Bitcoin Forum

Let's discuss crypto today and how it could help poorer countries enormously.
We all know about crypto, how it is still very new and it is very advanced by technology, but also requires a technical infrastructure which is not available in all poor countries.

It is important to have expansion of infrastructure, and when it happens, crypto is also becoming more famous in more and more poor countries.
Because crypto is global and if the standard of living in New York is very high and an apartment there is very expensive, you can get little value from it despite many cryptos. The situation is quite different in poorer countries, where it is very easy to achieve a lot with little money and therefore It's a globally averaged standard where crypto helps poorer countries disproportionately. This is really good and therefore you should promote crypto.

It can help to address inequality and improve living standards in poor countries, being of benefit to everyone.  :)

Let’s discuss today about Crypto and how it can extremely help poor nations.

One thing you need to know is that crypto doesn't perform any magic. If the country is poor, the first thing that should be done is for the government and its citizens to help them upgrade to a certain level where they can help themselves.
 
If you are living in a poor country, how can you afford to buy the crypto that you think can be used to come to the person's aid? Crypto is not always the solution to everything. No doubt it can work for some when they spend a few pennies picking a few shitcoins. Luck can be on their side, and it will be a life-changing story, but it's not always like that.
 
Crypto doesn't eradicate poverty; sometimes it can even make you poor if you lack the proper knowledge, but if you have it and also have the right resources, you can also make a fortune out of it.

Although that it's a fact that it can't help to remove poverty in all of the poor nations, the people that are engaged with it are having more opportunities. Just like in projects that generates new jobs and as total new economy. That's how it goes in general although many opportunities are in different forms. Many don't like the idea that there are full time airdrop people but to be honest, I've seen a lot of them in the past and even until now and fortunately, they're able to survive with the little that they have.

Success rate there is quite small and that's why they shouldn't just stick to it but to find more and better opportunities once they're able to make money from it. So, in general, this is about having a new form of source of income from those nations and that's helping each individual to have a better personal economy and uplift their lives through earning crypto in various ways.

Crypto can be a tool to help poor nations but the ones who can support its nation's economy is it's their leaders and citizens implementing different programs that can assist in the economic growth of the country and the citizens participating in it.

If the government takes advantage of the new features blockchain technology brings, it can help prevent corruption and other criminal activities that affect the nation's growth.  For the cryptocurrency to be an aid, the government must first adopt it, enabling the technology to prosper in their jurisdiction.  This will attract different investors to set up crypto-related infrastructure, giving way to job demands, more taxes, and new products and services that can help generate income for the government and its citizens.

El Salvador are very bullish on Bitcoin and made it a legal tender. Has their Bitcoin investment made the country rich overnight? In order to reduce the poverty rate of a country, the economy needs to be strengthened and diversified to meet the growing demand of the population. Most third world countries are poor not because they lack natural resources but because of bad and corrupt leaders.

Cryptocurrency is not going to end world poverty. Even Bitcoin has its limits. Bitcoin is a currency and currencies do not reduce poverty. Bitcoin is also an asset, and you need money to purchase it and hodl as an investment. There are opportunities for holders to make profit from the market and improve their financial status. Trading is not the only way to profit from bitcoin, there are you can do any of the following;

• Become a P2P trader by just buying and selling cryptocurrencies on P2P platforms.
  
• You can become an educator, this is also one sector to leverage on, You can teach people and get paid. You can start a blog or a channel on YouTube and teach people how to navigate the blockchain and other crypto related matters.
• You can become a product developer, designer, coder( building smart contracts), website designer e.t.c. and charge for your services in Bitcoin.

The opportunities are limitless you just have to find your niche and work hard at it.

It doesn't seem like that; a poor country has to work hard to get out of the poverty trap. Its people need to unite, build proper infrastructure, and create new job opportunities. Adequate education is also crucial so that future generations have the skills needed in the job market. In addition, innovation and technology should be used to boost productivity. Every individual has an important role in economic improvement, and if all elements of society move in the same direction, the hope for achieving prosperity is not impossible. It's not just about relying on bitcoin.

There are some ways Bitcoin can help poorer countries, but not all may work in all cases.

The "El Salvador way" is mainly to try to attract investments from foreign Bitcoin-related companies. I believe this approach will only work for small countries, where even a few investments by large crypto firms could impact the country's GDP. And we still don't know if it worked in the case of El Salvador. I've still not really seen big exchanges or other crypto firms establishing themselves in the country. But at least their reserves are growing :)

For other countries, of course the "crypto economy" can bring opportunities for local startups and entrepreneurs, like @Pokapoka124 wrote. Another example are ICOs. While most will think about scams when they hear that word, if accompanied by adequate investor protection measures, it can be a cheap and efficient tool for fundraising for local companies, with potential global sourcing for the funds. I like for example the approach they took in the European Union: if you present a whitepaper in a certain format informing your potential customers -- a simplified "prospectus" -- then you can fundraise money via ICOs. This makes scams and rugpulls much more difficult.

In general a crypto-friendly regulation in poorer countries can benefit the local economy more than in rich "industrialized" countries because it allows local entrepreneurs to take part of a globalized technology sector. Trying to find financing from global capitals for a African, Asian (outside the "tech hubs" like South Korea or Singapore) or Latin American company is often quite difficult, the crypto sector can simplify that task. It's a pity for example that the Central African Republic scaled down their Bitcoin and crypto initiatives (even if the first approach may have been fueled by corruption).

how does someone in a poor country afford to pay $5 for a transaction fee though? if bitcoin is going to be useful to poor countries then fees need to be almost nonexistent.

People need to realize that bitcoin will not fix a whole country by itself. The citizens need to have that initiative to buy and hold/trade bitcoin for the betterment of their lives. The government needs to be pro-bitcoin so it can actually help a country get better economically speaking.

But if you want to take advantage of the difference between usd and say any fiat money from any country, then that would be a totally different story.

Quite frankly I agree with your assessment of this, but unfortunately, Governments in some developing nations are treating the crypto space like it is a cancer to the growth of society so acceptance is not even an option in their Dictionary, But you can't blame them because most of their Digital regulatory bodies are more or less dominated by old men with outdated knowledge when it comes to technological advancement.

The most important part about crypto that cannot be underestimated is that it holds value no matter what, just like gold and silver.

The difference here is that gold and silver have very low margin profits; people who live on daily trading of those must have 100K nonetheless.

