Bitcoin Forum

Talking about the declining value of the bitcoin plus that of other cryptocurrencies- in recent times, various concerned bitcoin enthusiasts, scholars, traders etc have argued that the value of bitcoin is determined by several factors among which the forces of demand and supply seem to resonate actively.
The question therefore is, what can be done to deepen the bitcoin market in developing countries of Africa, Asia, Latin America and the likes?
The rationale is this, if the degree of acceptance (demand) for bitcoin in these frontiers increase its only sure that the value of bitcoin would increase as well.

Bitcoin is already slowly but surely penetrating the markets of developing countries in Asia, mostly on 3rd world countries. It's just that the money getting into bitcoin is really not that significant, hence it really doesn't have that much effect on price. Bitcoin will get adoption a lot faster on these types of countries in my opinion, whereas inflation rates are growing higher. Pretty much countries that will likely face hyperinflation just as how the Venezuelans experienced it. People will be looking for an easily-accessible hedge, like bitcoin or cryptocurrencies in general.

I'm not sure if we really need to do anything to reach those said countries. I think they will adopt bitcoin when they need it. I think bitcoin as a hedge and as a store of value will go first, rather than the bitcoin as a payment currency as most people are looking forward to.

Bitcoin has been hailed as a revolution in the past many years but one thing that is stifling this revolution is the lack of massive adoption by the people. Well, we have to remember that in the global marketplace it is going to be the users that can determine the life or death of anything. When there is a big demand for anything, you can be sure that the price can increase otherwise things will be going south. As of now, there remains the very slow progress on the adoption of Bitcoin especially in third-world countries and it can be because the right infrastructure is still not there and the fact that it can be taking time for Bitcoin to penetrate as there is no massive investment on advertising here unlike many multi-national companies which got money to burn on telling people on the beauty and advantages of their products or services...relying on the power of mouth can only do much for Bitcoin. Plus the fact that there remains the stigma attached to Bitcoin due to many scams that utilized Bitcoin as their mode of payment so there are many people who are afraid of Bitcoin (this is of course aside from its sordid volatility).

We don't have to do anything, once it is penetrated to those countries it will start to be recognize by people there who are into technology. AFAIK there are places that aren't supported by PayPal and they are looking for another payment method/processor.

I think with that problem, bitcoin can solve that problem for the needs that they are lacking of. We just need to continue and probably if you have some friends from there, at least tell them or ask them if they ever heard of it. If they are interested, educate them in the slightest/best way that you can.

OP, less regulations, and more encouragement from the government through tax cuts for cryprocurrency acceptance and usage.

I believe education on Bitcoin should be a priority too.

I think it would be possible for bitcoin is really one of the significant currency though it's also known for it's volatility. Let just think it on a positive way.

The price of money is only depend on supply and demand, in this case we pretend bitcoin as a commodity. Usually people wants to buy fiat because of the bank interest rate which the higher rate of bank interest of a country then the more people who want to buy that country's currency. There is no bank interest in bitcoin case so the reason why bitcoin price can go up is only the hope that more people will use bitcoin in the future, this hope is realistic because bitcoin provide more advantage that paper money or even electronic money of bank. The freedom and fast and secure of world wide transactions that bitcoin offer will easily get many people attention. So that's why bitcoin will not only penetrate the market of developing countries but also the market of developed countries.

Bitcoin is more popular in developing countries because it offer small investment with high reward, and it also can be used for payment optiin where they can expand business globally, the problem now lies within the government permit, the government need to be careful about adopting crypto because it can affect the economic in the country

It will be hard to sell this to them, because most of them are already fighting hyperinflation and a massive decrease in the value of their Fiat currency and then you want to sell bitcoins to them, which nearly dropped in value of over 80% in a year?

It is easier to sell the idea of Bitcoin to people, if the hyperinflation losses is much more than the drop in the Bitcoin price, but we only have that kind of scenario in 1 or 2 countries at the moment.  ::) <The argument being that they will lose much less, than having it in their local currency with higher loss percentages.>

Yea, i agree with you brother especially on the issue of infrastructure deficits that characterize third world nations. This challenge has been hugely worsen by proliferating incidences of public sector led corruption and the likes.
Bitcoin and alternate coins still hold huge prospects especially in countries like India, Nigeria, South Africa, Ghana,  etc.

It is already being widely adopted across south america and soon it will spread around the globe. Turkey and Iran look like hotspots with a troubled economy. Who knows about north korea, might happen there too

Well bitcoin has already started penetrating the market of developed countries so many citizens has started to carry out deals using bitcoin what is hard is bitcoin penetrating into developing countries

Bitcoin has been penetrating a lot of developing countries specially around the Asian region. Lots of summit, conferences are being held around the world as well so I'm sure that it's slowly creeping in globally. So I guess we can't do anything or like spreading the word about crypto because sooner or later everyone will take notice of it.

