Bitcoin's impact

[Coyster]

Ostensibly most topics/threads on this section have actually been discussed multiple times and hence a sequel of the last discussion,so I thought it wise to come up with something novel..

There happens to be plethora of problems the bitcoin solves in its own way, but I think myself and 85% other bitcoiners would agree that the major issue the bitcoin puts a halt to is poverty(as it provides financial freedom)...uhm,...thats not to say that many bitcoiners weren't rich or more so comfortable before the inception of the bitcoin,but it sure does contribute it's own fair share of financial freedom and makes the rich richer and the poor,rich

Now the point of our discussion
I'm going to provide three groups
1)3rd world countries/underdeveloped countries
2)Developed countries
3)Developing countries

Each and everyone of us happens to live in one of the aforementioned groups,so with reasons let us know in your opinion which of this groups(countries)the bitcoin has had more of an impact on and why you think so(outlining at least one problem it solves for the individuals in such groups/countries)

[franky1]

having travelled to many countries talking about bitcoin. i have noticed that 3rd world countries (wages are like 5-25cents an hour there) have decided bitcoin is not for them as the fee's are more than an hours labour.

they wont be using LN in conjunction with bitcoin either as it still require a open and close fee..

lets imagine it from a developed countries view

imagine 2009-2013 you could use a new payment system that only cost (converting minimum wage) 75cents which compared to remittance services was cheap...
(it was in real terms only 1cent or less... but imagine from the eyes of a country where it feels like 6 minutes of minimum wage(75cents converted))

then in 2014-2016 fees went up and up and were costing many HOURS of minimum wage(US feel of tens of dollars))..

promises were made of new features that would bring prices down offering 75% discounts.. yet
prices went up.. delays, excuses. back peddling consensus agreements on innovation, planting in trojan code to make bitcoin compatible with other non blokchain networks.. but still no on chain innovation to bring prices down to only a few minutes of labour again.
2018 the fee is the equivalent to a few hours labour. AFTER discount if you use the new feature. but 4 times more again without the discount by staying with the old way of transacting

now your getting told to only expect to have to lock your funds up into a co-signed address with someone else and pay the fee premium to get into this non-blockchain service network and pay the fee premium to get out aswell as needing the co-signer to agree.. to get your funds out the service network.

so. you end up using a different altcoin that cheaper

..
this is why 3rd world and developing countries are just moving away from bitcoin and either developing their own affordable payment networks or just using ones that have not been hijacked into being premium purely just to twist peoples arms into thinking the only way of the future is offchain networks.

(i know expect replies from the usual crew of people to not defend bitcoins principles of 2009-2013. but instead defend a group of devs who think non-blockchain, unaudited, permissioned(co-signed) networks requiring locking up funds is best(facepalm))

[PsylockReborn]

but it sure does contribute it's own fair share of financial freedom and makes the rich richer and the poor,rich

I don't agree with you on this. Even if I'm rich,have money but I don't believe in the technology then it's still useless and when it comes to the poor that you are referring from, they don't have any interest in investing into crypto for they prefer to use their money to meet their basic needs.

This technology is built as an alternative to a corrupt centralized system of currency that we currently have not as an investment vehicle.

Frankly speaking, the only people who can benefit to this technology are those people who has the knowledge and willing to take risks whether you're rich or poor.

[Ladysmith]

 I think it has had an impact more on developed countries, but it will have more of an impact on developing and third-world countries. The internet's reach is expanding and so is the amount of people with smartphones, even in poorer countries. Cryptocurrencies' real-world use is also evolving.

This means people everywhere will have access to the same knowledge and be able to use the internet and cryptocurrency to put their knowledge to work. Everyone has what it takes, but they need to be equipped with the tools to make it happen, and this is what is happening.