Stocks, on the other hand, may give more profit, but they're far more dangerous. If you buy a company's stock and the company goes bankrupt, your stock won't be worth the ink.

So, crypto is a very good investment in general. No matter how low it goes, it won't reach absolute zero; it will always have value, and both the margin profits and losses are changing much faster than gold and silver.

This is why so many poor countries and even developed ones are starting to adopt crypto in their sovereign funds.


Poor countries are poor for a reason; it's not just their government and the colonization history; it's the people themselves. Those people only understand the old school of creating money. In fact, they don't even understand the old school at all. Once Bitcoin reached the 20K line, anyone who understands jack about economy should've jumped in. Bitcoin is nothing but ones and zeros. What gives these ones and zeros value is the supply and demand in the most free decentralized market. Anyone who could've jumped in back then and did not take the chance doesn't know anything about economy.

Hmmmm.. you are right that Bitcoin can not fix country economic problems on its own. People need to take action and use Bitcoin to improve their financial situation. Government also needs to support Bitcoin to help country economy grow. But if someone wants to make money by exchanging USD for other currencies that is different approach. Overall Bitcoin can help country economy if people use it and government allows it to grow but it ca not do it alone.

It is not true with impacts of Bitcoin and it is more untrue with impacts of cryptocurrency (altcoins). From individual to national impacts, neither Bitcoin nor altcoins can extremely help poor nations.

If a country is poor, fall behind the world, there are many core problems there and governments are responsible to fix these issues. It's not responsibility of Bitcoin or cryptocurrency (altcoins) to fix these problems.

In investment view, investors can get profit and get loss and no evidence to say all or most investors in one country will get profit from their investments. But as said, problems are more systematic and related to governments so citizens can not fix these problems with their investments in Bitcoin or altcoins.

Altcoins can be attractive but they are very risky.
Don't buy altcoins because they are top altcoins (https://bitcointalk.org/index.php?topic=5430698.0)

Yes, cryptocurrencies can greatly help poor countries, but they will not eliminate poverty completely, anyway.

Yes, working in cryptocurrencies can help the poor obtain additional resources through which they can improve their lives, given that the national currencies of poor countries have a very low value and are almost worthless due to inflation and other economic problems, so earning a little through cryptocurrencies may make a difference for some In poor countries.

Therefore, in my opinion, cryptocurrencies can help more personally at the individual level and not at the country level as a whole.

Firstly, if you treat Bitcoin like a speculative asset, then prepared to be burned. It isn't something for people that are living below poverty line or governments with low GDP to grow in.

In terms of business investments, even cross border ones; It probably wouldn't be that straightforward because funding is one thing and having sustainable FDI is another. Most of the countries living under the poverty line has fairly poor governance, economic stability or business prospects. These are the key factors that investors have to consider and hence that's why companies or investors are generally more interested in areas where they are able to have a stable foothold to grow their businesses or invest in.

I find that it would benefit more with Bitcoin or even better, other stable coins being a more sustainable form of transaction currency to facilitate more fluid and ease of local and cross border capital transfers.

Even living cost in New York is expensive, I believe it's far better to live in there since blue collar jobs are available everywhere and you get paid decently rather than being poor in poor country where working in blue collar jobs didn't even enough to pay your monthly needs.

Crypto can help rich people who live in poor nations, instead of helping the majority of people who live in poor nations.

Wake up, look into the reality, don't become the next escape the matrix guy.

Maybe some countries can learn from El Salvador, but they can't imitate the same. Every country has its advantages and disadvantages. Bitcoin is very open to adoption and even increases the value of state revenue. But keep in mind that this adoption will not be easy either. They need economists and crypto experts.

If you just look at El Salvador's success and draw easy conclusions, I think it's difficult. If they manage the economy alone, they can't, let alone manage the volatile Bitcoin. So I think they have to improve the government and economic system to cultivate expert human beings. So that they are able to improve themselves.

Bitcoin and other cryptocurrencies are often talked about as potential tools to help poor countries in various ways, but they also come with challenges and risks that need to be considered. Bitcoin can provide access to financial services for people without bank accounts. With just a phone and an internet connection, folks can make transactions, send money, and store value. In countries with high inflation and economic instability, Bitcoin can serve as an alternative for storing value since it's not controlled by the government. However, the value of Bitcoin is very volatile. This can be a risk for individuals who rely on Bitcoin as a store of value, especially in poor countries that are vulnerable to economic crises. There's a need for education on how to use cryptocurrency safely and effectively, which may not be available in many communities.

In poor countries like mine and El Salvador, many people go abroad in search of greener pastures. They will send back home money every month or every couple of weeks. In the case of El Salvador, more than 20% of its GDP is contributed by these migrant workers.^[1]

Bitcoin plays a vital role here. Before, a family member working from abroad sends via a bank or money transfer services. For somebody back home to get the money, he/she has to travel. In some situations, it takes hours and after 2 or 3 rides. They spend much for it and for the ridiculous fees charged by these third parties. There's also a lot of risks involved in this setup.

With Bitcoin, they will get the money from the comforts of their homes. They don't have to pay for the fares going to and from the banks. They don't have to pay exorbitant charges. They can spend it right away.    

It may not be helping the country itself, but it is already a lot of help to its citizens.

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[1] https://www.weforum.org/agenda/2023/02/remittances-money-world-bank/

To be honest, I still haven't figured out how bitcoin will help the country's economy develop even if the government supports it and urges people to use it. Basically to own bitcoin, people need to have money, which means the government needs to create jobs, more jobs and motivate people to work together to create money. From there, everyone's lives will improve and will boost the domestic economy. Meanwhile bitcoin is just a currency or even just an investment asset like gold. Bitcoin doesn't create jobs, can't help attract foreign investment and build domestic businesses...so I don't think if the government supports bitcoin they can improve their economy.

You are confusing cost of living with standard of living. For example in a place like NYC the cost of living is extremely high and the standard of living being very low (with all the rats roaming around and the infrastructure that is falling apart for being too decrepit).

You said a lot of things but you forgot to say HOW!

If you think that if people of any country (poor or otherwise) invest in cryptocurrencies and their standard of living would magically go up, then you are mistaken. In fact it can have the opposite effect, their standard of living could drastically decrease as they lose a lot of money in a highly volatile and risky market called the altcoin market.

