Will third world country hold their foreign reserve in bitcoin against Dollar? - page 2.

Victorycoin

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Quote from: Lieldoryn on June 09, 2017, 01:10:31 PM

This will never happen.

I agree, it may never happen, certainly not with the sort of volatility that is common with Bitcoin. Some countries might wake up one morning and discover their reserve have been eaten up by market volatility. I guess the time for that has not arrived yet.

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Third world countries become dependent on the U.S. dollar due loans at very low interest rates.

No, all countries either buy or sell oil and oil became attached to the dollar and that is one of the things that lead to dollar becoming a global currency! The dollar is not the issue, the subtle conditions are.

As for the low interest rate loans you suggested, they are illusions. Hardly any of the third world countries on loans ever get to be on their feet, because the loans are fetters that further impoverish their countries.

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Who will they lend in bitcoins? Besides, no one will take a loan in an unstable currency. It is very dangerous.

Dangerous, yes it is unless it becomes stable.

deisik

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Quote from: Taskford on June 24, 2017, 08:16:37 AM

Quote from: arpon11 on June 09, 2017, 12:51:09 PM

Dollar is what is affecting development in most of the third world currencies. I keep on saying that the only way to destroy the strength of dollars on the third world countries' currencies is by using bitcoin as a gold standard for their individual country currency.

Yes also my thoughts but its just like never gonna happen. Bitcoin and dollar is both currency but without dollar, bitcoin will be nothing. Dollar is the the no. 1 currency and its like being use over the world. And yeah bitcoin in third world country is now being known and use, but not all their people is aware of bitcoin as a crypto currency so maybe there's no really impact from bitcoin price

So what about other currencies?

Such as the Euro, Swiss franc, British pound, Japanese yen, Chinese yuan, they don't count according to your reasoning or what? If people are trading their bitcoins, buying and selling them for all these fiat monies, does it mean that they will stop doing that or something will prevent them from doing that if the US dollar goes down the drain one day? As to me, you should first make a small reality check before posting anything along the "Bitcoin will be nothing without the dollar" lines

Bagaji

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Quote from: South Park on June 10, 2017, 12:12:25 PM

Quote from: Bagaji on June 09, 2017, 12:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

I don’t think so, would you store something that in theory could be very easy to steal, storing gold, has its issues but stealing gold is difficult because you need to transport a lot of tons of gold, storing dollars is not complicated but even if someone stole them you could always track them or reverse the transaction if it was electronic.

Bitcoin is not in theory for it has gotten to the level that it can be stored offline. Storing bitcoin offline will make it unacceptable for criminal to have access to it, and if it's been stolen it can equally be traced as you rightly said with dollar and gold. And I believe with time some third world country will accept Bitcoin as one of their foreign reserve.

shine1123

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Quote from: Bagaji on June 09, 2017, 12:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Let's call third world country = developing country first. I think the developing country will not accept bitcoin. I mean, even big country is hard to accept bitcoin as a payment. I also think bitcoin will give a positive effects into country.

Taskford

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Quote from: arpon11 on June 09, 2017, 12:51:09 PM

Dollar is what is affecting development in most of the third world currencies. I keep on saying that the only way to destroy the strength of dollars on the third world countries' currencies is by using bitcoin as a gold standard for their individual country currency.

Yes also my thoughts but its just like never gonna happen. Bitcoin and dollar is both currency but without dollar, bitcoin will be nothing. Dollar is the the no. 1 currency and its like being use over the world. And yeah bitcoin in third world country is now being known and use, but not all their people is aware of bitcoin as a crypto currency so maybe there's no really impact from bitcoin price.

Bamselk

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Quote from: Armando on June 24, 2017, 05:00:38 AM

Quote from: Bagaji on June 18, 2017, 05:25:40 PM

Quote from: ged00u on June 10, 2017, 06:17:11 PM

Quote from: Bagaji on June 09, 2017, 12:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Yeah, no third world country is holding bitcoin right now and I do believe that some of them dont even know what BItcoin is and what they can do with bitcoin. Moreover, those countries do not have enought technology and knowledge to understand deeply about bitcoin. Therefore, don't expect that those countries will make a huge impact in the bitcoin price.

