Can Bitcoin help poor countries?

[bravehearth0319]

Can Bitcoin or any other altcoin help poor countries?
how? what can be done?

Bitcoin I know can only help poor individuals not the poor countries. If poor people can be progress because of bitcoin he/she can get out of the bondage of poverty and if there are many person will be like that, I think that country will no longer in the stage of poverty anymore!

[Doms]

If bitcoin can be introduced properly to those developing countries, I think that it would be of great help to the people living there. They won't have to pay too much transaction fees and they have total control over what they have. It is actually the poor countries that need more of these digital currencies because of the many benefits it can give to them.

[BCMan]

For the unbanked and underbanked, definitely yes!

This is one area that Bill Gates has mentioned Crypto can actually benefit.

[springgers]

I think bitcoin can't help poor countries because governments are afraid that the price is going to drop of their currency.

of course it can help the poor countries, they can use money without banking then so it would be way easier

It's not that easy, government could just ban the bitcoin, ban the internet and just make btc illegal, seize the waqys for people to get, keep and spend bitcoin.

government will never ban the internet but for sure they can make bitcoin illegal because it affects the fiat of the country if a lof of people start to use Bitcoin instead of the fiat, government just don't care about the people.

[Mr.grin]

Well, in my opinion, bitcoin can help poor countries become more developed countries. Well, bitcoin can find a way to have a stable internet connection. so when a poor country has a stable network, perhaps the country could be more baolik, and I think it will change the world's ecosystem if it worked

[1 currency now]

Usually things like "Free Energy" sparks an interest to people in many countries. If people could collect money each day just by leaving something on then I am sure that people would want to do it.


The countries that use Solar might try to use different methods of generating power to collect more Bitcoin that way. This may cause technology to amplify as well.

We'll see how it goes.

[prabowo96]

Usually things like "Free Energy" sparks an interest to people in many countries. If people could collect money each day just by leaving something on then I am sure that people would want to do it.


The countries that use Solar might try to use different methods of generating power to collect more Bitcoin that way. This may cause technology to amplify as well.

We'll see how it goes.

what do you mean? a government mining bitcoin with a solar farm?
This will never happen. And neither poor people mining, unfortunately.

[Mr. Big]

Well, in my opinion, bitcoin can help poor countries become more developed countries. Well, bitcoin can find a way to have a stable internet connection. so when a poor country has a stable network, perhaps the country could be more baolik, and I think it will change the world's ecosystem if it worked

I don't get it, pardon my ignorance, how will bitcoin find a way to have a stable internet connection? But anyway, I think too that bitcoin could help those poor people of a certain country that are jobless and have a computer that has no use other than social media... Maybe those who do not have internet connection and computer or android phone, maybe they won't be helped by bitcoin to earn...  

[prabowo96]

Well, in my opinion, bitcoin can help poor countries become more developed countries. Well, bitcoin can find a way to have a stable internet connection. so when a poor country has a stable network, perhaps the country could be more baolik, and I think it will change the world's ecosystem if it worked

I don't get it, pardon my ignorance, how will bitcoin find a way to have a stable internet connection? But anyway, I think too that bitcoin could help those poor people of a certain country that are jobless and have a computer that has no use other than social media... Maybe those who do not have internet connection and computer or android phone, maybe they won't be helped by bitcoin to earn...  

I don't get it too, I lost the logic in "bitcoin can find a way to have a stable internet connection"... Maybe people can find a way, anyway, it's a hard way.
Those internet companys are a joke, only want money.

[ObscureBean]

For the unbanked and underbanked, definitely yes!

This is one area that Bill Gates has mentioned Crypto can actually benefit.

Well if they're not unbanked by choice, chances are they don't have the means to afford electronic devices let alone internet/data. The fact that Bitcoin is dependent on technology definitely makes it harder for poorer countries to really embrace it.
Also, feature phones without the ability to install apps are more common than smart phones in poor countries so something like Bitcoin payments via SMS would be easier to integrate into the existing infrastructure I think.

[mirakal]

For the unbanked and underbanked, definitely yes!

This is one area that Bill Gates has mentioned Crypto can actually benefit.

Well if they're not unbanked by choice, chances are they don't have the means to afford electronic devices let alone internet/data. The fact that Bitcoin is dependent on technology definitely makes it harder for poorer countries to really embrace it.
Also, feature phones without the ability to install apps are more common than smart phones in poor countries so something like Bitcoin payments via SMS would be easier to integrate into the existing infrastructure I think.

I look on the other aspects, in our country, most of the people are living in poverty because I am living in a 3rd world country as classified, there are people who works abroad or out of the country because they offer great pay but the remittance fee is very costly to them, so I guess if they will be using bitcoin that would be a great help for them.

[ajun96]

I think bitcoin can't help poor countries because governments are afraid that the price is going to drop of their currency.

nope i think bitcoin users can use without hindrance even though their countries prohibit the use of bitcoin, yeah if a lot of people can become rich from bitcoin. bitcoin might be able to save your life and indirectly bitcoin save one citizen of a country

[jerowacik]

with bitcoin then we can get to easily perform a variety of transactions. because of the ease can make us earn a better income. a community will develop better.