The only way any country can truly benefit from this new thing called the blockchain technology is if they start real businesses built because of  or on top of this technology. For example if they can produce the energy and run mining farms. If they can start exchanges and offer services and earn a revenue.
In that context this can help the countries with "low cost of living" a lot because of the exchange rate difference.

Otherwise "investing" in some shitcoin and hoping the price goes up so you get rich and increase the standard of your living is not something that can be said "is helping the nation".

In my opinion there is no guarantee for poor countries to be able to become developed countries because they are involved in crypto and I think it would be more accurate for you to mention bitcoin because in this discussion thread bitcoin maybe you mean bitcoin or not? because in general, in my opinion, crypto is all-encompassing because of course there are various types of crypto.

In my opinion, of course a country has the potential to make progress in terms of the economy if its people invest or are involved in the crypto world, but of course the most important thing is that it must be supported by the government because with the support of the government there will be a smooth flow for people to get involved in the crypto world. but of course in this case it depends on the interest of the community and the extent of the community's insight into bitcoin because of course without the insight that the community has then it is very difficult for the community to make a profit even though they are involved in the crypto world because of course the important thing is profit because if for example they lack knowledge and are involved In the crypto world, it will be very difficult to make a profit and sometimes there are even losses.

But of course, if the government holds a program so that people learn about crypto and blockchain, there will be potential for the economy to progress and the country will have the potential to continue to experience economic improvements.

However, for poor countries that adopt Bitcoin, of course there is at least the potential for the country to experience economic progress.

Ok I agree with you but what I think from my point of view is that bitcoin is a coin to think about after gold. Gold is not a property it is a resource. Property is destroyed but wealth is not destroyed. Bitcoin is one such coin that can expect good things in its future.
When it becomes valid, its very good side will be noticed. If formalized, it will have an impact on the country's economy. When it gets legalized, the government will bat on it and from here the government will have earnings. Apart from that, when it can be used in business transactions, it will benefit from it.
When it can be fully utilized then positive aspects can be observed from all aspects. It is much needed to keep pace with the developed world. Hopefully it will be legalized in line with the developed world and everyone will benefit from it.
But it will not take much time to happen so soon. Managing Bitcoin is not so easy, one has to come forward from many aspects to manage it. But because it is possible for me, it will be possible in the future

This phrase is as utopian as it can never become reality.

There will always be poor and there will be rich, and dreaming that one day the world could be changed by cryptocurrency or some new invention is useless. However, one can understand those people who are in a poor situation, and for them, several stories of enrichment of their neighbors will always be encouraging and motivating. But first, people need education, as well as a good income that will allow them to have some amounts for investment that will not affect their lives and their most necessary expenses.

Poor nations can't afford crypto!
And if poor nations would magically get the money to buy Bitcoin they would till need the rich nations to buy their Bitcoins when they want to sell, otherwise, you wouldn't have made anything!
Now, seeing that the majority of Bitcoins would be held by other nations, why would the rest buy into those assets and enrich those when they could simply choose a different one and with their greater financial power make that successful?


And their GDP growth for two consecutive years is the lowest in all of Central America, which means that countries without this incentive have done better!  ;)

There's difference between crypto and the knowledge of crypto. Crypto alone can't help poor countries come out of thier poor state since most of them don't even have the knowledge to get involved in the crypto sector. For you to even benefit from crypto, it's either you're an investor, a manner or a trader. For you to be a successful investor it means you aren't poor and that you can afford to feed yourself comfortably and have some reserve funds you can use in investing into Bitcoin or whatever crypto you so desired. That directly has excluded most poor people from benefiting from crypto and the other way they are left with his to become a crypto trader. Crypto trading isn't even for the poor who wouldn't want to risk is money in search of more money and get devastated in the process in the event of a loss. The last option which is mining would also be an issue since the level of adoption hasn't been that much and we have to start to consider if mining is acceptable in that region or not.

Poverty isn't solved by a financial system like crypto. Key economic policy and personal development and learning of the right skillset is what solves it. As a community, we can decide that out of our generosity that we would help nations that are ravaging in poverty but that's just a slime possibility that's not enough reason to bang on as to suggest that crypto can help a poverty stricken nation. Your leaders, yourself and God are the three things that can help your nation out of poverty.

Whether it is cryptocurrency in general or bitcoin in particular, it will not be able to turn a poor country into a developed country. If we legalized bitcoin and relied on it to turn a poor country into a developed country, I think governments around the world would have done it a long time ago without us suggesting or giving them ideas. The country's economy can only progress and develop when people's lives improve and to do that the government plays a key role, they must find ways to create jobs and bring income to people. Meanwhile, cryptocurrency or bitcoin is just a financial market, so we should stop having the illusion that by simply investing in bitcoin, people can easily improve their lives. Because financial markets have winners and losers, and no market can bring wealth to everyone.

Cryptocurrency is not a money generator or wealth creator,  if you are poor their is nothing cryptocurrency can do to change one from being poor to become rich. If cryptocurrency is a way to make people rich by now we should be having just few persons in the world that is poor. Cryptocurrency is just like an helper to add value to the money we already have.

Before the existence of cryptocurrency most people work and earn money , keep it in the bank for a very time, all these times the money looses value because of inflation and how the banking system is designed. Bitcoin is just a good store of value for longterm investment that can make people financially stable and not a means to make people rich who don't have income.

Totallly on point and this is something that those new people or noobs should really be tending to realize on first and not really that making themselves delusional that cryptocurrencies could really beable ot changed up their lives in a snap. On the moment that they would really be having such approach then they would really be that definitely be thinking that its is the solution of everything on the time or moment that they would really be making up some purchase.If you are someone who do really know about the basic concepts or principles on how investment works then you wont really be ending up with this kind of idea.

Some people do really have this kind of mindset but on the time that they will really be able to experience for themselves on how this market works then they would really be making those kind of realizations.
This is where they would really be laughing into themselves on what are their views and impressions on the first time that they known it which is really that totally wrong. Progress lets say on someones life
or focusing just for an individual then you are the ones who would really be doing such ways or methods on how to make your life way more better and progressive.

Love this idea. Crypto's great, right? Unrestrained potential. These weak economies need a boost to grow. Crypto, its the great equalizer. No matter your status: billionaire in Manhattan or farmer in Zimbabwe. Everyone can use the global financial system. And this is huge. We're talking about financial freedom for beginners.

