Why people from 3rd countries are crazy about getting cryptos?

[Thekool1s]

I think one of the main reasons that these 3rd world countries are investing so heavily into BTC is because of their value in currency. Bitcoin's value surpasses the currency value of their own country and with a weak government, they turn to BTC.

This of course is only my thought, and you may think I'm spilling bullshit. But almost everyone that invests in BTC right is in hopes that it will generate a 100x return and make them rich in the near future.

Lol! what are you babbling about? Bitcoin is already worth 11000 dollars! It has kicked the dollar in its ass already. So how come it won't be worth more than their local currency? Also *weak Government has nothing to do with it.

As for your second part, i disagree. People are not investing in bitcoin because it will make them rich, instead they are investing in bitcoin because it is the currency of future.

[Biro Bob]

The Philippines has an excellent on/off ramp to Bitcoin and Fiat called coins.ph. Users can buy/sell bitcoin as well as transfer exact amounts of Philippine Pesos for no fee or danger of chargeback. As such, Bitcoin opens the possibility of Ecommerce and eliminates the current (very real) credit card fraud. The zero fee also makes it a better option than PayPal and banks which are terrible in the Philippines. Banks charge a fee for just about everything and can close your account for any reason. They also have horrendous queues at peak times with ridiculous waiting times. By comparison, coins.ph can be funded at any pawn shop or 7/11 grocery store. Mobile phone load for all networks can be bought instantly directly on coins.ph. Overseas workers can also send micro payments of money easily to their relatives where banks make this hardly cost effective.

In short.... the banks in the Philippines suck and coins.ph is better than a bank.

Edit: I forgot to mention that they also have zero fee withdrawal to a bank and zero fee cardless ATM withdrawals (basically a gift card via ATM... enter a 16 digit code to withdraw at Security Bank ATMs)

[CornCube]

The Philippines has an excellent on/off ramp to Bitcoin and Fiat called coins.ph. Users can buy/sell bitcoin as well as transfer exact amounts of Philippine Pesos for no fee or danger of chargeback. As such, Bitcoin opens the possibility of Ecommerce and eliminates the current (very real) credit card fraud. The zero fee also makes it a better option than PayPal and banks which are terrible in the Philippines. Banks charge a fee for just about everything and can close your account for any reason. They also have horrendous queues at peak times with ridiculous waiting times. By comparison, coins.ph can be funded at any pawn shop or 7/11 grocery store. Mobile phone load for all networks can be bought instantly directly on coins.ph. Overseas workers can also send micro payments of money easily to their relatives where banks make this hardly cost effective.

In short.... the banks in the Philippines suck and coins.ph is better than a bank.

There’s also Rebit.ph.

I can add veracity to this reason. I have been in Davao since 1994 and the banks (as well as grocery stores and even the roads) are so overcrowded that it is a way to waste a half-day for what should require only a few seconds or minutes to do.

Also can’t even open a bank account here anymore without a TIN number, but the BIR will not issue the TIN number unless you convince them you need one (bank account not being a valid reason). Once you have a TIN number you have to file a form every month at the BIR office and stand in line again (do not dare use their e-file as nothing technological works properly in this country), else you will pay a $20 per month penalty.

Basically bank accounts are an enslavement paradigm in the Philippines. Moving from the cash economy to the banked economy, causes the national government to track you. The cash businesses are tracked/fleeced at the local level by barangay officials, corrupt local police, local competition that will eject you from your business with some corruption/force and take the location/concept, etc..

Cryptocurrency in spite of also being a corruption at the highest levels, is actually increasing degrees-of-freedom for the peons (but the end game of crypto is 666 directed). Working online removes them from the aforementioned local threats with cash-based businesses.

Also Philippines was the SMS capital of the world long before Twitter. And filipinos made friendster the #1 social network for a while. So my point being that filipinos love their mobile phones, so to be able to manage their cash/investments from their mobile phone fits with their lifestyle. They’re accustomed to quickly downloading an app and go. Presumably much less adoption friction than complying with all the hassles/requirement of the banks.


