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Author Topic: Thé benefits of bitcoins to the underdeveloped countries.  (Read 274 times)
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June 17, 2019, 08:18:44 AM
 #1

With the increasing growth rate of bitcoins all over the world,what benefit will this be to the non developed countries? Is it a solution for them or simply a hindrance??I will love to hear what you guys think about that.
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June 17, 2019, 08:28:07 AM
 #2

Lets see:

- Possibility of decreasing corruption which is pretty widespread in such countries thanks to such a decentralized payment system
- Alternate payment option which makes payments a lot more convenient(Once TX fees and times go down in the future)
- Improved dependence on technology which helps improve their ecosystems overall
- Possibility of earning passive income through BTC when treated as a store of value like gold etc

 
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June 17, 2019, 09:25:13 AM
 #3

It will be a tool for them. A lot of people especially in underdeveloped countries still don't have access to banking; and while some people on some countries do, their country's economy is nowhere near healthy(e.g. Venezuela). Bitcoin can be their hedge against the heavy deflation of their county's currency. Yes, Bitcoin is volatile. But I'd take price volatility than guaranteed losses through inflation.

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June 17, 2019, 09:36:11 AM
 #4

Bitcoin is helping the underdeveloped countries but not general. Is just the few who are aware of it. Those who are aware and desiring for it can do that through the fewer who can operate the internet.

- Alternate payment option which makes payments a lot more convenient(Once TX fees and times go down in the future)

I do not think that this point is only valuable for underdeveloped countries because other developed countries use bitcoin as a very good source of alternative financial system.

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June 17, 2019, 09:53:01 AM
 #5

Bitcoin could control by country with legal and could using to make payment but is not have to control about how bitcoin price, when country could give support maybe bitcoin will grow up and have more benefit for user.

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June 17, 2019, 02:53:37 PM
 #6

There are a lot of benefits, it is a faster medium of payment and also the fees involved is less. There are also various other benefits of bitcoins like it is anonymous.
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June 17, 2019, 03:07:04 PM
 #7

With the increasing growth rate of bitcoins all over the world,what benefit will this be to the non developed countries? Is it a solution for them or simply a hindrance??I will love to hear what you guys think about that.

It is an obvious solution to countries wracked with hyperinflation, such as Venezuela. In fact, Venezuela is accepting bitcoin and Litecoin as remittances so long as the government gets its cut. But of course, bitcoin can be used underground if people choose to transact peer-to-peer. Other developing nations are increasingly using bitcoin as an alternative to their failing fiat currencies. What I am looking forward to is the day that a nation will officially accept it as a currency or declare that it is holding bitcoin as reserves.
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June 17, 2019, 03:20:31 PM
 #8

Possible Benefits:
  • Bitcoin makes it possible to make micropayments without breaking the bank
  • thanks to cryptos ledger system, generally most countries could benefit from the transparent ecosystem of bitcoin
  • cost of goods and services could be lowered as most middlemen would be cut off
  • its an opportunity to leap frog into an era of high tech
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June 17, 2019, 03:51:24 PM
 #9

Underdeveloped countries can easily take advantage of blockchain technology which is the main driving force behind bitcoin. People in underdeveloped countries have issues with modern trends in technology of which the technology behind bitcoin can easily help breach  this huge gap. Bitcoin has enormous benefits to every economy and not just the underdeveloped countries.
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June 17, 2019, 03:55:24 PM
 #10

1. Alternative currency with fast transactions.
2. In the case of Lightning Network - cheap ones as well (while international wire transfers can eat up even 50% of the transaction value due to the corresponding fees and take weeks to proceed).
3. Bitcoin does not require advanced infrastructure (you can make proper use of mobile payments, which in Africa already had made a career) in use.
4. Even with its huge volatility, it is much more reliable than many currencies from the undeveloped countries, subject to hyperinflation.

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June 17, 2019, 03:59:35 PM
 #11

Lets see:

- Possibility of decreasing corruption which is pretty widespread in such countries thanks to such a decentralized payment system
- Alternate payment option which makes payments a lot more convenient(Once TX fees and times go down in the future)
- Improved dependence on technology which helps improve their ecosystems overall
- Possibility of earning passive income through BTC when treated as a store of value like gold etc

More convenient? A super volatile currency in an already fucked up country is convenient?? In what way lol. The possibility of earning passivr incomr is bullshit, you could say that about any kind of investment.

Dependence on technology is certainly not good either lol. What are you smoking?