Blockchain is secure and transparent. No more dodgy transactions or crooked regimes controlling money. Win-win. And for inflation-stricken nations? Ignore it. Crypto is a storm-proof rock. Already happening, guys. Just observe Venezuela.

Of course, obstacles exist. You must construct infrastructure and educate people. But this is future investment. Investing in people. This investment will pay off big time. So lets finish. Accept this technology. Make the world fairer so everyone can succeed.

I totally agree with the point you've raised. Is only a handful of individuals in third world countries who have the wherewithal that can purchase or invest in bitcoin. But one of the major contributions bitcoin can do to most of these poor countries if entirely adopted, is to help reduce corruption because corruption has been the major ant🐜 eating resources of the people. Because with the adoption most transactions that the government will initiate for projects and empowerment can easily be followed up by citizen using the blockchain technology.

Although that can only do a little to reduce poverty, the major work to be done is for the Government to be proactive and built industries that will help them to increase their productivity, that way they can help to grow their GDP and gradually move away from the poverty line.

I also hope that in the future bitcoin will really bring benefits and impact to the world economy once it is widely applied. But for now it is clear that it has not had any impact on our economy, it is still too early to say that it will have a positive impact even if the government legalizes it.

If a country wants to improve its economy, the government should focus on improving imports and exports, creating more jobs...with thousands of policies to promote and support people to increase their income. Don't think that simply relying on one asset like gold, bitcoin or any other asset can easily improve a country's economy. The economy doesn't work that simply.

For the records, crypto is not entirely new, it dates back to the 1980s.
In 1983, American cryptographer David Chaum proposed a form of electronic cash. He conceptualized a token currency that could be transferred between individuals safely and privately; the similarities to modern-day cryptocurrencies are striking.
The first cryptocurrency was eCash, developed by the company DigiCash in 1990. The concept and company were created by cryptographer David Chaum, who in 1983 published a paper titled "Blind Signatures for Untraceable Payments."
read up more here (https://www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/)

Not only poor countries, even rich countries need crypto to expand their economy with crypto adoption because it promises to help both the government and its citizens alike in various mediums.

For example:
Revenue for the government, jobs for its citizens, development of skillsets by the citizens  eg Trading, opening the door to crypto partnerships with local industries which would boost adoption in the country and revenue for the companies e.t.c

Definitely, let me give you a practical example, for countries that the value of their currencies are very much below the USD, earning in crypto or crypto involvements would see you get your dividends in USD worth and upon conversion, you would have more funds at your disposal and your standard of living must have improved considerably and it would decrease dependence on the government for survival.

It seems to me that poor nations will benefit most from Bitcoin not because it can provide them with windfalls.  Such as subscriptions from the forum, distributions, airdrops or staking.
The biggest plus is that cryptocurrencies give gifted teenagers a chance to escape poverty and move to good conditions. And since Bitcoin is independent of anything, nothing can stand in the way of these teenagers, and this is the freedom and enthusiasm that was originally inherent in cryptocurrencies.

Basically no. In the smallest scope, crypto cannot make a poor family prosperous. It is just a system, not a miracle that can change poverty overnight like magic in the world of movies.
The assumption that is still in the minds of lay people that crypto can be a quick way to get rich must be helped to be corrected because it is wrong. It could be that in a matter of days if there is no good knowledge about crypto, all your money will be lost. The term crypto is too broad because there are many types.

Without the government putting necessary measure of the country in order it will be difficult for crypto to salvage that country, rather it will be doing more harm than good
because when we talk about poverty ,it means there is little or no financial resources or basic necessities of survival to met the  standard of living ,when a country is poor, it means there is total failure,and so you have to bring the country out of that situation before introducing crypto to her .

In my opinion, when it comes to cryptocurrency, the wealthy are still the ones who make money consistently from trading. In other words, when poor people want to invest, they will first consider whether they will lose money or not because that is all they have, and the wealthy are not afraid to do so because even if they lose, they won't be poor. Several people lives have changed through cryptocurrency, they invest wisely and make enough profit to cover their first investment.

However, I have not heard any news where cryptocurrency has improved the position of a poor country, so it is impossible. Before cryptocurrency can improve a country's standing, the government and its citizens must first improve the country and its living conditions. If a poor country puts its life savings in cryptocurrencies without much knowledge of it, it's very risky and they will lose money. If a poor country assumes that cryptocurrency is the only option to better their situation, they are mistaken, they must first improve themselves by learning more about cryptocurrency before engaging in crypto trading.

Isn't that is what Bitcoin all about? (a speculative asset) and a currency of course. Actually it is a currency as a main but it's just that many people are treating it the other way. I wouldn't blame them because Bitcoin's value is increasing consistently. Who wouldn't want to earn a decent profits easily anyway?

Investing is risky but a serious investor knows and accepts this already. Even those who aren't that serious and just rush, can take it as well, because they already buy it anyway, though some of them can only regret it in the end, especially if the final outcome is not successful. With what is said earlier that Bitcoin can provide decent profits, it is actually a big help for those who are living below the poverty line. If the country's own currency is not performing well, I think Bitcoin can also be used as an alternative to them.

In between stable coins and Bitcoin as a currency means for cross-border payments or transactions, Bitcoin is the winner here, because we all know that stable coins are centralized and a lot of factors can interfere with us. It's so hassle. Stable coins still has their own edge against Bitcoin and that is they are very stable.

There is some certain things that we don't really understand when we come to cryptocurrency aspect cryptocurrency cannot help a nation to go out of inflation because it is a digital currency that many countries or many nations fail to recognize so based on that note many countries Fell to invest in Bitcoin the only country I know that's right partially for investing in Bitcoin according to some articles and bloggers in internet is China so I heard that China resurrect their economy through investment of a digital currency being decentralized currency like Bitcoin so I believe that any country that want to be poor free can also invest in Bitcoin knowing that the investment is a reserved for her economy

If you invest in cryptocurrency you can create wallets therefore cryptocurrency can create wealth but before that you already havet to own some money that you'll use in investing in cryptocurrency to make money. If you don't have money, you can do some other activities that other individuals are doing to get some money then you use that money to buy Bitcoin or altcoins and if you hold for sometime you can make money which is also a way you can create wealth by investing in cryptocurrency and holding. Cryptocurrency can help any country or individual that invest in it if you make a big profits and get alot of money.

