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Author Topic: How Cryptocurrency Can Help Developing Countries?  (Read 194 times)
fundyourself
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February 23, 2018, 11:35:23 AM
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They say Poverty, corruption, inflation, and high unemployment levels are some of the problems that are common to developing countries around the world. In this case, do you have any idea how Cryptocurrency can help and what are those???

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February 23, 2018, 11:39:11 AM
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Bitcoin could help these countries as a store of value or something as sort of a "save haven" to due to the possible hyper inflation of some countries (especially 3rd world countries). Basically to prevent their wages/assets to degrade in value. A perfect example would be Zimbabwe:



Some scary stuff right there.

For more information about this: https://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe


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February 26, 2018, 10:03:47 AM
 #3

You really have a good point here. I've taken a look at the wiki link you gave and what you said does make sense!

How about the others? May I have your thoughts too on this particular topic? What are the other developing countries that you can think of?

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February 26, 2018, 11:32:31 AM
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Cryptocurrency can earn foreign money for our country.
George Khelashvili
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February 26, 2018, 12:14:02 PM
 #5

They say Poverty, corruption, inflation, and high unemployment levels are some of the problems that are common to developing countries around the world. In this case, do you have any idea how Cryptocurrency can help and what are those???

For my country its the best way to help national valut to be stabilized in USD
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February 26, 2018, 12:17:25 PM
 #6

Most important thing IMO is helping those millions (or even more) unbanked people in developing countries - they don't have any access to banking services (accounts, loans, transfers). Crypto can really solve those issues and there are already many projects trying to do this (like Humaniq for example).

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February 26, 2018, 12:32:26 PM
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Most important thing IMO is helping those millions (or even more) unbanked people in developing countries - they don't have any access to banking services (accounts, loans, transfers). Crypto can really solve those issues and there are already many projects trying to do this (like Humaniq for example).
I hope that Petro will help Venesuela to increase social life of citizens.
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February 26, 2018, 12:59:46 PM
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Well i think it can help small businesses in struggling economies transact internationally which would help them grow. In this area Bitpesa has helped businesses in countries like kenya, nigeria, south africa etc.
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February 26, 2018, 04:52:03 PM
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Well i think it can help small businesses in struggling economies transact internationally which would help them grow. In this area Bitpesa has helped businesses in countries like kenya, nigeria, south africa etc.
what if US dollar in one day will change to crypto, it will collapse all the world economy?
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February 26, 2018, 06:04:32 PM
 #10

Cryptocurrencies have the potential to change the lives of some of the world’s poorest and most desperate people for the better. Cryptocurrency can improve lives by helping residents of developing countries participate in the global economy and escape from poverty. Developing countries can make a path, which foreign money could flow into the country through the cryptocurrency.
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February 27, 2018, 12:57:54 AM
 #11

First Venezuala and now also Iran is creating it's own Cryptocurrency. The U.S. sanctions have taken their toll on these countries and maybe this is a good way for the population to keep some value to their money. This might be the start of countries around the world 'switching' to cryptocurrencies. Revolution is coming Wink
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February 27, 2018, 01:31:21 AM
 #12

This has been gaining importance as a platform to generate capital. Recent one that has trying to make their financial success through cryptocurrency is Venezuela. They've a source backing and to gain economic growth it has been used through cryptocurrency. One such initiation is through petrol backed cryptocurrency and now they are with plans of gold backed cryptocurrency.

   
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fundyourself
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February 27, 2018, 04:58:22 AM
 #13

You know what, I have just read through an article that says Venezuela had received $375 million in the first day of a pre-sale of what you've mentioned 'petro' cryptocurrency. Isn't that amazing?! This is the article link: https://www.reuters.com/article/us-crypto-currencies-venezuela/venezuela-says-launch-of-petro-cryptocurrency-raised-735-million-idUSKCN1G506F

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fundyourself
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February 27, 2018, 05:07:47 AM
 #14

I wanna thank everyone who shared their thoughts on this topic. These are really juicy information so far!!! Keep it coming.

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February 27, 2018, 07:30:20 AM
 #15

Not so much about cryptocurrency but on the subject. Blockchain is a perfect technology to solve the problem of rigged voting systems. Implementing blockchain based votes in countries like Russia for example, would make it transparent. If onlye they would adopt it...

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February 27, 2018, 08:42:07 AM
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Not so much about cryptocurrency but on the subject. Blockchain is a perfect technology to solve the problem of rigged voting systems. Implementing blockchain based votes in countries like Russia for example, would make it transparent. If onlye they would adopt it...

you don't need to go to Russia,we have election in Italy soon....and u know italian
 can do a lot of tricks Roll Eyes....it would be interesting to try with blockchain...
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February 27, 2018, 09:53:08 AM
 #17

Cryptocurrency truely has the potential to cutdown unemployment in most developing countries. A lot of unemployed undergraduate in my country, Ghana, who discovered the value in cryptocurrency and decided to work hard for the coin have now started their own business. Long live bitcoinBTC. Most countries see cryptocurry a threat to their centralized financial system.
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February 27, 2018, 06:48:56 PM
 #18

This is a good idea. However, there is a loophole in it. Consider that in developing countries, internet connection is widely available and fast in the metros. In the country side or provincial regions, not so much. A wide percentage of the areas cannot be reached by a good signal, plus, you have to consider the purchase of decent smart phones, educational . I bet my money on the table if the people living in the far flung areas are aware of bitcoin. Some may be, but they prioritize the immediate survival needs. The only way Cryptocurrency will be able to help a developing country is if these basic technological problems are solved.

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February 27, 2018, 10:36:11 PM
 #19

They say Poverty, corruption, inflation, and high unemployment levels are some of the problems that are common to developing countries around the world. In this case, do you have any idea how Cryptocurrency can help and what are those???

cryptocurrency breaks down barriers to trade and investment. for people in developing countries and the working class in industrialized countries, we have options for income and investment that we never had before. whether you are looking for a safe haven from devaluing fiat money or a chance for a 100x gain on a speculative altcoin trade, the opportunity is there.

on a macro level, USD and supranational organizations are used to keep developing countries in debt bondage and promote western policy throughout the global south. if crypto decentralizes monetary power away from fiat money, then poor, exploited countries will greatly benefit. and i suspect that those governments that start building national crypto reserves first will also greatly benefit.

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February 28, 2018, 10:30:46 AM
 #20

If there are a lot of blockchain evolving and they are evolving "fast", then it could really benefit to developing nations around the world!

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