Bitcoin Forum

Ostensibly most topics/threads on this section have actually been discussed multiple times and hence a sequel of the last discussion,so I thought it wise to come up with something novel..

There happens to be plethora of problems the bitcoin solves in its own way, but I think myself and 85% other bitcoiners would agree that the major issue the bitcoin puts a halt to is poverty(as it provides financial freedom)...uhm,...thats not to say that many bitcoiners weren't rich or more so comfortable before the inception of the bitcoin,but it sure does contribute it's own fair share of financial freedom and makes the rich richer and the poor,rich

Now the point of our discussion
I'm going to provide three groups
1)3rd world countries/underdeveloped countries
2)Developed countries
3)Developing countries

Each and everyone of us happens to live in one of the aforementioned groups,so with reasons let us know in your opinion which of this groups(countries)the bitcoin has had more of an impact on and why you think so(outlining at least one problem it solves for the individuals in such groups/countries)

having travelled to many countries talking about bitcoin. i have noticed that 3rd world countries (wages are like 5-25cents an hour there) have decided bitcoin is not for them as the fee's are more than an hours labour.

they wont be using LN in conjunction with bitcoin either as it still require a open and close fee..

lets imagine it from a developed countries view

imagine 2009-2013 you could use a new payment system that only cost (converting minimum wage) 75cents which compared to remittance services was cheap...
(it was in real terms only 1cent or less... but imagine from the eyes of a country where it feels like 6 minutes of minimum wage(75cents converted))

then in 2014-2016 fees went up and up and were costing many HOURS of minimum wage(US feel of tens of dollars))..

promises were made of new features that would bring prices down offering 75% discounts.. yet
prices went up.. delays, excuses. back peddling consensus agreements on innovation, planting in trojan code to make bitcoin compatible with other non blokchain networks.. but still no on chain innovation to bring prices down to only a few minutes of labour again.
2018 the fee is the equivalent to a few hours labour. AFTER discount if you use the new feature. but 4 times more again without the discount by staying with the old way of transacting

now your getting told to only expect to have to lock your funds up into a co-signed address with someone else and pay the fee premium to get into this non-blockchain service network and pay the fee premium to get out aswell as needing the co-signer to agree.. to get your funds out the service network.

so. you end up using a different altcoin that cheaper

..
this is why 3rd world and developing countries are just moving away from bitcoin and either developing their own affordable payment networks or just using ones that have not been hijacked into being premium purely just to twist peoples arms into thinking the only way of the future is offchain networks.

(i know expect replies from the usual crew of people to not defend bitcoins principles of 2009-2013. but instead defend a group of devs who think non-blockchain, unaudited, permissioned(co-signed) networks requiring locking up funds is best(facepalm))

I don't agree with you on this. Even if I'm rich,have money but I don't believe in the technology then it's still useless and when it comes to the poor that you are referring from, they don't have any interest in investing into crypto for they prefer to use their money to meet their basic needs.

This technology is built as an alternative to a corrupt centralized system of currency that we currently have not as an investment vehicle.

Frankly speaking, the only people who can benefit to this technology are those people who has the knowledge and willing to take risks whether you're rich or poor.

 I think it has had an impact more on developed countries, but it will have more of an impact on developing and third-world countries. The internet's reach is expanding and so is the amount of people with smartphones, even in poorer countries. Cryptocurrencies' real-world use is also evolving.

This means people everywhere will have access to the same knowledge and be able to use the internet and cryptocurrency to put their knowledge to work. Everyone has what it takes, but they need to be equipped with the tools to make it happen, and this is what is happening.

developing/3rd world countries. jumped passed and bypassed the landline fibre optic and are going straight to 5G wireless.
they have for the last few years been deciding to jump passed and bypass btc and are going straight to altcoin

kind of a shame though. bitcoin has just turned into an investment tool for elitists who want to be FIAT rich

Sorry if you think I am not answering the topic you want to discuss directly, but I want to share a story I recently read over at reddit, which is about a bitcoin user who used his profit for the month of October to work on his truck. Basically, he upgraded the dashboard of his truck, whilst still looking old and clunky on the outside. I guess the point of my sharing this is that I am not sure it matters if a person comes from the developing or developed country. If you are smart and knows how to handle your profits, you will enjoy the benefits of bitcoin.

