Topic: One of the biggest problem Now with currencies - page 3. (Read 584 times)

Its their country issue. The government and authorities will know what to do to solve the problem and boost the economy. You cant make any change with a thread on bitcointalk like this. The world we are living in full of people who are living on the poverty line even though the news claims that everything is normal

We cant expect the world to change immediately in a short time. It must take at least 2 or even 3 decades for people to accept cryptocurrency as a type of payment. Moreover, right now, people are still lack of resources which are necessary for interacting with the internet

The world is made to have a great dependence on the dollar. Because the dollar is the international currency with the largest penetration of use in cross-border trade. As long as the two countries agree to use the local currency for export-import transactions and balance trade between the two countries, everything will run on its axis. It's just that if there is a trade balance deficit, and payments are made using a local currency which is not multicurrency, then disaster will come unless there are other countries that are willing to be paid using the local currency.

We take the example of Bank Indonesia and the Central Bank of China (PBOC) to cooperate in the payment of bilateral trade transactions and direct investment (local currency settlement) using the local currencies of the two countries, namely the yuan and the rupiah. The condition of Indonesia's trade deficit against China means that Indonesia imports more from China than exports so that Indonesia needs more Yuan, the value of the rupiah weakens compared to the Yuan. On the other hand, if Indonesia's trade balance is a surplus, Indonesia will be flooded with Yuan and have difficulty releasing Yuan because many countries do not want to be paid using Yuan, in contrast to transactions using dollars, dollars are easily spent because they add to the country's foreign exchange reserves. Currently the dollar is the real king of cash.

Each country's approach to the use of currency is different there is no problem here that the countries of the world use currency in both ways if banks keep  there is a danger of creating a crisis of various currencies including dollar and pound in the market. That is why the limit is set banks hold the most currency in us dollars apart from this banks also keep some currencies in euro japanese yen and british Pound due to which there will be alternative methods even if the value of money decreases.

Thinking about it, this is the fault of your goverent...

UK banks offer to exchange anything the central bank will accept and return sterling for (fiat wise -excluding gold and silver as you'd have to go direct to the cb).  Why don't you have something like that there? And if you don't, why don't you get people to petition the government for it (even companies would probably go for that).

Also I did warned Everybody here I opened thread
That we would have this Kind of problems around the World


https://bitcointalksearch.org/topic/--5275787

But who will want worthless currencies? 
Actually nobody!

Fiat needs to be backed by gold reserve so that it will be honor Internationally. This is the problem of the third world that don't have gold reserves and ruled by a greedy dictator. There is only few case about this issue but we can't do about this issue otherwise a user in this forum will run as president to change the way they manage there economy currency.

In my opinion, the paper money has a value locally so there's no problem on it since a person in third world country don't care about international fiat like USD because they will not use it in there own personal use.

I'm curious about that also. Because it is hard to believe that they have no money exchange shops in their area.
Even their local fiat to USD? I don't think we are getting what the OP is saying here.
Because is it possible for a specific country, even if it is third world, that they can't exchange their fiat to other currencies?

So I search a bit, and found out that it is actually easy to exchange in that country especially euro and USD.
https://trekking.kg/travel/money/

If these countries can’t keep their economies together, it’s likely that they’ll just ditch the old currency and begin anew, just like what happened in Venezuela, Zimbabwe and the likes for a few times now within a short span of time. Usually, people living in countries stricken by hyperinflation rely on USD for internal purchases, and to also keep their actual treasures on a hedge against the mad condition of their economies.

I see no hope for countries that is riddled by hyperinflation AND corrupt government officials with no definite plan to fix the economy. It’ll just repeat and repeat until it cannot be saved any further.

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?

What's that country?

Do you mean to say Kyrgyzstan? Not all third world countries sees bitcoin as no value asset. You are thinking too much and ending up with that conclusion.

Are you expecting that most countries will be into cryptos that easy? give them some time.

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.

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