How can crypto help citizens with weak national currencies

[EvaGC]

In countries with failing economic systems, is common to find weak national currencies whose value has been significantly depreciated. This “weakness” may include a high rate of inflation, deficits, exaggerated level of imports, and everything that comes with a poor socio-economical situation for a country. Statistics show that citizens of countries with failing currencies in every part of the globe are turning to crypto for investment and wealth protection as they want to diversify from their home fiat currency. As they face financial crisis, they’re constantly searching for a better store of value.

While consumers access to cryptocurrencies is broadening rapidly, so is the market for crypto projects.

Do you think crypto is a viable solution for these complicated countries... or it may make it worse long-term?

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[Lerikaweb]

Crypto investment does no good to any country's economy. People take their oney from bank accounts (which are the part of a country's economical system), and buy BTC or Eth or whatever. National economy cannot win in such a case/

[rezurect]

In countries with failing economic systems, is common to find weak national currencies whose value has been significantly depreciated. This “weakness” may include a high rate of inflation, deficits, exaggerated level of imports, and everything that comes with a poor socio-economical situation for a country. Statistics show that citizens of countries with failing currencies in every part of the globe are turning to crypto for investment and wealth protection as they want to diversify from their home fiat currency. As they face financial crisis, they’re constantly searching for a better store of value.

While consumers access to cryptocurrencies is broadening rapidly, so is the market for crypto projects.

Do you think crypto is a viable solution for these complicated countries... or it may make it worse long-term?

It's not like every poor person will get a share of crypto and everyone will be rich all of the sudden. Ultimately the value comes from fiat.

[GrannyC]

In countries with failing economic systems, is common to find weak national currencies whose value has been significantly depreciated. This “weakness” may include a high rate of inflation, deficits, exaggerated level of imports, and everything that comes with a poor socio-economical situation for a country. Statistics show that citizens of countries with failing currencies in every part of the globe are turning to crypto for investment and wealth protection as they want to diversify from their home fiat currency. As they face financial crisis, they’re constantly searching for a better store of value.

While consumers access to cryptocurrencies is broadening rapidly, so is the market for crypto projects.

Do you think crypto is a viable solution for these complicated countries... or it may make it worse long-term?

It is probably one of the classic use cases for cryptocurrencies. Even governments in the western world tend to use relaxed monetary policies and try to hide the inflation supplying false data or using biased formulas to calculate it.

Against those economic policies and against the economic policies of very irresponsible governments such as Venezuela, Nigeria and others, people recur to Bitcoin mostly to have an storage of value, besides possibly some speculation. Nigeria is a classic example since typically Bitcoin is relatively more expensive than anywhere else.

[Machine Funk]

In countries with failing economic systems, is common to find weak national currencies whose value has been significantly depreciated. This “weakness” may include a high rate of inflation, deficits, exaggerated level of imports, and everything that comes with a poor socio-economical situation for a country. Statistics show that citizens of countries with failing currencies in every part of the globe are turning to crypto for investment and wealth protection as they want to diversify from their home fiat currency. As they face financial crisis, they’re constantly searching for a better store of value.

While consumers access to cryptocurrencies is broadening rapidly, so is the market for crypto projects.

Do you think crypto is a viable solution for these complicated countries... or it may make it worse long-term?

It's not like every poor person will get a share of crypto and everyone will be rich all of the sudden. Ultimately the value comes from fiat.

Not true and your thinking is wrong. The value does not come from fiat. it comes from what you are trading. If you agree on trading something for something else the value is whatever that person is willing to give. Bitcoin simply buys x amount of $ according to the usd value of the item in question. The only reason usd is used is because that is the value items are given, for example when you walk into a store the items are in usd or whatever your local currency is converted to usd.

[Febo]

Crypto investment does no good to any country's economy. People take their oney from bank accounts (which are the part of a country's economical system), and buy BTC or Eth or whatever. National economy cannot win in such a case/

Yes they do. But they can also do it opposite.  They can make a project and start crowdfunding founds for it. Without crypto they could not do it, since maybe they dont have financial institutions where they live. Now they have them. People with huge bags of money standing in line on other side of their smart phone.