Developed countries didn't really benefit from bitcoin, but developing and 3rd world countries surely did. As you have said, it somewhat helped the poor become 'rich' since they have another avenue of profits aside from their regular day jobs. I myself know a group of people who were living on minimum wage back in 2014, only to have their lives turn for the better after holding coins for almost 3 years. I am, too, was a simpleton 4 years back and have managed to establish my printing business due to my holdings in bitcoin. Though I still love the tech and the idea of bitcoin being used widely as a currency, I guess I'm just lucky that the coins I have used to buy habanero chili sauce in CA made me escape the reins of poverty.

It's either you're one of those who do not read the entire original post before commenting,or you simply comment on a topic you have paltry knowledge on

We aren't discussing the hinderances associated with investing in the bitcoin based on the part of the world you're from..
Our topic is which of the aforementioned groups has the bitcoin made the most impact on and reasons why..

Try not to comment if you have nothing valuable to add to the discussion

This is purely anecdotal of course, but I've also noticed that people from third world countries rather use altcoin than Bitcoin.
Not sure if we can already call Venezuela a third world country, but they're massively represented in many different altcoin communities.

Numerous local exchanges are popping up as well to directly exchange altcoins into fiat, instead of having to convert into Bitcoin first.

I'm definitely going with the 3rd world countries,even though they are kinda reluctant to invest in the bitcoin,they have been actively investing in cryptocurrencies in the last few years..

And considering the level/cost of living over there,one can make a living off a little investment from crypto/bitcoin as opposed to some developed countries...

Only developing countries can influence the development of a particular currency. Bitcoin in this regard differs from the same dollar in terms of the influence of the global economy. And globalization first of all begins in developing countries.

I belong from a developing country in Asia and btc has been started to evolve. Many of my friends are into btc as bounty hunters and investors where they were able to experienced good return of investment and also gaining good earnings form their bounty participation. Btc is an opportunity to the people to earn and learn this great technology.

But isn't it same high value above every currency too? Take for instance, people who work in countries where they are paid with dollar, they also enjoy good standard of the money. The money there have good value, so if it is bitcoin was also converted to any country's fiat, it will be high and the purchase strength will be high too.

You might consider changing the thread title to the actual topic to avoid confusion.


If Bitcoin catches on globally, then those in unbanked countries outside the legacy banking system will benefit the most on a fundamental, use-case level. Censorship at the banking level affects entire countries -- Syria, Nigeria, Iran and others. Residents of these countries are unable to remit money internationally, cannot collect payment for online work, etc. In these cases, cryptocurrency can be quite empowering because they're permissionless and censorship-resistant.

If we're talking strictly about profit from price growth, then developed countries will generally profit the most, because that's where more wealth and more robust investor classes are concentrated.

We all know that Bitcoin was opened to all whether you are undeveloped, developed or developing countries. And for what we are discussing now  is all about bitcoin features and its usages, because of this some of the community all over the world really thankful for discovering this virtual currency then some are not due to have a negative feedback to others that this is a kind of ponzi/scam. But in reality, it helped a lot to others in terms of financial aspects especially to those people who are poor but have knowledge in about on this technology.

I live in a developing country, the growth of bitcoin in my country is very good and very fast, even 70% of the population in my country has adopted bitcoin, but without regulation from the government.

there are many positive impacts felt by everyone who adopts bitcoin, essentially that their economy becomes more better for their financial world.

Bitcoin is for all level of society, but it will need at least internet and gadget to start using or earning, bitcoin in third world and developing countries are quite important, it can create a lot of new chances to make more income, more income means better quality life, but most of people in developing countries also engage in bitcoin, since its decentralised, the elite could used the opportunity to manipulate the price, so now crypto almost become the elite manipulation game, crypto has become more beneficial for the elite

Not about Bitcoin, but some Blockchain platforms like Bitcointalk and Steemit have changed lives of people in developing countries for sure.

this is not right. bitcoin is not made to make people money or give them profit and the "financial freedom" that you keep mentioning here has nothing to do with profit making and becoming "rich" so in other words bitcoin did NOT make the rich richer and poor rich. in fact a lot of people became poor(er) because profit making is a discussion about investment not bitcoin itself. and making mistakes while investing always leads to losses and profit for different people.

