Bitcoin Forum

They say Poverty, corruption, inflation, and high unemployment levels are some of the problems that are common to developing countries around the world. In this case, do you have any idea how Cryptocurrency can help and what are those???

Bitcoin could help these countries as a store of value or something as sort of a "save haven" to due to the possible hyper inflation of some countries (especially 3rd world countries). Basically to prevent their wages/assets to degrade in value. A perfect example would be Zimbabwe:


Some scary stuff right there.

For more information about this: https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe

You really have a good point here. I've taken a look at the wiki link you gave and what you said does make sense!

How about the others? May I have your thoughts too on this particular topic? What are the other developing countries that you can think of?

Cryptocurrency can earn foreign money for our country.

For my country its the best way to help national valut to be stabilized in USD

Most important thing IMO is helping those millions (or even more) unbanked people in developing countries - they don't have any access to banking services (accounts, loans, transfers). Crypto can really solve those issues and there are already many projects trying to do this (like Humaniq for example).

I hope that Petro will help Venesuela to increase social life of citizens.

Well i think it can help small businesses in struggling economies transact internationally which would help them grow. In this area Bitpesa has helped businesses in countries like kenya, nigeria, south africa etc.

what if US dollar in one day will change to crypto, it will collapse all the world economy?

Cryptocurrencies have the potential to change the lives of some of the world’s poorest and most desperate people for the better. Cryptocurrency can improve lives by helping residents of developing countries participate in the global economy and escape from poverty. Developing countries can make a path, which foreign money could flow into the country through the cryptocurrency.

First Venezuala and now also Iran is creating it's own Cryptocurrency. The U.S. sanctions have taken their toll on these countries and maybe this is a good way for the population to keep some value to their money. This might be the start of countries around the world 'switching' to cryptocurrencies. Revolution is coming ;)

This has been gaining importance as a platform to generate capital. Recent one that has trying to make their financial success through cryptocurrency is Venezuela. They've a source backing and to gain economic growth it has been used through cryptocurrency. One such initiation is through petrol backed cryptocurrency and now they are with plans of gold backed cryptocurrency.

You know what, I have just read through an article that says Venezuela had received $375 million in the first day of a pre-sale of what you've mentioned 'petro' cryptocurrency. Isn't that amazing?! This is the article link: https://www.reuters.com/article/us-crypto-currencies-venezuela/venezuela-says-launch-of-petro-cryptocurrency-raised-735-million-idUSKCN1G506F

I wanna thank everyone who shared their thoughts on this topic. These are really juicy information so far!!! Keep it coming.

Not so much about cryptocurrency but on the subject. Blockchain is a perfect technology to solve the problem of rigged voting systems. Implementing blockchain based votes in countries like Russia for example, would make it transparent. If onlye they would adopt it...

you don't need to go to Russia,we have election in Italy soon....and u know italian
 can do a lot of tricks ::)....it would be interesting to try with blockchain...

Cryptocurrency truely has the potential to cutdown unemployment in most developing countries. A lot of unemployed undergraduate in my country, Ghana, who discovered the value in cryptocurrency and decided to work hard for the coin have now started their own business. Long live bitcoinBTC. Most countries see cryptocurry a threat to their centralized financial system.

This is a good idea. However, there is a loophole in it. Consider that in developing countries, internet connection is widely available and fast in the metros. In the country side or provincial regions, not so much. A wide percentage of the areas cannot be reached by a good signal, plus, you have to consider the purchase of decent smart phones, educational . I bet my money on the table if the people living in the far flung areas are aware of bitcoin. Some may be, but they prioritize the immediate survival needs. The only way Cryptocurrency will be able to help a developing country is if these basic technological problems are solved.

cryptocurrency breaks down barriers to trade and investment. for people in developing countries and the working class in industrialized countries, we have options for income and investment that we never had before. whether you are looking for a safe haven from devaluing fiat money or a chance for a 100x gain on a speculative altcoin trade, the opportunity is there.

on a macro level, USD and supranational organizations are used to keep developing countries in debt bondage and promote western policy throughout the global south. if crypto decentralizes monetary power away from fiat money, then poor, exploited countries will greatly benefit. and i suspect that those governments that start building national crypto reserves first will also greatly benefit.

If there are a lot of blockchain evolving and they are evolving "fast", then it could really benefit to developing nations around the world!