Alternative that what cryptocurrency is and not main source of income generation to both the individual or government, the country economy rely so much on other factors that drive it progress and are traceable and there after if the country leader be a oro cryptocurrency he can push further to seek and as alternative, and not the main source, so if a country have poor economic system what their need to do is to revive the economy by providing a suitable environment that can create wealth and economic progress instead looking for magic route through cryptocurrency.
Most people won't believe that the success rate through cryptocurrency is very small, to some anyone that is into cryptocurrency is an automatic billionaire not knowing that if care is not taking getting involved in crypto for some can lead to they poverty, so it all depends on the knowledge, skills and the luck that comes your way as an investor.

That would be an inaccurate assessment. Bitcoin is a speculative asset because it ticks a few boxes, volatility, investors intent to make quick profits by purchasing and exiting in a short time frame, and are generally non productive assets. You think Bitcoin would increase in value consistently, but that is not guaranteed by anything but it is just an observation from a trend. We should never invest just because it seems like it is a trend.

Bitcoin is a currency, but it is also a speculative asset. They aren't mutually exclusive.
Again, wrong assumption made. If it were to make any significant difference, then it would probably be them investing their entire lifesavings in. If Bitcoin drops 10%, 20% of value overnight, it would be terrible for people with such a high exposure. For people living under the poverty line, they probably wouldn't want their money to be stuck in Crypto when the market goes down.
Conversely, stable coins are better for them. Stable coins have a constant value while having the same characteristics that enables speedy crossborder transactions. Sovereign funds or even retail investors are smart enough to put only a portion of their asset exposure to Bitcoin. There is no guarantee that Bitcoin would grow in value consistently. Facilitating cross border transactions would be far better in that regard.

I don't believe people who need the money should dabble in crypto solely because the risk is too big.

Crypto won't make any country rich overnight.  If a country is poor, the task of the authorities is to find sectors that can be a source of income.  Along with that, the authorities have to find out which sectors are more likely to suffer from it.  How can a poor country buy Kipto where their basic needs are not met.  It can change the fortunes of a few people who have enough knowledge about it.  Kipto is not the only way to eradicate poverty.  You can trade other coins, or sell crypto currency coins on the p2p platform.  If you are not knowledgeable about this, you stand a chance of losing money and may end up poor.

El Salvador is an excellent example to answer this question but people are using it wrong and are making the wrong conclusion as well.

The situation in this small country with the economy and general issues in the society like crime rate didn't go away because their government invested in bitcoin. Instead it all improved because of a million different things that their government has been doing like fighting the "gangs", attracting foreign investors (not bitcoin related) and a lot more. Then on top of all that effort, they also invested in bitcoin, started various bitcoin businesses and attracted foreign investors (bitcoin related).

In other words Bitcoin alone was not the reason.
My point is that a good competent government with a "brain" can solve problems of any country, poor or not. The rest is the cherry on top, that can boost the situation.

They create wrong assessment on bitcoin since what they only think about is to earn from this coin but they forget to realize that its risky to invest with bitcoin especially if they aim for short term gains. Volatility will be their number one enemy and it kill hopes of people especially if they have lack of knowledge upon how they deal with their bitcoin. Bitcoin increase its value but that doesn't mean it will help poor nation to became rich easily. This fantasy create trouble to those people since it make them became so greedy.

Also I don't think the value consistently increase since there are instances that price falls due to many reasons and that lead for some unknowledgeable people to lose its because they easily get panic in the situation. That's why before talking about helping to earn something or any gain perspective maybe they also need to learn the downsides of bitcoin so that they can use it to make better decisions if they are ready to acquire bitcoin.

Using logic, crypto cannot change the situation from poor to rich. It cannot make poor countries rich as most of them have said here.
Crypto is only a system or familiar with the term digital currency that is used to transact digitally without involving a third party. Because there are so many types, the value and price are also not the same.
Anyone can use crypto and anyone can choose the type of crypto they want with the desired use by anyone who has it.
I just want to say that Bitcoin is Bitcoin and crypto is not necessarily one type.

What is Bitcoin , it will all depend on how we use it, we are the ones who decide what Bitcoin is, and it has no right to decide on its own. Some people will use bitcoin as a currency, some will use it as a store of wealth, or an investment...bitcoin is a multi-functional asset, IMO.

Given its volatility , I believe everyone knows it can be used as a speculation but people often don't want to consider bitcoin as a speculative asset because speculation has a lot of risks . They always talk about investing in it for the long term because they want others to do the same to minimize risk .
If we only consider bitcoin's volatility, bitcoin is a purely speculative asset .

What I could say is that there are different ways a country can actually be developed or improve their standard of living, if a country can have sensitization campaign on crypto and as well provide employment opportunities to enable it citizens as it requires a good source of income for anyone to invest in crypto considering the fact that one must first ensure that their living expenses are well taken care of including an emergency fund. A poor citizen can not invest in crypto so a country should help it's citizens to increase their financial status.

Even in rich nations of the world, the truth of the fact is that there are still some people living there who are poor, as poverty is not caused by where a person finds himself, but simply by the mentality he has in the place he finds himself, that is, being able to offer solution to problems in exchange for money. So when it comes to the influence of crypto in poor nations, I can truly testify that with the help of crypto, many people have been able to afford a better life either through trading, p2p buying and selling and a general long term investment which we all practice. But moreover, those don't come on a platter of gold, as there has to be government favorable policies to enable people execute crypto transactions successfully.

The question is, can the poor people in these poor nations afford to take the risk of investing in bitcoins? Although some persons may invest in bitcoin but then majority of the people may not be patient enough to earn that money capable of improving their standards of living. Many others out of ignorance will not even consider bitcoin as a thing worth investing in. In countries where there are high levels of illiteracy and ignorance, topics about cryptocurrency will not seem relevant to a lot of the population.

These countries are not poor because they lack what it takes to make the standard of living of their citizens favourable, but because they have refused to explore and make use of the natural resources and opportunities within them. Poor countries should concentrate more on utilising the opportunities they have within them, while those who can invest in bitcoins go ahead to invest.

I completely agree with this view on poverty and how cryptocurrency can help people in poor countries. It is true that even in rich countries there are many poor people. Poverty is not just about that where we live but about your mindset and ability to solve problems and earn money. We know that cryptocurrency has helped many people in poor countries by giving them many ways to trade buy and sell with others and invest for future. But for this to work governments need to have policies that support it. If they do not cryptocurrency can not reach its full potential to improve lives.

