THE BITCOINS AND THE UNDERDEVELOPED WORLD - page 2.

Dontme

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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…

Really, most of people in the world do not have internet and does not know bitcoin. Anyway, I don`t think that the government will allow people to suffer because of bitcoin. I`m sure that the world government won`t allow Bitcoin to level up if it will not benefit all people.

jseverson

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Quote from: RealMalatesta on June 20, 2019, 11:42:39 AM

You are very right about virtually everything you said I fully agree with all your point except the first part of your statement, which you said helping the poor was never Bitcoin main goal, it might not be the main goal but it was still out of the pity he had for those who are being exploited by third party financial institutions that made him create a system that will cut all manner of cost in order to save money for these people.

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.

When people say Bitcoin can help the poor, most of them really mean that the poor can hold some and wait for it to appreciate; not for financial inclusion or actual utility. It could still be a cost effective means of transferring large amounts of money, but that use case won't alleviate poverty, just like having access to banking services won't automatically alleviate poverty.

bearexin

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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…

Sometimes when I see people say things like you have said, I just assume that they are very dumb. Okay, I'm sorry for saying that, but what exactly makes you think that developing countries don't have internet? Like it's funny. I have been to most of these countries a lot of times and they have internet and they make use of phones and computers, they have 2G, 3G to 4G network… Like I don't get why anyone would be saying that they don't know anything about internet. They all know about Bitcoin and cryptocurrency, just that it's only few people that knows about it and most of them don't have interest in it. In case you don't know, some Bitcoin companies have even launched in Africa, Luno launched their services to Nigeria and there are other companies that launched in different countries as well. So these people are not really what you think.

wozzek23

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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…

Development is a process, it is not everyone on earth that will ever be exposed to technology, until some generations gradually goes off the face of the earth, satoshi too does not expect everyone to use cryptocurrency, he created it as an alternative which even has limited supply, which is why Fiat will never go off the face of the earth for the sake of those under developed world.

There is nothing much that you and I can do to change this, we will just allow nature to gradually take its course and time passes by. If we are to even try, we have to first eradicated illiteracy completely from the earth, without eradicating illiteracy, there is no way technology can fully take its course for crypto to even spread worldwide.

Harlot

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Unfortunately this is a sad reality even if we all have this investment vehicles made available for us not all are interested or knowledgeable with these opportunities may it be because the lack of money to invest with or they are not financially educated. Of course they cannot do it on their own but the best way to trigger the start of it is for the government to be more involve in the situation in which they advocate investments which includes the crypto industry. It's really a win-win situation for everyone since all of them will benefit in that country.

Mahanton

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Quote from: sana54210 on June 20, 2019, 01:42:54 PM

Quote from: mersal on June 17, 2019, 10:48:16 AM

There maybe some governments not aware of crypto currencies but almost all the countries people know about it because localitcoin found on almost all the countries.

Even there will be no problem if people didn't aware of it,until there a time comes fiat will have no longer any value.

Even if the whole government of the whole world is aware of cryptocurrency, there is no way that they will uniformly agree to use it as global currency and there is no way it will absolutely replace Fiat no matter how long it stays.

In this world, do you know that we still have some countries that does not even have access to internet, and those are the under developed countries the op is talking about, if they replace fiat completely with cryptocurrency, how do you expect such people to ever survive, how would they make payment for things through a system they are not aware of talk less of knowing how to use it. Crypto can only serve as alternative to Fiat and cannot replace Fiat.

Agree to this fact yet its never ever been possible for fiat to be replaced and lets face up the reality that there are really

remote places that even internet connection cant able to reach it out which it would really be a pretty hard thing for spreading out
the adoption on fully so that's why fiat system would always be the best thing in the end.

sana54210

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Quote from: mersal on June 17, 2019, 10:48:16 AM

There maybe some governments not aware of crypto currencies but almost all the countries people know about it because localitcoin found on almost all the countries.

Even there will be no problem if people didn't aware of it,until there a time comes fiat will have no longer any value.

Even if the whole government of the whole world is aware of cryptocurrency, there is no way that they will uniformly agree to use it as global currency and there is no way it will absolutely replace Fiat no matter how long it stays.

