Bitcoin Forum

I was just curious to know how will adapting to blockchain technology and bitcoin effect  developing countries like India.

The adoption of bitcoin in developed countries will affect the country positively in the economical aspect of it. Because it will make many very rich which will provide the country with more development in the society.. 

Well making profits aside, I feel like it's still a good remittance option for developing countries. I know someone who has started sending money to family in the province from profits gained in bitcoin. It is still fast and and cheap enough to send funds from an exchange wallet to some partner establishment.

All the countries are adapting the blockchain it will connect the all over world. Number of developing countries are accepting the Bitcoin technology still some  countries are implementing the Bitcoin effect.
 I think India also supporting to cryptocurrency example jio coin is under process in crypto platform. So all the countries are adapting the digital world.

Yes I think the adoption of bitcoin in developing countries can improve the reconstruction and prosperity of the people, especially the poor. Also with the bitcoin they know the outside world that they have not known before. I think this is an alternative for developing countries.

I think bitcoin is doing more for developing countries than for developed countries. Because people from developed countries already have a good and stable currency. We don't have one here.

In Latin America we have a big problem with inflation. Our governments think that printing money out of thin air is a good idea to fund social programs.

In 80s Brazil had about 1000% inflation per year.
Right now Venezuela has 4000%. http://money.cnn.com/2017/11/22/news/economy/venezuela-currency-crash/index.html (http://money.cnn.com/2017/11/22/news/economy/venezuela-currency-crash/index.html)
 I have friends there who says it's about 10.000% a year.. anyway, that's much more than bitcoin gains, but as losses.

When a country has inflation like this, there is food shortage, basic personal hygiene items shortage (like toothbrushes, toilet paper).
Everyone just becomes poor. Money is worthless.

That's all basically because an irresponsible government is printing money at will at the benefit of few.

Bitcoin is already protecting people from the government in Venezuela. As electricity is very cheap there, common people are mining bitcoins for living. The ones who are doing this are not the poorest people there, they are like "middle class", but they would be miserable in US standards.

30 dollars is a huge amount of money there.

Anyway, bitcoin and other cryptocurrencies are helping people in undeveloped countries to be a little bit better. To have a little bit more liberty, and a bit more protected from irresponsible government decisions.

You may think Bitcoin has a big volatility, but Venezuelan Bolivar has much higher volatility (but it's just going down!!)

Try to imagine your life with 100% inflation per month. Well, we all know how is to live like this in Latin america.

As for your country at the beginning of the month, there was a lot of negative news about the prohibition of bitcoin. How things really are, how much I understood the technology blockchaine want to introduce into some areas of activity ??

Very simply, I believe that people can adapt to anything, and India is not the limit. This is not a blockchain should adapt, and users themselves

Blockchain technology has attracted much attention from certain institutions such as banks and companies. With blockchain technology will make the entire transaction faster, safer, transparent and accessible to anyone. All transactions through blockchain can be seen by all users so safe from suspicious actions dan the manipulation of the manager.
The effects of bitcoin in developing countries have brought both large and small entrepreneurs to work in it good as investors, traders, as well as developers.

I do reason that the effect of bitcoin to every country whether India or not, is to a positive side. I mean everybody is enjoying the financial addition and gains that they get from bitcoin. Not trading on bitcoin or cryptocurrency generally, that addition will be missing. So we all should be thankful because no doubt is helping the situation of modern living.

It will result in a number of positive effects:

1) A lot of young people who do not have jobs but have some money to invest can earn good money with bitcoin trading. No doubt, it requires some research but can be achieved in few months.

2) I heard that there are more than 25 exchanges in India now. With so many exchanges opening, a lot of people will get employed there.

3) I also found a lot of people making YouTube channels especially for this purpose. They are getting good number of subscribers and are thus earning good money telling people about bitcoins in regional Indian languages.

In VietNam crypto is the best way to make money!!

Developed countries are very focused on the development of blockchain and electronic money. For example, Canada is always expanding to receive electronic money through blockchain technology. They have also issued the Toronto Relief Fund regulations to allow the implementation of the first ICO / ITO call project. European countries see the potential of blockchain for their own water and also attach great importance to the positive direction of blockchain technology. The future of blockchain will grow remarkably.

so far it seems like some countries like Venezuela for example decided to go the ICO route of making money from the blockchain technology. from what i have read they started their own coin called Petro and claimed it is backed by oil and then did a fund raising through ICOs and make a lot of money. or at least that is what the news told us.

but the right way of benefiting from this is what countries like Japan did. right now there are quite a lot of new businesses shaping up in their country and it helped their economy quite a bit too.

I think blockchain technology help to developing countries. Usually in developing countries big role have discounting corruption and blockchain give working methods for this

I want to blockchain promotes the development of the developing countries, however, Cryptocurrency market is not necessarily can bring help for these countries, because of the Cryptocurrency market are widely used in money laundering, then this is a country is not allowed.

Adopting Blockchain and bitcoin is been a positive move for the developing countries like India. In India, Bitcoin is been really a craze of investment almost in every people's mind and everyone are happy in investing in Bitcoin. Many ICO projects developments have been started in India from the Bitcoin evolved and Indian people have also find another way of transferring money from one part of the world to another. Now the Foreign remittance is been easy and better than before.