Just look around at how the world is talking about, G20 summit is covering it although not a priority at this time. The president of Malta, talking it on big stage, at the UN assembly. And I'm sure there's a lot of things going at the background of every government as well like this news, Nigeria’s Strongest Opposition Candidate Promises Cryptocurrency Regulation (https://cryptonews.com/news/israeli-tax-agency-targets-crypto-tax-dodgers-3029.htm).

IMO, bitcoin has already been in these developing countries sooner than we ever thought they would. Well, some of the people in the said countries have had their lives changed for the better, which is good considering that it redistributes wealth in a lot of hands instead of just the minority. Being in a 3rd world country today, it's quite amusing that a lot of projects, gatherings and talks have been in place regarding bitcoin and crypto just for the past two years, to which I became a speaker to some talks.

While having more and more people use bitcoin in today's world, an undeniable fact remains still: market movers would always be the whales, and the newcomers from developing countries would be their assistants to push the prices to new highs.

From the past until now Bitcoin has penetrated the developing world, remember last year, now in countries like Africa, Latin America etc. it has developed against Bitcoin, but I when the country began to recognize Bitcoin it actually dropped like this, but it was a test for the country if the bitcoin users there are patient in facing the era like now, for the future I am sure Bitcoin will penetrate to the corners of Africa and Latin America.

Believe me mate the developments of bitcoin and the whole concept of bitcoin has already been introduced into some parts of Africa for instance South Africa. However the negative remarks from these African countries are mostly that bitcoin is a ponzy scam. This was the almost the same remarks when Satoshi first introduced bitcoin and so i am very optimistic that with time these countries would also come to the appreciation of accepting bitcoin as another payment method.

Hahah..not forgetting the Asian countries who are already engrossed into crypto projects. Currently most blockchain innovations are stemming out from these countries.

I'm going to talk about Africa because I'm African, bitcoin can only be accepted in a few African countries, because Africa is a continent where many governments are very corrupt. The Africans are ruled by mentally ill people, dictators, thieves, power fanatics and corrupt. bitcoin is more likely to have acceptance in Europe, America and some countries of Asia. but in Africa we can not expect good things, in fact we can not expect good things coming from the Africans. I'm African, but I'd rather be honest and say that.

now we can not even think of the downturn, if everything is going back to the market and the market will grow, maybe it will gradually receive until it develops in different countries.  Sooner or later it will understand the others what is the trend of bitcoin how it easy to use it.

it is not just about increasing the adoption to increase the price and make profit. the adoption will happen on its own without anybody intervening. the most important thing to do is to solidify the market itself which consists of exchanges so that we can see less volatile market or in other words a market that is less affected by manipulation of whales.

Of course yes! It may take some time, but it surely will! If you say: "will there be bitcoin in developing countries?" - This is the same as saying: "will there be progress in developing countries?" It will be interesting to watch this, when there will be a second wave of Bitcoin growth, perhaps then everything will start.

But many developing countries are willing to maintain their current "stable" financial order. For them, Bitcoin may undermine their financial order, so I don't think Bitcoin will get government support in developing countries. This is unlikely to happen at least in the short term.

Bitcoin and it's underlying technology has already penetrated latin america, they are even forcing pensioners to use crytpo payments. If venezuela can turn its economy around then others will do the same

I think that actual adoption of bitcoin as a store of value or as a means of transacting will actually occur within countries which have deep rooted financial issues, or crises.

For example, countries such as Venezuela have seen increased adoption for bitcoin, as access to foreign exchange can be extremely difficult and bitcoin essentially provides people with a hedge against inflation. It is this utility that bitcoin has got which makes it valuable in the first place, and it is interesting to see that it is not the developed countries that are taking advantage of this (possibly due to the perceived stability of their respective fiats).

I have no doubt that bitcoin would be able to break into developing markets in the future. One, due to its globalised nature, and two, due to the need for safe haven assets within these countries, and global means of payment that can connect workers within these countries to overseas employers.

Not as long as first world countries are only looking after their own interest first. Let's look at the distribution and supply of Bitcoin ATMs for instance. In first world cities, you have 100s of Bitcoin ATMs spread out all over the city, but you only have 1 or 2 Bitcoin ATMs in one or two cities in the whole of Africa.  ::)

We need to get the message to Bitcoin ATM manufacturing and distribution companies that third world countries can also yield massive profits, if they distribute more Bitcoin ATMs to these countries.

The business sectors especially the market will really adopt and accept what the customer mode of payment wants ,for customers are love by the businesses, so if there are many customers that hace crypto in that developing countries then bitcoin can really penetrate through this markets that if they more customers for their business.

I think that some developing countries have already made big progress in accepting Bitcoin, like Venezuela. In fact many of them are more willing to introduce Bitcoin then some western countries. Their economy is not so strong and often not so regulated like those in developed countries so Bitcoin and other cryptocurrencies have more chances to penetrate their economy. Still as long as it isn't formaly regulated the effect will not be full.
So at the moment I think that this adoption is still on individual level.