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Title: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: Crypto_SuggestionsXX on October 10, 2019, 01:49:23 PM 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. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: Mandoy on October 10, 2019, 02:34:10 PM In countries that you mentioned Zimbabwe and Valenzuela are countries wherein monetary inflation is a trend. They overproduced and overprint money but still their money has no or less value. There maybe other countries like them but I am in line with your concept that cryptocurrency will be the solution to their monetary and economic problems. If people in valenzuela have placed their money on bitcoins then when their country is in economic crisis and food shortage they can just go to other countries and live there using your saved bitcoins.
Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: BrewMaster on October 10, 2019, 02:51:31 PM Considering that their currency is basically unusable, a currency is only unusable if they went to grocery store and couldn't pay for groceries with their fiat. are you trying to say that there is a country (Zimbabwe?) that people can't do what i just said? Quote 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. do you have any actual proof for this? specially since you are using the term "cryptocurrency" not bitcoin!Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: Wexnident on October 10, 2019, 03:19:41 PM 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. I dont think theres anything a cryptocurrency can do that fiat cant do. Of course, removing the decentralized system of transaction of crypto, anything it can do is basically what fiat could also do. And besides, due to the limited adoption of crypto around the globe, crypto itself is limited and could not perform as well as fiat as a type of currency used. All because of the lack of adoption of it. 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. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: dothebeats on October 10, 2019, 03:34:58 PM I dont think theres anything a cryptocurrency can do that fiat cant do. Of course, removing the decentralized system of transaction of crypto, anything it can do is basically what fiat could also do. And besides, due to the limited adoption of crypto around the globe, crypto itself is limited and could not perform as well as fiat as a type of currency used. All because of the lack of adoption of it. There is actually one thing I can think of that cryptocurrencies does perfectly well (at times) that fiat can't in its 50 years of existence: hold actual value. Sure, crypto can be one hell of a roller coaster ride, but despite all the crashes and burns it takes, it still is a good store of value over time, just look at bitcoin for example. Side by side with gold and fiat, only bitcoin and gold managed to get a hold of value for the past 10 years, meanwhile fiat continues on a downhill slope no matter how good the global economy performs. 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. I'd love to read some article stating this honestly. Zimbabwe may have been in a rather unstable state due to the massive devaluation of their currency, but there's little to almost no usage of cryptocurrencies in the country considering how poor the people in there are, plus the fact that most services and stores are still alienated by the concept of cryptocurrencies. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: electronicash on October 10, 2019, 03:39:55 PM Considering that their currency is basically unusable, a currency is only unusable if they went to grocery store and couldn't pay for groceries with their fiat. are you trying to say that there is a country (Zimbabwe?) that people can't do what i just said? not sure about that because the crisis in Zimbabwe was a longtime ago. they must have resolved those problems already. cryptocurrency are just an option to them but basically the fiat works for all. i doubt there will be more merchants accepting crypto than fiat even if the government encourages to accept crypto. the value of cryptocurrencies aren't as stable as the fiat, those grocery owners will most likely pick fiat over btc. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: febriyana on October 10, 2019, 03:54:01 PM 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. I have low confidence about Zimbabwe has used cryptocurrency. There is country where inflation is very high, so for using cryptocurrency like Bitcoin you need computer and internet. The price is expensive and also they are poor in education. So if they use Bitcoin, how to transfer and exchange. I think that's hard. But don't know if there is already adopt cryptocurrency, i'm late news about them. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: Tylev on October 10, 2019, 04:04:13 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.
Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: avikz on October 10, 2019, 04:07:20 PM Cryptos can very well be used in the countries with troubled economies. But those cryptos have to be bught from the free market and not the one created by their government. That will lead to even bigger failure. Take example of Venezuela and petro currency. Both The petro and Venezuela's economy are big failures. It will only make sense if those cryptos are directly bought from the market using strong currencies like USD, EUR etc. This way we can seclude the crypto market from the risk of their weak economy and the influences of their corrupt governments!
Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: joinfree on October 10, 2019, 05:07:11 PM It think you might got your tittle wrong but in my there is no way national currency can not be spend in that national . when a country is facing financial crisis not mean their currency useless , country like Zimbabwe and Venezuela is using their national currency but when inflation happen, that country always depends on foreign currencies. and bitcoin is global currency which makes it easy to transfer and secured. so it good for you to keep bitcoin when u are living in such country just to make it easy for you do international transaction like buying product online because Most bank in this country dont have enough foreign currency for such transactions .. In country Ghana most people use to investor their money into USD but our national currency has real value too.
Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: serjent05 on October 10, 2019, 05:35:56 PM What cryptocurrency do, I believe fiat currency can do except for being decentralized. Fiat currency is a government issued currency after all. The country stated by OP may have a record of increasing cryptocurrency adoption but I believe only a few of them are into cryptocurrency. We can check their demography and see if majority of the citizen have the capability to buy and transact in cryptocurrency. Another thing is the availability of internet on that region. I would be surprised if the stated country will have wifi everywhere beating those developed country in terms of internet coverage. So using cryptocurrency in places like that would be much more expensive than just using fiat currency local currency or foreign currency. In short, it is more economical to use fiat currency in state like Zimbabwe. I wonder why OP thinks that this kind of thing can't be done in fiat currency (trading and inter person transactions).
