The Role of Bitcoin in Developing counties to accelerate Growth process - page 3.

dothebeats

legendary

Activity: 3542

Merit: 1352

Quote from: Sayeds56 on November 12, 2020, 04:09:05 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.

This is too far-fetched. You still need a considerable amount of resources in order to get bitcoin, especially at its current pricing. Perhaps those citizens capable of allotting a percentage of their earnings to bitcoin or just savings in general would benefit from it, but the majority of these populations from developing economies have barely enough money to keep things going for themselves. Bitcoin is supposed to be safeguarding your wealth against inflation, and keeping your own money yourself instead of letting others do it for you, but it was never an answer to poverty, moreso a tool to cure such since it isn't meant and created to be one in the first place.

MusaMohamed

sr. member

Activity: 966

Merit: 306

Quote from: Sayeds56 on November 12, 2020, 04:09:05 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.

Growth in financial or community factors won't be reached because of bitcoin or other cryptocurrencies. The growth is made up of many things. Cryptocurrencies only help community with its convenience and privacy or anonymity.

I can not believe bitcoin or cryptocurrencies can bring prosperity or wealth to everyone who invest in it. They can lose money by margin or by scam projects or ponzi.

tsaroz

legendary

Activity: 3150

Merit: 1069

Developing countries are taking bitcoin as a risk rather than an opportunity. It's not exactly due to the nature of bitcoin but their own failed plans and regulations. A large number of rich people in developing countries are buying bitcoins often at higher price. It's mostly because they don't trust the money and economy there and they don't trust their own government. This creates and exodus of capital from the country where there's absolutely needed. For developing countries to stop it, they should promote capital investment and ease business in the country rather than making business and lives of general public miserable with excessive taxes and low facilities.

BrewMaster

legendary

Activity: 2128

Merit: 1293

There is trouble abrewing

no it is not. bitcoin was not created to make people rich and "escape poverty". that is the fantasy of some newcomers that don't last long either because at the first sight of volatility they panic sell at a big loss and go away for good.
as a result bitcoin will not help the growth of any developing countries. but it will help a lot of individuals to reach freedom from the corrupt banking system by switching to bitcoin. in some third world countries this corruption is more palpable although it may be a lot more serious in developed countries

concept2

sr. member

Activity: 750

Merit: 258

It is a hard task Cry

The lacks of resources and facility prevent them from achieving this technologies. There are more issues troubling the government. To my knowledge, poverty is the big problem to these countries. How can you build a blockchain system while more than half of the people living under condition. They do not even have smartphone to access the system or to make a simple payment

The government is the one in charge for everything and they need to impose a new correction path in order to stimulus. Otherwise, they never reach the point where their countries can integrate bitcoin or blockchain

Alucard1

full member

Activity: 574

Merit: 125

There are still many things that they can do to prevent poverty and cryptocurrency is one of which as long as they use it for investment and trading purposes which is a risky one, so the question here is that are they going to take the risk or not, for those people who are unfortunate living, I don't think that they ate well with these things because what if they have lost? it would be a big thing for them, they should use it for their daily needs and not to take the risk. Investment and trading are good if you have extra money and you have also a source of income but if you don't have them then I don't think that it would be advisable.

Sayeds56

copper member

Activity: 1316

Merit: 715

Eloncoin.org - Mars, here we come!

Quote from: Charles-Tim on November 12, 2020, 05:11:00 AM

Quote from: GreatArkansas on November 12, 2020, 04:37:16 AM

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.

Assuming, developing countries have what it takes to mine bitcoin, with that, more income people of the countries will earn. The miners will convert some of the bitcoin to fiats and use it to buy something in their community, thereby helping others in the community. If people of developing countries have invested in bitcoin as far back as 2015, it would have brought them earnings too, it will surely affect their counties positively, how about the custodial services like exchanges, if some developing countries have it, it will help them to provide employment. Bitcoin brings wealth to nations, if people of the developing nations embrace it, it will bring them wealth.

very well explained. I totally subscribe to your views that it helps poor nations to address issue of poverty in many ways by mining it and by providing easy access to Financial services through dApps and dApp can be installed on a simple smart phone with internet access and more than 50% population in Asian countries use smart phone. Please correct me if my numbers are wrong. .

ReggieBush

newbie

Activity: 19

Merit: 0

I don't see the correlation between the two, personally. Just as fiat doesn't inherently accelerate growth, bitcoin is the same. Infact, if you're poor you're likely to have no access to computer/internet, so fiat in that case would be the growth accelerator.

Wexnident

hero member

Activity: 2702

Merit: 672

I don't request loans~

Quote from: Sayeds56 on November 12, 2020, 04:09:05 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.

Again, Bitcoin isn't a magic drug that someone can use to escape poverty. It just opens up more opportunities that people can take advantage so as to combat poverty. Used intelligently, people can avoid being taken advantage of insane fees that they spend for one. Bitcoin itself is an opportunity, though not only for earning, but also losing money, specifically trading. That's for another matter though so let's leave that on one side. Traceability of funds doesn't really help in providing opportunities, more like it just shows people where funds go to and from. It can be used in various ways, but the best term to describe it with is used for either safety and security and the like.

Charles-Tim

legendary

Activity: 1512

Merit: 4795

Leading Crypto Sports Betting & Casino Platform

Quote from: GreatArkansas on November 12, 2020, 04:37:16 AM

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.

Assuming, developing countries have what it takes to mine bitcoin, with that, more income people of the countries will earn. The miners will convert some of the bitcoin to fiats and use it to buy something in their community, thereby helping others in the community. If people of developing countries have invested in bitcoin as far back as 2015, it would have brought them earnings too, it will surely affect their counties positively, how about the custodial services like exchanges, if some developing countries have it, it will help them to provide employment. Bitcoin brings wealth to nations, if people of the developing nations embrace it, it will bring them wealth.

Serious475

full member

Activity: 574

Merit: 101

Quote from: GreatArkansas on November 12, 2020, 04:37:16 AM

Quote

(....)
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.

Yes, bitcoin needs an investment so that you can earn but you can start on some forums and campaigns to have a enough starter funds so that you can invest on your own bitcoin. We are also talking about the role of bitcoin in developing countries so we should include all the people here because even if we say that your country improves a lot but the poverty rate is still big, we cannot consider it as development. Bitcoin can help all the people by removing the risk of hold up because you can keep your money within a software so that they cannot access your money.

GreatArkansas

legendary

Activity: 2534

Merit: 1397

Quote

(....)
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.

Lorence.xD

sr. member

Activity: 1624

Merit: 315

Leading Crypto Sports Betting & Casino Platform

The traceability aspect is debatable. The problem with bitcoin though is that it will be difficult to access in low income area that really needs that financial upbringing. I guess if it helps other people, this people will give back to community when they become well off with the help of bitcoin.

Sayeds56

copper member

Activity: 1316

Merit: 715

Eloncoin.org - Mars, here we come!

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.

Topic: The Role of Bitcoin in Developing counties to accelerate Growth process - page 3. (Read 507 times)