THE BITCOINS AND THE UNDERDEVELOPED WORLD

bitgolden

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Quote from: romero121 on July 28, 2019, 09:09:01 PM

Bitcoin usage keeps growing, but the same in terms of percentage compared to the fiat usage is very low. Compared to the world population people who haven't got used to card transactions were quite big. This way bitcoin market and acceptance getting widen won't disturb the world economy. Without internet and electricity nothing work in an efficient manner.

Internet hasn't reached more remote locations till date, through solar power generators electricity is being used by people over those localities. This way it isn't that easy to reach a massive use of bitcoin among the common people. The growth over the under developed world is possible only if the acting government takes steps forward.

I don’t think that number of people that can be counted as under developed is really enough to really stop bitcoin from functioning well and gaining massive recognition because if you consider the level of literacy in the world, it is quite far lower than the number of literacy, wherein those who have at least sound knowledge of technology among them too is very high.

I think that figure is quite enough to keep cryptocurrency functioning well, as I speak, ever since gsm has been introduced, we still have some remote part of some cities of the world that are yet to even know what those gsm is all about, but that still has not stopped the gsm from functioning well, so same way that bitcoin technology can grow very high without those people and maybe get to them with time.

Oilacris

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Quote from: romero121 on July 28, 2019, 09:09:01 PM

Bitcoin usage keeps growing, but the same in terms of percentage compared to the fiat usage is very low. Compared to the world population people who haven't got used to card transactions were quite big. This way bitcoin market and acceptance getting widen won't disturb the world economy. Without internet and electricity nothing work in an efficient manner.

Internet hasn't reached more remote locations till date, through solar power generators electricity is being used by people over those localities. This way it isn't that easy to reach a massive use of bitcoin among the common people. The growth over the under developed world is possible only if the acting government takes steps forward.

Not only on remote places which doesn't have an internet.Consider also to those place have connection but still people isn't aware on crypto's existence.Why?

Two various reasons,either its being blocked and highly discourage on their own country/government or just simply ignore believing that this is an another
internet scam exist online.

fullhdpixel

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Quote from: TheCoinGrabber on July 27, 2019, 10:40:19 AM

I don't see any problem. There are multiple ways to access the internet and bitcoins might even develop to the point that the users might not need to have a constant internet connection. For example they might only need to go online for a few minutes when converting their bitcoins for fiat (which is how it usually is in these countries).

Bitcoin is a product if technology, and technology can advance at any time to any point that you may never believe will be possible, in my country, we have digital payments system set up inplace already, especially that of traditional banks which makes them always encourage cashless system, and they have also developed to the extent that you don’t have to go online to make payment, you can just load your money from your account into a little chip that works offline.

Also, I think this can also work in crypto too, where you can transfer some of your bitcoin into the magnetic chip and then take it to any merchant to just use a machine that will be design for it to read it, but before we can get to this stage, government must have fully regulated the cryptocurrency.

romero121

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Bitcoin usage keeps growing, but the same in terms of percentage compared to the fiat usage is very low. Compared to the world population people who haven't got used to card transactions were quite big. This way bitcoin market and acceptance getting widen won't disturb the world economy. Without internet and electricity nothing work in an efficient manner.

Internet hasn't reached more remote locations till date, through solar power generators electricity is being used by people over those localities. This way it isn't that easy to reach a massive use of bitcoin among the common people. The growth over the under developed world is possible only if the acting government takes steps forward.

Aveatrex

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Quote from: beerlover on July 27, 2019, 11:40:52 AM

The risks and rewards are a lot bigger in underdeveloped worlds. When someone works for pennies on the dollar for someone in the first world they are risking their time to go to waste if the price of bitcoin falls, they are also risking unemployment as well. It is quite important for these people to make sure the money is coming in all the time, yes it is easy because 100 dollars could be all months salary for them but at the same time if they lose that 100 dollars a month then it is even harder to live for them since they are already in a third world country.

