The uses for Cryptocurrency in places where fiat currency cannot be used

Kyraishi

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Quote from: Txidnotfound on October 12, 2019, 01:58:00 AM

Quote from: Crypto_SuggestionsXX on October 10, 2019, 09:49:23 AM

Nowadays the world’s economy seems to be stable in a majority of the developed nations. However, for some of the less developed nations their economies are not doing so well compared to the more developed nations. In these countries, their economies might not be going so well due to conflicts in the regions, mismanagement by their governments and sometimes in the worst-case scenarios corruption by their respective governments.

In such cases, the value of their currencies is not very high in the global economy or in some cases such as Zimbabwe, are worthless to use for transactions. While some people in those countries just use trusted currencies such as the US Dollar as it is trusted by people worldwide, there is another alternative: cryptocurrency.

Considering that their currency is basically unusable, Zimbabwe has adopted cryptocurrencies as a means of trade especially after their banks wouldn’t allow them to make transactions using foreign currency. So far the use of cryptocurrencies there is rising and it probably won’t stop until they fix their economy. This shows that cryptocurrencies can help countries that have problems with their currency.

Another example would be Venezuela. As we know now, the region is rather unstable with their economy not doing so well, however, some of the people there are able to get by using cryptocurrencies which further proves that cryptocurrencies can greatly benefit places with economic difficulties.

Is it possible to buy crypto in those countries is a problem, I know many big exchanges like Binance and Bitmex don't allow opening in such countries.

I am giving out a few examples of exchange restricted countries. Better stock up some crypto earlier than later.

https://cointelegraph.com/news/binance-dex-will-geoblock-users-from-29-countries-including-the-us
https://www.fxempire.com/crypto/exchange/okex/review
https://www.cryptopolitan.com/bitmex-restricts-access-to-three-countries/

To be fair, banning crypto-currencies in countries has never worked and there are too many workaround, I believe crypto-currencies are banned in 8 countries (majority in Africa). They've all banned Crypto, but none of them have had people break that rule and be punished, it's just confusing.

VPNs, Tor browser and other applications can all help you avoid these issues.

bounceback

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that is good news where with their money that is unstable compared to the US dollar and with other countries' money, they use digital currency as their main transaction in my opinion a good idea for them because they can think well compared to other countries if not doing things like that maybe they can only survive with insufficient needs and now we can say that this is the benefit of one of the cryptocurrency worlds.

FlamingFingers

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Quote from: inanilujimi on October 10, 2019, 08:59:53 PM

Venezuela and Zimbabwe are fiat countries which have no value at all, is it true that bitcoin can be a real solution for residents there but is it possible they can have it if bitcoin is banned in the country ??

Definitely bitcoin will be a solution to Resident in those countries for those who invest in bitcoin and other crypto when ever they convert their earnings to their local fiat it becomes so huge due to the devaluation of their current

Txidnotfound

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Quote from: Crypto_SuggestionsXX on October 10, 2019, 09:49:23 AM

Nowadays the world’s economy seems to be stable in a majority of the developed nations. However, for some of the less developed nations their economies are not doing so well compared to the more developed nations. In these countries, their economies might not be going so well due to conflicts in the regions, mismanagement by their governments and sometimes in the worst-case scenarios corruption by their respective governments.

In such cases, the value of their currencies is not very high in the global economy or in some cases such as Zimbabwe, are worthless to use for transactions. While some people in those countries just use trusted currencies such as the US Dollar as it is trusted by people worldwide, there is another alternative: cryptocurrency.

Considering that their currency is basically unusable, Zimbabwe has adopted cryptocurrencies as a means of trade especially after their banks wouldn’t allow them to make transactions using foreign currency. So far the use of cryptocurrencies there is rising and it probably won’t stop until they fix their economy. This shows that cryptocurrencies can help countries that have problems with their currency.

Another example would be Venezuela. As we know now, the region is rather unstable with their economy not doing so well, however, some of the people there are able to get by using cryptocurrencies which further proves that cryptocurrencies can greatly benefit places with economic difficulties.

Is it possible to buy crypto in those countries is a problem, I know many big exchanges like Binance and Bitmex don't allow opening in such countries.

I am giving out a few examples of exchange restricted countries. Better stock up some crypto earlier than later.

https://cointelegraph.com/news/binance-dex-will-geoblock-users-from-29-countries-including-the-us
https://www.fxempire.com/crypto/exchange/okex/review
https://www.cryptopolitan.com/bitmex-restricts-access-to-three-countries/

timerland

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I'm not very knowledgeable about the situation in Zimbabwe, but it looks like they are just banning other currencies and it's caused Bitcoin prices over there to soar through the roof.

