I Hope Impoverished Nations Become A Bitcoin Network

wack slacker

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Quote from: KaliLinux on June 13, 2021, 05:09:22 AM

Quote from: wack slacker on June 12, 2021, 11:41:21 AM

El Salvador uses the dollar as its main currency. They used to have their own coins but now they are no longer in circulation.
https://imperfectplan.com/2020/01/24/the-money-el-salvador-uses-as-currency-usd-dollars/

Venezuela is the country whose national currency has collapsed.

Using Bitcoin as a payment currency benefits them because it is
If their national currency was strong there would be no need for Bitcoin.

Nigeria is a developing country in Africa and its government is concerned that Bitcoin devalues its national currency. Bitcoin is good for the people but overall it is not good for their country when the crypto-related crime is hard to control.

It is interesting to see that you brought up crypto related crime when it came to Nigeria and I am guessing El Salvador is a developed country?

The problem with Nigeria are the continuous Bad Government the country has had. Up till now there are still repatriating loot from previous past government whether it is at the National or state level and non of this loots were taken through cryptocurrencies.

It is the same way you believe that Nigerian government think's Bitcoin will devalue it's national currency that's the same effect Bitcoin will have on the El Salvador currency even though you think they use the same US dollar but this has not helped them in anyway and all the devaluation the the Nigerian Naira has had is not from nothing related to cryptocurrencies.
The thing to understand here is, if the government of a country is willing to take care of their nation like what the El Salvador President as done now, they could be seeing good change to their economy and I hope it works out well for El Salvador.

El Salvador is a poor country and they use dollar currency instead of their national currency. They used to have their own currency but it was replaced in 2003 by the dollar. 70% of the people of El Salvador do not have a bank account. Therefore, the application of payment in Bitcoin is quite suitable. They will not need to develop complicated infrastructure like banks.

Nigeria is a country with the 25th largest economy in the world (as of 2021 according to https://en.wikipedia.org/wiki/Nigeria). They have their own currency and banking systems around the country. The presence of cryptocurrencies will threaten their economic momentum as well as their national currency. There are a lot of fees that they can get if using the national currency so they will take advantage of that instead of Bitcoin.

ropyu1978

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it's a very good idea because you care about other people, you have a very noble heart, bitcoin doesn't promise us wealth but bitcoin can at least make our economy a little bit better, if poor countries want to adopt bitcoin this is a good idea, like el country salvador, tanzania, countries that want to adopt bitcoin will definitely experience many risks and challenges, but if they manage to solve the problems and risks that come, I'm sure they will be able to recover their economy, and can make their finances better...

SaShiRaJaVu

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Quote from: CryptoStar19 on June 13, 2021, 09:54:51 PM

Bitcoin has been a great economic equalizer for all the individuals that have been in the space for many years now. Bitcoin has allowed many an average joe to accumulate life-changing wealth simply by investing in it over the years...

Now we are starting to see countries get into bitcoin and the same thing will play out globally between nation-states: those who are quicker in adopting bitcoin over others will be at an advantage compared to the rest in time. Surely that day is coming when holding bitcoin is part of every national treasury's monetary policy.

It is an added advantage if you are able to enter the market from the beginning as you are bound to make a good profit and if you were that average Joe and invested in Bitcoin then it is possible that you could make a fortune. After all Bitcoin is generally not created to make you rich but to make transaction easier and robust on a global scale at a low transaction charges and hopefully we will reach that position in the future.

CryptoStar19

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Bitcoin has been a great economic equalizer for all the individuals that have been in the space for many years now. Bitcoin has allowed many an average joe to accumulate life-changing wealth simply by investing in it over the years...

Now we are starting to see countries get into bitcoin and the same thing will play out globally between nation-states: those who are quicker in adopting bitcoin over others will be at an advantage compared to the rest in time. Surely that day is coming when holding bitcoin is part of every national treasury's monetary policy.

pixie85

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While El Salvador is the talk of the week I'd like you to also notice how Kazakhstan is becoming a bitcoin mining powerhouse.

Because of disturbance in China many miners have moved to Kazakhstan and the country has become a fourth country with the most bitcoin hash power. In a few months China is going to drop down a couple spots down and Kazakhstan will be third biggest right after USA and Russia.

The industry is changing for the better. China is losing power and small countries are gaining.

mv1986

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Quote from: GlanePito on June 11, 2021, 02:15:25 PM

Growing up, I have always read, heard, and occasionally seen how so many impoverished nations are unable to have the same standard of living and quality of life that I enjoy every day.

Now that places like El Salvador, Venezuela, and Nigeria are on the front lines of full scale Bitcoin adoption, the only feeling I have is hope for them.

How incredible would it be if these countries were able to get themselves back on equal footing and dramatically improve the lives of their citizens?

I’m hoping, and we should make sure we fight hard for them. I’m so far from being an activist, but I’d fashion signage, take to the streets, and vocally show support for them.

Here is to hoping.

Wow, you are a good soul. I am likewise, never forget how beautiful our life is. I just thought while going for a walk that life shouldn't be a zero sum game. My wealth shouldn't be another person's loss. We need to remind ourselves that every human being only has one life.