In this world, do you know that we still have some countries that does not even have access to internet, and those are the under developed countries the op is talking about, if they replace fiat completely with cryptocurrency, how do you expect such people to ever survive, how would they make payment for things through a system they are not aware of talk less of knowing how to use it. Crypto can only serve as alternative to Fiat and cannot replace Fiat.

RealMalatesta

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Quote from: hatshepsut93 on June 17, 2019, 11:54:19 PM

@OP

Sorry, but helping the poor was never Bitcoin's main goal, Satoshi never mentioned economic inequality in his whitepaper, and attempts to do so in early days, like airdropping coins to the poor, would only cripple Bitcoin, and we would be where we are now if they were implemented. You can try to spread awareness about Bitcoin among the poor people, but I don't think it's a great idea, for many reasons.

Bitcoin is not a guaranteed way to get rich, in fact it can just as easily wreak you financially - you can invest in the wrong time and than sit in a loss for years, you can panic and make trades at a loss, you can fall victim to scams and hacks and lose your investment. Keep this all in mind before giving financial advice to people, especially those who are vulnerable.

You are very right about virtually everything you said I fully agree with all your point except the first part of your statement, which you said helping the poor was never Bitcoin main goal, it might not be the main goal but it was still out of the pity he had for those who are being exploited by third party financial institutions that made him create a system that will cut all manner of cost in order to save money for these people.

Have you see any big or rich man really complain of charges being slammed on them by government? Because they have enough money to pay whatever little fee all these banks charges them, meanwhile it is quite difficult for any average or poor person to pay.

imstillthebest

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Quote from: ?? on ??

I think that Bitcoin is still only at the beginning of its path, and even in developed countries they still do not recognize cryptocurrency. Poorly developed countries do not care about bitcoin, they have more significant problems.

bitcoin is old enough and almost 3/4th's of the population do already recognize bitcoin most especially the developed countries because the people on this country are more knowledgeable .

Quote

Poorly developed countries do not care about bitcoin, they have more significant problems.

thats not true . underdeveloped countries are infact have alot of users because people on this country are looking for oppurtunities to earn and they already discovered that bitcoin can bring wealth . bitcoin can be thier stepping stone to achieve thier dreams and uplift the status of thier life .

Yutikas_11920

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Quote from: ?? on ??

I think that Bitcoin is still only at the beginning of its path, and even in developed countries they still do not recognize cryptocurrency. Poorly developed countries do not care about bitcoin, they have more significant problems.

bitcoin is still visible early but you should be able to see how many years bitcoin was created until today bitcoin can still survive and even have a very expensive price, imagine if a country that has economy and technology if it does not use technology such as bitcoin it will not be able to keep up with technology up to now.

kamudd

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Bcnex - The Ultimate Blockchain Trading Platform

Absolutely, even almost half of the countries in the world are still lagging behind with technology and this has caused difficulties to access information, including bitcoin. But even so, bitcoin and the economy in a country have a different path because there are still many things that are important to them other than bitcoin.

el kaka22

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Reach-ability of crypto has an issue with too much of an underdeveloped world. I mean it does help places in third world countries to be able to connect with the whole world financially but that doesn't mean it would be helping the absolutely poor that has trouble even finding food.

For example, I just read that Yemen has a trouble with finding food and people are literally starving to death (same as north Korea but the difference is not because of the dictator) how would crypto help those people out? What can crypto do for people who are starving to death in Venezuela? You can give them bitcoin under an address and send it with key phrases and everything so they can cash out but these people do not have food to eat, so how could they cash out their bitcoins you sent them?

