I Hope Impoverished Nations Become A Bitcoin Network

[GlanePito]

Growing up, I have always read, heard, and occasionally seen how so many impoverished nations are unable to have the same standard of living and quality of life that I enjoy every day.

Now that places like El Salvador, Venezuela, and Nigeria are on the front lines of full scale Bitcoin adoption, the only feeling I have is hope for them.

How incredible would it be if these countries 192.168.0.1 routerlogin 192.168.l.l
were able to get themselves back on equal footing and dramatically improve the lives of their citizens?

I’m hoping, and we should make sure we fight hard for them. I’m so far from being an activist, but I’d fashion signage, take to the streets, and vocally show support for them.

Here is to hoping.

[dataispower]

Using Bitcoin in Nigeria is somewhat close to illegal. I reckon the adoption of Bitcoin in El Salvador as a legal tender, the president is actually trying by all means to make the economy become a stable one.

How incredible would it be if these countries were able to get themselves back on equal footing and dramatically improve the lives of their citizens?

For me it feels really amazing, and I'd try every available means within me to educate people about the utility of Bitcoin and how it can help improve the lives of people.

[Gamerholic]

I read a lot about this news and here's what I think. Really historical events are taking place before our eyes. However, it is worth considering whether this trend will continue and will it really come into fashion this year? I understand that El Salvador is a country where there are big problems with the financial system, most of the income comes from abroad, and therefore, in particular, the authorities took such a step. What will happen to countries where the situation looks different? the question is open.

[teosanru]

Now that places like El Salvador, Venezuela, and Nigeria are on the front lines of full scale Bitcoin adoption, the only feeling I have is hope for them.

1. Nigeria has a very restricted usage in regards to cryptos, it's central bank has banned all interactions of the banks with the crypto exchanges, so how is it on the front lines of crypto?.

Growing up, I have always read, heard, and occasionally seen how so many impoverished nations are unable to have the same standard of living and quality of life that I enjoy every day.

Now that places like El Salvador, Venezuela, and Nigeria are on the front lines of full scale Bitcoin adoption, the only feeling I have is hope for them.

How incredible would it be if these countries were able to get themselves back on equal footing and dramatically improve the lives of their citizens?

I’m hoping, and we should make sure we fight hard for them. I’m so far from being an activist, but I’d fashion signage, take to the streets, and vocally show support for them.

Here is to hoping.

Even if a country accepts bitcoin as a legal tender, let's say el Salvador or Venezuela in future, how will the country develop an equitable distribution of income? It's not that government is going to pay a universal basic pay to everyone and neither there is going to be any sort of special subsidies for using bitcoin, it's just the same, if you have the skill you get paid for your skill, just the payment comes in crypto? So why are you hopeful? How is there any Direct/ indirect relationship between both?

[dothebeats]

That’s wishful thinking. Bitcoin can only be used as a tool but never as a solution to a problem that stems from bas governance and outright corruption from officials who run these countries. We all want and hope for progress on these countries, but as long as those who are seated on the public office remain to be the same douches emptying the public coffers for their own gains, no progress would be made. Even if such a great opportunity presents itself to the people, if the government is swift to exploit it for their own, nothing is gonna happen.

Citizens from the countries you’ve mentioned should only rely on themselves to better their future, and be educated and well-informed on choosing who should they put in the spot to lead them. Crypto was never the solution, but is only a tool and possibly an opportunity to the citizens.

[DooMAD]

The crux of the matter is how many people and companies actually embrace the usage of BTC.  In many places, taxation and general bookkeeping is a legitimate concern for businesses who deal with BTC, but in El Salvador this will remove that hurdle and place Bitcoin on a level playing field with fiat.  However, because merchants have been given the option to convert it straight back to USD at point of sale, I'm curious to see how many actually opt to keep the bitcoins, versus how many take the off-ramp back to Dollars.  Considering, if they don't keep the BTC, then they'll continue paying their workers in dollars and BTC generally won't find its way into the hands of many people.  It's all going to depend on the choices these people make.   