I'm from third world country (or developing country), I think it's pretty much the same group by the way. The idea of bitcoin itself is excellent. It will enable cheap international transfer --like our favorite jargon of open and borderless-- compared to PayPal and international bank transfer. However, bitcoin is a product of technology which is difficult for people from third world/developing country to understand and actually use it. They have to deal with exchanges, private key security, transaction mechanism, etc., to get the fiat they need. It's very troublesome for villagers who only know Facebook recently. The idea of developing countries would be the tipping point of the bitcoin adoption is false, since, in the history of technology, the first adoption always came from developed countries (US & Europe).

And if we talk about economic impact, then the bounty --that people frowned upon-- actually make most of the economic impact. Bounty hunter can earn a decent amount of money that makes many unemployed become a bounty hunter. That's why sometimes you read broken and/or stupid comment from bounty hunters, that's because a lot of them are unemployed uneducated.

I live in a developing country and bitcoin does not have a significant effect on economic development. not even many companies have adopted bitcoin as one investment asset. still in the group of people who use it, so it hasn't really overcome poverty.

Bitcoin doesn't provide financial freedom. You're probably confusing it with financial inclusion (https://www.investopedia.com/terms/f/financial-inclusion.asp).

Either way, even financial inclusion doesn't end poverty. It can help alleviate poverty, but it has to come with financial opportunity, another thing that Bitcoin doesn't necessarily provide. I mean, if we're talking about people who barely have enough to feed themselves (and a lot of people don't even have enough), how exactly does using Bitcoin benefit them? They may not even have an online device or even a stable internet connection.

Bitcoin can certainly impact economies through creating related jobs, granting people financial independence, etc., but it can't eliminate poverty.

In the future, I can see that bitcoin will strongly influence other investment professions, make the most official crypto, accept bitcoins across the country you and I live in, many companies and utilities choose investment, business into bitcoin. Just my imagine, can you believe me?  ;D

i think the most impact has been in developed countries mostly because the real adoption has happened there. in the under developed countries there is only speculators who invest short term and try making some quick buck before abandoning bitcoin.

of course that is only my observation. in order to know the correct answer you need to do a real study and consider a lot of factors. for example in the developed countries the cost of electricity is usually higher and that makes mining harder whereas in many of the developing countries the cost of electricity is lower and that makes mining easier. and that little distinction makes a difference in impact of bitcoin in such countries.
but that will only be one factor!

Bitcoin has deeply impacted the world economy and it holders in general since the advent of it creation as a digital currency. It impactation on brought about the unavailing potentials inscribe on Blockchain technology, this has tremendously bring about a decentralize mode of operation in all aspect of life. Bitcoin taken the mainstream manifestation of the Blockchain technology has given ways to others to follow suit along the Blockchain technology.   

Bitcoin has made impact in the world generally but to the third world countries in particular. Unemployment has reduced. Many youths are living on bitcoin.

I disagree, the wealth divide still remains even with bitcoin and crypto.
How exactly does bitcoin make poor people rich?
because you cannot create something from nothing, even bitcoin cannot
do that. There has to be some level of input at some stage.
The thing is rich people can put it far more than a poor person.

but if in my country the impact of bitcoin on its users is huge in terms of economy and finance, because there are already so many bitcoin users who are successful and fast becoming rich people, so the impact of bitcoin on its users is huge if in my opinion

Bitcoin has a great impact on our economical conditions specially for me ...I am an university student and I support myself and my family with bitcoin income. I love bitcoin very much.

       I think Bitcoin's impact on the world is different, depending on the countries where people live. Bitcoin is a heavenly gift for those who live in the third-country countries, but also for developing countries. A $ 100 rebound in reward campaigns for most African countries is more than one salary and can be the real source of existence for several months. And for the second hand countries, rewarding payouts are some profits that help people supplement their revenue. For strong financial countries, bitcoin is not of vital importance, with people in these countries having a high standard of living.

there are several impacts that you need to know when going to invest using bitcoin. like one of them is financial impacts. this is because the value of the currency tends to fluctuate. having a global network.
bitcoin has been kenown in various countries throughout the world. the transaction process runs faster. by using this bitcoin, the transaction process you need can run faster even though your relationship is aboard.

