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Author Topic: Bitcoin Effects on Economically Developing Nations  (Read 966 times)
Palodar
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November 19, 2016, 08:46:26 AM
 #21

bitcoin might help the economy of all developing country if they know to fully use it. Because as you can see about bitcoin, This provide as a fast and reliable of transferring money from one place to another without any personal info requirements. It's inflating price also is the main key why bitcoin is really precious. I think a country that fully embraced BTC will rised and make name on the world


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November 19, 2016, 09:07:23 AM
 #22

In developing countries Bitcoin is mostly unknown and this is actually a problem. In my Post-Soviet country an average salary fo a full-time job is around 150$. Working on this forum for a Signature campaign you can earn around 100$ for a job a lot easier and taking less time. Thus, Bitcoin is a huge help for such countries but mostly it is a potential help, because many people aren't aware of it.
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November 19, 2016, 11:02:30 AM
 #23

Bitcoin can really help the Economy of any developing nations in the form of remittances. Mostly there are  skillful person on developing nations, so the became freelancers looking for projects anywhere around the world. Most of the payment before are through paypal etc bt now, with the advent of bitcoin, it is not being used and utilized.


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November 19, 2016, 11:03:44 AM
 #24

Bitcoin seems like the perfect currency for developing countries, the only potential downsides are it's vulnerability to hacking and it's irreversible nature (which can also be a positive). It strips out many fees associated with banks or payment transfer systems like Western Union. It could potentially be stopped by governments if they make it hard to exchange into a local currency but people can be surprisingly creative when it comes to obstacles like that. I fear however that low tech governments would want to block it when they are scared off it by established payment processors who want to prevent competition.
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November 19, 2016, 11:13:45 AM
 #25

As we can see most of the developing nations economy depend largely on remittance from citizens working abroad due to very low chance of getting stable job in their country and in remittance they usually loss more than 10% of total amount which is really painful experience for workers. Government can focus on establishing bitcoin based remittance service where fee will be not more than 1-2% due to no central body like swift transfer to take high fees in middle.

There are a few posts in this thread (before and after the post I quoted) claiming that Bitcoin could help transfer funds to such countries given its low fees. I don't challenge the point that Bitcoin fees themselves are really low. But whoever claims that remitting money with Bitcoin could actually work out should keep in mind two things. First, you should convert the fiat you earned in the country of residence to bitcoins. If you work in Europe or in the US, this is usually not a big problem, though you will still have to pay for just moving your funds to a Bitcoin exchange (a few percent typically) and then pay trading fees (around 0.2 percent). Second, you, or your family, should be able to convert bitcoins you sent back to local currency somehow, and here you will have to pay the same fees all over again, and they may turn out to be rather hefty...

All in all, it may not actually make any sense to use Bitcoin for the remittance of fiat



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Positid
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November 19, 2016, 12:49:09 PM
 #26

As we can see most of the developing nations economy depend largely on remittance from citizens working abroad due to very low chance of getting stable job in their country and in remittance they usually loss more than 10% of total amount which is really painful experience for workers. Government can focus on establishing bitcoin based remittance service where fee will be not more than 1-2% due to no central body like swift transfer to take high fees in middle.

There are a few posts in this thread (before and after the post I quoted) claiming that Bitcoin could help transfer funds to such countries given its low fees. I don't challenge the point that Bitcoin fees themselves are really low. But whoever claims that remitting money with Bitcoin could actually work out should keep in mind two things. First, you should convert the fiat you earned in the country of residence to bitcoins. If you work in Europe or in the US, this is usually not a big problem, though you will still have to pay for just moving your funds to a Bitcoin exchange (a few percent typically) and then pay trading fees (around 0.2 percent). Second, you, or your family, should be able to convert bitcoins you sent back to local currency somehow, and here you will have to pay the same fees all over again, and they may turn out to be rather hefty...

All in all, it may not actually make any sense to use Bitcoin for the remittance of fiat
You have the point there, very nice explanation. If for remittance purpose only you really have to pay but the fees you elaborated and when you compare it to the bank my guess is bank has a cheaper rate but not all countries  have banks that you can use to transfer, most of the poor countries they have their the remittance center which charge like 10% of the total remittance.

This sharks are making money from the poor taking advantage their the less competition in the are, or there could be a monopoly.

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November 19, 2016, 12:55:01 PM
 #27

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question.  Wink

I think that bitcoin has no effects over third world countries right now.

Bitcoin might have positive effect if the third world countries dominate btc mining

with their cheap electricity,cheap labor and maybe the ability to create cheap btc mining hardware.
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November 19, 2016, 01:35:18 PM
 #28

if the poor country have an internet connection then bitcoin can help the poor country otherwise bitcoin can not do anything besides just to donate some money to buy needs for the people. because we all know that bitcoin is depend on the internet connection, and if the government is agree with bitcoin but if that country don't have internet connection and its limit on some of the area, i think its difficult to start helping the country and bitcoin will not grow in that country.

but i am agree about bitcoin is giving the benefit for the poor country and the trend now will be affect poor country to start to know and use bitcoin for better economic because bitcoin can lifted their economic especially for the people on that country.