Nkblix

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THE BTICOIN S AND UNDERVELOPED WORLD THERE ARE THINGS INDIVIDUAL WILL DO IF GOVERNMENT DOES NOT COOPERATE,THINGS THAT WILL INPACT THE WORLD ECONOMY ,BITCOIN IS ALSO A FREE MARKET WHERE EVERY ONE CAN TRADE WITHOUT COUNTING YOUR LEVEL.

stompix

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Quote from: arpon11 on June 19, 2019, 12:36:24 AM

I am from a third world country and I do think that if our government can embrace cryptocurrencies most of the financial problems my country is having will be a thing of the past. I remember how a country in Africa has its currency valueless because of the effect of dollars on their money. If this country accepts cryptocurrencies or bitcoin that is decentralized as their currency I do believe that, this will not happen and the issues of internet I don't think will be a problem as most community has internet access now and it will be easier to be thought for those that did not have the knowledge on how to used internet.

Why do you think it is going to help your country?
It's the same belief in the magic pill that everyone is pointing out.

Changing your currency to bitcoin or pegging it to bitcoin would be right now a total disaster for a country that is trying to develop its economy. You will get rid of inflation but you will experience heavy deflation at the point you will need to print money to keep the economy stable, exports will be destroyed, imports will dominate the markets, your trade balance will be a vertical line Tongue

and what is worse, the difference between those that were poor and the rich will become even bigger.

A far easier solution would be to peg your currency to a basket of currencies like the USD, EUR YEN and thus canceling the possibility of hyperinflations. Bulgaria, for example, is working with a pegged currency to the euro.

Quote from: DreamStage on June 18, 2019, 07:21:11 PM

Also banks will possible be able to issue some Crypto cards where you could use your fiat as a crypto currency.

Wow, this tops a lot of crazy ideas I've seen on this forum

maxreish

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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.

arpon11

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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…

I am from a third world country and I do think that if our government can embrace cryptocurrencies most of the financial problems my country is having will be a thing of the past. I remember how a country in Africa has its currency valueless because of the effect of dollars on their money. If this country accepts cryptocurrencies or bitcoin that is decentralized as their currency I do believe that, this will not happen and the issues of internet I don't think will be a problem as most community has internet access now and it will be easier to be thought for those that did not have the knowledge on how to used internet.

befriendmywater

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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…

That is also a big problem in using electronic money for future payments. Currently there are many people who cannot use the internet because it is too complicated. but i think we should combine electronic money and fiat money. it would be more reasonable instead of forcing everyone to use smartphones or access the internet to pay every day.

DreamStage

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Well it is just a matter of time till new comers will join Bitcoin after they start learning more and more from it.
Social Media is a big part if everything for that and spreading the word to your family, friends and those who don't have a clue what Bitcoin or any crypto currency really is.

In case of those without internet / electricity i am sure there will be some more new ways for them.
Who knows if those who have a bank account will be informed about bitcoin and cryptocurrency system from their banks instead.
Also banks will possible be able to issue some Crypto cards where you could use your fiat as a crypto currency.

bitcoinproblogger

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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

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…

Bitcoin is NOT a magic pill

You are aware that you can replace the word "bitcoin" with "money" in all your sentences and the problem would still be there. There's a reason why people in the underdeveloped world (dude, it's called DEVELOPING WORLD), have scarce access to Bitcoin, namely:

1. Armed conflict (wars)
2. Drought, famine and unsuitable living conditions brought about by climate change
3. Religious persecution, such as in states where Islam is forced on people through violent means
4. Income inequality brought about by social and class divide.
5. Corruption by the ruling elites
6. Lack of education and infrastructure

You make a big mistake of thinking that Bitcoin and Bitcoin alone can solve the world's problems. This is just plain naivete. First of all, Bitcoin BTC = is a speculative investment instrument. If more people buy Bitcoin, its price goes up due to the limited supply. If more people start selling Bitcoin BTC, its price goes down. It's called the law of supply and demand.

As a speculative asset, it means that its value can also deteriorate as it can rise. If you are a poor undeducated nomad living in the steppes of Mongolia, can your Bitcoin buy the supplies, equipment that you need in order to survive there?

AjithBtc

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Compared to the world economy what the cryptocurrency ecosystem contributes is very low. Considering the same there is nothing to worry thinkin one who doesn't have knowledge will be left behind. People from underdeveloped countries prefer bitcoin similar to the currency as they are unable to carry loads of currency for business needs. In an article it was clearly mentioned, people of African countries prefer it much to make things easier that can't be done by their own currency.

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