[GrannyC]

In countries with failing economic systems, is common to find weak national currencies whose value has been significantly depreciated. This “weakness” may include a high rate of inflation, deficits, exaggerated level of imports, and everything that comes with a poor socio-economical situation for a country. Statistics show that citizens of countries with failing currencies in every part of the globe are turning to crypto for investment and wealth protection as they want to diversify from their home fiat currency. As they face financial crisis, they’re constantly searching for a better store of value.

While consumers access to cryptocurrencies is broadening rapidly, so is the market for crypto projects.

Do you think crypto is a viable solution for these complicated countries... or it may make it worse long-term?

Cryptos introduce a reserve of value that is independent of the government and the banking systems thus creating a safe haven for the savings. Can you imagine the Corralito in Argentina with cryptos?

[balrog]

It can make a certain amount of citizens rich , or at least more wealthy , which will lead to increasing of his  purchasing power , which will have a minor affect on national economy and currencies .

[chutchmcgillicutty]

In countries with failing economic systems, is common to find weak national currencies whose value has been significantly depreciated. This “weakness” may include a high rate of inflation, deficits, exaggerated level of imports, and everything that comes with a poor socio-economical situation for a country. Statistics show that citizens of countries with failing currencies in every part of the globe are turning to crypto for investment and wealth protection as they want to diversify from their home fiat currency. As they face financial crisis, they’re constantly searching for a better store of value.

While consumers access to cryptocurrencies is broadening rapidly, so is the market for crypto projects.

Do you think crypto is a viable solution for these complicated countries... or it may make it worse long-term?

Crypto has the power to take down weak/corrupt governments. Not sure how it will play out in actuality, but you have to love the transformative potential of crypto


 

[SHAWN-MIDWAYS]

In countries with failing economic systems, is common to find weak national currencies whose value has been significantly depreciated. This “weakness” may include a high rate of inflation, deficits, exaggerated level of imports, and everything that comes with a poor socio-economical situation for a country. Statistics show that citizens of countries with failing currencies in every part of the globe are turning to crypto for investment and wealth protection as they want to diversify from their home fiat currency. As they face financial crisis, they’re constantly searching for a better store of value.

While consumers access to cryptocurrencies is broadening rapidly, so is the market for crypto projects.

Do you think crypto is a viable solution for these complicated countries... or it may make it worse long-term?

I think cryptos can help fix a countries economy as is the case with venezuela who have opted to use their own national currency that will be pegged to the oil prices and I think this is a good project to see if cryptos do actually work, and AFAIK cryptos being a store of value does help individuals to protect their hard earned money.

[pooque]

Cryptocurrencies can help those 3rd world countries to have a better economic progress because of cryptocurrency's fluctuations the their fiat investment can easily grow when these countries are willing to take the risk of the high volatility market.If the country has succeeded with their cryptocurrency investments im these first adopters would be much powerful countries in the future.

[Nhebu]

It does not defines that if a country has a low value of currency, it weakens also the economy. When we talk about the value of currency, we can tell if a country used it to control their means of exchange. Just like Japan and China, they are both have low currency because they are exporters of goods. So, it can be a tactic or a strategy of a certain country.

[cryptomarijuana]

If these countries will create a new cryptocurrency innovation that would be the key for the better economic progress,i am not an analyst but i know something about economics,people will just need to adjust to the technology's phase so the whole country itself will benefit less corruption from the government when the blockchain technology will be applied very well.

[X-ray]

In countries with failing economic systems, is common to find weak national currencies whose value has been significantly depreciated. This “weakness” may include a high rate of inflation, deficits, exaggerated level of imports, and everything that comes with a poor socio-economical situation for a country. Statistics show that citizens of countries with failing currencies in every part of the globe are turning to crypto for investment and wealth protection as they want to diversify from their home fiat currency. As they face financial crisis, they’re constantly searching for a better store of value.

While consumers access to cryptocurrencies is broadening rapidly, so is the market for crypto projects.

Do you think crypto is a viable solution for these complicated countries... or it may make it worse long-term?