I agree with your opinion and indeed if we rely on bitcoin to change poor countries into developed countries it will certainly be difficult, because of the fluctuating nature of BTC and of course people will also have difficulty in buying bitcoin or other crypto, especially for poor people and this is the best way. good is as you said, that is, if you want a country to develop, of course the government in that country must create lots of jobs so that with lots of jobs, of course people will get income and if they get income, of course it will make the people's economy good and of course the country will progress because in The country has no unemployment.

and indeed, if society is advanced in economic terms, of course buying BTC won't be a problem because in the real world you already have an income and of course that will make things fundamentally better, of course won't be surprised if something happens to the condition of BTC or other crypto, for example when there are price reduction.

Yes, the point is that being involved in the world of crypto is certainly something that is risky so it is only appropriate to make a profit from crypto as a side job.

Do you realize that your post is really not in line with the discussion that's going on in this thread, it is off topic. As a newbie you should go through the beginners and help section to get relevant information you need so you will understand how this forum works. You don't go about posting anything that's not in line with the topic that's been discussed in a thread. You are spamming here and it's not good.

You are completely correct. The government must develop job possibilities before the poor may purchase bitcoin and invest in it; you must have a source of income before you can enjoy bitcoin investment. Because if a country doesn't have money, I don't see how bitcoin will help the poor in the country. Bitcoin is a good investment that anyone who gets the opportunity and invests in it will reap huge benefits if they are patient and true to it. The government should do something to bring income to the poor so that they can do the necessary things. All impoverished people don't have time to invest since they don't have enough to eat. So if the government creates job possibilities for the poor, some of them will try to invest to support their jobs. But, for the time being, even if the government didn't cooperates, I do not see how Bitcoin will benefit the poor you must first obtain funds before investing in Bitcoin.

It is good that you know that we need technical infrastructure before the crypto currency can be developed in a country. This is supposed to make you think and know that in a country that is poor, do you think their government will have time for crypto currency development, both technically and in other aspects of how it will be adopted by the citizens of that country? The government will rather use the few funds they have to create job opportunities for the citizens of that country.


I don't see how the crypto currency will be of help for the poor because, before you enter, you need to have money to start crypto investment, so the poor cannot do this because they may not even have money to meet their needs. So how did you expect this person to think about investment? I believe he will not, so there are many ways that a government can make things good for their citizens. I feel like even if they include crypto, it should be later after they are well developed.

Frankly speaking, bitcoin has huge potential, but it is just an asset or an investment and to own it we need money.

It's hard to understand when people exaggerate about bitcoin more than necessary, saying that bitcoin can solve problems for a country such as eliminating poverty, unemployment, stimulating economic growth...All of this is not bitcoin's mission nor was it created to fulfill these things. We should be realistic that there need to be many solutions to overcome and develop the country's economy and we need to make more efforts if we want to escape poverty. Don't just rely and think that bitcoin can do everything for us, it is not a panacea for the world.

Bitcoin's volatility is not the problem, the problem is that bitcoin is just money and to get it we need money. Meanwhile, where will poor people get money to buy bitcoin? So it cannot be said that bitcoin will be useful in helping alleviate poverty or help a country's economy improve.

Bitcoin can help someone improve their economy if they know how to use it properly, but when it comes to improving a country's economy it is not as easy as improving one person's economy.

Honestly, we should stop exaggerating about bitcoin, the things it can do because it is just a peer-to-peer currency. It is not that God comes to fix everything in our world.

Countries that need economic growth must be open to new innovations, be it bitcoin or other sectors that can add to the state treasury. The more prohibitions are implemented, the smaller the chances of getting profit from various sources. Bitcoin, gold, stocks, and various sources that generate finances must be welcomed not only for the benefit of the country but also for the benefit of society as a whole, also involved in the growth of the latest innovations.
Like El Salvador, which is open to adopting bitcoin as one part that can have an impact on the country economy and the surrounding community. They are also open to receiving offers from outside in overcoming crime there. The level of crime in El Salvador, which was originally high, has now decreased slightly because the system adopted was based on input from outside and implemented domestically.

The major goal of bitcoin was to help people be absolutely responsible for their money without having any government interference or what so ever.
Over the time, bitcoin has proven itself to be the hope of the common man where everyone who invest wisely is always profitable at the long run and this alone is already going a very long way to improve the society as people are already getting gainfully engaged with it and with the help of the profits, physical projects are carried out which also helps improve the society.

I also read a response from user some time ago and he said something that actually fits in here “people should expect bitcoin to solve non technical problems of country” with this, I think it’s fine to say that, even if bitcoin can make a country grow from poor to rich, it should do it at its pace and not people expecting it solve all human problems.

We could see that type of thing with many nations that focuses on freelance working as well. All around the world plenty of nations are now working in the digital world, to help with people who are dealing with something that will take a while to get there, but could make them a lot of money overall.

What we could see with crypto is that it would connect a poor nation with other richer nations, so earning could be a lot better. Making 500 bucks or 1000 bucks could be very low for USA, so a company in the USA could hire someone for 12k a year, which would be impossible to hire there, and that way they would be spending less, and people around the world could make very good income.

I understand that this would be very bad for Americans whose jobs are getting to other nations, or same for Europeans as well, but it is just the way capitalism they love so much works, if you want capitalism then you take it with everything, not just the parts you like. This is why crypto could connect all nations together, helping poor ones to get closer to richer ones, not a lot, I mean they will not suddenly be rich as a nation, but it would at least give the people a chance to live a better life that way.

It can help, and it can be a solution, but that doesn't mean this would take everything and help all poor countries if they don't help themselves as well. Crypto remains a tool for improvement, but this only applies to those who want it, not those who wait and relax. 

Every leader should take responsibility for the improvement of their economy. Like El Salvador, the president takes risks and struggles before people are proud of his actions. Maybe other countries can do the same to see the fruitful outcomes of inventing crypto, particularly bitcoin. We can't tell if this could help until we try. Who knows exactly if this action will uplift the economic situation of the country? 

We all know Crypto were the product of blockchain technology and the concept can be applied in lots of different ways. Blockchain systems can very much help small businesses who's often short of cash and can't afford to borrow money. We knew banks don't lend money in places where fraudulent or easy to fake invoices are common like inconsistent and error-ridden records, so blockchain tech can be the bridge to those concerns as all records must be authenticated. Blockchains also helps individuals' contribution to aid effort or for charity even overseas, so donors can transfer directly for example at bitcoin.

