Will third world country hold their foreign reserve in bitcoin against Dollar?

[Sundark]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Keeping part of their foreign reserve in BTC would be amazing, beneficial and really progressive approach, too bad it won't happen anything soon.
Poor countries seek stability and USA is still the best country in the world to promise them that.
Bitcoin is not good because there is no one behind it, no one will guarantee that one day BTC's value will crash. In other words, it is too risky to focus on BTC alone.

[Himanshu111]

I don't think Bitcoin will replace dollar as dollar has been around there for centuries and it is one of the most stable currencies in the world.bitcoin is not as stable as dollar. Moreover dollar is accepted everywhere and by everyone. But acceptance of Bitcoin is not as high as dollar so it would take years for Bitcoin to replace dollar.

[slackcryptoz]

Not at all, because the volatility will greatly affect the economy of the nation if the reserve is placed in the form of bitcoin. USD has got a stabilty in the value which doesn't make a big difference compared to bitcoin. Think of the bitcoin's current scenario where the price has fell more than 500$ in a short.

[SingAlong]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Keeping part of their foreign reserve in BTC would be amazing, beneficial and really progressive approach, too bad it won't happen anything soon.
Poor countries seek stability and USA is still the best country in the world to promise them that.
Bitcoin is not good because there is no one behind it, no one will guarantee that one day BTC's value will crash. In other words, it is too risky to focus on BTC alone.

The volatility is what really makes them not to go with Bitcoin but rather to USD since it is stable and less risky considering that it has a great market and will not just magically one day be gone and lose value. Bitcoin on the other hand has a lot of risk which they can't rely their money on since in the world of cryptocurrencies, it is full of uncertainty.

[syaripudin]

For now I think in the third world countries, there are still many who keep their foreign exchange reserves using the dollar currency, why I say so, because until now the dollar is still very influential to meet the economy of each country, so in conclusion, bitcoin yet Able to compete with the dollar

[blueangel01]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

I dont think so. It woud be a long long process. And since most or maybe all third world countries are depending on holding their foreign reserve in dollar, I dont think their government would risk into something that (not all their) citizen know. But if the government and its citizens would have a good knowledge about this then maybe it would give positive results but if not then they might end up losing everything

[que91]

Now, Bitcoin is very new for more people, only small amount people on the world's have knowlegde use it and trust it, so not country want try use Bitcoin for do that, it very risk and spend more time for teach and guide people use Bitcoin, because if not have knowledge they can't use it and protect their property

[South Park]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Keeping part of their foreign reserve in BTC would be amazing, beneficial and really progressive approach, too bad it won't happen anything soon.
Poor countries seek stability and USA is still the best country in the world to promise them that.
Bitcoin is not good because there is no one behind it, no one will guarantee that one day BTC's value will crash. In other words, it is too risky to focus on BTC alone.

You are correct, there is not a guarantee that bitcoins not going to crash, but to be honest there is not guarantee the United States dollar is not going to crash either, something similar already happened in the seventies when the dollar stopped being backed by gold, at some point the dollar will no longer be backed by the hope the United States can repay its debts.

[Bagaji]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Yeah, no third world country is holding bitcoin right now and I do believe that some of them dont even know what BItcoin is and what they can do with bitcoin. Moreover, those countries do not have enought technology and knowledge to understand deeply about bitcoin. Therefore, don't expect that those countries will make a huge impact in the bitcoin price.

Well, if you go through my post vividly you will see that I didn't say any that third world country is currently holding bitcoin as part of their foreign reserve. And I was referring to the impacts on the third world country economies not to the market value of Bitcoin. I believe there is no country on this planet earth that is not aware of Bitcoin at the moment for Bitcoin has gone above that level.

[Armando]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Yeah, no third world country is holding bitcoin right now and I do believe that some of them dont even know what BItcoin is and what they can do with bitcoin. Moreover, those countries do not have enought technology and knowledge to understand deeply about bitcoin. Therefore, don't expect that those countries will make a huge impact in the bitcoin price.