What do you do? Are you a trader/holder/investor?
If you don't mind, please answer this question.

Bitcoin has a positive impact on our life.it changes our life style and socioeconomic conditions.i support my wife and children with bitcoin incomes.

what I feel is now a bitcoin is a change in my economic system and I think whether it can be developed again and can until the future I want to be like that

Developed countries and developing countries can make progress with the use of bitcoin by adapting into there core businesses than 3rd world countries because due to there undeveloped nature most of underdeveloped countries are low in technical resources and even internet facilities and those are important when making transactions using bitcoin as a digital currency and that is why they don't get much benefit from bitcoin even it is widely spread around the world

definite impact is with a lot of bitcoin mining may reduce any electricity supply in each country maybe if in a developing country, they will be able to develop with renewable technology with sufficient capital supply but in a country that is classified as backward they may be able to find out how so that the supply or capital they have can be enough to develop a bitcoin mining project

To make rich richer and poor rich. Hmmmm! I dont 100% agree with this statement. You are talking as if we are in the time when bitcoin was just few dollar cents in value. Now though a lot are murmuring and complaining that it has not yet came back to $19k and below but still, $6k+ is big. Rich can afford it but the poor like those in the third world countries as you say it how can they? Bitcoin is not free and no one gives bitcoin as alms. Sad truth huh.

In my opinion the biggest impact of bitcoin on the society is the impact on paper money, because it threatens the viability of paper money, which can replace money and money that can disappear. The government is working hard to protect paper money

I think the 1st and the second world have been imparted positively by bitcoin due to the fact that their technological know how made it possible for those developed countries to become the early adopter's of bitcoin and the digital currency in it entirely and that has help to improve the economy and made it possible for the citizens of those countries to adopt bitcoin as they secondary currency due to the freedom they enjoy from the technology. But the third world on the other hand is technologically backward and at that is finding it hard to embrace the technology behind bitcoin in it full potential.

Correct, if we're referring to poor people in 3rd world countries who barely meet their daily needs, how could they have the knowledge to access bitcoin or even afford to buy bitcoin? if they don't have smartphones, personal computer or mac? Depends on our perspective on "poor" obviously. But here the definition from oxforddictionaries:
Poor = Lacking sufficient money to live at a standard considered comfortable or normal in a society. ex: ‘they were too poor to afford a telephone’.
Except for middle and upper-class society who have access to all the resource or adequate to get bitcoin whether in 3rd world countries or developing countries.
But for now, we can say developed countries such as US, UK, Europe, Japan, South Korea leading the market and have the most trading volume that the bitcoin has had more of an impact, they can easily access the market, have the resources, wealth and knowledge more than 2 other groups.

Bitcoin truly has a big impact to people because they can make money fast and easy by investing and mining bitcoin. Poor people will be rich if they give bitcoin a try and if they wont stop using it.

Bitcoins have a great influence on Cryptocurrency not only in the top of other crypto but also in other things such as number of users, blockchain software, etc. The bitcoin is that it is being used in medicine and in the future will have many professions and other companies choose bitcoin as a transaction fee. ;D

I won't say that they can make money fast from bitcoin today because to get bitcoin, it's not cheap for them, and they need to work hard before they can buy bitcoin. But people can try with the other coins which are cheaper than bitcoin so they can have a way to collect bitcoin from many coins. Bitcoin itself gives a good impact to the people and now, they still doing many jobs related to bitcoin, and they are saving the bitcoin and sell when the price increase. I am sure that they are making a lot of money in the future.

I think out of those three type of countries developed countries have more advantages over other by using bitcoin because even this is 2018 and known as the digital era still majority of people do not have IT facilities and basic knowledge which is essential to use and make benefits from bitcoin so developed countries can make a real change difference by allowing bitcoin to be used in there economical systems 

It doesn't matter whether it is a developed country, developing country or a non developed country if bitcoin is used properly with there core financial economical structure there are many ways it can help to reduce the country poverty level by many ways and bitcoin was build to do that in the first place with important qualities to accommodate and facilitate during such scenarios and that is why it can play a significant role in any country

There are quite some remarkable impact and feats the bitcoin has been able to achieve since its birthing till date. A close analysis is what I have been able to observe clearly around my environment. I have seen a colleague that got real earning of a lifetime for his business and a good number that have gotten a continuous livelyhood from the bitcoin/cryptocurrency earnings.

