Bitcoin is the answer when inflation occurs during economic crisis in this pandemic.
Most of the countries are relying into it because they know the essence of bitcoin in their economy.
Many countries already engaged in the use or legalization of cryptocurrency in their country and that is a good sign that bitcoin is approaching the mainstream. I just don't understand why bitcoin is still underestimated in some countries and maybe that's the reason why they are struggling so hard with their economy.
Topic: The Role of Bitcoin in Developing counties to accelerate Growth process - page 2. (Read 507 times)
November 13, 2020, 11:08:53 AM
November 13, 2020, 10:25:52 AM
but it is a pity that some developing countries still do not fully accept bitcoin. This relates to the issue of regulation given by developing country governments. For example, in Indonesia, Bitcoin is legal and allowed only as a commodity trading and is not allowed to be a legal means of payment for several reasons about its high volatile risk.
November 13, 2020, 07:31:42 AM
Blockchain is a technology that can help countries get out of poverty, but for that to happen the leaders must be willing to do what it's best for the country.
Exactly because without adoption?blockchain will be nothing as the support of each government is a must for the technology helping the people.Country-wide implementation is very hard even for well-developed states, however with small steps it can be an attainable goal. If I were a politician I would put so much more emphasis on tech.
there is noneed for countrywide implementation but at least each government will accept and let their people and agencies to at least have a choice to let blockchain enter or not.this is already a big help for adaptation .I've recently learned about some automation cases based on RPA technology and I must say it is amazing how much time can be saved. Blockchain can not only save us time and money, but add a whole lot of transparency on top of those.
transparency and privacy in which we are all seeking from the very beginning .I might say let the Schools from colleges to universities has Block chain subject.
November 13, 2020, 07:15:38 AM
Blockchain is a technology that can help countries get out of poverty, but for that to happen the leaders must be willing to do what it's best for the country.
Country-wide implementation is very hard even for well-developed states, however with small steps it can be an attainable goal. If I were a politician I would put so much more emphasis on tech.
I've recently learned about some automation cases based on RPA technology and I must say it is amazing how much time can be saved. Blockchain can not only save us time and money, but add a whole lot of transparency on top of those.
Country-wide implementation is very hard even for well-developed states, however with small steps it can be an attainable goal. If I were a politician I would put so much more emphasis on tech.
I've recently learned about some automation cases based on RPA technology and I must say it is amazing how much time can be saved. Blockchain can not only save us time and money, but add a whole lot of transparency on top of those.
November 13, 2020, 07:07:13 AM
Bitcoin will need to be introduced worldwide to accelerate the process of increasing its role in development counties. Although Bitcoin is a valuable asset for investment many countries have not legalized saying they cannot control Role of Bitcoin in Developing. Bitcoin helps a lot in the development of countries that deserve support helping to improve the country's economy with real estate. Bitcoin is open to transactions but the government does not support bitcoin in the public interest. If the government uses bitcoin for welfare will not take long for bitcoin to become a developing country.
November 13, 2020, 02:24:38 AM
The Bitcoin and other crypto currencies are considered as an instrument to support the Growth in Developing economies. They can be very helpful to provide access to financial services to community at large. As they are considered a medium to support growth Process by providing better traceability of funds and help people to escape poverty.
I don’t know about the one of escaping poverty, can Bitcoin really help people escape poverty? Since it’s an investment there is no guarantee you’re getting profit, it can take long before you make profit. I will say that the main part is transaction, it eases transaction, although there have been complaints about it, but I heard that during the last protest in Nigeria that their central bank blocked the accounts of protesters and they had to make use of Bitcoin to support the protesters.So, that’s one of the areas that Bitcoin is being helpful. As for making people rich, first you need to have money you’re going to invest in Bitcoin, and when you do that, you will need to have patience for the price to go up.