On the contrary it only works on someone who's already in the blockchain system, how about on poor nations who don't have access to it, and only few individuals hold any worthwhile accounts. In the long run, it only makes poverty much more prevalent. Overall shortage would bring about utter environmental destruction and poverty by spending the meagre available resources on mining.

We know the potential of crypto and how to give profit to those holders but not all people have the chance to buy at least they have different needs so people keep choosing for their daily needs to survive as possible,  but we cannot push other people to invest with the crypto, some of them afraid to risk their money to those things they don't know lets accept the fact this always happen even you keep pushing through others its crypto still risk is right there with the volatility. Still on the government how the country will grow.

I can see many people pointing out that cryptos aren't magic and won't solve the problem of poverty on their own and turn around the country's economy. I fully agree with that. Adoption of Bitcoin and/or crypto-friendly economic regulations to encourage investments and businesses can be a part of a comprehensive strategy at best. If there's widespread poverty, we should look at root causes and at what can be done to systemically empower those who are currently worst off. Fighting corruption, providing quality education, and encouraging a business-friendly environment are all likely to be useful if introduced together.

El Salvador was the first country to accept bitcoin as legal tender but it is still not the only legal currency there, they still use USD as their official currency. In addition, the fact that they have made great strides in improving the country is not because they accepted bitcoin but because president Nayib Bukele has had strong policies in cracking down on crime and reviving the economy in many different ways. If I remember correctly, in the last election, 90% of voters decided to vote for Nayib Bukele because they supported his policy of cracking down on crime because this was the most difficult issue in their country. 

In my opinion, to improve a country's economy, the president and the government need to find the causes and weaknesses of the economy and come up with solutions. It is not possible to fix and improve a national economy simply by legalizing a decentralized and volatile currency.

Particularly for small firms who typically get the short end of the stick with conventional banks, blockchain technology is revolutionary. Every transaction is tracked on a very safe digital ledger that virtually makes fraud almost impossible. For companies in places where banks are not wanted to set up shop, this is enormous.

And underdeveloped nations? Are they able to even apply this technology? The truth is, even if blockchain could transform the planet, it won't be helpful if people cannot access it. Everybody, regardless of their residence or income level, should be able to participate in this. Teaching individuals how to use digital tools and developing the infrastructure to assist this new technology is therefore essential. It's about empowering people and arming them with the means to succeed, not only about the tech itself

Even if bitcoin is to be taught to everybody I’m sure you’ll agree with me that it will take extremely long period of time to actuality this and as much as I love bitcoin doesn’t even make me want to drop all load on it and expect it to solve all human problems as a lot of people perceive it to do and as such will shouldn’t add more pressures on bitcoin and blockchain and rather explore it gradually to help better the world.

I agree with you that accessibility is another key factor that should be considered and the only way to make these things applicable then it must fire be made accessible but you’ll also agree with me that none of this activity would actually be easy and in my opinion m, I think people should stop fighting fiat and let’s world in hand with fiat until it gradually gets outdated and by then, the full potential of bitcoin would have been unleashed

The fight against poverty cannot be fixed with a single-sided effort. It must be a systematic, planned, and applicable effort. Even if the country's resources generate a huge income from cryptocurrency, how that income will be utilized and how the public will benefit from this income is an important issue. An enrichment that the public does not benefit from is no different from personal enrichment.

In fact, the greatest power in the fight against poverty is education. If education is given the necessary importance and this continues systematically for years, opportunities to use many things more beneficially may arise. Crypto is an opportunity for many people, but there must be the financial strength to invest and the necessary research and knowledge.

I strongly agree that crypto can help improve one's finances to be better financially, especially in every poor country that definitely has a low local currency, it will be even lower when the economy is not good and added to the inflation. But if you have crypto it will be very different because crypto can also protect the value from inflation and to invest will also get multiple benefits. So by jumping into the world of crypto will help you to get out of poverty, that's true if we really study crypto well.

But overall of course crypto cannot solve the problem of poverty in a country. The point is that knowing crypto really helps someone to get out of poverty, but cryptocurrency cannot completely eliminate poverty in a country. I am one of those who managed to improve my finances after getting to know crypto.

El Salvador's biggest problem is crime, and thanks to Nayib Bukele's strong crime suppression and punishment policies, unrest in their country has decreased significantly, which in turn has fueled the recovery of the country. I don't see any impact of bitcoin in suppressing crime, how does bitcoin help them suppress crime?

Being open and innovative is the right thing to do in any economy, but we need to find out exactly what is causing the bad situation in our economy and come up with the right solutions. Your country is in chaos because of crime, you need to find ways to suppress them, your country is still poor, you need solutions that can create more jobs and income for people...Meanwhile, bitcoin is just a currency, it cannot create jobs, cannot bring stable income to people. What impact will its adoption and sole reliance on it have on the situation in your country?

Cryptocurrency helps only some individuals, and this is true. But it cannot help entire countries, after all, it is not a panacea for economic problems, inflation and corruption. Officials must solve problems in the state, spend a lot on supporting children and education. Create opportunities for citizens to develop themselves and support their families. And cryptocurrency will help some smart and brave people achieve their goals faster.

That can happen if the country understand the important of cryptocurrency and mostly bitcoin, at first many nation kicked at the existence of bitcoin and also seen Bitcoin as a source of indulging in money laundering, but from my perspective it's few countries that will think that expanding tor extending their economy to cryptocurrency mostly Bitcoin can make them to regain inflation in her country, but they kept criticising bitcoin and it's technology.

It is also important to say that the country in which the people live must have access to the internet or a bank account. If you cant pay with bitcoin in that country, then you have to trade bitcoin, or Bitcoin is only used as a speculative currency. If you want to help poor people with bitcoin, then countries where people live and salary are higher should give a part of it to help other people. For example in Sansibar the income is 250$ for a year. In Europe, a person can earn that in a month with their second job and pay a person and their family a years salary, imagine that, it is a really great thing. I think bitcoin can help with that, but you also need a person who to give something of his bitcoin away... for help.

That means people would be more open to it, and that means people could benefit when the price goes down as well. I am not saying that it will be overnight, but at the same time considering how fiat goes down, that means we are talking about something that will not be too simple, and can't be done some other way, we have to accept that fiat is gone and bitcoin is far superior.

