Bitcoin Forum

Do you think bitcoin will help debt ridden or poor countries to improve the standard of living and also will bitcoin help these countries to become financially stable if they adapt crypto currency ?

Yes I feel so as those poor countries can adapt bitcoin as an alternative to their national currency or they can start their own version of crypto currency

Yes, but only if they addapt their financial system to cryptos, if they just want to run their own crypto by their own rules, they are going to fail one more time.


Venezuela wants to start their own cryptocurrency, but probably it will be a mess. It is going to be centralized and probably the only ones who are going to be available to buy that one, are going to be the people from there.

And you all know that most of the people from there does not even have a dollar, because they live a whole month with a dollar!!!!!!!!! Because of this the marketcap will stuck and it will never go up.

But if they allow other investors, then it can be taken more seriously, and i would invest in there too, only a few bucks

No, although bitcoin will be able to help some people on this country, but remember that in a poor country not everyone has access to internet and gadgets. People like in Africa are worried on how they would buy their food on a daily basis.

Also poor countries usually have a corrupt government. Regardless of what type of currency they would adopt as long as corruption is not stop they will still remain poor and living conditions will still remain the same.

I know Venezuela is in debt and the government is working to create a coin of this country. Crypto may become a new source of investment for difficult nations. The crypto market will increase dramatically.

Well if we're talking about underdeveloped nations here, they would be be finding it hard to provide their citizens with the basic things required to access Bitcoin : A computer/mobile phone and an internet connection. Then again, even if they succeed in this, it would be another big process of teaching the uneducated and underprivileged about Bitcoin and its mechanism.

I think debt ridden Countries can save a lot for their Nation if they could adopt bitcoin. Huge money are been allocated to print fiat currency of which many of this countries has no capacity to do. This usually result in capital flight for their economy.

If anything bitcoin could make things worst since it could destroy the local currency since people are no longer going to hold it to save and instead they are going to hold bitcoin, eventually no one will want to hold that fiat and the economy could crash.

I think so and even to the citizens too. For instance, a poor country can invest on bitcoin and hold for a long time in expectation of an increase just as we are witnessing a very good run from bitcoin this year. That can actually help the country when recovered to fiat.

It will not help, it is nowhere official and what next, how they should repay loans to other countries. And their economy will only be further ruined and ransacked and will be even worse. Therefore, my unequivocal opinion will not help.

I have also heard about venesuela possibly adopting a crypto currency.
If it is centralized i suspect the same type of management of their fiat will happen with their crypto.
governments are slow to relinquish control of finances.

In reality, the only way third world country can break the hold of developed countries over their economic is through adoption of cryptocurrencies that will weaken the influence of dollars on they economy. Most of this debt country are in bondage of interest charge on loan they gotten from developed countries and that is what has destroy the power of the local currency.

No. Why would a country benefited from bitcoin. The one that will greatly benefited is their citizens only not the entire country. It will give their citizen purchasing power but since only few people have known bitcoin yet, it wouldn't put a significant dent of the economy of a country.

The only case study so far that benefited a country is in Venezuela and Zimbabwe. But that's different though. Both countries are in economic and political crisis. They are not debt ridden as what the question of the OP is.

Cryptocurrencies would be more beneficial to countries with higher local currency inflation rate like Venezuela. Storing their fiat into cryptocurrencies would probably help them fix the deflationary issue.

Yes it will help a lot of its citizen if that country open they’re place for cryptocurrency. But this won’t have immediate effect, it takes time and adaptation must be radically promoted without hesitations. I’m leaving in a poor country but we’re improving now and maybe because with the help of bitcoin industry. As of now individual growth is much more obvious to bitcoin users and economically it soon be effective.

No, this is not possible, in fact bitcoin as well as crypto cause high inflation  and as well as money laundering occurs more.

Yeah, they do not understand that the reason for their failures is not someone else but themselves so if they create their own crypto they are going to fail once again and their economies are going to crash as a consequence of their mistakes.

I agree there is possibility to make finance world better if Crypto is applied,
cost and fee can be reduced.

I ve been thingking to use crypto for commodity sale/business,
I made a sort of pre-ann to make this for real,
if anyone would like to join, we can make this real and even better

If they had been wise enough to adopt this from the start and look at how things turn out, since it would not require too much anyway, I am sure a lot of them would have been doing well by now. However, with the corrupt system, even some in the top position would have just pocketed the profits rather than remitting it into the government which is really why most of those corruption ridden countries will find it hard to develop no matter what.