Well, if you go through my post vividly you will see that I didn't say any that third world country is currently holding bitcoin as part of their foreign reserve. And I was referring to the impacts on the third world country economies not to the market value of Bitcoin. I believe there is no country on this planet earth that is not aware of Bitcoin at the moment for Bitcoin has gone above that level.

Maybe some are already experimenting with it, we can't know all the details  

[Bamselk]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Yeah, no third world country is holding bitcoin right now and I do believe that some of them dont even know what BItcoin is and what they can do with bitcoin. Moreover, those countries do not have enought technology and knowledge to understand deeply about bitcoin. Therefore, don't expect that those countries will make a huge impact in the bitcoin price.

Well, if you go through my post vividly you will see that I didn't say any that third world country is currently holding bitcoin as part of their foreign reserve. And I was referring to the impacts on the third world country economies not to the market value of Bitcoin. I believe there is no country on this planet earth that is not aware of Bitcoin at the moment for Bitcoin has gone above that level.

Maybe some are already experimenting with it, we can't know all the details  

Not likely.

The US has almost consistently managed to keep the value of the dollar only falling slightly for a long time.  With a central authority to handle the price it tends to end up much more stable.

That can't last forever due to the giant Ponzi scheme of the global financial system, but countries will be using it until it's gone.

[Taskford]

Dollar is what is affecting development in most of the third world currencies. I keep on saying that the only way to destroy the strength of dollars on the third  world countries' currencies is by using bitcoin as a gold standard for their individual country currency.

Yes also my thoughts but its just like never gonna happen. Bitcoin and dollar is both currency but without dollar, bitcoin will be nothing. Dollar is the the no. 1 currency and its like being use over the world. And yeah bitcoin in third world country is now being known and use, but not all their people is aware of bitcoin as a crypto currency so maybe there's no really impact from bitcoin price.

[shine1123]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

Let's call third world country = developing country first. I think the developing country will not accept bitcoin. I mean, even big country is hard to accept bitcoin as a payment. I also think bitcoin will give a positive effects into country.

[Bagaji]

Most of the third world country hold their foreign reserve  in dollar. Do you think any of these third world country will accept Bitcoin and equally holds their foreign reserve in bitcoin instead of dollar form? In your own opinion what do you think will happen to such economy both in terms of positive and negative effects?

I don’t think so, would you store something that in theory could be very easy to steal, storing gold, has its issues but stealing gold is difficult because you need to transport a lot of tons of gold, storing dollars is not complicated but even if someone stole them you could always track them or reverse the transaction if it was electronic.

Bitcoin is not in theory for it has gotten to the level that it can be stored offline. Storing bitcoin offline will make it unacceptable for criminal to have access to it, and if it's been stolen it can equally be traced as you rightly said with dollar and gold. And I believe with time some third world country will accept Bitcoin as one of their foreign reserve.

[deisik]

Dollar is what is affecting development in most of the third world currencies. I keep on saying that the only way to destroy the strength of dollars on the third  world countries' currencies is by using bitcoin as a gold standard for their individual country currency.

Yes also my thoughts but its just like never gonna happen. Bitcoin and dollar is both currency but without dollar, bitcoin will be nothing. Dollar is the the no. 1 currency and its like being use over the world. And yeah bitcoin in third world country is now being known and use, but not all their people is aware of bitcoin as a crypto currency so maybe there's no really impact from bitcoin price

So what about other currencies?

Such as the Euro, Swiss franc, British pound, Japanese yen, Chinese yuan, they don't count according to your reasoning or what? If people are trading their bitcoins, buying and selling them for all these fiat monies, does it mean that they will stop doing that or something will prevent them from doing that if the US dollar goes down the drain one day? As to me, you should first make a small reality check before posting anything along the "Bitcoin will be nothing without the dollar" lines

[Victorycoin]

This will never happen.

I agree, it may never happen, certainly not with the sort of volatility that is common with Bitcoin. Some countries might wake up one morning and discover their reserve have been eaten up by market volatility. I guess the time for that has not arrived yet.

Third world countries become dependent on the U.S. dollar due loans at very low interest rates.