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. Did the government of Zimbabwe issued a decree to use Cryptocurrency because their own currency is unusable? May I have a link of this? Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: nicecrypto on October 10, 2019, 05:50:08 PM It will be a very effective way of gaining adoption through the grassroots level, there are millions of unbanked people around the world who do not have access to any financial institution such people needs an alternative way to transact and crypto can solve that problem for them, only that most unbanked people might have a little issue understanding how to use it, but idea is great.
Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: zetto1979 on October 10, 2019, 05:54:15 PM Take example of Venezuela and petro currency. Both The petro and Venezuela's economy are big failures. Petro currency is a joke, with whitepaper full of inconsistencies and turned out to be a clone of the Dash cryptocurrency. The populist - socialist party with ties to Maduro tried to introduce a similar project in Ecuador. Thankfully, the masses said "no way". The problem here is not crypto, but the quality and honesty (or lack of) of the governments (whether they want to promote their own shady crypto-project, or ban/talk bad of crypto in general to protect their own interests) Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: kryptqnick on October 10, 2019, 06:37:57 PM I dont think theres anything a cryptocurrency can do that fiat cant do. Of course, removing the decentralized system of transaction of crypto, anything it can do is basically what fiat could also do. And besides, due to the limited adoption of crypto around the globe, crypto itself is limited and could not perform as well as fiat as a type of currency used. All because of the lack of adoption of it. There is actually one thing I can think of that cryptocurrencies does perfectly well (at times) that fiat can't in its 50 years of existence: hold actual value. Sure, crypto can be one hell of a roller coaster ride, but despite all the crashes and burns it takes, it still is a good store of value over time, just look at bitcoin for example. Side by side with gold and fiat, only bitcoin and gold managed to get a hold of value for the past 10 years, meanwhile fiat continues on a downhill slope no matter how good the global economy performs. As for the idea of the op, I am not sure about cryptos and countries with such serious economical troubles. Could cryptos help? In a way, but they are still really volatile. Moreover, it can become expensive to use cryptos as more people do it, and expensive transactions are not something a very poor person can afford. Not to mention that cryptos require electronic devices that might not be available for such people. Apart from that, cryptos can only help preserve some money these people still have, but not actually help to survive unless people can pay for food and utilities with their Bitcoin, so to speak. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: romero121 on October 10, 2019, 10:27:02 PM 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. World economy is now facing the worst of all time. Here the grown nations as well as the developing nations were not an exception. There are countries that have gone economically down due to lack of management and corruption. For the same they haven't moved to cryptocurrencies.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. Zimbabwe and Venezuela people have begun to use cryptocurrencies higher than the past, but there is nothing like the progress of cryptocurrency is growing much high eliminating the usage of fiat. Zimbabwe suffered economic collapse years back and experts gave suggestion for bitcoin adoption which might help in the recovery within certain number of years, and that hasn't encouraged much big level of usage, growth, acceptance as Op mentioned.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. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: Saisher on October 10, 2019, 10:35:22 PM 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. If Venezuela and Zimbabwe become successful in Cryptocurrency as an alternative way to transact other their own or local currency, many people with the same situation as these countries can adopt these measures, and it will greatly enhance the uses of Cryptocurrency where their currency fails to deliver, we something to watch on these two countries. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: Gi01 on October 10, 2019, 10:45:14 PM 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. How sure are you on Zimbabwe adopting to the use of cryptocurrency? please provide the link to the source of your information regarding this. It will be of much help to make majority of us understand... Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: alexsandria on October 11, 2019, 12:35:48 AM 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.
Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: Ailmand on October 11, 2019, 12:49:05 AM 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.
Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: CryptoBry on October 11, 2019, 12:57:52 AM 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 (https://qz.com/africa/1662753/bitcoin-crypto-soar-in-zimbabwe-again-after-us-dollar-ban/) Bitcoin For Sale at $50,000 in Zimbabwe (https://www.trustnodes.com/2019/06/29/massive-bitcoin-premium-develops-in-south-africa-one-bitcoin-for-sale-at-50000-in-zimbabwe-after-ban) Bitcoin Fills Liquidity Gaps as New Zimbabwe Currency Flounders (http://https://news.bitcoin.com/zimdollar-reboot-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. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: inanilujimi on October 11, 2019, 12:59:53 AM 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 ??
Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: Flor1982 on October 11, 2019, 01:04:31 AM 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.
Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: BlackFor3st on October 11, 2019, 01:05:59 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. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: Kyraishi on October 11, 2019, 01:43:42 AM 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). Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: kayvie on October 11, 2019, 02:59:53 AM 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). 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. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: Kyraishi on October 11, 2019, 04:07:14 AM 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). 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. 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). Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: teosanru on October 11, 2019, 04:20:54 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. 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.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. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: skarais on October 11, 2019, 04:53:28 AM 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. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: Tylev on October 11, 2019, 05:07:19 AM 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. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: carlisle1 on October 11, 2019, 05:39:38 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 doesQuote 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. 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?Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: Eugenar on October 11, 2019, 07:35:38 AM 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. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: electronicash on October 11, 2019, 03:29:58 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. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: timerland on October 11, 2019, 09:38:17 PM 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. Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: Txidnotfound on October 12, 2019, 05:58:00 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/ Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: FlamingFingers on October 12, 2019, 06:18:07 AM 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 Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: bounceback on October 12, 2019, 06:24:39 AM 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.
Title: Re: The uses for Cryptocurrency in places where fiat currency cannot be used Post by: Kyraishi on October 12, 2019, 06:44:54 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/ VPNs, Tor browser and other applications can all help you avoid these issues. |