Thé benefits of bitcoins to the underdeveloped countries.

[kaya11]

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.

Hindrance for the banks who issues loans and remittance fees with high collection rates. A very helpful tool, utilize by most people who doesn't even had the chance t open an account on banks. Bitcoin solved that, there many people who were unable to prove their identity especially in rural areas, they have no birth certificates and all. They have families all over the world and in other to receive payments, they need to go to remittance centers with high fees.

[Pursuer]

when speaking of bitcoin as a technology that is new and different from anything else we knew, usually people in countries that are more technologically advanced (that is the developed countries) are more happy about adopting such new technologies. in this case we are talking about adopting bitcoin as a currency and a new technology and benefit from it.
but others, like in underdeveloped countries are usually not so eager to adopt new technologies because they are behind in everything else so in case of bitcoin they may also remain behind that means they won't adopt bitcoin as much as others and if they do they would do it as an investment instead.

[samsul1234]

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.

in my opinion bitcoin will have a big influence in non-developed countries, especially in the development of the nation itself, according to this bitcoin is very good for the progress of certain countries but it will be very useful for a number of non-developed countries, I have a positive attitude i really love bincoin

[pieppiep]

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.

in my opinion bitcoin will have a big influence in non-developed countries, especially in the development of the nation itself, according to this bitcoin is very good for the progress of certain countries but it will be very useful for a number of non-developed countries, I have a positive attitude i really love bincoin

If the government concern with their people, they will use many ways to grow their country and they will help their people to get a better life. The undeveloped countries will search for a new solution, and if they can find benefits from cryptocurrency, especially from bitcoin, they will try to tell their people to use bitcoin.

But yes, there will people who will hindrance the way of adoption because they want to rule the country without wanting to grow their country. That people usually have the power to control the country, and they will use every way to make sure they will continue their rule.

[Kakmakr]

I personally think that Bitcoin has a lot to offer 3rd world countries, because most 3rd world countries struggle with high unemployment problems and Bitcoin can be used to pay for micro tasks across borders, which is difficult with many other payment options. <Eg. PayPal & Credit cards....> 

I also think the lack of advanced communication networks and internet access is a major problem for the full adoption of Bitcoin in most 3rd world countries. Bitcoin is still very difficult to implement in countries with poor education and challenges with poor infrastructure, so it is not going to be a quick transition. 

[ck343]

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.

Good observation!
a) being unbanked and b) having a currency subject to depreciation, are two major reasons to use cryptos.
(I'm not sure about bitcoin being the best remedy for that, but that's another story.)

Statistics show that cryptos adoption is indeed mostly widespread in developed countries

https://www.statista.com/chart/18345/crypto-currency-adoption/

[Ris88]

I strongly believe that bitcoin will be accepted by many countries, especially by countries that are lagging behind, of course it will help their country's economy and help unemployed people in each of these countries, that's the benefit of bitcoin for most people at this time ...

[Fred3030]

Bitcoin like other products of emerging technology will bring real positive development to the underdeveloped countries. One of such instance of positive will be helping to bank the unbanked which is common in the underdeveloped nations. With bitcoin citizens of such countries can easily make financial transaction without boundary restrictions.

[pragna]

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 think there are many benifits for non developed countries like, Their young people will be involved in crypto format as they are deprive of job and they will be self sufficient here. On the other hand country will achieve foreign revenue that they will develop day by day. Overall it is positive site for developing countries.

[Leonardo7]

Bitcoin has been a big blessing to the underdeveloped and developing countries and will continually be a big breakthrough. Currently, for individuals who already invested in bitcoin in such countries are happy today about their financial liberation and their government know about this but won't publicly acknowledge the fact because of their corrupt dealings.

If the government of the underdeveloped nations could adopt bitcoin and blockchain, it will change their system forever by first blocking leakage and bringing discipline to public and private services and creating a new level of dimensional wealth. Let's hope they think about this innovation and act fast. Although Ugandan President is crypto friendly but the president will have to step outside for things to be well arranged.

[Thermytee]

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

In as much as I agree with you, there are major issues with  undeveloped countries. Regulations is one of the grave area. They don't understand what blockchain or bitcoin means and so they see it as scam. Yes, it will help reduce corruption but there were other issues with it. Even though citizens trade cryptocurrencies, it's still very much seen as illegal.

[drumamat]

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

I join Your words and want to add that for underdeveloped countries (as a rule, the cost of electricity is not great) is very important occupation is mining.This activity can bring significant income.

[franky1]

having actually gone abroad and visited these places. here is my view

2012-2014 bitcoin was a good thing for those countries.(i say 2012-> as thats when i first got into btc)
but now, tx fee's (at ~$0.25) are like 5hours labour just to make a tx. and to own 1 whole BTC is like having to work
180000 labour hours.. so not practical

unlike america
($15 min wage) tx fee = 1 minute.. 1 BTC=600 hours labour
($7.50 min wage) tx fee = 2 minute.. 1 BTC=1200 hours labour

..
bitcoin for the under developed/3rd world countries is just a entry buzzword where people hear it, learn about it see its not practical no more and then look into the world of altcoins.
underdeveloped/3rd world countries dominate the altcoin scene

[uray]

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.

There are places in the world where there is no internet connection or mobile towers and you can empower them by building infrastructure and then spreading the word about bitcoin and teaching them about the benefits and then open them to the world so that they can have interactions with the outside world and learn things as well as open to international trading and that is how you reduce poverty and if that happens then bitcoin is a benefit for all the under developed countries.

[Nasonn]

Bitcoin and blockchain could bring about inclusive banking system for the millions of unbanned in the developing countries, making seemless transactions possible and easy.