Well, if you go through my post vividly you will see that I didn't say any that third world country is currently holding bitcoin as part of their foreign reserve. And I was referring to the impacts on the third world country economies not to the market value of Bitcoin. I believe there is no country on this planet earth that is not aware of Bitcoin at the moment for Bitcoin has gone above that level.

Maybe some are already experimenting with it, we can't know all the details Wink

Not likely.

The US has almost consistently managed to keep the value of the dollar only falling slightly for a long time. With a central authority to handle the price it tends to end up much more stable.

That can't last forever due to the giant Ponzi scheme of the global financial system, but countries will be using it until it's gone.

Armando

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Quote from: Bagaji on June 18, 2017, 05:25:40 PM

Quote from: ged00u on June 10, 2017, 06:17:11 PM

Quote from: Bagaji on June 09, 2017, 12:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Yeah, no third world country is holding bitcoin right now and I do believe that some of them dont even know what BItcoin is and what they can do with bitcoin. Moreover, those countries do not have enought technology and knowledge to understand deeply about bitcoin. Therefore, don't expect that those countries will make a huge impact in the bitcoin price.

Well, if you go through my post vividly you will see that I didn't say any that third world country is currently holding bitcoin as part of their foreign reserve. And I was referring to the impacts on the third world country economies not to the market value of Bitcoin. I believe there is no country on this planet earth that is not aware of Bitcoin at the moment for Bitcoin has gone above that level.

Maybe some are already experimenting with it, we can't know all the details Wink

Bagaji

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Quote from: ged00u on June 10, 2017, 06:17:11 PM

Quote from: Bagaji on June 09, 2017, 12:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Yeah, no third world country is holding bitcoin right now and I do believe that some of them dont even know what BItcoin is and what they can do with bitcoin. Moreover, those countries do not have enought technology and knowledge to understand deeply about bitcoin. Therefore, don't expect that those countries will make a huge impact in the bitcoin price.

Well, if you go through my post vividly you will see that I didn't say any that third world country is currently holding bitcoin as part of their foreign reserve. And I was referring to the impacts on the third world country economies not to the market value of Bitcoin. I believe there is no country on this planet earth that is not aware of Bitcoin at the moment for Bitcoin has gone above that level.

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Quote from: Sundark on June 15, 2017, 04:16:12 PM

Quote from: Bagaji on June 09, 2017, 12:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Keeping part of their foreign reserve in BTC would be amazing, beneficial and really progressive approach, too bad it won't happen anything soon.
Poor countries seek stability and USA is still the best country in the world to promise them that.
Bitcoin is not good because there is no one behind it, no one will guarantee that one day BTC's value will crash. In other words, it is too risky to focus on BTC alone.

You are correct, there is not a guarantee that bitcoins not going to crash, but to be honest there is not guarantee the United States dollar is not going to crash either, something similar already happened in the seventies when the dollar stopped being backed by gold, at some point the dollar will no longer be backed by the hope the United States can repay its debts.

que91

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Now, Bitcoin is very new for more people, only small amount people on the world's have knowlegde use it and trust it, so not country want try use Bitcoin for do that, it very risk and spend more time for teach and guide people use Bitcoin, because if not have knowledge they can't use it and protect their property

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Quote from: Bagaji on June 09, 2017, 12:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

I dont think so. It woud be a long long process. And since most or maybe all third world countries are depending on holding their foreign reserve in dollar, I dont think their government would risk into something that (not all their) citizen know. But if the government and its citizens would have a good knowledge about this then maybe it would give positive results but if not then they might end up losing everything

syaripudin

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For now I think in the third world countries, there are still many who keep their foreign exchange reserves using the dollar currency, why I say so, because until now the dollar is still very influential to meet the economy of each country, so in conclusion, bitcoin yet Able to compete with the dollar

SingAlong

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Quote from: Sundark on June 15, 2017, 04:16:12 PM

Quote from: Bagaji on June 09, 2017, 12:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Keeping part of their foreign reserve in BTC would be amazing, beneficial and really progressive approach, too bad it won't happen anything soon.
Poor countries seek stability and USA is still the best country in the world to promise them that.
Bitcoin is not good because there is no one behind it, no one will guarantee that one day BTC's value will crash. In other words, it is too risky to focus on BTC alone.