It feels good to read your words!

dezoel

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I hope so too. But I think you're missing one thing; it's not just about currency. What exactly is Bitcoin going to do for these people? Moreover it's not everyone that can make use of bitcoin, there are still people living that don't have access to the internet, and those who have access to the internet, not all of them are using Bitcoin.

Bitcoin is not like free money that's going to make everyone in those countries rich. They need money to invest in Bitcoin, before they even talk about trading it. Bitcoin is only going to help them have access to transactions, because I know for sure that PayPal is not fully available in Nigeria.

The problem of these countries is BAD GOVERNMENT. We need to help them, their governments and those in the upper class are the ones that are making people suffer. They launder money, their children school abroad, they don't provide basic utilities, no good roads, no light (electricity), no good hospitals, terrorism everywhere, bad Security. So tell me how exactly these people are going to survive with bitcoin? Seriously, the world needs to help these people.

KaliLinux

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Quote from: wack slacker on June 12, 2021, 11:41:21 AM

El Salvador uses the dollar as its main currency. They used to have their own coins but now they are no longer in circulation.
https://imperfectplan.com/2020/01/24/the-money-el-salvador-uses-as-currency-usd-dollars/

Venezuela is the country whose national currency has collapsed.

Using Bitcoin as a payment currency benefits them because it is
If their national currency was strong there would be no need for Bitcoin.

Nigeria is a developing country in Africa and its government is concerned that Bitcoin devalues its national currency. Bitcoin is good for the people but overall it is not good for their country when the crypto-related crime is hard to control.

It is interesting to see that you brought up crypto related crime when it came to Nigeria and I am guessing El Salvador is a developed country?

The problem with Nigeria are the continuous Bad Government the country has had. Up till now there are still repatriating loot from previous past government whether it is at the National or state level and non of this loots were taken through cryptocurrencies.

It is the same way you believe that Nigerian government think's Bitcoin will devalue it's national currency that's the same effect Bitcoin will have on the El Salvador currency even though you think they use the same US dollar but this has not helped them in anyway and all the devaluation the the Nigerian Naira has had is not from nothing related to cryptocurrencies.
The thing to understand here is, if the government of a country is willing to take care of their nation like what the El Salvador President as done now, they could be seeing good change to their economy and I hope it works out well for El Salvador.

DooMAD

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Quote from: TheUltraElite on June 13, 2021, 01:03:08 AM

Quote from: ropyu1978 on June 12, 2021, 06:02:37 AM

I also hope so, because if poor countries become a bitcoin network, slowly their economy will improve, because of the many benefits that can be obtained from bitcoin, poor countries must take steps like el salvador which has legalized bitcoin.

My friend, how to you expect countries where even a flick of electricity is like a heavenly thing to start accepting bitcoin already? I appreciate the fact that they started using bitcoin as legal tender but that does not change the fact that these countries are poor. Bitcoin will not solve the poverty. They need to feed themselves first and for doing that they need fiat as a ground level currency that they can acquire without any electronic device and use without another gizmo.

While that might be true in some cases, it's certainly not applicable to everyone in El Salvador. A valid point was raised in the other topic that around 20% of the nation's economy comprises of remittances sent from abroad. Bitcoin is often a better option for remittances than fiat. So for those citizens who are receiving dollars at the moment, it may be worth investing some of that money into a device to receive BTC (assuming they don't already have a smartphone). Over the long term, it will allow them to keep a greater proportion of the funds being sent, as they won't be relying on third parties. Middlemen like Western Union and TransferWise take a slice of pie.

I don't think anyone is claiming that Bitcoin can help everyone in El Salvador, since that's not realistic. But even if it just helps some people, that's good enough.

Woodie

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Quote from: GlanePito on June 11, 2021, 02:15:25 PM

Growing up, I have always read, heard, and occasionally seen how so many impoverished nations are unable to have the same standard of living and quality of life that I enjoy every day.

Now that places like El Salvador, Venezuela, and Nigeria are on the front lines of full scale Bitcoin adoption, the only feeling I have is hope for them

Has much as this would sound like good news, the beneficiaries will come from developed countries as they will likely setup an office in these places to avoid illegal use of bitcoin from where they come from.

Quote from: GlanePito on June 11, 2021, 02:15:25 PM

How incredible would it be if these countries were able to get themselves back on equal footing and dramatically improve the lives of their citizens?

Nothing is changing tbh because the investments (capital) will come from the very countries you want to compete with and the locals don't seem to have the capital to pump into crypto.

Quote from: GlanePito on June 11, 2021, 02:15:25 PM

I’m hoping, and we should make sure we fight hard for them. I’m so far from being an activist, but I’d fashion signage, take to the streets, and vocally show support for them.

Here is to hoping.

Keep us posted once you start all this.

TribalBob

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Each country has its own vision and mission. where el salvador and veneszuela have made a decision by legalizing bitcoin as a legal tender. with the aim of stabilizing the economy. but the problem here is whether the stability will be evenly distributed?