Yeah, but I don't think that investing in Bitcoin is interesting for under developed world,the interesting part is that they can find some work in the crypto world paying good enough for their survival when compared to the very little rewarding and available work they have locally.

In some countries like Venezuela, people are making a loving out of games that have real cash economy like RuneScape, they farm the in game gold and sell it even if they only few bucks every day which is enough for their survival. For these people, cryptocurrency is a life saver since there is a lot of opportunities to earn some cash without actually investing.

beerlover

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The risks and rewards are a lot bigger in underdeveloped worlds. When someone works for pennies on the dollar for someone in the first world they are risking their time to go to waste if the price of bitcoin falls, they are also risking unemployment as well. It is quite important for these people to make sure the money is coming in all the time, yes it is easy because 100 dollars could be all months salary for them but at the same time if they lose that 100 dollars a month then it is even harder to live for them since they are already in a third world country.

So, all in all it does provide with better rewards for someone in the underdeveloped world but it also causes a lot more risks. If you can take advantage of it, you can literally have better life people who work countless hours but if you get screwed you will have a lot of troubles.

TheCoinGrabber

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I don't see any problem. There are multiple ways to access the internet and bitcoins might even develop to the point that the users might not need to have a constant internet connection. For example they might only need to go online for a few minutes when converting their bitcoins for fiat (which is how it usually is in these countries).

jack8989

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I think that's normal. Just as when the internet began to appear in developed countries, less developed countries were ignorant and they could still live normally.
Least developed countries will have their other professions.
and you should not be too worried, the decentralized market will never be as big as other financial markets. it will only keep to some extent.
therefore, less developed countries do not suffer too much without knowing crypto.

Ozero

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Here it is also necessary to remember about the risks to which persons engaged in cryptocurrency. Well, as long as it grows and develops. However, it is enough that due to negative information a panic rises, and according to the domino principle in one day the entire cryptocurrency market may collapse. Therefore, the issue of attracting poor people to cryptocurrency should be treated very carefully.

salty

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Quote from: Lucius on June 17, 2019, 09:17:07 AM

I do not say that distribution of wealth should be at the expense of small ordinary people who live in some wealthy countries, but instead to invest in weapons or some stupid projects which do not make sense and represent a danger to humanity we should help underdeveloped countries.

That's the thought we all have to hold on to.Many on the forum have forgotten,and some still do not know the real purpose of bitcoin.Me also afraid of the amount invested by all the world in Weapon, that kills us!!!Are we so crazy Homo sapiens that we are willing to invest more in weapons than to help others?I do not know what weapons will fight in the Third world war, but in the Fourth will fight with sticks and stones. — Albert Einstein.

iMark

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Quote from: Tajuluc on June 17, 2019, 12:23:04 AM

   THE BITCOINS AND THE UNDERDEVELOPED WORLD…THOSE WHO ARE STILL BEHIND

   As time passes bitcoins get more and more interest worldwide, weather sooner or later, it will impact the world economy such that people with no knowledge of it will be left behind. Observing this i can’t keep myself from worrying; what about those who cannot have access to the bitcoins and are not even aware of it existence, this seems surprising but there are much more of people in this situation than people may imagine, those who have never even had access to a computer or worse don’t even have electricity, those people may have access to money though not much but if the bitcoins spread worldwide their situation may only worsen, I am talking of course here of the underdeveloped countries.

   Are my fears wrong? If so what do you think can be done at our level to change something being it even only slightly?
I think this is a problem for all of us even those who don’t feel really concern…

Worry is a natural thing, and it proves that you still have a sense of empathy for fellow humans. Inequality has been around for a very long time and it has become the main problem of every country that exists, there are people who are very sophisticated but there are people who have never even known about internet, but in the future I see improvements, people are increasingly aware of technology, but the point is to improve the economy in that country, then this imbalance will be resolved

Indamuck

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Countries like the United States want to keep labor cheap in those countries so as long as the USA remains the dominant military power nothing is likely to change. Bitcoin won't life those countries out of poverty since very few of the people were ever in a place to own any.