Another reason the people in the developing world are going crazy for Bitcoin is purely speculation and get rick quick fantasy. The Asians and Latin Americans have gained some savings now and want to live the high life. They’re very much enticed to speculate. Gambling is very very popular pastime amongst Asians.

And MLM scams spread by word-of-mouth very easily in the Philippines. Filipinos kept asking me about afair Bitclub which they heard about from Facebook or from a friend.

Bounty campaigns ,airdrops ,translations ...imagine your average monthly income is $100 per month and you're told that you can triple that just by posting here .And you also can invest some of that money into a project that could make you rich .


Hell ,I'm sure there are some people here who have quit their job to be 100% into the crypto world ....and not only "poor" ones .

But of course ,not everybody has access to the internet or has heard about cryptocurrencies and this forum .

Indeed this is another reason. And yes you’re correct that there is still a huge reservoir of billions of people yet to come in, yet who will eventually.

[kenzawak]

Any idea how much money can be made in this forum by someone who has access to internet ?
Bounty campaigns ,airdrops ,translations ...imagine your average monthly income is $100 per month and you're told that you can triple that just by posting here .And you also can invest some of that money into a project that could make you rich .


Hell ,I'm sure there are some people here who have quit their job to be 100% into the crypto world ....and not only "poor" ones .

But of course ,not everybody has access to the internet or has heard about cryptocurrencies and this forum .

[Blamsud]

Any idea how much money can be made in this forum by someone who has access to internet ?
Bounty campaigns ,airdrops ,translations ...imagine your average monthly income is $100 per month and you're told that you can triple that just by posting here .And you also can invest some of that money into a project that could make you rich .


Hell ,I'm sure there are some people here who have quit their job to be 100% into the crypto world ....and not only "poor" ones .

But of course ,not everybody has access to the internet or has heard about cryptocurrencies and this forum .

I am struggling on deciding whether engaging in crypto will be enough for me when I left work, i mean cryptos earning were mich better from my job and it's much easier, i think that's reason why everyone is into it.

[pinoyden]

This is a serious problem, i dont have anything about those people, because it is not their fault to be borned in there.

But i have noticed that they all are just doing the same, introduce themselves into cryptos in order to have a better future.

Why you all are looking for the same? i mean, most of you are hoping to be millionaires and you are the first reason of why bitcoin has been so hyped lately.

Probably 1,5/3 of total forum population is from Philippines and Indonesia, and those are the majority in here, and you all are hyping bitcoin as hell.

Is there a reason to be buying bitcoins like crazy people? Or just trying to get them at any cost? Please, give me some explanations, maybe i am missing something.

This is not a racist thread, i just want to know more about your situation.

most people from the 3rd world countries specifically asians are mostly poor and dont have jobs or unemployed therfor they cant buy or invest in bitcoin or in these so called cryptocurrencies rather they just come here on the forum to shill a crapcoin and to post a sh*t garbage/girbish post in order to get paid and earn bitcoin or any other coins (i.e altcoins , tokens ) and this is the real problem here that we should worry about.

[farhaan]

I have no problem with where they live (thousands of miles away from me, thankfully) or what they do for a living.  The problem I have is that most of the ones I see on bitcointalk contribute absolutely ZERO to any conversations.  Why?  Because they're so desperate to make their required number of posts for their sig campaigns, and the campaigns have absolutely no quality control.  They post the same phrases and sentiments about bitcoin over and over, and it's maddening.  So I wish they would stick to the local board that most suits their language skills.  Me, if the first 3 words of a sentence aren't in the proper order and I cannot understand where the post is going, I just skip it.  Most of the posts I skip come from foreign posters.  Asia, and the Phippines in particular, is the main culprit.  And I'd say Russia is up there, too.

I can see your point.

I wish my brothers and sisters would simply look at the bigger picture, and not just obssess over their post count and not "how to be jr. Member?" Or "how to join sig campaign?".