No, all countries either buy or sell oil and oil became attached to the dollar and that is one of the things that lead to dollar becoming a global currency! The dollar is not the issue, the subtle conditions are.

As for the low interest rate loans you suggested, they are illusions. Hardly any of the third world countries on loans ever get to be on their feet, because the loans are fetters that further impoverish their countries.

 

Who will they lend in bitcoins? Besides, no one will take a loan in an unstable currency. It is very dangerous.

Dangerous, yes it is unless it becomes stable.

[OROBTC]

Dollar is what is affecting development in most of the third world currencies. I keep on saying that the only way to destroy the strength of dollars on the third  world countries' currencies is by using bitcoin as a gold standard for their individual country currency.

Yes also my thoughts but its just like never gonna happen. Bitcoin and dollar is both currency but without dollar, bitcoin will be nothing. Dollar is the the no. 1 currency and its like being use over the world. And yeah bitcoin in third world country is now being known and use, but not all their people is aware of bitcoin as a crypto currency so maybe there's no really impact from bitcoin price

So what about other currencies?

Such as the Euro, Swiss franc, British pound, Japanese yen, Chinese yuan, they don't count according to your reasoning or what? If people are trading their bitcoins, buying and selling them for all these fiat monies, does it mean that they will stop doing that or something will prevent them from doing that if the US dollar goes down the drain one day? As to me, you should first make a small reality check before posting anything along "Bitcoin will be nothing without the dollar"

IMO, correct.  BTC does not have to have the US$ to survive.  It might be BETTER if so, but as you point out, plenty of BTC trading is down in other currencies.

The larger problem with developing countries holding BTC as a reserve currency is corruption!  It might be very difficult for corrupt .gov bankers to keep their hands of the state's BTC.  Developing countries are often extremely corrupt.

[deisik]

Dollar is what is affecting development in most of the third world currencies. I keep on saying that the only way to destroy the strength of dollars on the third  world countries' currencies is by using bitcoin as a gold standard for their individual country currency.

Yes also my thoughts but its just like never gonna happen. Bitcoin and dollar is both currency but without dollar, bitcoin will be nothing. Dollar is the the no. 1 currency and its like being use over the world. And yeah bitcoin in third world country is now being known and use, but not all their people is aware of bitcoin as a crypto currency so maybe there's no really impact from bitcoin price

So what about other currencies?

Such as the Euro, Swiss franc, British pound, Japanese yen, Chinese yuan, they don't count according to your reasoning or what? If people are trading their bitcoins, buying and selling them for all these fiat monies, does it mean that they will stop doing that or something will prevent them from doing that if the US dollar goes down the drain one day? As to me, you should first make a small reality check before posting anything along "Bitcoin will be nothing without the dollar"

IMO, correct.  BTC does not have to have the US$ to survive.  It might be BETTER if so, but as you point out, plenty of BTC trading is down in other currencies.

The larger problem with developing countries holding BTC as a reserve currency is corruption!  It might be very difficult for corrupt .gov bankers to keep their hands of the state's BTC.  Developing countries are often extremely corrupt

If they are extremely corrupt (which I basically agree with), it doesn't really matter if they steal bitcoins or dollars from their country foreign currency reserves. They will steal them anyway, so going from dollars to bitcoins is meaningless to these governments, and they will likely choose to stick to the US dollar as a more reliable and universal currency. The only advantage that Bitcoin might provide them with is better anonymity. With the dollar they are risking that their stashes can be outlawed and frozen by, say, the US government

Bitcoin gives them more leeway in this regard

[dothebeats]

Most of these countries rely on the USD because of loaning and low interest rate on loans, and because of that I doubt if these countries would ever switch their reserves most especially to bitcoin. No country could ever loan in bitcoins, and bitcoin is the kost volatile currency there is, and because of that countries would be wary on holding off these things to their reserves.

[olubams]

If countries will go against the United States which is tantamount to dropping their foreign reserves in dollars and adopting another  currency which could either be bitcoin or any other form, then they should be ready for some serious issues because most of these countries prepares their national budget based on the expected grants to be received from the united states, they tackle the issue if polio, malaria, flu based on support from the United States among other support