So if you are a poor nation, trusting your fiat will not help you, whereas trusting bitcoin will. How and Why? Because if you hold that poor nations fiat then it will go down and that will make you poor, whereas if you hold bitcoin then that will go up and it will make you richer. This is why I believe that we are going to end up with something that would benefit the poor nation citizens a lot.

from experience and a little knowledge about crypto, actually it really helps the community's economy from simple things, being able to make transactions and increase your income from crypto, just a small example, such as participating in buying and selling in each market on a small scale and making a profit.but for now All of this, you must always be careful, there are many fraudsters who do everything they can to make a profit without looking at the sacrifices of old players who are already involved in the crypto world.

I agree with you that crypto is not a solution for poor countries because what must be considered first is that eradicating corruption in a poor country must be punished and punished as severely as possible, and the assets owned must be confiscated by the state so that there is a deterrent effect and no one wants corruption. Again, allocate taxes according to targets, avoid useless infrastructure development, create jobs for natives, maybe everything I said can reduce the poverty of the country, because from what you can see the things I mentioned are the main factors in poor countries

But I want to ask you, where do poor people get the money to invest in bitcoin? If they have money to invest they will not be poor and they can do business or invest in other fields, bitcoin is not the only investment that can generate profits.
What we are talking about is how to improve the poverty of a country and clearly bitcoin or any asset cannot do that. As many people have said above, to escape poverty we need to have a job, have income...and then use that income to create more wealth. Bitcoin does not create jobs or income for people, so how can it solve the problem of poverty or help a country's economy improve?

Furthermore, bitcoin is a financial market, which means you can either make a profit or you will lose money investing in it, there is no guarantee that people will make a profit just by investing in it.

The reason why countries are poor is because the government's economic policies are too weak, do not create jobs and do not help people earn a significant income, the government is corrupt and does not care about citizens' lives...Therefore, to solve the problem of poverty, we need to come up with solutions to thoroughly handle those outstanding problems. Meanwhile, bitcoin is just a currency and a means of payment, it cannot solve the problem as I mentioned. So that's why I don't think bitcoin can help alleviate poverty in a country.

Bitcoin is just a peer-to-peer currency or an investment, we should stop exaggerating it can cure all the problems in this world.

No one can help poor countries except themselves. Whether it is Bitcoin, Ethereum, or other cryptocurrencies, it will not have any significant effect on the development of a country, because again, what helps them is themselves and how they can manage their country better with the various resources they have or the right regulations for their society. So don't dream that cryptocurrency can help poor countries because it is just a delusion.

We all know that poor nations have poor citizens that have difficulty applying for bank accounts due to missing requirements.  With this issue, poor country have lots of citizen that is not included in the financial circuit/activities in terms of regional or international financial trades.  Bitcoin solves this problem by giving the unbanked an opportunity to have access to global financing.

Bitcoin enables financial inclusion to these individuals and with this more citizens is able to participate in financial trades which in return can improve their lives and help the family to improve their purchasing capability making the trading economy improve.


Not entirely true, although it will give huge improvement if the government itself remove their corruption, but there are tools that can help improve livelihood of a family.  The one I stated above, financial inclusion, help the unbank to participated in e-commerce which in turn can help the country e-commerce industry boom and at the same time can give a family an additional option for profit or earnings.

This article: https://guardian.ng/features/how-does-bitcoin-help-the-poor/ states some of the feature of Bitcoin that can help improve the system of a poor country resulting to lesser corruption and an option to have an hedge against inflation.

Poor countries also have rich people. According to the vicious circle of poverty, poor countries are poor because they don't have money for savings and investments. They are already poor, so they work and get paid. Afterward, they spend, because their pay is small, and their needs are too much. They spend all their money on consumer goods, nothing to save, nothing to invest. It doesn't just apply to the citizens or individuals in the poor countries, it is mostly like that cause that's what the government themselves do. If they could just save a little, one step at a time, or even burrow, and of course not spend it on only consumer goods, they would have enough to invest. These investments would lead to jobs, productivity, an increase in the standard of living, development of their environment, and so on. It won't be that smooth though, but it's all about breaking their cycle.

Some of these investments can be crypto. Considering, how it is the best asset to hold in the 21st century. So yes, crypto can very much help poor countries, but first of all, they should focus on breaking their cycle of poverty.

Right now its a pain that my leaders "Politicians" can't make use of this crypto to better the country, even if they know the ways and what to do, they will prefer to enrich themselves with crypto rather than helping people, I think the solution isn't crypto but the leaders themselves, if they don't have the best interest of the people in mind crypto will still be useless in such country.

Among the many things you've said, it's the address of inequality I accepted as crypto is not a respecter of countries and social status, we are the same as before it. But for it to improve the standard of living is not certain and neither is it automatic, it all depends on what you know about crypto, how you accept it and how you manage your way through it to safely make money and even maximize your earnings. Whether you like it or not, it's not all who are investing in cryptocurrency are making it, and as a fact, some are even losing due to poor handling or the high price they bought their asset(s).

I wonder what you will tell those who are poor and are still losing through crypto, how can that help? Crypto investment is an investment, not a super-investment like many of you think, and the earlier people know this, the better. As cryptocurrency gets older, it might become more difficult to profit significantly from it except for those smart investors. I mean those who know when to rightly invest and divest and reinvent later to earn more money.

If care is not taken, more would be lost than earned by most people and I don't see how that will improve the economy of a nation or the standard of living of the people. Had it been that crypto investment is as easy as you make it look, everyone would be rich by now.

The invention of blockchain technology is a much broader solution than its perceived solution in the eyes of the inventor: Satoshi Nakamoto.

So, we look at it as a form of currency, and its decentralized features create enablers but we don't see the part where it gets to be further expanded to become a source of job creation for borderless systems and a major means of livelihood.

People now get crypto-related jobs across continents without being known or being present in those locations and their identities are still pseudo-anonymous, only being made known by their portfolios and their wallet addresses or their usernames.

It is therefore pertinent to say that crypto has helped and is still helping a lot of people across the world, whether poor Nations or Nations in affluence.

I had already written a post here where you can see the difference in salary. There are very big differences and i also think that people can support each other worldwide. It is easy, you can send bitcoin anywhere in the world from now on. An IBAN transaction takes longer. Some people can benefit from countries that are doing well and they can give a little bit. Of course this is a dream, but it is possible in theory, how cool would it be if such a community develops and people help each other. One with bitcoin, the other with emotions of having helped a family, or to defeat a disease.