Allot of us Filipinos,( not everyone of course!) have a spoon fed mentallity. I know this since I'm still struggling to break out of it. It probably stems from our tradition of living together in hard times, and thinking that being alone and self-sustaining in life is a  prospect only for those who are lucky or already rich.

But it should go without saying that this could fit with anyone- not just east asians or whatever race. The tendency just sticks with 3rd world countries.

Just my probably faulty observation, please dont take my word as absolute.

Your English is a lot better than most Filipinos I've seen on this forum, and every rule has an exception of course.  I've seen people with very good English language skills write lazy one-liners in order to rank up or for whatever other purpose, and those folks suck ass, too.  My problem is not with politics, countries, or what nationality someone is.  It's with people's ability to communicate and their motivations for being members of bitcointalk.  It's with shitposters in general.  It just so happens that a majority of them come from Asia (non-English speaking countries) and they're decreasing the signal to signal ratio to a near-infinitesimal value.

I could understand their situation since they are in desperate need for money since they could not find enough sources to earn.But they should atleast contribute some value to the discussion making it meaningful.Just posting shitposts will not help them in the long run.

[bitcad4u]

I have no problem with where they live (thousands of miles away from me, thankfully) or what they do for a living.  The problem I have is that most of the ones I see on bitcointalk contribute absolutely ZERO to any conversations.  Why?  Because they're so desperate to make their required number of posts for their sig campaigns, and the campaigns have absolutely no quality control.  They post the same phrases and sentiments about bitcoin over and over, and it's maddening.  So I wish they would stick to the local board that most suits their language skills.  Me, if the first 3 words of a sentence aren't in the proper order and I cannot understand where the post is going, I just skip it.  Most of the posts I skip come from foreign posters.  Asia, and the Phippines in particular, is the main culprit.  And I'd say Russia is up there, too.

I can see your point.

I wish my brothers and sisters would simply look at the bigger picture, and not just obssess over their post count and not "how to be jr. Member?" Or "how to join sig campaign?".

Allot of us Filipinos,( not everyone of course!) have a spoon fed mentallity. I know this since I'm still struggling to break out of it. It probably stems from our tradition of living together in hard times, and thinking that being alone and self-sustaining in life is a  prospect only for those who are lucky or already rich.

But it should go without saying that this could fit with anyone- not just east asians or whatever race. The tendency just sticks with 3rd world countries.

Just my probably faulty observation, please dont take my word as absolute.

Your English is a lot better than most Filipinos I've seen on this forum, and every rule has an exception of course.  I've seen people with very good English language skills write lazy one-liners in order to rank up or for whatever other purpose, and those folks suck ass, too.  My problem is not with politics, countries, or what nationality someone is.  It's with people's ability to communicate and their motivations for being members of bitcointalk.  It's with shitposters in general.  It just so happens that a majority of them come from Asia (non-English speaking countries) and they're decreasing the signal to signal ratio to a near-infinitesimal value.

I could understand their situation since they are in desperate need for money since they could not find enough sources to earn.But they should atleast contribute some value to the discussion making it meaningful.Just posting shitposts will not help them in the long run.

The 3rd countries are crazy about going crypto because the most in this are Asian mostly poor unemployed and no job so they how can  invest in bitcoin and can't buy so I wish to stick that local board more suits there language skills and I can't understand where the post going like that so only 3rd countries are crazy about to by crypto currency.

[JimboToronto]

I live in a relatively prosperous western country (Canada) so I can only comment on what I see here in Toronto regarding 3rd world Bitcoiners.

In my own experience, when I go to purchase bitcoins at local ATMs, there are sometimes lineups of people waiting to use the machine. This was more common in the past when there were fewer BTC ATMs.

Quite often these people were from obvious ethnic minorities, visibly and linguistically. Many of them were purchasing small amounts of Bitcoin (<$200), scanning paper QR codes rather than using phones or having the ATM generate paper wallets.

