Benefit of cryptocurrency in developing countries

[Masplanc]

One of the reason for cryptocurrency is to get the economy stable and the reason why it is leverage to individual is to get financial freedom.

One earn a decent living in trading cryptocurrency. My advice for youths is to trade and elevate themselves from poverty since government would not make provision for that.
Thank you

[Muenalo]

Ofcourse... Because not only have the governments failed, but they have also neglected the youths.
But thanks to Bitcoin for bridging the finanacial gap between we and those greedy politician who never gets tired of stealing what belongs to everybody to themselves. Because gone are those days when people come up to say "Youths are the leaders of tomorrow", because as for today, the opposite is the case..

So, I really don't know how to thank Satoshi Nakamoto for inventing this digital currency.. I say may your days be longer like the days of Metusala of old in the bible for making the little boy at 20years buy Benz, for making the little boy at 20years build house, and for making the little boy at 20years financially free..

Thank you so much Satoshi Nakamoto..👍👍👍

[MusaMohamed]

Cryptocurrencies help locals in developing countries can make borderless transactions, with fast processing time, and cheap transaction fees. Sometimes processing time is long when mempool is full or transaction fees can be expensive.

Generally, people will have more freedom if they use cryptocurrency.

People're living in developed countries can use remittance service to send crypto to locals, relatives in developing countries too.

[GeorgeJohn]

Cryptocurrencies help locals in developing countries can make borderless transactions, with fast processing time, and cheap transaction fees. Sometimes processing time is long when mempool is full or transaction fees can be expensive.

Generally, people will have more freedom if they use cryptocurrency. And note that not all countries that adhere or acknowledge cryptocurrency but they are still in development, so therefore crypto might bring development in any country and also may not bring development, so two things are involve in such scenario, weather possibility exist or impossibility exist.

People're living in developed countries can use remittance service to send crypto to locals, relatives in developing countries too.

I refute everything portray here, see it's obvious that the concept of introducing a digital currency is for security purposes and self control of finance without involving someone, and another objectives of cryptocurrency in society for appropriate investment without occurrence of harm, so from people perspective via cryptocurrency is that crypto eradicate poverty am create a pathways of richness.

Even though you're in crypto industry provided that your not conscious about things of crypto and self planned concerning crypto automatically your objectives via richness will not be activated or come in reality.

[Welsh]

Developing countries aren't likely to benefit from the features implemented in Cryptocurrencies directly. Instead, due to the nature of cryptocurrencies, and the frequent swings within what most would consider a very volatile market, it creates investment opportunities which could potentially land an investor a significant amount of profit. If you were a citizen in a developing country, and you invest only $10 worth back in 2010, you would be absolutely swimming in it now if you held on this long. That's what developing countries, or more specifically their citizens can benefit from cryptocurrencies.

[Little Mouse]

You are bringing some stupid things here by relating cryptocurrency and having passive income. Till date, crypto has certainly given good amount of profit but don’t forget that unless you are using crypto as means of currency, there's no benefit. Only having trade with crypto means nothing. It can have both affect, having passive income and losing everything you have.

[Fortify]

One of the reason for cryptocurrency is to get the economy stable and the reason why it is leverage to individual is to get financial freedom.

One earn a decent living in trading cryptocurrency. My advice for youths is to trade and elevate themselves from poverty since government would not make provision for that.
Thank you

I think that countries where banking infrastructure is the weakest will benefit most from cryptocurrencies. Banking can be a very fragile business and as we see with the Turkish currency - even a medium size economy can quickly falter due to government interference/mismanagement. While cryptocurrency suffers from volatility as well, at least it has a strong global popularity rather than being required for transactions by citizens of just one country. African banks may also be more susceptible, for a variety of reasons, to corruption and do not offer the deposit protections that some more developed countries possess. Internet and transport infrastructure can also cause difficulties in accessing your money. All these reasons offer a pretty compelling argument for the citizens of developing countries to try and put their money out of reach of nefarious actors. If they store wallets on something like a USB stick and have a safe place to keep it, then they can control it physically as well.

[Theb]

@OP remember that this is a beginner section and we must always be under the assumption that most of the readers hear are new and lacking knowledge about cryptocurrencies and the post you have now might mislead people that earning through trading is an "easy" way to have an income when in fact it is not. People have experienced it yesterday and the recent past days where Bitcoin plunged 20% of its value and around 50% from its all time high can you imagine how many newcomers have lost their money because of it? That will be majority of the newbies without any kind of knowledge and a trading plan entering the market, your words are simple and straightforward though it will be misunderstood by a lot of newbies as you haven't given them any kind of warnings about it.

[GeorgeJohn]

You are bringing some stupid things here by relating cryptocurrency and having passive income.

It's obvious that newbies are entitled to be corrected in average of their lapses, because if everyone that by this method to discuss or talk negativity about newbies who try to make a point with the level of he or her understanding about cryptocurrency, i think no beginners will come up again, i think what they really need here is encouragement or direction in order to make unknown to known to them, please let us point our word's in the format of advice for newbies because what we need here is the development of bitcointalk.
Mate do not take this as a correction but its my point of view via your response.

[cryptoaddictchie]

One of the reason for cryptocurrency is to get the economy stable and the reason why it is leverage to individual is to get financial freedom.

One earn a decent living in trading cryptocurrency. My advice for youths is to trade and elevate themselves from poverty since government would not make provision for that.
Thank you

Yes if you have the experience then this is possibly easy. Every traders have their own set of goal and styles. But if you rush into it without having any knowledge at all then that's it. Instead of earning, it could turn into liabilities.