November 12, 2020, 10:14:36 PM
First of all, we need to agree that Bitcoin is now mostly being used as a speculative investment asset, rather than as a currency. And in developing countries, there is a lot of scope because most of the available assets are overpriced. For example, the real estate is priced at upto 5 times its fair valuation and P/E ratio for most of the listed stocks is above 20. Bitcoin gives an option for the citizens, to invest in an asset that is currently under-priced.
November 12, 2020, 10:02:20 PM
Bitcoin ia nothing but a currency, it cannot change a country's economic growth that's the responsibility of you government their the one's in charge to build infrastructures and financial support to the poor. Bitcoin is only an alternative to be used for transactions or investment. Unless they completely changed the system.
But a country which is friendly to bitcoin is a country which is also open to technology and innovation.It means this country will have the attention of entrepreneurs, developers and investors from different countries who also have interest for bitcoin. If we are talking about a developing country it can boost its economy and population welfare for sure. You are right when you say it's responsability of the local government to create the best possible atmosphere for the local development, so it's also the government's duty to have a friendly behavior towards bitcoin or not.
November 12, 2020, 08:33:39 PM
Let's take an example of a small business that wants to sell smartphones and needs capital. The company would have to go to the banks to apply for a loan. The owner of the company gets the loan but it is not enough to start his business for which he decides to buy Bitcoin with that money. When the company saves enough to buy its merchandise, it puts its smartphones up for sale and asks to be paid for with Bitcoin and crypto. This entrepreneur does well in his business so he can hire more people and expand his business in several cities of the country.
The paradigm is in the good work of people in adopting Bitcoin and making their projects and the opportunities they have come true.
The paradigm is in the good work of people in adopting Bitcoin and making their projects and the opportunities they have come true.
You have proved the point with good example. Historically developing nations have suffered a lot because of their weak currencies because their value declines with rampant inflation. By adapting Bitcoin as another currency which will not be influenced by the changes in their economy. When consumer confidence is high and peop0le feel safe safe to spend money, certainly, the economy start growing.
November 12, 2020, 07:05:14 PM
Let's take an example of a small business that wants to sell smartphones and needs capital. The company would have to go to the banks to apply for a loan. The owner of the company gets the loan but it is not enough to start his business for which he decides to buy Bitcoin with that money. When the company saves enough to buy its merchandise, it puts its smartphones up for sale and asks to be paid for with Bitcoin and crypto. This entrepreneur does well in his business so he can hire more people and expand his business in several cities of the country.
The paradigm is in the good work of people in adopting Bitcoin and making their projects and the opportunities they have come true.
The paradigm is in the good work of people in adopting Bitcoin and making their projects and the opportunities they have come true.
November 12, 2020, 06:46:55 PM
Bitcoin ia nothing but a currency, it cannot change a country's economic growth that's the responsibility of you government their the one's in charge to build infrastructures and financial support to the poor. Bitcoin is only an alternative to be used for transactions or investment. Unless they completely changed the system.
I think bitcoin will not regulate the economy of a country but with bitcoin I think it still has the potential to become a digital currency that can be used as a legal alternative payment for a country because actually bitcoin is only used to help us make transactions that can provide convenience and security higher. November 12, 2020, 05:36:15 PM
You have to look at the country of Venezuela, when the world economy is not clear. Venezuela uses cryptocurrency as a solution to the economic crisis by backing up the country's finances. The digital currency, known as the petro, which was later followed by the sovereign bolivar, is claimed to be the first in the world to be used to support the oil-producing country's physical assets. and bitcoin also came in early January when the world was in crisis. In the midst of these crisis conditions, people wanted another currency as an alternative. The emergence of Bitcoin, Ethereum, and various other cryptocurrencies has slowly continued to grow in terms of price and market capitalization. This evidence shows that people are increasingly looking for cryptocurrencies as alternatives during times of crisis.
November 12, 2020, 04:32:13 PM
It has little to no traction to countries with low technological advancement, even worse for countries where there's no internet. It tracability is fine up to some degree. It cannot be regulated therefore no profitability can be gained from it in the government's perspective. Bitcoin may indeed be profitable as a standalone but it cannot lift an entire country's economy unlike resources and commodities unfortunately.