[passwordnow]

How incredible would it be if these countries were able to get themselves back on equal footing and dramatically improve the lives of their citizens?

That's incredible and it's not just for those countries but also for other countries that have been allowing their citizens to intervene with bitcoin. A lot of lives have improved already especially with the last peak that we've seen for bitcoin. And what if we're going to see bitcoin more than $100k, $200k, and so on. It's difficult to believe for such high prices but we'll be going there very soon and it will make too many lives change for real which bitcoin has been doing it for years.

[GeorgeJohn]

Now that places like El Salvador, Venezuela, and Nigeria are on the front lines of full scale Bitcoin adoption, the only feeling I have is hope for them.

How incredible would it be if these countries were able to get themselves back on equal footing and dramatically improve the lives of their citizens?

Some countries as you mentioned here adopt cryptocurrencies initially but just of a sudden they ran out of adoption of cryptocurrency, now looking for a way to retrieve the previous standard or bond, I don't think it will be up to the
initial standard because if companies in a such a country as stipulated or emphasised via Nigeria were among of the list of cryptocurrency users,and that means  by now companies would have indulge of payment with Crypto, and it would have stand in order, but since they dislike crypto from the time, the board haven't stand firm till now, I don't really think it will work,

And remember op, that Nigeria system of government suspended the uses of cryptocurrency via their Central Bank Of Nigeria through the Governor, and Nigeria as a country never be in Frontlines of cryptocurrency any longer, it was before not currently.

[Darker45]

That’s wishful thinking. Bitcoin can only be used as a tool but never as a solution to a problem that stems from bas governance and outright corruption from officials who run these countries.

I've always been in the thinking that Bitcoin is indeed a tool more than a direct solution to a lot of financial, political, social, and economic ills of society. However, it is also worth acknowledging that Bitcoin is actually of so much help to address certain problems resulting from inequality, financial exclusion, and others. So to a certain extent, Bitcoin indeed fixes some of these problems.

Take for instance the case of El Salvador where 70% of the population is unbanked and at least 20% of the GDP is based on remittances. Cross-border transactions are heavily reliant on remittance centers such as Wester Union which charges high fees and whose nearest branch may not be readily accessible to a lot of people. Bitcoin indeed solves this problem.

In the long term, bad governance and corruption which include indiscriminately printing money out of thin air, distributing it among themselves and their businesses, lack of economic foresight, and so on would result to a weak currency, uncontrollable inflation, and overall crumbling economy. Somehow, Bitcoin fixes this.

[vv181]

How incredible would it be if these countries were able to get themselves back on equal footing and dramatically improve the lives of their citizens?

Sure! giving anyone in the world equality of opportunities is such an ethical thing to do. But how in the hell Bitcoin could improve those impoverished nations? Just because bitcoin exists doesn't mean it will solve all the world's problems, especially poverty. Some people have been already working toward making a better world before Bitcoin even exists, yet we still didn't manage how to get it right. A poverties is such a complex problems, and it won't be solved by Bitcoin.

[TheUltraElite]

Not Nigeria mate, they are currently not giving off any positive vibes about crypto adoption but yes some countries where the economy has been poorer compared to others seen to be have been the first in adopting bitcoin as a legal tender.

But none of us are economists at this forum, whether this is being orchestrated by a certain group of people for some specific needs or gains is not understood. For traders and long time hodlers this is good news but it it worth watching how other countries are going to progress about this. Whether their country is acting as a haven for tax evaders and whether they are using this to liquidate their holding is debatable.

"Showing support" for them - I dont really think that is the option for common people to do. In many countries the pandemic is still going on. Coming down on streets to show support happened in many countries but good luck with that.

You can support bitcoin by using it, no need to be vocal about it.

[BIN-BIN]

I received the news of El Salvador’s acceptance of bitcoin as a legal tender with great pleasure. This will indeed help improve the life of the citizens of the country economically. But we cannot say the same about Nigeria where bitcoin is declared illegal by the government despite the large population of Nigerians using the digital currency bitcoin.