It made me wonder if they were immigrants sending part of their paychecks directly to their families in their native countries. This method would be much faster and cheaper than any other way to send money home. Even with today's spam-inflated transfer fees, it is a lot cheaper than Western Union, Paypal or any bank and is a lot faster than waiting several banking days.

Many people here are so into speculation that they seem to forget that there are other real-world uses for Bitcoin besides speculation and retail purchases.

This is just my personal observation.

[Higher Altitude]

I also noticed many posts in rather poor English and they almost always had a desperate and/or hype vibe to them. If you watch the Trollbox on any exchange you know who they are by reading something along the lines of "X will moon because added to Y exchange". A lot of crypto money is "dumb money", people who didn't do a lot of research and throw their funds at anything they think will go up. So those who bought low make the most.

But we keep forgetting that a lot of people on this planet live on less than $1 per day. If you give them access to the internet through cheap devices something like Bitcoin can lift them out of poverty. And this is what the goal of cryptocurrencies should be. It shouldn't become "who's got the biggest mansion?" or "who's got the newest Lambo?" but impacting people in a positive way through your wealth.

[Palmerson]

I also noticed many posts in rather poor English and they almost always had a desperate and/or hype vibe to them. If you watch the Trollbox on any exchange you know who they are by reading something along the lines of "X will moon because added to Y exchange". A lot of crypto money is "dumb money", people who didn't do a lot of research and throw their funds at anything they think will go up. So those who bought low make the most.

But we keep forgetting that a lot of people on this planet live on less than $1 per day. If you give them access to the internet through cheap devices something like Bitcoin can lift them out of poverty. And this is what the goal of cryptocurrencies should be. It shouldn't become "who's got the biggest mansion?" or "who's got the newest Lambo?" but impacting people in a positive way through your wealth.

It should be ideally. In life it is not so. How many coins can make the person who is just beginning to earn bitcoins and who can't get a start-up capital? Until bitcoin is in the stage of recovery, buy it those who have a lot of money. The rich get richer again. They always have free capital.

[South Park]

This is a serious problem, i dont have anything about those people, because it is not their fault to be borned in there.

But i have noticed that they all are just doing the same, introduce themselves into cryptos in order to have a better future.

Why you all are looking for the same? i mean, most of you are hoping to be millionaires and you are the first reason of why bitcoin has been so hyped lately.

Probably 1,5/3 of total forum population is from Philippines and Indonesia, and those are the majority in here, and you all are hyping bitcoin as hell.

Is there a reason to be buying bitcoins like crazy people? Or just trying to get them at any cost? Please, give me some explanations, maybe i am missing something.

This is not a racist thread, i just want to know more about your situation.

I'm not from one of those two countries but it is very easy to see why people from third world countries choose bitcoin, the pay in those countries is terrible and if they can earn money with bitcoin they are going to do it especially if you take into account the fact bitcoin price keeps growing.

[Alns]

Everytime that i see a post with Poor english i try to ignore that user, i am tired of always seeing the same phrase "Bitcoin too the moon, how much it will rise?" Once and once again, wrote with bad english.

I also noticed many posts in rather poor English and they almost always had a desperate and/or hype vibe to them.

And that is probably the main reason of why they are always hyping bitcoin, i dont have anything about them, if they can profit themselves from bitcoin, then they are allowed to do it, but i dont understand the real necessity of always spam the forum with the same phrase or pharagraph!

But we keep forgetting that a lot of people on this planet live on less than $1 per day. If you give them access to the internet through cheap devices something like Bitcoin can lift them out of poverty.

[iron talon]

Poor people alwats aim for bigger money. That's why they show a high interest in bitcoin. There is nothing to get crazy about this reality. This is very normal as long as they stay in the rules of crypto.

[jakelyson]

This is a serious problem, i dont have anything about those people, because it is not their fault to be borned in there.

But i have noticed that they all are just doing the same, introduce themselves into cryptos in order to have a better future.

