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Author Topic: The Role of Bitcoin in Developing counties to accelerate Growth process  (Read 420 times)
Silberman
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November 12, 2020, 09:08:51 PM
 #21

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(....)
help people to escape poverty.
I don't think Bitcoin got anything to do to help people escape poverty, not as long as they bought Bitcoin and threat it as an asset or investment, but overall I really don't see any aspects that it can help people to escape poverty. But in terms of financial services, yes Bitcoin is really capable of that, which is the most goal of Bitcoin having the freedom and we will have our own bank in our pockets.
Agreed, I can understand why people think that such an innovative technology can be used for change, but bitcoin by itself cannot do anything like it, bitcoin is just another form of money, and so far just looking at its characteristics is the best one invented so far, however it is up to each person to learn how to do the most out of it, and if they can’t then that is up to them, all of those dreams that people have that somehow bitcoin is going to be able to create a more equal world when it comes to the distribution of wealth are just that, dreams, just look at the size of the whales compared to the rest of the people in the market and soon those delusions will stop as it is obvious bitcoin will never achieve anything like that.

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November 12, 2020, 09:32:13 PM
 #22

It has little to no traction to countries with low technological advancement, even worse for countries where there's no internet. It tracability is fine up to some degree. It cannot be regulated therefore no profitability can be gained from it in the government's perspective. Bitcoin may indeed be profitable as a standalone but it cannot lift an entire country's economy unlike resources and commodities unfortunately.

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November 12, 2020, 10:36:15 PM
 #23

You have to look at the country of Venezuela, when the world economy is not clear.  Venezuela uses cryptocurrency as a solution to the economic crisis by backing up the country's finances.  The digital currency, known as the petro, which was later followed by the sovereign bolivar, is claimed to be the first in the world to be used to support the oil-producing country's physical assets.  and bitcoin also came in early January when the world was in crisis. In the midst of these crisis conditions, people wanted another currency as an alternative.  The emergence of Bitcoin, Ethereum, and various other cryptocurrencies has slowly continued to grow in terms of price and market capitalization.  This evidence shows that people are increasingly looking for cryptocurrencies as alternatives during times of crisis.
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November 12, 2020, 11:46:55 PM
 #24

Bitcoin ia nothing but a currency, it cannot change a country's economic growth that's the responsibility of you government their the one's in charge to build infrastructures and financial support to the poor. Bitcoin is only an alternative to be used for transactions or investment. Unless they completely changed the system.
I think bitcoin will not regulate the economy of a country but with bitcoin I think it still has the potential to become a digital currency that can be used as a legal alternative payment for a country because actually bitcoin is only used to help us make transactions that can provide convenience and security higher.

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November 13, 2020, 12:05:14 AM
 #25

Let's take an example of a small business that wants to sell smartphones and needs capital. The company would have to go to the banks to apply for a loan. The owner of the company gets the loan but it is not enough to start his business for which he decides to buy Bitcoin with that money. When the company saves enough to buy its merchandise, it puts its smartphones up for sale and asks to be paid for with Bitcoin and crypto. This entrepreneur does well in his business so he can hire more people and expand his business in several cities of the country.
The paradigm is in the good work of people in adopting Bitcoin and making their projects and the opportunities they have come true.

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November 13, 2020, 01:33:39 AM
 #26

Let's take an example of a small business that wants to sell smartphones and needs capital. The company would have to go to the banks to apply for a loan. The owner of the company gets the loan but it is not enough to start his business for which he decides to buy Bitcoin with that money. When the company saves enough to buy its merchandise, it puts its smartphones up for sale and asks to be paid for with Bitcoin and crypto. This entrepreneur does well in his business so he can hire more people and expand his business in several cities of the country.
The paradigm is in the good work of people in adopting Bitcoin and making their projects and the opportunities they have come true.

You have proved the point with good example. Historically developing nations have suffered a lot because of their weak currencies because their value declines with rampant inflation. By adapting Bitcoin as another currency which will not be influenced by the changes in their economy. When consumer confidence is high and peop0le feel safe safe to spend money, certainly, the economy start growing.