[Obito]

If they are impoverished, that also means that they will have a very bad Internet infrastructure and advancement in technology in their country is equivalent to that of 1700s or less. It will be difficult what you are hoping for if the people that is the would be lifeblood of the network can't even access it.

[baeva]

It's all fine. But how are they going to deal with the transaction speed? This is far from the only bitcoin problem, I would say it doesn't fit as the main currency at all. Now there are coins that are more convenient than a btc

[NotATether]

The crux of the matter is how many people and companies actually embrace the usage of BTC.

I have a feeling that most of the companies aren't going to follow suit just because their government made BTC a legal tender. It boils down to whether they are comfortable doing their daily transactions in BTC, and obviously, when you're coming from a dollar standpoint, it's really hard to break old habits and changing your accounting, B2B contract payments, and salaries all to Bitcoin.

Then there's the problem of us not having a de facto SPV wallet that works on all platforms. Electrum comes close but doesn't make the cut. That would make things so much easier for people who just want to get paid and don't care about the technical details of bitcoin.

[cryptomaniac_xxx]

First, we have to look at how BTC is going to help those "Impoverished" nation. Will it really lift them up or at least help their financials to be stable?

So there's a lot of factors to consider before we see bitcoin as a solution more than a problem for those nations. How about it's volatility, or the technicalities involved with having your own wallet that you have control. We can't really tell what will be the outcome of El Salvador legalising bitcoin, might take years for us to really see if it really help or not.

[zanezane]

First, we have to look at how BTC is going to help those "Impoverished" nation. Will it really lift them up or at least help their financials to be stable?

To answer your question, I don't think so because I am pretty sure that these impoverished nations will not have any infrastructures to support bitcoin network or even make an access for their citizens to the Internet where bitcoin resides. Regarding stability, they need a government that is united and have the crimes lowered but it will be impossible.

[Henrobakkara]

Growing up, I have always read, heard, and occasionally seen how so many impoverished nations are unable to have the same standard of living and quality of life that I enjoy every day.

Now that places like El Salvador, Venezuela, and Nigeria are on the front lines of full scale Bitcoin adoption, the only feeling I have is hope for them.

How incredible would it be if these countries were able to get themselves back on equal footing and dramatically improve the lives of their citizens?

I’m hoping, and we should make sure we fight hard for them. I’m so far from being an activist, but I’d fashion signage, take to the streets, and vocally show support for them.

Here is to hoping.

It all bores down to the vision of the Head of the nation and the El Salvador President has shown that he will take the bull by the horn and tackle the country's financial crisis through Bitcoin adoption but this is something we cannot say for a country like Nigeria at the moment because Bitcoin is almost something that is seen as illegal even though the government will tell you that they didn't ban Bitcoin but they ban every Bank and other financial institutions from transacting in and cryptocurrency related transactions.

 

[DooMAD]

The crux of the matter is how many people and companies actually embrace the usage of BTC.

I have a feeling that most of the companies aren't going to follow suit just because their government made BTC a legal tender. It boils down to whether they are comfortable doing their daily transactions in BTC, and obviously, when you're coming from a dollar standpoint, it's really hard to break old habits and changing your accounting, B2B contract payments, and salaries all to Bitcoin.

Then there's the problem of us not having a de facto SPV wallet that works on all platforms. Electrum comes close but doesn't make the cut. That would make things so much easier for people who just want to get paid and don't care about the technical details of bitcoin.

Indeed.  Part of me feels like the most significant part of all this is the political power-play, roughly equivalent to raising a middle finger to the US and the IMF while the world watches on.  I guess we'll see how committed the government of El Salvador really is to supplying their people with the infrastructure to actually support real world usage.  That's what will likely determine the outcome.  Hopefully it's not just an empty gesture on their part.  If they really do want people to use bitcoins, they'll make the transition as easy as possible.

[ropyu1978]

I also hope so, because if poor countries become a bitcoin network, slowly their economy will improve, because of the many benefits that can be obtained from bitcoin, poor countries must take steps like el salvador which has legalized bitcoin.