I was just curious to know how will adapting to blockchain technology and bitcoin effect developing countries like India.
I think bitcoin is doing more for developing countries than for developed countries. Because people from developed countries already have a good and stable currency. We don't have one here.
In Latin America we have a big problem with inflation. Our governments think that printing money out of thin air is a good idea to fund social programs.
In 80s Brazil had about 1000% inflation per year.
Right now Venezuela has 4000%.
http://money.cnn.com/2017/11/22/news/economy/venezuela-currency-crash/index.html I have friends there who says it's about 10.000% a year.. anyway, that's much more than bitcoin gains, but as losses.
When a country has inflation like this, there is food shortage, basic personal hygiene items shortage (like toothbrushes, toilet paper).
Everyone just becomes poor. Money is worthless.
That's all basically because an irresponsible government is printing money at will at the benefit of few.
Bitcoin is already protecting people from the government in Venezuela. As electricity is very cheap there, common people are mining bitcoins for living. The ones who are doing this are not the poorest people there, they are like "middle class", but they would be miserable in US standards.
30 dollars is a huge amount of money there.
Anyway, bitcoin and other cryptocurrencies are helping people in undeveloped countries to be a little bit better. To have a little bit more liberty, and a bit more protected from irresponsible government decisions.
You may think Bitcoin has a big volatility, but Venezuelan Bolivar has much higher volatility (but it's just going down!!)
Try to imagine your life with 100% inflation per month. Well, we all know how is to live like this in Latin america.