More people believe that crypto is an easy money, maybe it is but its not easy as they sounded it. More like its a challenge and when you did it then you'll rip some reward.

[pooya87]

One of the reason for cryptocurrency is to get the economy stable

Not at all. Cryptocurrencies, specially altcoins, can not do that to the economy. In fact they may even cause more instability in countries with already unstable economy. Imagine if the highly volatile and manipulated altcoin market became big enough to attract more money that the stock market. Then each time there was a pump the stocks would have gotten dumped to move the money to the pumping assets that could severely harm the economy of that country.

One earn a decent living in trading cryptocurrency. My advice for youths is to trade and elevate themselves from poverty since government would not make provision for that.

I disagree. Many people, specially newcomers, have lost a lot of money in this market because of the manipulations. Just check out the past couple of weeks and thousands of people who were fooled into buying shitcoins that were dumped on them.

[Masplanc]

One of the reason for cryptocurrency is to get the economy stable

Not at all. Cryptocurrencies, specially altcoins, can not do that to the economy. In fact they may even cause more instability in countries with already unstable economy. Imagine if the highly volatile and manipulated altcoin market became big enough to attract more money that the stock market. Then each time there was a pump the stocks would have gotten dumped to move the money to the pumping assets that could severely harm the economy of that country.

One earn a decent living in trading cryptocurrency. My advice for youths is to trade and elevate themselves from poverty since government would not make provision for that.

I disagree. Many people, specially newcomers, have lost a lot of money in this market because of the manipulations. Just check out the past couple of weeks and thousands of people who were fooled into buying shitcoins that were dumped on them.

Yes not all cryptocurrency can add value to economy. But are there are still better cryptocurrency that can contribute to the economy.

Lastly trading needs studying because it is a profession.
You need to study trading very well to be able to trade effectively.

[Sanitough]

That's easy to say, mate, everyone is given an opportunity in trading but not everyone is expected to succeed.

Cryptocurrency is a currency that is not pigged in the economy of a certain country, so if you are smart, you'll make money here even if you are living in a 3rd world country, and the good thing is that living in such a country is not expensive so you'll enjoy a decent life.

Hopefully they'll realized soon and they are also willing to take the risk as crypto investing or trading is only for risk takers.

[Welsh]

Lastly trading needs studying because it is a profession.
You need to study trading very well to be able to trade effectively.

I guess this depends on your definition of trading. Since, technically waiting a long time period trades is still trading. Frequent trading usually takes a little bit more skill in anticipating what news could effect the market, but generally if you believe in Bitcoin in the long run, you could simply invest, and then take out a certain amount, once your target threshold has been hit.

[CryptocurencyKing]

Being 2nd, 3rd and so forth is not or never as significant as being first. This is to say that the world is competitive in all ramifications and as such, other nations waiting on others to produce that which they would use is absurd. Yeah, not all nations share equal resources which is why we have international traded but this is mostly limited to natural resources. The intellect of a nation can be built and this is where most developing nations fail.

I was deeply impressed when some countries, developing African nations like Nigeria was listed on some exchange as one of the highest crypto trading nations some time last year. They weren't the first in the world but then, it meant Africa is actually finding a place in the new world. Binance exchange on its own listed the NGN on its platform as the first of any African nation.

What developing nations needs is independence of its citizens through entrepreneurship and this is virtually what the cryptocurrency field offers. Equipped with this and the nation is set to battle economic challenges.

[Coyster]

One earn a decent living in trading cryptocurrency. My advice for youths is to trade and elevate themselves from poverty since government would not make provision for that.

Cause of the aftermath of covid-19 pandemic, most, if not all economies are struggling, and as such the financial system is somewhat changing, that's why institutional investors are now more interested in the Bitcoin network. But people still ought to better themselves by looking for ways to get jobs or businesses in real life, there's no better advice than that. Many people have been allured to crypto since mid last year, but it's still pertinent to alert this people on the risks inherent in the network, and as such that it's not a "get rich quick scheme" and that despite the struggling economy/inefficient government they still should not rely on crypto and find a source of income IRL.

[UserU]

Imagine in countries like Venezuela where things are so hyperinflated and crypto could really pay way better than their monthly wages.

Just watched one vlogger filming that how a Big Mac cost like almost US$ 8 there.

[ChuckBuck]

Just watched one vlogger filming that how a Big Mac cost like almost US$ 8 there.

Huh, you mean a phone that costs 8 bucks and can be used to record his videos and vlogs? By your standards, is it cheap or expensive? I am quite surprised that a phone that can be used for vlogging costs only 8$, it is so cheap compared to the phone in the place where I live. Usually, phones here cost at least $40, low-end smartphones here are at least $40, maybe this is also inflation?

Although not really recognized, it is a clear fact that cryptocurrency is having a great impact on many industries and people's lives in developing countries, it is a money-making opportunity. , a fertile land. Even for me, BTC has changed a lot of things since I came to know it 

[cheezcarls]

Cryptocurrencies are beneficial for developing countries in terms of borderless transactions, transparency, etc. Think about this guys. If you are going to send millions of dollars to another bank account of a different country, the bank has the power to accept or reject your transactions as they require you to provide additional documents that are likely time consuming and creates a lot of hassle. With Bitcoin, there’s no need for that because you can send it anywhere in the world with a Bitcoin wallet.

[pakhitheboss]

Generally banking infrastructure in developing countries are pathetic. For simple transaction like sending money might take couple of days or sometime more than that. Charges are also pretty high for transactions. In my opinion cryptocurrency will be beneficial to the general public in developing countries.