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June 17, 2019, 04:09:51 PM
 #12

With the increasing growth rate of bitcoins all over the world,what benefit will this be to the non developed countries? Is it a solution for them or simply a hindrance??I will love to hear what you guys think about that.
I guess that the context here is that of those heavily under-developed, or at least those with a very low average salary. From a Country’s perspective, those countries are not likely wanting to fully endorse the creation of a parallel payment system. No country is likely to adapt BTC as a free floating currency to use for payments with the wild roller-coaster type of ups and downs it has.

That leaves us the individual themselves to consider, although subject to their country’s legislation. Bitcoin is still not that easy to manage, and for those countries with a low cultural and technological level, it may not be that easy to assimilate. Regardless, under the current stand, it is used more as a store of (speculative) value than anything. As such, those that are bolder and fortunate enough to make their move at the right time, and understand the ropes, may ease their situation (just as a whole other bunch will go the opposite way). In their case, it may be riskier that for first row country citizens, as proportionally they may individually, due to their situation, be willingly to put more at stake than one should.

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June 17, 2019, 04:18:47 PM
 #13

The problem with the nondeveloped countries is their access to technology, their access to electricity or to the internet, as a good example i will post a News from 2014, this happened in my country...

https://www.excelsior.com.mx/nacional/2014/04/27/956010

The news is in Spanish but you can use a translator, the title says... 'Laptops giveaway to schools without electricity.'


So, this is the issue, how could they access to bitcoin if they even cant handle a computer.

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June 17, 2019, 09:12:28 PM
 #14

I think the developing countries have a lot to gain from bitcoin as it can promote the spring up of businesses and improved payment options which will increase its flexibility

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June 17, 2019, 10:33:29 PM
 #15

Underdeveloped counties might use bitcoin or the technology behind it which is the blockchain as an advantage for their financial technology, politics, database and a great form of investment. However, the hindrance for a nation to use the bitcoin is the adoption of its own government. Since not all of the people within a nation are open-minded with innovation especially with these kinds of stuff, it would be the stop sign for them to take advantage of the bitcoin. I hope that bitcoin can affect and make the underdeveloped counties improve with its technology.

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June 17, 2019, 10:47:20 PM
 #16

With the increasing growth rate of bitcoins all over the world,what benefit will this be to the non developed countries? Is it a solution for them or simply a hindrance??I will love to hear what you guys think about that.

Of course it will help the people of the under developed countries. I mean it's a mean for them to have crypto as means to earn money and have financial freedom. But as far as government? I don't know, if government of 3rd world countries will tax crypto then it will also benefited them in some way.

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June 17, 2019, 10:47:37 PM
 #17

With the increasing growth rate of bitcoins all over the world,what benefit will this be to the non developed countries? Is it a solution for them or simply a hindrance??I will love to hear what you guys think about that.
There’s a pros and cons and some developing countries already using bitcoin but still their economy is down. I think it will start from the users itself, because i lived in third world country but bitcoin changed my life, but of course my country are still the same because we still have the old system of government which is corruption.  

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June 17, 2019, 10:50:35 PM
 #18

No it won’t help a lot if the government itself is not working properly. The unavailability of opportunity of a nation lies on the availability of the leaders to make one. Undeveloped country has a high numbers of corrupt individuals who gains more to the suffering of its people.

Bitcoin can help but it won’t be a big change if they don’t help themselves be free from this high horse official and oligarchs. Venezuela have tried but failed and so the others.

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June 17, 2019, 10:59:04 PM
 #19

With the increasing growth rate of bitcoins all over the world,what benefit will this be to the non developed countries? Is it a solution for them or simply a hindrance??I will love to hear what you guys think about that.

Of course it will help the people of the under developed countries. I mean it's a mean for them to have crypto as means to earn money and have financial freedom. But as far as government? I don't know, if government of 3rd world countries will tax crypto then it will also benefited them in some way.
In terms of financial help, if this non developed countries that you are mentioning already have an access and good knowledge about internet they will be able to compensate as bitcoin bring good benefits to those who are looking for such opportunities.

Financial benefits if both citizens and the government will take advantages of those offers where bitcoin can help them being lifted.
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June 17, 2019, 11:22:22 PM
 #20

With the increasing growth rate of bitcoins all over the world,what benefit will this be to the non developed countries? Is it a solution for them or simply a hindrance??I will love to hear what you guys think about that.

Bitcoin can provide a lot of opportunities to a third-world country or developing countries. It can provide, job opportunities, income opportunities, and also be part of a new payment and investment innovation. I think the opportunity will be mutual since if a developing country starts adopting crypto it can add up to the market demand and it can also bring mass awareness and adaptation. It will also be a good opportunity for projects to start developing new ideas and services in a developing country since it can attract new investors, new developers and can be a good start-up on making crypto related companies.

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