[franky1]

I think it has had an impact more on developed countries, but it will have more of an impact on developing and third-world countries. The internet's reach is expanding and so is the amount of people with smartphones, even in poorer countries. Cryptocurrencies' real-world use is also evolving.

developing/3rd world countries. jumped passed and bypassed the landline fibre optic and are going straight to 5G wireless.
they have for the last few years been deciding to jump passed and bypass btc and are going straight to altcoin

kind of a shame though. bitcoin has just turned into an investment tool for elitists who want to be FIAT rich

[Impulseboy]

Sorry if you think I am not answering the topic you want to discuss directly, but I want to share a story I recently read over at reddit, which is about a bitcoin user who used his profit for the month of October to work on his truck. Basically, he upgraded the dashboard of his truck, whilst still looking old and clunky on the outside. I guess the point of my sharing this is that I am not sure it matters if a person comes from the developing or developed country. If you are smart and knows how to handle your profits, you will enjoy the benefits of bitcoin.

[dothebeats]

Developed countries didn't really benefit from bitcoin, but developing and 3rd world countries surely did. As you have said, it somewhat helped the poor become 'rich' since they have another avenue of profits aside from their regular day jobs. I myself know a group of people who were living on minimum wage back in 2014, only to have their lives turn for the better after holding coins for almost 3 years. I am, too, was a simpleton 4 years back and have managed to establish my printing business due to my holdings in bitcoin. Though I still love the tech and the idea of bitcoin being used widely as a currency, I guess I'm just lucky that the coins I have used to buy habanero chili sauce in CA made me escape the reins of poverty.

[Coyster]

It's either you're one of those who do not read the entire original post before commenting,or you simply comment on a topic you have paltry knowledge on

We aren't discussing the hinderances associated with investing in the bitcoin based on the part of the world you're from..
Our topic is which of the aforementioned groups has the bitcoin made the most impact on and reasons why..

Try not to comment if you have nothing valuable to add to the discussion

[eternalgloom]

I think it has had an impact more on developed countries, but it will have more of an impact on developing and third-world countries. The internet's reach is expanding and so is the amount of people with smartphones, even in poorer countries. Cryptocurrencies' real-world use is also evolving.

developing/3rd world countries. jumped passed and bypassed the landline fibre optic and are going straight to 5G wireless.
they have for the last few years been deciding to jump passed and bypass btc and are going straight to altcoin

kind of a shame though. bitcoin has just turned into an investment tool for elitists who want to be FIAT rich

This is purely anecdotal of course, but I've also noticed that people from third world countries rather use altcoin than Bitcoin.
Not sure if we can already call Venezuela a third world country, but they're massively represented in many different altcoin communities.

Numerous local exchanges are popping up as well to directly exchange altcoins into fiat, instead of having to convert into Bitcoin first.

[Marshall14]

I'm definitely going with the 3rd world countries,even though they are kinda reluctant to invest in the bitcoin,they have been actively investing in cryptocurrencies in the last few years..

And considering the level/cost of living over there,one can make a living off a little investment from crypto/bitcoin as opposed to some developed countries...

[amorfuse]

Only developing countries can influence the development of a particular currency. Bitcoin in this regard differs from the same dollar in terms of the influence of the global economy. And globalization first of all begins in developing countries.

[ambisyon]

I belong from a developing country in Asia and btc has been started to evolve. Many of my friends are into btc as bounty hunters and investors where they were able to experienced good return of investment and also gaining good earnings form their bounty participation. Btc is an opportunity to the people to earn and learn this great technology.

[Gozie51]

I'm definitely going with the 3rd world countries,even though they are kinda reluctant to invest in the bitcoin,they have been actively investing in cryptocurrencies in the last few years..

And considering the level/cost of living over there,one can make a living off a little investment from crypto/bitcoin as opposed to some developed countries...

But isn't it same high value above every currency too? Take for instance, people who work in countries where they are paid with dollar, they also enjoy good standard of the money. The money there have good value, so if it is bitcoin was also converted to any country's fiat, it will be high and the purchase strength will be high too.

[squatter]

Ostensibly most topics/threads on this section have actually been discussed multiple times and hence a sequel of the last discussion,so I thought it wise to come up with something novel..

You might consider changing the thread title to the actual topic to avoid confusion.

