One of the biggest problem Now with currencies - page 2.

Harriti

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That is also the reason why there are many countries in Africa participating in the crypto market. Only in Africa is the fertile ground for the crypto market, where there are many countries with very low value for money.
But in my opinion, that's not enough. For a strong financial market, it is necessary to have the presence of 6 continents in the world, not just Africa. The crypto market needs legitimate altcoins and can cater to the needs of many countries, then our crypto market becomes more valuable.
then the crypto market becomes the official financial market, then the volume is high and we will be the winners. Wink

J.Amador

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I do not know in your country, maybe they do not want your money spread in other country or maybe they want your money to be worth it in your country not in other country.

palle11

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Quote from: BrewMaster on October 08, 2020, 01:54:57 PM

currencies will always have value unless that country is wiped from the face of the earth! otherwise as long as it exists they will have a fiat currency and it will have A value. that value may not be as high as other currencies in the world but you still can exchange it with other currencies and for goods as millions of people in those countries are doing day to day.

Yes take example with the Zimbabwe dollar , despite the level of being devalued as it is said but the country is still making the use of it and also making there little international transaction and exchange. A country must have there own local currency to trade and exchange for things.

fiulpro

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I believe the country you are talking about does have serious issues but at the same time I believe :

In the future they would improve their situation for sure.

If a country is dealing with poverty at this level , they do for sure needs a lot of work, support and at the same time they need good governance. Until and unless the government and the people work together to eradicate this from their country I believe they still would have this problem in the near future.

There are other countries like you mentioned where one person from each family has to go to work abroad since the country's own value is very low. Plus there the prices of something as simple as *toilet paper are like half the salary they pay to their workers , it was a pretty amazing documentary , I would try and link it down below if I find it again.

But I believe the country needs:
Education
Good governance
Time
Support

stompix

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Quote from: sunsilk on October 07, 2020, 04:59:49 PM

What's that country?

Well, seeing who the OP is, I assume he is talking about Kekistan
Again, the whole thing is pretty stupid even if we talk about Kyrgyzstan, their currency has only lost 50% against the USD in the last 20 years, and it's actually on par with the value in 2016, so you can't claim it's worthless.

Quote from: teosanru on October 08, 2020, 04:50:06 PM

You are not getting the point just because a currency is pegged stronger to other doesn't means it is more valuable. The Kuwaiti Dinar is the highest valued currency yet the economy of Kuwait is far behind many.

Far behind? They have a GDP per capita on par with Spain, is Spain also far behind others? In terms of GDP PPP they are even matching Switzerland.

Quote from: teosanru on October 08, 2020, 04:35:26 PM

I think first of all you are talking about Kyrgyzstan. Well it has a well defined currency Pegged at 80 Som to 1 USD. What makes you say it's a worthless currency?

The som is not pegged to the USD, where did you get that information?

Swopon

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Quote from: Polo7 on October 07, 2020, 04:42:54 PM

The third world countries such us kyrksitan is that the currencies has no value.
So You Can't Even Exchange them to other currencies... What They do about it?

Its Not spoken problem much but its a problem

Third world countries are mostly known for their many problems like unemployment, lack or education system, not well communication system and so on. Mainly indicates the problems and issues. This type of problem is rare because I am also from third world country but in here I can exchange cryptocurrency to local money.

samcrypto

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Quote from: BrewMaster on October 08, 2020, 01:54:57 PM

currencies will always have value unless that country is wiped from the face of the earth! otherwise as long as it exists they will have a fiat currency and it will have A value. that value may not be as high as other currencies in the world but you still can exchange it with other currencies and for goods as millions of people in those countries are doing day to day.

Countries who are experiencing hyperinflation can’t exchange their currency as easy as that since the value of their currency is too small and maybe no one wants to exchange that currency into something valuable. OP has to find a way to exchange their currency even if it took many transactions, that’s the only way for them so they can still invest in other market and with bitcoin. Cryptocurrency can’t help them without the help of their government, if they adopt cryptocurrency then it can be a good start.

teosanru

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Quote from: Polo7 on October 08, 2020, 04:38:55 PM

Quote from: teosanru on October 08, 2020, 04:35:26 PM

Quote from: Polo7 on October 07, 2020, 04:42:54 PM

The third world countries such us kyrksitan is that the currencies has no value.
So You Can't Even Exchange them to other currencies... What They do about it?

Its Not spoken problem much but its a problem

I think first of all you are talking about Kyrgyzstan. Well it has a well defined currency Pegged at 80 Som to 1 USD. What makes you say it's a worthless currency?

Quote from: Polo7 on October 07, 2020, 08:39:53 PM

Quote from: jackg on October 07, 2020, 05:08:11 PM

What are you currently using to trade if the currency doesn't have an international rate, can you still use it?

How much is food for example on average per person per month (or how much is a kilo of sugar, flour, potatoes (or equivelant)... Etc?

What's the priblem with not being able to convert? Does no one sell usd for it?

But who will want worthless currencies?
Actually nobody!