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: ropyu1978 on June 12, 2021, 06:02:37 AM

I also hope so, because if poor countries become a bitcoin network, slowly their economy will improve, because of the many benefits that can be obtained from bitcoin, poor countries must take steps like el salvador which has legalized bitcoin.

My friend, how to you expect countries where even a flick of electricity is like a heavenly thing to start accepting bitcoin already? I appreciate the fact that they started using bitcoin as legal tender but that does not change the fact that these countries are poor. Bitcoin will not solve the poverty. They need to feed themselves first and for doing that they need fiat as a ground level currency that they can acquire without any electronic device and use without another gizmo.

Point is that these poor communities have been manipulated by certain people of power for their own gains. While this is a bad sign, nobody really understands the situation of those poor people from living elsewhere and only reading a news article.

IMF seems to be going against their decision, how much importance their side carries is important here. These organizations are not there just to make a mockery of themselves and take part in some idiotic "world domination program" - that bullshit is made up by idiots only. There is a certain legal concern here as to how the poor people are being misused here.

fiulpro

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I believe they can really afford to take a chance. I am not so sure about the Nigerian government giving full support regarding Bitcoins but I do know that at the end of the day it would be something which is positive and efficient for the whole society. There is a lot of Corruption and probelms are everywhere for them, therefore if they use Bitcoins correctly! They can take care of this. They can track everything, connect it with people and incase they see any suspicious activity then ofc handle it.
At the same time they can increase the demand, not only local but internationally too because the bitcoin market is honestly very big. They can get a lot more interesting offers if the local businesses starts integrating Bitcoins. It's a whole bag of opportunities they just have to learn to use it in a good way.

terrorJR

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Quote from: Gamerholic on June 11, 2021, 03:51:58 PM

What will happen to countries where the situation looks different? the question is open.

before other countries follow in El Salvador's footsteps, they need to prepare everything that is really ripe to review their policies when they want to make bitcoin a legal tender. at least they could have discussed with the government of El Salvador to have a picture for the time being. We are still trying to see in as much detail as possible how a country we never thought possible like El Salvador made this extraordinary decision first.

bekti3

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this is of course very good because maybe they can change the fate of their country in bitcoin and what is surprising as well as very good news is how elsavador dares to make bitcoin a legal tender and this I think is very good because this way I think it can be a reference for other small countries in stabilizing their economy because even though bitcoin is fluctuating but this is very good when compared to small countries just standing still and stagnating where they are now. at least this is an attraction to make their economy even more stable because basically bitcoin is still a coin that is loved by many people

wack slacker

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El Salvador uses the dollar as its main currency. They used to have their own coins but now they are no longer in circulation.
https://imperfectplan.com/2020/01/24/the-money-el-salvador-uses-as-currency-usd-dollars/

Venezuela is the country whose national currency has collapsed.

Using Bitcoin as a payment currency benefits them because it is free from the domination of the dollar.
If their national currency was strong there would be no need for Bitcoin.

Nigeria is a developing country in Africa and its government is concerned that Bitcoin devalues its national currency. Bitcoin is good for the people but overall it is not good for their country when the crypto-related crime is hard to control.

serjent05

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Quote from: GlanePito on June 11, 2021, 02:15:25 PM

How incredible would it be if these countries were able to get themselves back on equal footing and dramatically improve the lives of their citizens?

Sure Bitcoin is one way to attract a new investor to contribute to a country's development but I do think that this will come down to how the government manages them. How they will provide the best surroundings for these investments to flourish and how they will stop corruption in order for these institutions' taxes to go directly to development. If corruption does not stop, I don't think there is a chance for a country to have an equal footing and for their citizen to have an improved way of living.

verita1

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I also have the hope that this will be the case for countries where their inhabitants are poor, because their rights have been limited, and which also do not have a bank account.
It will be the awakening of many things such as access to education that this technology provides.
In most cases these people do not have access to the internet or a smartphone and that is when governments will try to provide them with these resources.

Just as the country of El Salvador will.

Quote

Satellite infrastructure to be built, helping rural El Salvadorans 🇸🇻 connect to the internet, and thereby #Bitcoin network, in places where land-based connectivity is poor.

@Blockstream plans to contribute their expertise and tech to make the nation a model for the world. 🌎

https://twitter.com/DocumentingBTC/status/1401945700615737348?s=19

baeva

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Quote from: ropyu1978 on June 12, 2021, 06:02:37 AM

I also hope so, because if poor countries become a bitcoin network, slowly their economy will improve, because of the many benefits that can be obtained from bitcoin, poor countries must take steps like el salvador which has legalized bitcoin.

It seems to me that cryptocurrency will not take root in El Salvador. People there have constant civil wars, the country is very poor, so de El Salvador is considered the most gangster country. Do you think this will have a good impact on the reputation of bitcoin?)

Dhoe

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poor countries have a big problem, because the currency is low, making them unable to compete with developed countries, if poor countries have bitcoin networks, chances are their economy will improve, and they can compete with other countries, with bitcoin networks in poor countries, unemployment will decreases, their income can increase, surely they will be recognized by other countries..

Topic: I Hope Impoverished Nations Become A Bitcoin Network (Read 341 times)