/Bitcoin enables transactions between two parties without a third party interference all transactions are digitally recorded .There has been many ups and downs in the value of Bitcoin

It is possible to make a profit from investing and exploiting Bitcoin, but this is a long-term investment option. If you choose Bitcoin for short-term investment is not good because it has too much risk and is willing to fall suddenly in a short time.

The impact cuts across all the categories of countries you listed but in different ways. Most bounty hunting come from 3rd world. While most ICO buyers come from the developed countries. It seems that most miners are from developing countries. So the experience are different from each other.

I believe that, because everything has been proven, that indeed with the existence of bitcoin people can make money. with the existence of bitcoin also facilitated us in transactions. the longer the technology is growing

I think that the appearance of crypto has affected all of the mentioned groups but most of all this refers to the developing countries where people have got a chance to earn on crypto money more than they could on their usual jobs

BTC has a great impact and it will show its potential in the nearest future. I hope this will happen in the nearest future -until 2019! To my mind, its price will increase much with time

The bitcoin coin or Blockchain technology is already impacts many ways all over the world in many development and resources like baking system, digital marketing, ecosystem, and more is coming from blockchain technology because of many developed countries are adopting that and still continues more.

Regardless of the country category, any country can earn on bitcoin.The crypto world is open to everyone.Personally, I noticed this trend-in the countries of the 3rd world, cryptocurrency mining is more developed.in developed countries, investment and investors predominate, and in developing countries, new technologies are beginning to be introduced and new platforms.This is not a categorical answer but rather a personal observation.

Savings of a common person who lives in a developing/3rd world countries are not enough to make a financial investment, they spend most of their income for their basic needs, and investing in cryptomarket is very complicated for a common person.  Mostly, they don't show any interest to new tools of investment and also it seems that idea of decentarlization and making capital free of governors or some interest groups via crypto currencies are very far away from the reality until now.  If you are lucky, smart enough, and knows how to invest your savings, you will enjoy the benefits of bitcoin, like any other financial markets.

At the moment, Bitcoin has not made a definite impact on any particular country. I know more about developed countries in cryptocurrency and less in countries of the 3rd world. That's all. And if you look at things on a larger scale, then in countries 3rd world There are many rich people in the who can make a real competition to rich people from a developed country.

Currently, I lived in in developed country even though  I came from 3rd world country.  Currently, where I am at, they utilized the blockchain and explore the blockchain , because this country is becoming a smart city.

I live in Ukraine, which belongs to developing countries. Two years ago I worked in an office for a salary, which was practically enough only for food and payment for a rented apartment. When I met the cryptocurrency market, my life changed dramatically, I learned what financial independence and well-being are.

Btc impact is nothing compared to the impact of blockchain as technology.

The impact of bitcoin that captivates many Saint experts is that it is the first currency that cannot be controlled by institutions, companies, governments, or even the creators of that currency, which is a Peer-to-Peer and decentralized transaction technology

Yes I do really agree that bitcoin has a very great impact to our society because of bitcoin many crypto currencies had been developed to imitate the success of bitcoin and for this reason many of unemployed individuals find an opportunity to earn from the crypto currency paying activities offered upon the creation of this new crypto currency. 

Bitcoin affects all countries around the world. But Bitcoin cannot make an emerging country rich, and it can produce rich countries more prosperous. Bitcoin is not like a blessing of God, and it will make the distance between the rich and the poor more distant.

I've traveled more than ten countries in the last three years. I also read news about the crypto world.

First of all, I have observed the types of countries where bitcoin and cryptocurrencies are most common. Bitcoin investments are particularly high in developed countries (mostly economically developed). However, it is important for the majority of them to expect future profit.

Secondly, underdeveloped countries are trying to attract investment through their ICOs. Some countries have so far received tens of millions of dollars of investment in ICO.