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November 13, 2020, 03:02:20 AM
 #27

Bitcoin ia nothing but a currency, it cannot change a country's economic growth that's the responsibility of you government their the one's in charge to build infrastructures and financial support to the poor. Bitcoin is only an alternative to be used for transactions or investment. Unless they completely changed the system.
But a country which is friendly to bitcoin is a country which is also open to technology and innovation.
It means this country will have the attention of entrepreneurs, developers and investors from different countries who also have interest for bitcoin. If we are talking about a developing country it can boost its economy and population welfare for sure. You are right when you say it's responsability of the local government to create the best possible atmosphere for the local development, so it's also the government's duty to have a friendly behavior towards bitcoin or not.

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November 13, 2020, 03:14:36 AM
 #28

First of all, we need to agree that Bitcoin is now mostly being used as a speculative investment asset, rather than as a currency. And in developing countries, there is a lot of scope because most of the available assets are overpriced. For example, the real estate is priced at upto 5 times its fair valuation and P/E ratio for most of the listed stocks is above 20. Bitcoin gives an option for the citizens, to invest in an asset that is currently under-priced.



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November 13, 2020, 07:24:38 AM
 #29

The Bitcoin and other crypto currencies are considered as an instrument to support the Growth in Developing economies. They can be very helpful to provide access to  financial services to  community at large. As they are considered  a medium to support growth Process by providing better traceability of funds and help people to escape poverty.
I don’t know about the one of escaping poverty, can Bitcoin really help people escape poverty? Since it’s an investment there is no guarantee you’re getting profit, it can take long before you make profit. I will say that the main part is transaction, it eases transaction, although there have been complaints about it, but I heard that during the last protest in Nigeria that their central bank blocked the accounts of protesters and they had to make use of Bitcoin to support the protesters.

So, that’s one of the areas that Bitcoin is being helpful. As for making people rich, first you need to have money you’re going to invest in Bitcoin, and when you do that, you will need to have patience for the price to go up.

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November 13, 2020, 12:07:13 PM
 #30

Bitcoin will need to be introduced worldwide to accelerate the process of increasing its role in development counties. Although Bitcoin is a valuable asset for investment many countries have not legalized saying they cannot control Role of Bitcoin in Developing. Bitcoin helps a lot in the development of countries that deserve support helping to improve the country's economy with real estate. Bitcoin is open to transactions but the government does not support bitcoin in the public interest. If the government uses bitcoin for welfare will not take long for bitcoin to become a developing country.
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November 13, 2020, 12:15:38 PM
 #31

Blockchain is a technology that can help countries get out of poverty, but for that to happen the leaders must be willing to do what it's best for the country.

Country-wide implementation is very hard even for well-developed states, however with small steps it can be an attainable goal. If I were a politician I would put so much more emphasis on tech.

I've recently learned about some automation cases based on RPA technology and I must say it is amazing how much time can be saved. Blockchain can not only save us time and money, but add a whole lot of transparency on top of those.

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November 13, 2020, 12:31:42 PM
 #32

Blockchain is a technology that can help countries get out of poverty, but for that to happen the leaders must be willing to do what it's best for the country.
Exactly because without adoption?blockchain will be nothing as the support of each government is a must for the technology helping the people.
Country-wide implementation is very hard even for well-developed states, however with small steps it can be an attainable goal. If I were a politician I would put so much more emphasis on tech.
there is noneed for countrywide implementation but at least each government will accept and let their people and agencies to at least have a choice to let blockchain enter or not.this is already a big help for adaptation .
I've recently learned about some automation cases based on RPA technology and I must say it is amazing how much time can be saved. Blockchain can not only save us time and money, but add a whole lot of transparency on top of those.
transparency and privacy in which we are all seeking from the very beginning .

I might say let the Schools from colleges to universities has Block chain subject.