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November 19, 2016, 06:53:37 PM
 #29

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question.  Wink

Yes i can be help, since it unbanked without fees piece for every month, just a low fee for every transaction, easy to use just you need an internet connection, micro transaction and sent worldwide(or even universe, could be).
But the problem i think is how to manage a price fluctuations.

Also there are still have some skeptical perception:
https://www.cryptocoinsnews.com/will-bitcoin-blockchain-build-finance-developing-economies/
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November 20, 2016, 04:41:04 AM
 #30

the effect of bitcoin to developing countries is the decline in the value of the local currency as experienced in the rupiah against the dollar, in addition to the bitcoin will replace the value of the currency in the country.
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January 15, 2018, 05:09:28 PM
 #31

If digital currency (bitcoin) is accepted and recognized as the trade exchange rate of their country. Then bitcoin will have an effect on the economic sector. I believe the country will flourish.
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January 15, 2018, 05:37:11 PM
 #32

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question.  Wink

In today's digital age, in fact, the phenomenon of cryptocurrency can quickly change our whole life forever. Bitcoin and Blockchains stand up to improve the enormous changes to financial services and sound as reasonable money for people in countries that are currently experiencing difficulties due to poor economic conditions. The presence of a digital currency can greatly enhance privacy and achieve financial freedom for everyone around the world.
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January 15, 2018, 07:35:51 PM
 #33

It may or may not aid third world countries but it will provide an option for those who are living in countries of hyperinflation as well as times of economic uncertainty. I don't know the exact numbers but I would bet anything that a couple hundred thousand people in Venezuela are using it and that isn't because BTC is cheap to transact in but they have more faith in BTC than they do their own gov't. That goes to show the power Bitcoin can have to help underdeveloped nations.

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January 16, 2018, 12:32:39 AM
 #34

It may or may not aid third world countries but it will provide an option for those who are living in countries of hyperinflation as well as times of economic uncertainty. I don't know the exact numbers but I would bet anything that a couple hundred thousand people in Venezuela are using it and that isn't because BTC is cheap to transact in but they have more faith in BTC than they do their own gov't. That goes to show the power Bitcoin can have to help underdeveloped nations.

Bitcoin has a great effect on the economy of the developing countries wherein it improve lives of the residents that participate in the global economy and break away from poverty. Bitcoin has an enormous effect as this can lead to many millions of businesses and huge amounts of new wealth in developing countries because of the cryptocurrency technology.

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February 07, 2018, 01:13:01 AM
 #35

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question.  Wink
Bitcoin seems to be perfect for   developing poor countries because it is   particularly   benefeciable for the government of these countries to be known for the issue of excessive ammounts of fiat currency .Bitcoin helps the poor to escape poverty People  will find other  alternatives to have a stable income to finance their lives and with bitcoin   it will have a   good effect
               

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February 07, 2018, 01:21:30 AM
 #36

bitcoin might help the economy of all developing country if they know to fully use it. Because as you can see about bitcoin, This provide as a fast and reliable of transferring money from one place to another without any personal info requirements. It's inflating price also is the main key why bitcoin is really precious. I think a country that fully embraced BTC will rised and make name on the world
Bitcoin seems to be perfect for developing countries because it is  benefeciable for the governments of these countries to be known for the issue of excessive ammounts of fiat currency.Bitcoin helps the poor to escape poverty people will find other  alternatives to have a stable income to finance their lives and with bitcoin it will have a good effect









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February 07, 2018, 02:59:06 AM
 #37

in other perspective i see this decentralized economy would spread the value of money wider and it can benefit the poor country, i hope this decentralizing will resist the corrupt and the greedy MF.
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February 07, 2018, 05:34:20 AM
 #38

Is bitcoin becoming beneficial to the third-world countries? It just came to my thoughts: how do this kind of trend in economics affect the poor countries? Does it help in lifting our economy? (I included myself since I belong to a third-world country). I am just curious how this kind of trend aids a poor economy like ours? Just want to know your personal thoughts over this question.  Wink
It can help in certain cases, for example governments in many third world countries are more corrupt and that is why you see greater economic instability in those countries, bitcoin will help people getting away from the bad effects of economic crisis and it may in fact help them to benefit from periods of uncertainty in their home countries since they will be holding a strong currency in those moments.
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February 07, 2018, 05:42:29 AM
 #39

Yeah it good opportunity for the country and country people growth. It avoid the scam. If People will be use people learn more information from market place. It connect the other country people for shre information and get some ideas as for the business improvement. People wil be growth country will be growth. So economy is important of the country growth. If need information for the country growth. You check the country economy. Then you will get information for the country growth.














 

 

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February 07, 2018, 06:30:08 AM
 #40

Yeah it good opportunity for the country and country people growth. It avoid the scam. If People will be use people learn more information from market place. It connect the other country people for shre information and get some ideas as for the business improvement. People wil be growth country will be growth. So economy is important of the country growth. If need information for the country growth. You check the country economy. Then you will get information for the country growth.
You're right mate because bitcoin does tremendous effect in terms of economic in the developing nations and this is what was experienced in the Zimbabwe where almost the common people there are into bitcoin now.

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