Yes bitcoin is a boom for debt ridden countries. It will only need the right way on how they will use it, if we take a look at one of the giants in asia, like japan, they may be rich, but the value of their fiat is not that high, and using cryptocurrency will only help them to have more gains in the future, if.we take a look at it, even their banks had produced their own altcoin, it will take discipline from their people in order for it to be a success. We can all learn on how they do it, and if a country like japan sees that their will be more profit in the future, we can say that investing in bitcoin do help in getting a country out of debt, and we can also say the same with zimbabwe, considered to be one of the poorest country, what they only need is for all of its people to have access.

Poor countries does not have any business to adopt bitcoin and even if they think its going to help them overcome the financial challenges, several factors will still mitigate against them for fully harnessing the advantages of bitcoin. Starting with the issue of infrastructure which they don't even have and cannot afford to put in place because they are poor and investing in such would be interpreted as luxury that the country cannot live with at the moment. Another is the continued influence of world powerful countries on the domestic affairs of smaller countries which is a key thing to put into consideration before adopting bitcoin.

One of the good things about bitcoin and why is not liked by corrupt governments is that allows you to avoid the corruption, the government can print as much of their fiat as they want but they cannot steal your wealth and they hate that.

Why not mate as long as have good stable internet connection there's nothing possible to gain the economy of the poor country by helping of bitcoin.
And teach them how use bitcoin in a good way.

I hope the coin they are working to create will really help them achieve their aim and not still end up as messed up as their fiat based system, since it will still be a controlled environment anyway and I really do not know the much difference it may end up making.

If done well, and the government really want to work hard to get the nation starting stronger than before, then it is good to adopt the blockchain technology since in some years to come, this would still end up being the main thing, but if the corruption level still persists, nothing will really be different.

No, bitcoin is going to help specific people, people that are smart enough to understand that bitcoin is the next big thing, but not everyone is going to get into bitcoin at the same time, and some people may never get in bitcoin, that is why it is important to convince our loved ones to invest in bitcoin as well, that way not only you get the benefits of bitcoin but all your family as well.

Till crypto profit in such country will not be taxed nothing special will happen. Yes, more money in citizens' hands may rise the economy, but the biggest part of money will stay in pockets of businessmen and producers. After taxation of crypto the government will have more money to pay by debs and to improve the inside of the country, of course if politics are not too corruped, which is actually doubtful.

Not the whole country but its people.  If the people on that country invested and earned through bitcoin, they would become debt free and financially stable. If the government taxed bitcoin , they will have an extra fund for debt payment but if they do it, less people will pursue bitcoin.

Not all underdeveloped nations, as some are still doing pretty well in that area and internet has really grown past what anyone would really not have now except for the extremely poor countries that are so far behind. A lot of the citizens of these so called underdeveloped countries are already helping themselves out and in the long run, it would pay off for most of them even if the government refuses to upgrade.

If debt ridden countries are not stupid enough to discard it, then definitely it can. However, we have to consider the fact that it was corruption that actually led most of these countries to end up debt ridden and this may not change anything as the government of some of these countries may still end up not managing the system well and hence, they would not change a bit. As long as the leaders are messed up, nothing can change.

Why would anyone use their cryptocurrency, they showed they cannot manage their fiat, they are the same guys with the same ideas that have sunk their economy, no one is going to use that abomination, it is no different to what happened to Zimbabwe, their currency disappeared and people began using dollars, and other currencies and the government created a currency pegged to the dollar, and what happened? The same as always they printed more of it and soon enough that currency is going to follow the same fate as their national currency.

Depends on the support , bitcoin could help but wont make really an impact for those poor countries at the moment with it's current value , now it's a luxury to have a single bitcoin. Maybe if you are an early adapter that belong to such country then it will really have changed your life, but somehow bitcoin would be very helpful to people that knows where to find and work for it in the internet, some offer decent amount that you can work for.

I think not directly the country but the people itself. If they started to invest in bitcoin they will be able to earn extra money even you are employed, it will reduce the jobless people and its good for the country, the problem of government to give their citizen a job will be lessen. This is one of the major problem of our country, and im seeing bitcoin as an answer for this issue.

Yea, so many of these countries are really lagging behind in everything and it would be very hard for even the citizens to have access to the internet, let alone have enough to afford a smartphone as the economy has been extremely ridden by the corrupt government.

Even if things are to change a little bit, that still will not stop the government from going ahead with their corrupt practices anyway and then still end up crumbling the whole economy of the nation.