You don't see a world's currency value with respect to other currencies but you see it in respect to the purchasing power parity of that country. If we go by what you say 1 USD = 42000 Iranian Rial but does that makes their currency worthless? No it doesn't because the price level of the economy is adjusted accordingly and 42000 Rial would buy you pretty much the similar things that you could buy using 1 USD. You are comparing 1 ADA to 1 BTC and saying ADA is worthless. Which doesn't makes sense.

I compare with usd and eur world strongest currencies and most trusted currencies.

You are not getting the point just because a currency is pegged stronger to other doesn't means it is more valuable. The Kuwaiti Dinar is the highest valued currency yet the economy of Kuwait is far behind many. Think of it like this two companies start business with $1000 capital each. One company issues 100 shares of $10 each while the other issues 1000 shares of $1 each. Now how can you compare both companies by saying the $10 company is more powerful? Similarly in case of currencies the shares are the total money in circulation which means the value of single unit is low yet a person has full purchasing power because he has adjusted higher units of that currency. Many countries even slash the zero at the last to correct this thing you are talking about.

Polo7

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Quote from: teosanru on October 08, 2020, 04:35:26 PM

Quote from: Polo7 on October 07, 2020, 04:42:54 PM

The third world countries such us kyrksitan is that the currencies has no value.
So You Can't Even Exchange them to other currencies... What They do about it?

Its Not spoken problem much but its a problem

I think first of all you are talking about Kyrgyzstan. Well it has a well defined currency Pegged at 80 Som to 1 USD. What makes you say it's a worthless currency?

Quote from: Polo7 on October 07, 2020, 08:39:53 PM

Quote from: jackg on October 07, 2020, 05:08:11 PM

What are you currently using to trade if the currency doesn't have an international rate, can you still use it?

How much is food for example on average per person per month (or how much is a kilo of sugar, flour, potatoes (or equivelant)... Etc?

What's the priblem with not being able to convert? Does no one sell usd for it?

But who will want worthless currencies?
Actually nobody!

You don't see a world's currency value with respect to other currencies but you see it in respect to the purchasing power parity of that country. If we go by what you say 1 USD = 42000 Iranian Rial but does that makes their currency worthless? No it doesn't because the price level of the economy is adjusted accordingly and 42000 Rial would buy you pretty much the similar things that you could buy using 1 USD. You are comparing 1 ADA to 1 BTC and saying ADA is worthless. Which doesn't makes sense.

I compare with usd and eur world strongest currencies and most trusted currencies.

teosanru

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Quote from: Polo7 on October 07, 2020, 04:42:54 PM

The third world countries such us kyrksitan is that the currencies has no value.
So You Can't Even Exchange them to other currencies... What They do about it?

Its Not spoken problem much but its a problem

I think first of all you are talking about Kyrgyzstan. Well it has a well defined currency Pegged at 80 Som to 1 USD. What makes you say it's a worthless currency?

Quote from: Polo7 on October 07, 2020, 08:39:53 PM

Quote from: jackg on October 07, 2020, 05:08:11 PM

What are you currently using to trade if the currency doesn't have an international rate, can you still use it?

How much is food for example on average per person per month (or how much is a kilo of sugar, flour, potatoes (or equivelant)... Etc?

What's the priblem with not being able to convert? Does no one sell usd for it?

But who will want worthless currencies?
Actually nobody!

You don't see a world's currency value with respect to other currencies but you see it in respect to the purchasing power parity of that country. If we go by what you say 1 USD = 42000 Iranian Rial but does that makes their currency worthless? No it doesn't because the price level of the economy is adjusted accordingly and 42000 Rial would buy you pretty much the similar things that you could buy using 1 USD. You are comparing 1 ADA to 1 BTC and saying ADA is worthless. Which doesn't makes sense.

BrewMaster

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currencies will always have value unless that country is wiped from the face of the earth! otherwise as long as it exists they will have a fiat currency and it will have A value. that value may not be as high as other currencies in the world but you still can exchange it with other currencies and for goods as millions of people in those countries are doing day to day.

longlivecapitalism

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Quote from: Polo7 on October 07, 2020, 04:42:54 PM

The third world countries such us kyrksitan is that the currencies has no value.
So You Can't Even Exchange them to other currencies... What They do about it?

Its Not spoken problem much but its a problem

With respect, if you're going to pretend to care about this issue I implore you to at least spell Kyrgyzstan the correct way. And their currency is Som, by the way Wink

Also, that's one reason people from countries with failing economies don't keep their money in those countries' currencies.

jacafbiz

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Quote from: Johnyz on October 07, 2020, 04:59:34 PM

I don’t know this country and as per my research on google its on the central part of Asia. You can’t do anything about it especially if your own government are not working well to improve the economy. Let’s look at Venezuela, they are still experiencing a hyper inflation and as far as I know, the value of their money became useless and that is the result of a poor service of the government. Digital currencies can be the best option for them, they just need to adopt now.

I thin he got the spelling wrong. The issue with Venezuela and Zimbabwe is the reason why we need to educate people about digital currencies, most of these Fiat is useless including USD because inflation will continue to erode their value with time but Digital currency like Bitcoin has proven to be a good hold and has a good store of value

Polo7

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Quote from: bittraffic on October 08, 2020, 12:00:03 PM

Quote from: Eureka_07 on October 08, 2020, 11:21:18 AM

I don't think he is referring to Kyrgyzstan since this country allows exchanges of bitcoins as far as I know.