Why you all are looking for the same? i mean, most of you are hoping to be millionaires and you are the first reason of why bitcoin has been so hyped lately.

Probably 1,5/3 of total forum population is from Philippines and Indonesia, and those are the majority in here, and you all are hyping bitcoin as hell.

Is there a reason to be buying bitcoins like crazy people? Or just trying to get them at any cost? Please, give me some explanations, maybe i am missing something.

It is all about the money. I am sure if bitcoin cannot be exchanged for fiat or if there is no opportunity to earn in bitcointalk, 3/4 of the people here will be gone. No one will be hyping it. Do not zero in on those two countries because I am sure people from other non english speaking countries are doing the same. You are in a signature campaign, you are here to earn as well, so are they.

This is not a racist thread, i just want to know more about your situation.

By simply saying this you made it racist.

[laredo7mm]

The fact is the rate of unemployment is very high in 3rd world countries and even if people have jobs they don't get paid as per the expectations and with bitcoins they can earn much higher in compare to their day job and also the cost of living is not too high so if they earn good income in bitcoins then it will help them in living a luxury life.

[aso118]

This is a serious problem, i dont have anything about those people, because it is not their fault to be borned in there.

But i have noticed that they all are just doing the same, introduce themselves into cryptos in order to have a better future.

Why you all are looking for the same? i mean, most of you are hoping to be millionaires and you are the first reason of why bitcoin has been so hyped lately.

Probably 1,5/3 of total forum population is from Philippines and Indonesia, and those are the majority in here, and you all are hyping bitcoin as hell.

Is there a reason to be buying bitcoins like crazy people? Or just trying to get them at any cost? Please, give me some explanations, maybe i am missing something.

This is not a racist thread, i just want to know more about your situation.

The fact that a dollar or a bitcoin has more value in developing countries than in developed countries. So you see more people from developing countries in this forum. The few bits that you can earn through signature campaigns or bounties makes a lot of difference to them.
Bitcoin, will make a big difference to countries which do not have a stable currency or there are restrictions on capital convertibility. Think of Venezuela, Zimbabwe, China, etc.

[warrior333]

The fact is the rate of unemployment is very high in 3rd world countries and even if people have jobs they don't get paid as per the expectations and with bitcoins they can earn much higher in compare to their day job and also the cost of living is not too high so if they earn good income in bitcoins then it will help them in living a luxury life.

It was a stupid idea. Live in luxury at the expense of bitcoin it is not correct. It seems to me that bitcoin should be used to accumulate start-up capital. This is a chance to obtain sufficient income in the future from your own business. Now nobody knows what will happen to bitcoin in the future. You can't spend all your daily needs.

[Visbay]

I think one of the main reasons that these 3rd world countries are investing so heavily into BTC is because of their value in currency. Bitcoin's value surpasses the currency value of their own country and with a weak government, they turn to BTC.

This of course is only my thought, and you may think I'm spilling bullshit. But almost everyone that invests in BTC right is in hopes that it will generate a 100x return and make them rich in the near future.

Lol! what are you babbling about? Bitcoin is already worth 11000 dollars! It has kicked the dollar in its ass already. So how come it won't be worth more than their local currency? Also *weak Government has nothing to do with it.

As for your second part, i disagree. People are not investing in bitcoin because it will make them rich, instead they are investing in bitcoin because it is the currency of future.

Actually in third world countries there is no job even they don’t have such a good food and clean drinking water so in this kind of situation a lot of people they are going abroad to find a new life and bitcoin is the only currency which bring hope for them because bitcoin is providing such a good opportunity for people to secure their life and there is no doubt that a lot of people have changed their life with the help of bitcoin.

[Barcode_]

I think everyone in every different continentals of the earth are getting crazy about crypto-currencies, because most of them have heard how crypto-currencies are making peoples becoming millionaire or even billionaire, so most peoples are trying to land some crypto-currencies into their wallets with the hope of becoming rich in the future.