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November 13, 2020, 03:25:52 PM
 #33

but it is a pity that some developing countries still do not fully accept bitcoin. This relates to the issue of regulation given by developing country governments. For example, in Indonesia, Bitcoin is legal and allowed only as a commodity trading and is not allowed to be a legal means of payment for several reasons about its high volatile risk.

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November 13, 2020, 04:08:53 PM
 #34

Bitcoin is the answer when inflation occurs during economic crisis in this pandemic.

Most of the countries are relying into it because they know the essence of bitcoin in their economy.

Many countries already engaged in the use or legalization of cryptocurrency in their country and that is a good sign that bitcoin is approaching the mainstream. I just don't understand why bitcoin is still underestimated in some countries and maybe that's the reason why they are struggling so hard with their economy.

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November 13, 2020, 04:46:14 PM
 #35

The role of cryptocurrency in economic growth in developing countries can be very important if it can be implemented in the right way. As Bitcoin is considered an acceptable medium for many transactions, it is possible for any country or organization to buy and sell products or services, improve business, and develop through the use of sophisticated technology. On the other hand, if it becomes a widely accepted medium in the world, it will facilitate the economic development of developing countries. In addition, countries with various economic sanctions can easily use Bitcoin to trade with the outside world through the use of Bitcoin.

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November 13, 2020, 05:06:48 PM
 #36

Truely, it helps a lot. Bitcoin and Other crypto currencies are helping people to earn and  find the way of living life. Every kind people whose are interested and spend time to crypto can get benifit and of cours it is helpful for the economy. Because some howit is using  in the country and government is getting tax.

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November 13, 2020, 07:55:50 PM
 #37

The Bitcoin and other crypto currencies are considered as an instrument to support the Growth in Developing economies.
If you can call the growth in terms of transparency then i would say it will help a country develop by eradicating corruption and have a transparent process.

They can be very helpful to provide access to  financial services to  community at large. As they are considered  a medium to support growth Process by providing better traceability of funds and help people to escape poverty.
Bitcoin can help people escape poverty if they are willing to take advantage of the free market opportunity bitcoin and the cryptocurrency market is providing and if you are able to do that then sky is the limit but to reach those poverty stricken places it will take a long time and the local government has to intervene in giving them basic internet facilities and so on for that to happen.

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November 14, 2020, 07:58:10 PM
 #38

Developing countries have really big troubles with bribery and crime, so in this context cryptocurrency technologies have advantages: at first transparency - any transaction is trackable, so any corruption schemes are at a serious risk of being tracked down by the officials. But, on the other hand, usual transactions are at a risk of being tracked by criminal monopolists and corrupt servicemen. So, developing countries with strong anticorruption authorities can try integrating cryptocurrencies into their financial system, while states with strong business-crime-authority coalitions will definitely be ruined totally with crypto, which will in this context just help criminal masterminds and bankers to control the whole countries' financial structure.

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November 14, 2020, 08:15:20 PM
 #39

I don't think that Bitcoin or any other crypto can help economy of any country if it's not officially introduced into economy and financial system and regulated. As far as I know no county has done that.
However, Bitcoin can help fight poverty on an individual level and every person, no matter if lives in developed or underdeveloped county, can with help of Bitcoin improve personal finances or even find some crypto related job.

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November 14, 2020, 10:11:43 PM
 #40

The Bitcoin and other crypto currencies are considered as an instrument to support the Growth in Developing economies. They can be very helpful to provide access to  financial services to  community at large. As they are considered  a medium to support growth Process by providing better traceability of funds and help people to escape poverty.
Bitcoin have an bigrole on developing country like my country phillipines our citizen are so illerate about the bitcoin they didn't know that it can help in financial problem. Every individuals can earn money in bitcoin because it is tax free and it can help us to grow our money.

Very well said. I totally agree with you that literacy is primary requisite to understand functionality  of Block chain and its role in day to day transactions. Philippines are well literate. I have worked with them for long time in Middle East. I am quite sure BTC will help to improve their economy  by accelerating country's growth rate.

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