Bitcoin Effects on Economically Developing Nations

[groll]

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. 

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[goldcoinminer]

IMO, it is about time the government should support bitcoin in the remittance sector, we know that with the support of the government, partnership with banks and other remittance is possible, in such way we can lessen the fee for our remittances.

What worries me in the Developing nations are the politicians are corrupt and they protect the interest of the big businesses and we cannot compete bitcoin under than unfair treatment.

[Kakmakr]

Yes, It can influence you in a big way, IF it was allowed by your government. This technology opens up global markets for poor people. The cheap micro payments makes it possible for people to send $1 to someone in poor countries, and they would still get the lion's share of that money. Try sending $1 to someone in another country through traditional remittance services and see how much you have left, after fees have been deducted.

Charity organizations can now effectively use Bitcoin for crowd funding, because the receiver gets almost the full donation.

[BitcoinPanther]

We all know that pioneers benefits the most in any industry.  So If a developing country support bitcoin transactions, they will be the pioneer country that supports bitcoin and mostly bitcoin trades will boom in this country.  Just see the scenario of all bitcoin users around the globe purchasing items in your country, this will have a chain effect in their economy.  This will boost economic stability since merchants of that country will prosper, demands needs an  increase in supply, thus creating jobs for every citizen of that country and so on down to the every needs of every family being met.  

[ArdiPrabowo]

i think is not big effect to some country in bitcoin
except this user bitcoin is very big and understand about bitcoin, is case this china
user bitcoin in there is very big, and china exchanger is very dominate in volume transaction bitcoin
so in china bitcoin is big effect on economic

[amacar2]

There are few ways in which developing countries can take benefits with use of bitcoin.

a. Bitcoin need support from government level and they have to establish or support the setup of mining farms by both government or private sector
b. They can promote use of bitcoin for remittance inside and outside of their country
c. Government can also keep some bitcoin vault to be in safer side when market goes down or when there is uncertainty in world forex market.

[Achargeturry78]

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. 

woah bitcoin is becoming one of the things that has a good benefits. im from third world country also and i could say that bitcoin change the track of my life. right now  bitcoin has grow again. I was so happy that i've invested in bitcoin so my money has grow more even im not doing anything. when i get some savings im gonna try to put the half of it on a gambling sites bank roll .

[olubams]

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. 

There is definitely a part Bitcoin plays in development of the economy even from a developing country myself but the part I see it is that its more on the individual part than the country in the sense that I as an individual can earn Bitcoin or trade one to make more to exchange thereby increasing my income after converting to FIAT by this then I get to increase my purchasing power of what I couldnt have gotten initially which in effect, give me a positive outcome but not on the larger scale of the whole economy...

[clickerz]

IMO, it is about time the government should support bitcoin in the remittance sector, we know that with the support of the government, partnership with banks and other remittance is possible, in such way we can lessen the fee for our remittances.

What worries me in the Developing nations are the politicians are corrupt and they protect the interest of the big businesses and we cannot compete bitcoin under than unfair treatment.

Remmitance sector is the one that can really harness or can highly benefits this. Charges can be lowered,fast with several confirmations only, and transaparent as you can cehck on blockchain and the most important removeing the third party or middlemen.

[Fortify]

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.

[eternalgloom]

If you saw the thread about the higher Bitcoin price in India in the main section of the forum, then it's already proof that Bitcoin can have an effect on developing nations.

Just as long as the people have access to the internet, they will use Bitcoin if they have any issues with their national currency.

[deisik]

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. 

I think it is exactly the developing countries that Bitcoin is particularly beneficial for (wouldn't call them third-world countries, though). The governments of these countries are known to issue excessive amounts of fiat currency thereby mercilessly exploiting their population (so-called inflation tax, if anyone is interested), and Bitcoin helps these poor fellas escape this kind of modern slavery. If more and more people run into Bitcoin, the government may have to rethink their operation toward more competent economic policies and decisions...

Something like that currently happens in China

[neochiny]

Main things I can see are:
1. Low-cost remittances especially since most developing countries have plenty of overseas workers.
2. The unbanked. A recourse for people who does not/can not meet the requirements set by
    traditional financial institutions.
3. An opportunity for individuals and small-scale business to transact/deal internationally without
    having to go through banks/financial institutions.

I'm sure there are a lot more.
Offtopic:
I really find the term "third world" extremely offensive.
It is no longer the Cold War (half a century ago). Which was when terms like that were coined.
First World -  U.S. , Western Europe, and their Allies
Second World - The Soviet Union, China, Cuba, and friends.
Third World - the remaining nations, which aligned with neither group and most were former
                              colonies

This 1-2-3 classification is now out of date, insulting and confusing. Who is to say which part of the world is "first"? And how can an affluent country like Saudi Arabia, neither Western nor communist, be part of the Third World? Plus, the Soviet Union doesn't even exist anymore.

http://www.npr.org/sections/goatsandsoda/2015/01/04/372684438/if-you-shouldnt-call-it-the-third-world-what-should-you-call-it

[Yakamoto]

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. 

Probably helps poorer people get more money for them and increases their standard of living, but a lot of what comes out of Bitcoin is individual wealth and less of it goes towards the national economy of economic health. It all comes down to the spending habits of the individual and what they end up doing with the money.

More money entering the economy is good, but it all comes down to the individual.

[piloder]

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.

[Nahl]

people are often discusses this repeatedly and because limited opportunity to work for people who come from third countries making people will find other alternatives to get steady income to finance their lives and with bitcoin they could able to get that and indirectly unemployment will wane so automatically welfare of the people will be better i think that would have good effect for Developing Nations but unfortunately bitcoin only could help people who become bitcoin users not other else

[Aamir1]

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. 

Not sure if it can be beneficial for third-world country itself or not but it probably can be beneficial for the people living in that country if they come to know about it and they can earn or use it like you are doing, you should ask yourself as you said you are from a country like that, isn't it helping you in a financial way in your life?

[xdrpx]

For economically developing nations, there could be large number of remittances from abroad that could be easily handled with the help of Bitcoins because of the lower fees. Lets take the case of India where majority of the NRI's remit money to their parents and families in India from abroad and usually prefer to do so using wire transfers from Western Union or similar such mediums and the cost of remittance using such services is on the higher side, Bitcoins could easily help resolve this problem. The people living abroad could remit the money and the receiving family member can benefit by selling their Bitcoins at a higher price on the Indian exchange cause usually there's 5-10% higher rate than the US exchanges. The fees are low as well.

[Yuuto]

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. 

I think that bitcoin definitely has the potential to bring a banking device to the unbanked peoples in underdeveloped countries in the third world. These people have no way to ensure that their savings are not being over-inflated by their governments, nor can they invest their funds anywhere. Bitcoin i think, is the perfect solution to this unbanking crisis in third world countries.

[Positid]

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. 

I think that bitcoin definitely has the potential to bring a banking device to the unbanked peoples in underdeveloped countries in the third world. These people have no way to ensure that their savings are not being over-inflated by their governments, nor can they invest their funds anywhere. Bitcoin i think, is the perfect solution to this unbanking crisis in third world countries.

That's actually the essence of using bitcoin, we do not need bank to do banking. We just need blockchain to transact, with bitcoin as the system use for online fun transfer it will not make the bank lose it's income but will only minimize their income and maximize the savings of the people.