As for Venezuela, fiat currency is still used more then BTC due to the lack of adoption, you can't go to stores and spend BTC - I believe it's used as a unit of storage due to how unstable their fiat currency is.

electronicash

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Quote from: Eugenar on October 11, 2019, 03:35:38 AM

Quote from: Tylev on October 10, 2019, 12:04:13 PM

All the problems with national money that you pointed out on the examples of Zimbabwe and Venezuela are connected with the growth of inflation of this money. This is mainly due to the inefficient management of the state economy by governments. However, this is not a common systemic problem of national money. Cryptocurrency can currently help people avoid the effects of rising inflation in the country, since the price in the cryptocurrency market does not depend on the price of the national currency of a particular state. However, until cryptocurrency has become a generally accepted means of payment, it will take some more time.

In my idea, before the people or nationals of Zimbabwe and Venezuela should embrace cryptocurrency, their government should first solve their monetary problems. They should start on their inside, then focus on adopting bitcoin and other currencies when everything is already settled. Because how could they buy bitcoin without their own currency in the first place? They might have a huge conflict with regards to their economy if they leave their government.

they already have started adopting crypto and i guess they have done solving their monetary problems thru it. for Zimbabwe the government declared their fiat to have no value some time in 2015. if you are from there with millions of zimbabwe dollars, you only have a pile you can use while in the toilet. didn't follow the news but of course theyre fixing things and adopted BTC as well. good job for a country in Africa advancing their nation with the help of cryptocurrency.

Eugenar

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Quote from: Tylev on October 10, 2019, 12:04:13 PM

All the problems with national money that you pointed out on the examples of Zimbabwe and Venezuela are connected with the growth of inflation of this money. This is mainly due to the inefficient management of the state economy by governments. However, this is not a common systemic problem of national money. Cryptocurrency can currently help people avoid the effects of rising inflation in the country, since the price in the cryptocurrency market does not depend on the price of the national currency of a particular state. However, until cryptocurrency has become a generally accepted means of payment, it will take some more time.

In my idea, before the people or nationals of Zimbabwe and Venezuela should embrace cryptocurrency, their government should first solve their monetary problems. They should start on their inside, then focus on adopting bitcoin and other currencies when everything is already settled. Because how could they buy bitcoin without their own currency in the first place? They might have a huge conflict with regards to their economy if they leave their government.

carlisle1

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Quote from: Crypto_SuggestionsXX on October 10, 2019, 09:49:23 AM

Nowadays the world’s economy seems to be stable in a majority of the developed nations.

you are absolutely wrong there is no stable economy these days as even the biggest countries in the world are having economic crisis(maybe there are few that hasn't) but it means majority of the world does

Quote

In such cases, the value of their currencies is not very high in the global economy or in some cases such as Zimbabwe, are worthless to use for transactions.

what do you mean by'currency are worthless for transaction'?isn't exaggerating?

Quote

Considering that their currency is basically unusable,

unusable?so whats the use of currency in Zimbabwe?

Quote

Another example would be Venezuela. .

well i guess Venezuela is different case?

Tylev

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Quote from: Flor1982 on October 10, 2019, 09:04:31 PM

I also monitoring the economic progress in Valenzuela to see if Crypto currency could really help their economic to become stable again. Although some of their institutions are already using crypto currency but still there are lot of issues that need to be resolved specially their economy which clearly is still in difficult.

Venezuela in general is probably the only state where pensioners are paid pension payments in bitcoin. However, this is precisely the social stratum of society that is least interested in cryptocurrency due to the complexity of understanding for them and its novelty, as well as the requirements of certain knowledge and the availability of technical means. The cryptocurrency should not be imposed on people, they themselves should be interested in it because of the provision of additional opportunities and amenities.
Venezuela as a whole is a very peculiar state due to the peculiarities of its economic and political development, and it is unlikely that we can observe the success of the implementation of cryptocurrency using its example, but any experience here will be useful.

skarais

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I strongly agree if there are countries that are experiencing difficulties with the economy and currency there, cryptocurrency is a viable alternative. An example is Zimbabwe, because banks there prohibit transactions with foreign currencies, cryptocurrency is used as an alternative payment tool.
But what about developed and developing countries, they mostly forbid cryptocurrency from being used as a legal payment instrument because it has been regulated by the government and if used will collide with existing regulations.

teosanru

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Quote from: Crypto_SuggestionsXX on October 10, 2019, 09:49:23 AM

Nowadays the world’s economy seems to be stable in a majority of the developed nations. However, for some of the less developed nations their economies are not doing so well compared to the more developed nations. In these countries, their economies might not be going so well due to conflicts in the regions, mismanagement by their governments and sometimes in the worst-case scenarios corruption by their respective governments.