There happens to be plethora of problems the bitcoin solves in its own way, but I think myself and 85% other bitcoiners would agree that the major issue the bitcoin puts a halt to is poverty(as it provides financial freedom)...uhm,...thats not to say that many bitcoiners weren't rich or more so comfortable before the inception of the bitcoin,but it sure does contribute it's own fair share of financial freedom and makes the rich richer and the poor,rich

Now the point of our discussion
I'm going to provide three groups
1)3rd world countries/underdeveloped countries
2)Developed countries
3)Developing countries

Each and everyone of us happens to live in one of the aforementioned groups,so with reasons let us know in your opinion which of this groups(countries)the bitcoin has had more of an impact on and why you think so(outlining at least one problem it solves for the individuals in such groups/countries)

If Bitcoin catches on globally, then those in unbanked countries outside the legacy banking system will benefit the most on a fundamental, use-case level. Censorship at the banking level affects entire countries -- Syria, Nigeria, Iran and others. Residents of these countries are unable to remit money internationally, cannot collect payment for online work, etc. In these cases, cryptocurrency can be quite empowering because they're permissionless and censorship-resistant.

If we're talking strictly about profit from price growth, then developed countries will generally profit the most, because that's where more wealth and more robust investor classes are concentrated.

[Babyrica0226]

We all know that Bitcoin was opened to all whether you are undeveloped, developed or developing countries. And for what we are discussing now  is all about bitcoin features and its usages, because of this some of the community all over the world really thankful for discovering this virtual currency then some are not due to have a negative feedback to others that this is a kind of ponzi/scam. But in reality, it helped a lot to others in terms of financial aspects especially to those people who are poor but have knowledge in about on this technology.

[zolfa]

I live in a developing country, the growth of bitcoin in my country is very good and very fast, even 70% of the population in my country has adopted bitcoin, but without regulation from the government.

there are many positive impacts felt by everyone who adopts bitcoin, essentially that their economy becomes more better for their financial world.

[Indrawan77]

Bitcoin is for all level of society, but it will need at least internet and gadget to start using or earning, bitcoin in third world and developing countries are quite important, it can create a lot of new chances to make more income, more income means better quality life, but most of people in developing countries also engage in bitcoin, since its decentralised, the elite could used the opportunity to manipulate the price, so now crypto almost become the elite manipulation game, crypto has become more beneficial for the elite

[libert19]

Not about Bitcoin, but some Blockchain platforms like Bitcointalk and Steemit have changed lives of people in developing countries for sure.

[pooya87]

the bitcoin puts a halt to is poverty(as it provides financial freedom)...uhm,...thats not to say that many bitcoiners weren't rich or more so comfortable before the inception of the bitcoin,but it sure does contribute it's own fair share of financial freedom and makes the rich richer and the poor,rich

this is not right. bitcoin is not made to make people money or give them profit and the "financial freedom" that you keep mentioning here has nothing to do with profit making and becoming "rich" so in other words bitcoin did NOT make the rich richer and poor rich. in fact a lot of people became poor(er) because profit making is a discussion about investment not bitcoin itself. and making mistakes while investing always leads to losses and profit for different people.

[mu_enrico]

I'm from third world country (or developing country), I think it's pretty much the same group by the way. The idea of bitcoin itself is excellent. It will enable cheap international transfer --like our favorite jargon of open and borderless-- compared to PayPal and international bank transfer. However, bitcoin is a product of technology which is difficult for people from third world/developing country to understand and actually use it. They have to deal with exchanges, private key security, transaction mechanism, etc., to get the fiat they need. It's very troublesome for villagers who only know Facebook recently. The idea of developing countries would be the tipping point of the bitcoin adoption is false, since, in the history of technology, the first adoption always came from developed countries (US & Europe).

And if we talk about economic impact, then the bounty --that people frowned upon-- actually make most of the economic impact. Bounty hunter can earn a decent amount of money that makes many unemployed become a bounty hunter. That's why sometimes you read broken and/or stupid comment from bounty hunters, that's because a lot of them are unemployed uneducated.