[ethereumhunter]

I think bitcoin can't help poor countries because governments are afraid that the price is going to drop of their currency.

maybe we can withdraw our bitcoin first into fiat and then we can donate donate our money to help poor countries so don't think about is this from bitcoin? or is this from fiat? bitcoin is just a hand to help others to make a good thing, its same as we have money, we can help other people with our money.

[kollo99]

yes i think it can help but not so much, because poor countries have no facilities of computers and internet, and without computer and internet we cannot even think about the bitcoin without internet.

[CoinFoxs]

Bitcoin has a ability to help poor people like bitcoin give a platform to people to earn some money, its up to the people how much they earn from bitcoin and if you are talking about a whole country then it is difficult because bitcoin is not an NGO that will give people free money. Bitcoin is for those who are hard working.

[Zadicar]

For the unbanked and underbanked, definitely yes!

This is one area that Bill Gates has mentioned Crypto can actually benefit.

Well if they're not unbanked by choice, chances are they don't have the means to afford electronic devices let alone internet/data. The fact that Bitcoin is dependent on technology definitely makes it harder for poorer countries to really embrace it.
Also, feature phones without the ability to install apps are more common than smart phones in poor countries so something like Bitcoin payments via SMS would be easier to integrate into the existing infrastructure I think.

I look on the other aspects, in our country, most of the people are living in poverty because I am living in a 3rd world country as classified, there are people who works abroad or out of the country because they offer great pay but the remittance fee is very costly to them, so I guess if they will be using bitcoin that would be a great help for them.

You are right, money transfers would be  very a  great help not only on transfer time but also  on  saving  up money regarding   transfer fee compared to other   money transfers.
Bitcoin could really  help poor countries especially to those who are  jobless since bitcoin could give you earning  opportunities that could somehow makes money for them.

[Legasean]

Bitcoin cannot help a poor country. I have the following reasons which I would like to site:

Low Internet access - If people cant access internet how will they even know about bitcoin let alone do transactions through it.
Low Security measures - totally insecure to them since they have very low knowledge
Low Fees for miners - This will hurt miners
Low usage - People in poor countries are "Poor" - they need more time to work hard and earn Fiat, since they are poor they would never accept bitcoin as primary source of money and would never believe that it is secure as well.

Do you really think that bitcoins can help poor countrys i dont think so because i know that the bitcoin will only help people who are rich because do you see the price if you are poor you can tbuy bitcoins at the moment.

[cryptor0th]

Hey

Been researching this for a few years now. Have a paper published to my name on the same topic.
Down to the question
 

-Can Bitcoin help poor countries ?

Theoretically, yes.
However, you need to understand a nation being economically poor is not only the result of the financial system it follows but also of its culture, accepted norms (income inequality for instance) and productivity. Yes, you could bring Bitcoin to a nation like Bangladesh or India, but will it make people rich ? Heck no. People being paid in Bitcoin for the work they do in factories is not going to make any difference. However, if say skilled IT workers in India have an opportunity to interact with the global economy at ease via Bitcoin and seek payments without scrutiny from their government at ease, you've got a system that works. But, are skilled IT workers poor in India ? No. They live at a decent level.

My point being - when you say "poor countries", you have to define what is poverty.
Is it people who can afford a house but not luxuries in it.
Is it people who have a farm but no produce off of it.
Is it people that are in the streets with no access to technology.
If it is the last few, then how will Bitcoin reach them and if it does how will they protect their money.

I think its time people got their heads out of the sinkhole and looked at Bitcoin as the only solution to poverty alleviation.
Want to beat poverty ? Look at Grameen Bank in Bangladesh. Launched by Muhumud Yusuf in the 70's the organization took over 30 years to attain scale, however, in the process they managed to generate credit for millions of women who were otherwise deemed not  creditworthy. That was the work of a bank -not a decentralized entity. Similarly, in India the cost of transactions are sow low, it doesn't make sense for a person to depend on a blockchain to get their business done.  Poverty alleviation is a result of drastic changes in mindset and the ecosystem at large.

Bitcoin is only one tiny aspect towards it.
Is it contributing ? Heck yes.
s it the solution ? Hell no.

[abayan]

Bitcoin cannot help a poor country. I have the following reasons which I would like to site:

Low Internet access - If people cant access internet how will they even know about bitcoin let alone do transactions through it.
Low Security measures - totally insecure to them since they have very low knowledge
Low Fees for miners - This will hurt miners
Low usage - People in poor countries are "Poor" - they need more time to work hard and earn Fiat, since they are poor they would never accept bitcoin as primary source of money and would never believe that it is secure as well.

Do you really think that bitcoins can help poor countrys i dont think so because i know that the bitcoin will only help people who are rich because do you see the price if you are poor you can tbuy bitcoins at the moment.

I dont agree. Im from poor country. It doesnt mean that you are poor you cant use bitcoin! No. it also doesnt mean that you are  poor you cant have bitcoin! Im in bitcoin world almost a year and take note im a poor one! So why i do have btc right now? As long as you can access internet then it is alright!