In such cases, the value of their currencies is not very high in the global economy or in some cases such as Zimbabwe, are worthless to use for transactions. While some people in those countries just use trusted currencies such as the US Dollar as it is trusted by people worldwide, there is another alternative: cryptocurrency.

Considering that their currency is basically unusable, Zimbabwe has adopted cryptocurrencies as a means of trade especially after their banks wouldn’t allow them to make transactions using foreign currency. So far the use of cryptocurrencies there is rising and it probably won’t stop until they fix their economy. This shows that cryptocurrencies can help countries that have problems with their currency.

Another example would be Venezuela. As we know now, the region is rather unstable with their economy not doing so well, however, some of the people there are able to get by using cryptocurrencies which further proves that cryptocurrencies can greatly benefit places with economic difficulties.

Yes fact have proven that there definitely has been a healthy relationship between demolition of fiat and popularising of Cryptocurrencies in both the countries you have mentioned. Infact, in case of Venezuela it's the government themselves who have been moving towards adoption of Cryptocurrencies. But how it turns out to be for the economy is something which we will have to wait and see because it's only useful if it helps in building up the economy otherwise Cryptocurrencies aren't a disaster management technique. We saw in hongkong too btc volume increased on local bitcoin after the recent unrest.

Kyraishi

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Quote from: kayvie on October 10, 2019, 10:59:53 PM

Quote from: Kyraishi on October 10, 2019, 09:43:42 PM

Quote from: inanilujimi on October 10, 2019, 08:59:53 PM

Venezuela and Zimbabwe are fiat countries which have no value at all, is it true that bitcoin can be a real solution for residents there but is it possible they can have it if bitcoin is banned in the country ??

It's pretty hard to actually "ban" crypto-currencies in a country due to the workarounds the internet has, and we've seen this happen with other countries that end up banning BTC, most vpns are able to fix this issue.

For the people in Venezuela and other countries, due to their unstable economies, may see Bitcoin as a way of life there and it's to the point where it's basically as popular as their local fiat currency (pesos).

They find cryptocurreny as a solution for their status in life, tho bitcoin is banned in their countries they still find a way to access crypto sites.
But even if the government announced that they are forbidden the use of crypto into their country, crypto cannot be stopped, crypto still make a name after those issues where every countries wanted to control and have their hands in cryptocurrency.

That's correct, however in Venezuela's case they are actually very pro-bitcoin currently and they are allowing crypto-currencies as quick fix to their current economic issue and they are helping people get by with the use of crypto-currencies.

I think we won't see a lot of these cases in the future though. It's just crypto-currencies coming in handy for when a government screws over their economy, but in the future we'll see less of that and more cases where fiat will still be more popular (like in developed countries).

kayvie

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Quote from: Kyraishi on October 10, 2019, 09:43:42 PM

Quote from: inanilujimi on October 10, 2019, 08:59:53 PM

Venezuela and Zimbabwe are fiat countries which have no value at all, is it true that bitcoin can be a real solution for residents there but is it possible they can have it if bitcoin is banned in the country ??

It's pretty hard to actually "ban" crypto-currencies in a country due to the workarounds the internet has, and we've seen this happen with other countries that end up banning BTC, most vpns are able to fix this issue.

For the people in Venezuela and other countries, due to their unstable economies, may see Bitcoin as a way of life there and it's to the point where it's basically as popular as their local fiat currency (pesos).

They find cryptocurreny as a solution for their status in life, tho bitcoin is banned in their countries they still find a way to access crypto sites.
But even if the government announced that they are forbidden the use of crypto into their country, crypto cannot be stopped, crypto still make a name after those issues where every countries wanted to control and have their hands in cryptocurrency.

Kyraishi

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Quote from: inanilujimi on October 10, 2019, 08:59:53 PM

Venezuela and Zimbabwe are fiat countries which have no value at all, is it true that bitcoin can be a real solution for residents there but is it possible they can have it if bitcoin is banned in the country ??

It's pretty hard to actually "ban" crypto-currencies in a country due to the workarounds the internet has, and we've seen this happen with other countries that end up banning BTC, most vpns are able to fix this issue.