After searching which country I can't either figure which one he is telling us but the closest is the Kyrgyzstan.

If the country can't arrange to peg thier currency to USD then they could just use the BTC like Venezuela for a meantime. I think its easy for a country to just fall to BTC. They could plan to develop their own digital currency after. I think countries like this one are the best country to advance their road to the development to cashless society.

You see here link

https://www.google.com/amp/s/www.coindesk.com/kyrgyzstan-bitcoin-payments-violate-state-law%3famp=1

bittraffic

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Quote from: Eureka_07 on October 08, 2020, 11:21:18 AM

I don't think he is referring to Kyrgyzstan since this country allows exchanges of bitcoins as far as I know.

After searching which country I can't either figure which one he is telling us but the closest is the Kyrgyzstan.

If the country can't arrange to peg thier currency to USD then they could just use the BTC like Venezuela for a meantime. I think its easy for a country to just fall to BTC. They could plan to develop their own digital currency after. I think countries like this one are the best country to advance their road to the development to cashless society.

Polo7

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Quote from: carter34 on October 08, 2020, 11:43:44 AM

Quote from: Polo7 on October 07, 2020, 04:42:54 PM

So You Can't Even Exchange them to other currencies... What They do about it?

This is a hard situation for a country and the citizen. This means the poverty level there will be very very high and GDP will be low because production will be far from the people. The people there will have a bad time to life there. I think if the government is not corrupt, they can't apply for loan from the international groups they belong to start developing the country by investing in the sectors of the economy.

Lol

with what You invest? If the currency is all most worthless?
They need to Exchange currency to Foreign currency but who would take that?

Solution for them sell cheap Land Property goods from their Country to Foreign investors to get usa or eur forget about their own currency not sure If anyone want that currency maybe ill buy from them with extra cheap price about 5 usd for 5 pallets of stacked their currency

For them best Solution is to give their land resources or Property to get USA dollars or eur currency

That's only option I see here

carter34

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Quote from: Polo7 on October 07, 2020, 04:42:54 PM

So You Can't Even Exchange them to other currencies... What They do about it?

This is a hard situation for a country and the citizen. This means the poverty level there will be very very high and GDP will be low because production will be far from the people. The people there will have a bad time to life there. I think if the government is not corrupt, they can't apply for loan from the international groups they belong to start developing the country by investing in the sectors of the economy.

Furious 7

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Quote from: Johnyz on October 07, 2020, 04:59:34 PM

I don’t know this country and as per my research on google its on the central part of Asia. You can’t do anything about it especially if your own government are not working well to improve the economy. Let’s look at Venezuela, they are still experiencing a hyper inflation and as far as I know, the value of their money became useless and that is the result of a poor service of the government. Digital currencies can be the best option for them, they just need to adopt now.

A little foreign, the name of the country in my ear, if a country experiences inflation on finance, then this is bad governance in developing the economy so that their money is not advanced, meaning that they cannot be exchanged to other countries because of the bad economy but it is useless to use digital money too if local money is not worthwhile. they move to enjoy the digital money.

Venezuela is also the same as they want to rise from this downturn. Can the government in the near future be able to revitalize the economy? this butub took a long time too.

Eureka_07

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Quote from: Polo7 on October 07, 2020, 04:42:54 PM

The third world countries such us kyrksitan is that the currencies has no value.
So You Can't Even Exchange them to other currencies... What They do about it?

I searched kyrksitan on google and found nothing except this thread.
Can you make it clear what country you are referring to
I've read your previous posts and it seems you always had some early conclusion for the economy. What are you?

Basically, you can't sell any cryptocurrency if there is no exchange available to your country.
You can use VPN if you want to buy and sell tho.

Quote from: sunsilk on October 07, 2020, 04:59:49 PM

Quote from: Polo7 on October 07, 2020, 04:42:54 PM

The third world countries such us kyrksitan is that the currencies has no value.

What's that country?

Do you mean to say Kyrgyzstan? .

I don't think he is referring to Kyrgyzstan since this country allows exchanges of bitcoins as far as I know.

dimonstration

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Quote from: Johnyz on October 07, 2020, 04:59:34 PM

I don’t know this country and as per my research on google its on the central part of Asia. You can’t do anything about it especially if your own government are not working well to improve the economy. Let’s look at Venezuela, they are still experiencing a hyper inflation and as far as I know, the value of their money became useless and that is the result of a poor service of the government. Digital currencies can be the best option for them, they just need to adopt now.

They will only need to know how to use it properly, when the government didn't mind them that much then they should be the one to find ways how to make it works for them, yes it is hard especially no establishments they can use it but they will sure be able to use it in other ways like thru investing or thru trading that may help them. Venezuela is trying and other countries may also try till they find a better solution and it will be better if have a government that can support them.

Topic: One of the biggest problem Now with currencies - page 2. (Read 563 times)