The blockchain is able to provide a change for one's economy. However, the effect of this technology makes governments in developing countries fearful and they are unwilling to accept bitcoin because they think that bitcoin will damage the country's economy and is susceptible to money laundering and illegal funding. I think the government's assumption is fair because bitcoin uses a decentralized system of blockchain technology so its users are anonymous.

Most of such countries have no regulations related to crypto, so population is highly involved in trading, mining and etc. it helps them to earn money, but on the other hand all this might influence local currency, economics and they might not have enough resources for this.

using block chain technology will be more secure and easy in the transaction so that will attract many sympathy to potential investors and the effect all banks will be reduced pungsi because most customers will be transferred to bitcoin

Hi,

It depends. It highly depends on the country, on the people and so on.

The blockchain is a great tool. Many companies are trying to adapt its principles to their model. Because thanks to the blockchain, you can get rid of control authority. And that's great.

For developping countries, I guess this can be a way to mitigate the authority of a corupted government. But this can also be true for western "democracies" that are just covered oligarchies.

Blockchain technology is not just limited to bitcoin. Companies and even government agencies can adapt to blockchain technology and they can create their own cryptocurrency for their own benefit and others as well. Blockchain technology is a great technique for data management for big data. It will prove transparency and will make information secure. Fraud and theft will be prevented and this will reduce cost of managing data.

Since blockchain is a new revolutionary technology there can be lots of things that can be done with it. At first I was very skeptic with it because commonly, blockchain is just used in payment systems.
When my professor ask every groups in our section to try makea business using blockchain technology. I was shocked to the different business they thought blockchain can be used. Some in logistis, payment system, betting, trading, and in medical.
If blokchain is implemented in those areas third country will surely grow fast.

Simple. Records, data and infos will be managed with less cost and onerous auditing will be avoided. Usually, companies hire too much people to do big jobs for them. Imagine a blockchain technology that processes the whole thing with less tedious job, cool right? It will be convenient for the company as well with the consumers or buyers. Blockchain technology has a great probability of helping a country's economy.

Blockchain tech would largely contribute on the field of automation in handling and processing public records efficiently, which IMO would help their government spend less in just processing and sorting through their own systems. It would also mean a secure, tamper-proof system if the integration is done perfectly as public records are easily altered in developing countries hence why corruption is evident. There are lots of things which blockchain could help any developing countries, but the most important and simplest application is through their public records.

Block chain technology is now part of people's everyday life. I think it does help in the life of a person growing personally and the country he's living in. Btc is widely used anywhere and I think most countries are already using it. But we can't deny that there are still some countries who cannot afford using it. I believe if btc encounters every country in the world it will bring good effects. Many people  will improve their way of living and people will use new technology in the future.

All the countries are adapting the blockchain it will connect the all over world. Number of developing countries are accepting the Bitcoin technology still some  countries are implementing the Bitcoin effect.
 I think India also supporting to cryptocurrency example jio coin is under process in crypto platform.

I never understood how some modern technologies can develop in countries where the deficit is even pure water.

It seems to me, that blockchain could help developing countries, but instead of it India forbids bitcoin ???

For developing countries as you asked, bitcoin will help grow their financial strength by providing the citizenry another opportunity to make money. It will lead to financial independence  because a lot of the masses will try their hands with bitcoin. It will further create jobs because they will always be busy on the internet and make money from other internet related businesses.  The effects are many and it is to the advantage of those countries.

It will be great for developing countries, blockchain offered a better way of transactions and there are still so many way to used this technology, so many big companies already start want to used this technology, it definitely going to make our transaction become easier and faster, this technology will be very useful for all mankind

That's the exactly problem with developing countries.
Solutions are banned, government controls everything. There's a legion of idiots and paid idiots that supports every government decision.

Look at Brazilian central bank president. And there's a bunch of people who supports him.
https://cointelegraph.com/news/brazilian-central-bank-president-says-bitcoin-is-pyramid-scheme

Surely it does, with the modern day society it is best and fitting to adapt bitcoin in our daily transactions. I hope that one day bitcoin is accepted in all establishments in the world, in all commercial and industrial companies from the restaurant, transportation, leisure, compensation and all simply because it is safety, fast and convenient and econmical too! Nowadays bitcoin show a strong lead with all other cryptos in the market due it is not easy to invest in this because of the price but there are other opportunities where we can earn bitcoin and this platform will be regulated im pretty sure its scope of how to earn from it other than investing will also be widened.

Yes it does! With the technology that we have we can apply bitcoin into almost everything into our daily transactions!  This will be more hassle free and safety for the people and very convient too!

my advice read a lot of reviews or opinions about bitcoin if you already understand and understand about all the risks that we get from investing with bitcoin

Agree with you,Just because there will be a new opportunities for undeveloped countries to get a new money,Its very important for countries like that to increase money import,which also increases the economical conditions of X country,So this is the simple economical rule,at the same time undeveloped countries need a very good tool to control the balance between imported and exported money.In additional,It gives one more advantage,In particular,Let's take X country with 4 billion budget and at the same time lets get one successful project related to cryptocurrencies(created in this undeveloped country) which may costs 1 billion and just imagine how profitable will this be for this undeveloped country.Anyway the key to success is here and the main factor is how goverments will use it and how people value this opportunities.