For the people in Venezuela and other countries, due to their unstable economies, may see Bitcoin as a way of life there and it's to the point where it's basically as popular as their local fiat currency (pesos).

BlackFor3st

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Quote from: Crypto_SuggestionsXX on October 10, 2019, 09:49:23 AM

Nowadays the world’s economy seems to be stable in a majority of the developed nations. However, for some of the less developed nations their economies are not doing so well compared to the more developed nations. In these countries, their economies might not be going so well due to conflicts in the regions, mismanagement by their governments and sometimes in the worst-case scenarios corruption by their respective governments.

In such cases, the value of their currencies is not very high in the global economy or in some cases such as Zimbabwe, are worthless to use for transactions. While some people in those countries just use trusted currencies such as the US Dollar as it is trusted by people worldwide, there is another alternative: cryptocurrency.

Considering that their currency is basically unusable, Zimbabwe has adopted cryptocurrencies as a means of trade especially after their banks wouldn’t allow them to make transactions using foreign currency. So far the use of cryptocurrencies there is rising and it probably won’t stop until they fix their economy. This shows that cryptocurrencies can help countries that have problems with their currency.

Another example would be Venezuela. As we know now, the region is rather unstable with their economy not doing so well, however, some of the people there are able to get by using cryptocurrencies which further proves that cryptocurrencies can greatly benefit places with economic difficulties.

This happens because of too much inflation's and the value of their money is keep on decreasing and this was cause by mismanagement or corruptions.

Adopting crypto currencies will surely help this kind of problem as there are no inflation in crypto currency but the problem is still there once they are going to convert their crypto currencies to fiat in buying their daily needs. But if this alternative will be proven to help the region that has a problem, I am sure that it will be spread all over the globe and problematic governments will start to adopt crypto currencies.

Flor1982

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I also monitoring the economic progress in Valenzuela to see if Crypto currency could really help their economic to become stable again. Although some of their institutions are already using crypto currency but still there are lot of issues that need to be resolved specially their economy which clearly is still in difficult.

inanilujimi

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Venezuela and Zimbabwe are fiat countries which have no value at all, is it true that bitcoin can be a real solution for residents there but is it possible they can have it if bitcoin is banned in the country ??

CryptoBry

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Quote from: alexsandria on October 10, 2019, 08:35:48 PM

I agree on the part that there are these struggling developing countries that cannot stay put to the developed countries, and the gap is very big, but I don't ever heard some of them specially Zimbabwe adopting to bitcoin because their government can provide them what they need. Can you cite some sources on that claim? I mean, the fact that they are struggling countries made me question even more your claim.

Zimbabwe is actually one of the most popular countries in the African region that is doing well with Bitcoin and people here are using the cryptocurrency to protect the money they have as inflation is eating its value. Now, I am not saying that majority of the population in Zimbabwe is into Bitcoin that can be impossible and a country no matter how poor its economy will always have some percentage of the population who can afford things or have the resources that can tap into cryptocurrency. And I think this is the beauty and advantage of Bitcoin both as a currency and a store of value.

I am sharing with you here three of good articles/news that explained more on the situation in Zimbabwe and the use of Bitcoin in that country:

Zimbabwe banned the US dollar from being used so local bitcoin demand is soaring again

Bitcoin For Sale at $50,000 in Zimbabwe

Bitcoin Fills Liquidity Gaps as New Zimbabwe Currency Flounders

One thing is sure here, the government is finding it hard to stop Bitcoin even if it is not recognizing the cryptocurrency and without the presence of a centralized crypto exchange...people can be doing P2P trading instead. Zimbabwe to me then is an inspiration to all of us who can always be complaining of the lack of infrastructure available at our means.

Ailmand

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Maybe in times like economic crash in Venezuela and Zimbabwe where using their fiat would not be convenient, crypto would be a good alternative. As another example, in our country using crypto as payment when buying digital goods like mobile loads, game credits, paying bills or shopping online would give you discount when we use our wallet application or use crypto as payment. As we advance and crypto becomes widely adopted we will see more instances where crypto can be used in case of absence of payment via fiat.

alexsandria

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I agree on the part that there are these struggling developing countries that cannot stay put to the developed countries, and the gap is veri big, but I don't ever heard some of them specially Zimbabwe adopting to bitcoin because their government can provide them what they need. Can you cite some sources on that claim? I mean, the fact that they are struggling countries made me question even more your claim.

Topic: The uses for Cryptocurrency in places where fiat currency cannot be used (Read 267 times)