FanEagle

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I don't think the cheap fee is just a secondary good thing that suppose to be just supplementing the decentralized ways. I don't know what satoshi was thinking or what he would have wanted as the creator of the original concept and the first block but in the end I am pretty sure that core team likes the idea of cheap transactions since they have been working on both segwit and lightning network and want to make it as cheap as possible. That is why I honestly believe that we should be focusing on helping them out and making it cheap since if we get to even a higher stage than the prices will become insane once again which would throttle the increase of bitcoin once again and would cause it to drop back in price since people may leave because of it. That is why we should make it as cheap as possible to make the price go higher.

webtricks

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Quote from: Tajuluc on June 17, 2019, 12:23:04 AM

THE BITCOINS AND THE UNDERDEVELOPED WORLD…THOSE WHO ARE STILL BEHIND

As time passes bitcoins get more and more interest worldwide, weather sooner or later, it will impact the world economy such that people with no knowledge of it will be left behind. Observing this i can’t keep myself from worrying; what about those who cannot have access to the bitcoins and are not even aware of it existence, this seems surprising but there are much more of people in this situation than people may imagine, those who have never even had access to a computer or worse don’t even have electricity, those people may have access to money though not much but if the bitcoins spread worldwide their situation may only worsen, I am talking of course here of the underdeveloped countries.

Are my fears wrong? If so what do you think can be done at our level to change something being it even only slightly?
I think this is a problem for all of us even those who don’t feel really concern…

So why do you think everyone should have access to Bitcoin?
Bitcoin is no longer poor people's money. Owning Bitcoin has become luxury in 2019. Even 100th fraction of Bitcoin cost $110 nowadays. With increased prices, fees is also sky-rocketing. You have to spend $2-3 atleast to send Bitcoins. No sane person would like to spend $2-3 everytime buying any goods or services. Under all these circumstances, utility of Bitcoin has now been limited to investment only. Now tell me how many poors invest money? They hardly able to fulfill their necessities, why would they invest in something like Bitcoin!
So I really don't see any dire need of introducing everyone to BTC.

Cnut237

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There are various projects in crypto to 'bank the unbanked'. Bitcoin at the moment probably isn't the answer as there are smaller, more nimble coins to fill that particular gap.

However the issue here is inequality. A global currency and global government might do something to help, might not. What we can do as individuals is to work to reduce that inequality. Fundamentally it is an inequality of opportunity. I get to buy bitcoin and other cryptos because I am fortunate enough to have been born and live in a rich Western country. I have little doubt that if I'd been born in a poor country, I'd be more concerned about famine, disease and war than about where I could buy crypto.

So what can we as individuals do to help remedy the situation? We can try to vote in governments that will help, but we can also give to charities that will assist people. There are plenty of good ones out there. Personally I use this online charity evaluator so I can make sure my money is going to the best place: https://www.givewell.org

If you want to get involved on a more personal level, there are opportunites to help specific individuals through schemes like this one: https://www.deki.org.uk

Crypto may help in the end, but we don't need to wait for that, we can help right now.

fullhdpixel

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Quote from: maxreish on June 19, 2019, 02:16:28 AM

I know where your realizations are coming from but you underrated bitcoin and the blockchain technology itself. In reality, there are people who weren't able to afford the internet, mobile phones and other type of access to the internet. However, if our government will make a good step and make a solution to this kind of scenario, they will gonna be a part of this advanced technology by bitcoin.

I bet, you are pertaining of remote areas where in education is not that prioritized. But I am very much optimistic with the future with bitcoin. The only problem here is the adoption of new things, we have to educate those people who are unprivileged enough to go to school on how this digital payments works.

