it, but they do not own it; how can they store their own bitcoins if they don't have their own computers or even smartphones? By the way, the average pay for a minimum wage worker here in our country is $10 (that is the pay for working in 8 full hours).

I live in a developing nation and have transacted using crytocurrency
Not sure what you think the usage problem is

Many people around the world know about bitcoin, the digital currency. But most of them only knows how this works; they never get the chance to use it or obtain it because of one simple reason: poverty. Most of the people living in a developing country doesn't have access to computer and the internet, which is the medium where bitcoin works. However, because of rapid inflation and skyrocketing prices for goods, people living on these developing countries want to break free from fiat, and use other currency wherein there's no central authority that controls how the currency flows. I, for one, am open to this kind of new idea wherein there's no central authority controls how our currency flows. I see bitcoin as a good alternative for fiat currency, but the medium it works through, which is the internet and computers, is not accessible to all people from all over the world. Because of this, I can't see bitcoin being widely used all around the world. It may be used widely by some developed countries but not those who are still developing. The idea of bitcoin being used as traditional money isn't impossible; it's only improbable at the time being.

Sorry for the mixed ideas that I typed in there. Kindly direct me to some errors that I commit there because I need it for our school discussion about Economics. I am a 4th year High School student that wants to excel in the field of Economics. If you are kind enough to read this, I thank you.