Remember dollar is dominating all of the national currency which mean the fact that since crypto pegged on the dollar value and that can become a solution. I think you might see venezuela's case and how maduro try to raise the dollar value through any icos. It seems a bit shady for me but it's fact. Crypto currency can be considered as a better store value rather than fiat.

[krodmandoon]

No, I don't think crypto can change anything in national level except in case when is proclaimed for national currency, but I don't think we will see something like that.

[Wallytred]

IMO, decentralized crypto can bring freedom to those OVERregulated countries. No matter what regulators think about it.

[SalmanMJ9]

Well, I think crypto right now still young and immature industry and hard to replace or help a whole nation. I think somewhere in the future after building many solid infrastructure projects that help the whole crypto world to develop and offer more feature/usage.

[hiwainmoto]

3rd world countries would have a good chance of making a lot of money when they have created a good cryptocurrency or atleast invested to some of these solid coins out there,it will change the economic progress and state of such countries when their investment will be successful.Cryptocurrencies has high volatile market and im sure these countries has good financial advisors that could make a lot of money from the country's investments.

[frost_wind]

Crypto is fantastic opportunity to earn the money for citizens from countries with weak national currency . In poor countries regular salary can be around 100$ per month , while in crypto it is possible to earn the same amount per day ! this is a great opportunity for people to make their financial situation much better .

[Cubanlinx81]

Well, the clearest example would be the influx of capital into the country via outside sources. Those citizens who are holder will see their cryptos increases in value; in turn increasing their capital reserves. Whenever there is excess capital, it surely leads to increased spending and a healthier economy overall.

[sazon84]

In countries with a bad economic situation, the introduction and use of crypto-currencies can improve the situation.  It will do not come 100%, but only if the government takes big steps for this.  We can say that the cryptocurrency for such countries is the second chance of raising the economy.

[nndep3m]

Rather than creating a separate cryptocurrency for each such nation, why can't all nations just use Bitcoin? Of course the governments which 'represent the people' won't allow this, but perhaps the people themselves could adopt it once they're fed up with their own country's excessive money printing. If BTC can be adopted worldwide as a currency then a lot of these issues you outline could finally be solved.

[chocopapaya]

In countries with failing economic systems, is common to find weak national currencies whose value has been significantly depreciated. This “weakness” may include a high rate of inflation, deficits, exaggerated level of imports, and everything that comes with a poor socio-economical situation for a country. Statistics show that citizens of countries with failing currencies in every part of the globe are turning to crypto for investment and wealth protection as they want to diversify from their home fiat currency. As they face financial crisis, they’re constantly searching for a better store of value.

While consumers access to cryptocurrencies is broadening rapidly, so is the market for crypto projects.

Do you think crypto is a viable solution for these complicated countries... or it may make it worse long-term?

You have to be very careful to say something like, "Statistics show that..."  You have to back it up with actual evidence or you sound like you don't know what you are talking about.

So what statistics? What studies have shown that people are turning to crypto due to a "failing" currency?  What countries specifically?
To me, this sounds like you just thought of something and are pretending it's a fact.

This is dangerous speculation and this is the exact type of thinking that makes crypto so volatile.
This volatility is causing the crypto bubble to stretch and eventually pop.
I'm pointing this out because I want a future where blockchain technology is viable and mainstreamed.  Making informed decisions and choices is way more effective than just simple guessing or making assumptions.

[GrannyC]

You can typically store your valuable saving in bitcoin or other major currencies to avoid hiperinflation or simply the goverment robbing you as it happens in many places around the world.

[btcluisdiki]

Cryptocurrency may able to help citizens with weak national currencies and in my opinion for as long as there is an internet in the area, they may able to earn crypto tokens in joining a signature bounty campaign where there is no investment to be made. Also, it may help the unemployed people in that country to earn money through their participation on this bounty campaign. Lastly, if they can produce a capital, would suggest to try doing investment on the altcoins that are promising with potential growth in price it's price value.

[Duzenn]

Yes, I think this is a feasible solution, because the vulnerable countries can through the issuing of encryption currency to ward off inflation, for it is well known that the rate of inflation in these countries is very high.