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It is global currency so when devoleping country will accumulate it.They will have good foreign currency as $ .Now it is good opportunity to find the potential of crypto currency and exchange your own currency with it.So in future u may become holder of valuable currency.Thus opportunity is available to all country equally.

For me there is a chance to do that if country and goverment make bitcoin and crypto legal with some taxes that don't make it unusefull, in that way there is a chance to help in developing.

Bitcoin and blockchain tech can help "facilitate low-cost remittances for those seeking to transfer low amounts of money internationally." Just think of all the people who live and work in one country but send money back home in another country to their families. Many of these people would rather not have to deal with potentially corrupt or inefficient banking infrastructures and would much rather prefer a faster and more secure option for transactions of this nature. Crypto is still a ways away from relieving this issue but regardless, this is one of the proposed solutions people foresee btc taking part in. Check out the articles below as they go into more detail...

https://www.ccn.com/will-bitcoin-blockchain-build-finance-developing-economies/

https://blockonomi.com/cryptocurrencies-developing-countries/

Cheers!

it may be assumed that poverty, corruption, inflation, and high unemployment are some of the most common problems in developing countries around the world that result in the difficulty of development in a country especially in the economic field.

so I think of course that crypto currency can help the development of a country especially in the economic field ... but it does not work directly to a country's changes,

because the economic upheaval based on the crypto currency can not change the economy of all citizens in a country, but one by one because people who use crypto are also still not too much ...

so if crypto curency is said to help the development of a country it is a right thing ....

Free speech, governance, freedom, and fair trade can all be blockchained.

If we can use it as a common digital currency world wide it will solve problem of devaluation of currency, losses arises from fluctuation of exchange rate etc.

I believe that cryptocurrencies can help the countries innovate their system, particularly when it comes to the payment system and how transaction flows within that specific country. Overall, it is mostly for the improvement of everything rather than what people say which is changing, but more of changing for the better.

Crypto currency had truely proved to be the source of solution to most difficulties in developing countries. Which could be unemployment, poverty, unbanked
systems, and Corruption. But with the help of crypto currency, can help innovate and enhance the improvement of the developing country.

The problem is you need to be tech savvy to use bitcoin right now, which is unfortunately a lacking skill in large portions of the populations in these countries. Untill it becomes more user friendly we won't see massive adoption.

People are also naive for the most part, only bitcoiners have asked themselves what money really is. I myself never even thought of the concept before I got into bitcoin. We still have a long way to go before people accept cryptocurrency as actual currency.

In South Africa we are likely to be Zimbabwe 2.0 soon. I am moving my wealth into BTC bit by bit, situations like this gives BTC a very good use case. Since my wealth will still be secure when the banks fall and we move to hyper inflation

I think the technology behind blockchain and smart contract would eliminate some of the corruptions and inefficiencies in developing countries.  Although I'm not saying that the symptoms are only prevalent in those countries.  Developed countries are also corrupt in many ways but they legalized it using some fancy names such as political contributions, PAC,  etc..

Poverty, Lack of jobs, Lack of capital, Poor financial inclusion these are the problems by which a nation cannot move into a better situation and grow itself globally. Cryptocurrency can resolve all these problems and make a good future of a country.

For a while, cryptocurrency was only a dream to the majority of the people living in developing countries simply because they had no means of owning these coins. Even at $100, Bitcoin was way too expensive for me but a certain crypto changed all that; STEEM.

STEEM made it possible for anyone from whatever background to earn crypto without having to spend anything. As more people began to earn with STEEM, they were now able to look into other projects (Bitcoin first, then other altcoins) and start to take full advantage of all the powers inherent in cryptocurrency. Once that foundation has been laid, cryptocurrency, and indeed blockchain technology, can then go on to liberate the people from poverty, corruption, and possibly bad governance.

Should the use of cryptocurrency be legalized across the country, the State also administers it further unemployment provided with sufficient knowledge of cryptocurrency and granting permission to do business is surely many people who can turn their lives into riches.
While the government participates in supporting the use of cryptocurrency.

Many of the developing countries are in debt with the IMF, World Bank, etc. The cryptocurrency and Bitcoin can help them by getting rid of these countries of their dependency on the U.S dollar. The cryptocurrency can be very helpful in time of inflation.

Lack of financial funds, poverty, lack of job offers and corruption. These situations could make a developing country fall and globally incompetent. But with the help of cryptocurrency these scenarios could be resolve and can save a free country.

for the bitcoin to spread across the country. should propose that bitcoin is not a scam of that kind of business :)