November 12, 2020, 04:08:51 PM
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help people to escape poverty.
I don't think Bitcoin got anything to do to help people escape poverty, not as long as they bought Bitcoin and threat it as an asset or investment, but overall I really don't see any aspects that it can help people to escape poverty. But in terms of financial services, yes Bitcoin is really capable of that, which is the most goal of Bitcoin having the freedom and we will have our own bank in our pockets.help people to escape poverty.
November 12, 2020, 01:53:04 PM
The Bitcoin and other crypto currencies are considered as an instrument to support the Growth in Developing economies. They can be very helpful to provide access to financial services to community at large. As they are considered a medium to support growth Process by providing better traceability of funds and help people to escape poverty.
You should include the source: https://philippsandner.medium.com/the-impact-of-crypto-currencies-on-developing-countries-dce44c529d6b
"Crypto currencies have widely been considered as an instrument to support the growth process in developing countries."
"as they can be considered as a medium to support the growth process in developing countries by increasing financial inclusion, providing a better traceability of funds and to help people to escape poverty (Ammous, 2015)."
It's hard to expect most people from developing countries to adopt bitcoin since there are other circumstances like the lack of awareness and knowledge about it. Also, is a situation where people are struggling financially, they often lack basic education such as reading and writing ~~~
it sounds that you belittling most people in developing countries, lack of education? can't even read and write? Do you think developing countries means primitive countries containing cave people or those who lived only in the forest or in the desert? Although many developing countries do not have education that is evenly distributed throughout the country which causes a gap between people who are educated and those who do not have the opportunity to attend school, but most people in those countries can still read and write.
November 12, 2020, 12:16:23 PM
It's hard to expect most people from developing countries to adopt bitcoin since there are other circumstances like the lack of awareness and knowledge about it. Also, is a situation where people are struggling financially, they often lack basic education such as reading and writing so it might be kinda hard for them to understand how bitcoin and crypto works, and this is why instead of getting opportunities, they end up getting scammed. But surely, bitcoin may help developing countries with opportunities with financial services that they can't have, and technological advancement. But not to the extent that bitcoin will help the majority of people to escape poverty.
November 12, 2020, 10:15:59 AM
Bitcoin can't really help developing countries much. Volatility and potential for sudden price drops makes it very hard for poor people to use t as a store of value. Poor people just can't afford to lose 50% of their value in short time. And high transaction fees, which happen from time to time, make it hard to use as a currency. People in developing countries that suffer from inflation always choose US dollar as a store of value, because it's more stable than anything else that they can afford.
November 12, 2020, 09:56:54 AM
Bitcoin is an revolutionary innovation for the financial system. When we talk of developed countries, almost every country will be technology wise highly developed. The flow of money getting traced will eliminate the money laundering and other forms of money getting accumulated. This way Bitcoin is highly efficient on some parameters, and found inefficient on several other factors. Upon the same bitcoin into developing countries are growing high and high.
November 12, 2020, 09:55:33 AM
The Bitcoin and other crypto currencies are considered as an instrument to support the Growth in Developing economies. They can be very helpful to provide access to financial services to community at large. As they are considered a medium to support growth Process by providing better traceability of funds and help people to escape poverty.
There is no role of bitcoin in developing countries to accelerate growth process. Absolutely nothing other than making few people rich! Or unless someone sets up an expensive mining operations to mine bitcoin for the community which is highly unlikely to happen!
Also traceability isn't easy on bitcoin. We know that everything is recorded on blockchain but tying the loose ends is not a job that common man can pull up!
Bitcoin is only good to those people who have adopted it early. Nothing else really!
November 12, 2020, 09:54:56 AM
Bitcoin is more like an investment than a popular everyday currency. Developing countries should print their own money and create value with economic self-control rather than the introduction of Bitcoin in their economies. For me any economy comes up from delicate exploitation, printing money is also a form of exploiting workers but it is also a way for a nation to rise if it is well managed.
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