The volatility is what really makes them not to go with Bitcoin but rather to USD since it is stable and less risky considering that it has a great market and will not just magically one day be gone and lose value. Bitcoin on the other hand has a lot of risk which they can't rely their money on since in the world of cryptocurrencies, it is full of uncertainty.

slackcryptoz

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Not at all, because the volatility will greatly affect the economy of the nation if the reserve is placed in the form of bitcoin. USD has got a stabilty in the value which doesn't make a big difference compared to bitcoin. Think of the bitcoin's current scenario where the price has fell more than 500$ in a short.

Himanshu111

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I don't think Bitcoin will replace dollar as dollar has been around there for centuries and it is one of the most stable currencies in the world.bitcoin is not as stable as dollar. Moreover dollar is accepted everywhere and by everyone. But acceptance of Bitcoin is not as high as dollar so it would take years for Bitcoin to replace dollar.

Sundark

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Quote from: Bagaji on June 09, 2017, 12:43:22 PM

Most of the third world country hold their foreign reserve in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Keeping part of their foreign reserve in BTC would be amazing, beneficial and really progressive approach, too bad it won't happen anything soon.
Poor countries seek stability and USA is still the best country in the world to promise them that.
Bitcoin is not good because there is no one behind it, no one will guarantee that one day BTC's value will crash. In other words, it is too risky to focus on BTC alone.

South Park

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Quote from: chalkboard17 on June 13, 2017, 05:10:59 PM

Quote from: Armando on June 11, 2017, 03:26:26 AM

I believe at least Zimbabwe should try investing in Bitcoin.. if I were in their government I'd try swtiching to BTC instead of their mostly worthless currency

LoL. I do not think that this country will develop bitcoin in their currency system because no government will do that. They can not control the people if they let everyone use bitcoin. Moreover, I do not believe that everyone in Zimbabwe having a smartphone or computer

Also I would like to add that will require the public to trust the government, the Zimbabwean dollar is synonymous with a failed currency, so much , that most in Zimbabwe don’t use anything other than foreign currencies to do their trades and use currencies like the Us dollars, the euro, the Japanese yen, the Chinese yuan, the Australian dollar, the pound, maybe someone will use bitcoin but that will be because they want and not because the government imposes its will over them.

BingoDog

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I don't think this is possible. No government, even in third world countries, don't trust bitcoin that much that it would keep the reserve in it. And for that bitcoin should be regulated and accepted, full implemented in economy and that is still not very likely. And there is big volatility problem so I don't think any country will go for that.

anryze

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I truly believe that third world countries will hold a part of their resources in cryptocurrencies (not only BTC), as well as creating their own cryptocurrencies for local market to increase liquidity.
Dollar will still be a big player and about 30%-70% of portfolio will be held in dollar.
But everybody understands, that BTC is growing, and growing very fast, so its profitable to have such asset.

Bagaji

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Quote from: olushakes on June 11, 2017, 01:35:24 AM

I doubt if any third world country will be able to take that risk simply because of no other reason than volatility that in the case of bitcoin crashes, then they become poorer in which case they have no alternative which is the most scary part. Another reason is that based on the level of technological development in such country, I wonder how they will be able to adopt bitcoin and also most of this countries relies on foreign aid from the United States and the moment they change then they might be losing from both ends.

But I think in the near future, it is possible for third world country to hold some part of their foreign reserve in bitcoin. The issues of volatility of Bitcoin price is another major point that call for concern, but the same volatility equally affects US dollar too. Am of the believe that the third world countries can hold about 25% - 30% of their foreign reserve in bitcoin for the fear of unknown that may likely affect their economy.

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