We will definitely get to that age of time where the world population entirely will be part of technology and able to operate it, but that will never happen in our generation. To get to that stage where every blessed souls on earth gets exposed to technology and are able to use it, we will be talking about another 1000 years to come, so we should just forget that everyone will use Bitcoin which is why it becomes not realistic for cryptocurrency to make Fiat usage die off. No matter how much we science try, there will always be under developed worlds, and not even Bitcoin can have solution to their development.

jseverson

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Quote from: BitHodler on June 23, 2019, 08:48:18 AM

Quote from: jseverson on June 21, 2019, 03:23:55 AM

Bitcoin's cost effectiveness was always a secondary consideration. It was just one of those things which happened to work out with Bitcoin's decentralization at the time. Things have changed since, and it's not even always true nowadays anymore with fees surging every now and then. The poor can't afford to wait for fees to go down to spend.

The main chain fees are definitely not stimulating use in third world countries, but that's what LN is for. Technically speaking you only need to download and install an app and you can instantly receive payments.

It's already possible on a smaller scale right now, but with time it will grow large enough to please the group of people being open to it. I doubt all people will use LN, which just isn't realistic.

You need to pay to open channels though, which may not be ideal for some people. Off chain solutions certainly help, don't get me wrong, but I simply disagree with the notion that Bitcoin was built to help the poor. It can, but Bitcoin is inherently anarcho-capitalist in that it promotes a free market resistant to outside interference, which is far from the socialist expectations of equality some people seem to have.

BitHodler

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Quote from: jseverson on June 21, 2019, 03:23:55 AM

Bitcoin's cost effectiveness was always a secondary consideration. It was just one of those things which happened to work out with Bitcoin's decentralization at the time. Things have changed since, and it's not even always true nowadays anymore with fees surging every now and then. The poor can't afford to wait for fees to go down to spend.

The main chain fees are definitely not stimulating use in third world countries, but that's what LN is for. Technically speaking you only need to download and install an app and you can instantly receive payments.

It's already possible on a smaller scale right now, but with time it will grow large enough to please the group of people being open to it. I doubt all people will use LN, which just isn't realistic.

Just like there are people who use PayPal, there are people who use other financial institutions that offer a similar service. Competition in the payment industry is extremely tough, and Bitcoin will struggle too.

It's going to be interesting to see how Libra will be adopted when it finally launches. Many people in third world countries do have a Facebook account, so the step to Libra isn't all that hard.

Libra will also enable payments between family members which brokers currently charge 10% of that amount as fee, so we'll see where it goes.

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Quote from: Tajuluc on June 17, 2019, 12:23:04 AM

THE BITCOINS AND THE UNDERDEVELOPED WORLD…THOSE WHO ARE STILL BEHIND

As time passes bitcoins get more and more interest worldwide, weather sooner or later, it will impact the world economy such that people with no knowledge of it will be left behind. Observing this i can’t keep myself from worrying; what about those who cannot have access to the bitcoins and are not even aware of it existence, this seems surprising but there are much more of people in this situation than people may imagine, those who have never even had access to a computer or worse don’t even have electricity, those people may have access to money though not much but if the bitcoins spread worldwide their situation may only worsen, I am talking of course here of the underdeveloped countries.

Are my fears wrong? If so what do you think can be done at our level to change something being it even only slightly?
I think this is a problem for all of us even those who don’t feel really concern…

No, you are right. You do not worry excess. I feel that using an electronic currency with high technology is unreasonable. now many people in Africa still do not know computers or crypto and many people do not want to use computers.
So far, I have never appreciated the use of this electronic money. it should only be a high-speed money transfer tool, that's what we need. We have fiat money and I think it's great.

FanEagle

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Another good thing about bitcoin is that it will allow these people from underdeveloped world to gather enough money from the first world countries to actually go live there as well. A whole life change in just one currency.

If you can find a job that is paying you 100 bucks a week that is about 5.2k a year and I know its still not enough to live in a country like USA for example or UK but it would be not that bad to live in an eastern European country for example, still not rich, quite poor but I would rather be poor in a eastern European country like Ukraine then live in a Sudanese village for example. That is why it is always a great thing to bridge people worldwide with bitcoin financially so they can save themselves from the impending forever starvation and just give them a boost.

Topic: THE BITCOINS AND THE UNDERDEVELOPED WORLD (Read 767 times)