Crypto can help poor nations a lot

[pooya87]

Because crypto is global and if the standard of living in New York is very high and an apartment there is very expensive, you can get little value from it despite many cryptos. The situation is quite different in poorer countries, where it is very easy to achieve a lot with little money and therefore It's a globally averaged standard where crypto helps poorer countries disproportionately.

You are confusing cost of living with standard of living. For example in a place like NYC the cost of living is extremely high and the standard of living being very low (with all the rats roaming around and the infrastructure that is falling apart for being too decrepit).

This is really good and therefore you should promote crypto.

It can help to address inequality and improve living standards in poor countries, being of benefit to everyone. 

Let’s discuss today about Crypto and how it can extremely help poor nations.

You said a lot of things but you forgot to say HOW!

If you think that if people of any country (poor or otherwise) invest in cryptocurrencies and their standard of living would magically go up, then you are mistaken. In fact it can have the opposite effect, their standard of living could drastically decrease as they lose a lot of money in a highly volatile and risky market called the altcoin market.

The only way any country can truly benefit from this new thing called the blockchain technology is if they start real businesses built because of  or on top of this technology. For example if they can produce the energy and run mining farms. If they can start exchanges and offer services and earn a revenue.
In that context this can help the countries with "low cost of living" a lot because of the exchange rate difference.

Otherwise "investing" in some shitcoin and hoping the price goes up so you get rich and increase the standard of your living is not something that can be said "is helping the nation".

[Solokan]

In my opinion there is no guarantee for poor countries to be able to become developed countries because they are involved in crypto and I think it would be more accurate for you to mention bitcoin because in this discussion thread bitcoin maybe you mean bitcoin or not? because in general, in my opinion, crypto is all-encompassing because of course there are various types of crypto.

In my opinion, of course a country has the potential to make progress in terms of the economy if its people invest or are involved in the crypto world, but of course the most important thing is that it must be supported by the government because with the support of the government there will be a smooth flow for people to get involved in the crypto world. but of course in this case it depends on the interest of the community and the extent of the community's insight into bitcoin because of course without the insight that the community has then it is very difficult for the community to make a profit even though they are involved in the crypto world because of course the important thing is profit because if for example they lack knowledge and are involved In the crypto world, it will be very difficult to make a profit and sometimes there are even losses.

But of course, if the government holds a program so that people learn about crypto and blockchain, there will be potential for the economy to progress and the country will have the potential to continue to experience economic improvements.

However, for poor countries that adopt Bitcoin, of course there is at least the potential for the country to experience economic progress.

[Z_MBFM]

People need to realize that bitcoin will not fix a whole country by itself. The citizens need to have that initiative to buy and hold/trade bitcoin for the betterment of their lives. The government needs to be pro-bitcoin so it can actually help a country get better economically speaking.

But if you want to take advantage of the difference between usd and say any fiat money from any country, then that would be a totally different story.

Hmmmm.. you are right that Bitcoin can not fix country economic problems on its own. People need to take action and use Bitcoin to improve their financial situation. Government also needs to support Bitcoin to help country economy grow. But if someone wants to make money by exchanging USD for other currencies that is different approach. Overall Bitcoin can help country economy if people use it and government allows it to grow but it ca not do it alone.

To be honest, I still haven't figured out how bitcoin will help the country's economy develop even if the government supports it and urges people to use it. Basically to own bitcoin, people need to have money, which means the government needs to create jobs, more jobs and motivate people to work together to create money. From there, everyone's lives will improve and will boost the domestic economy. Meanwhile bitcoin is just a currency or even just an investment asset like gold. Bitcoin doesn't create jobs, can't help attract foreign investment and build domestic businesses...so I don't think if the government supports bitcoin they can improve their economy.

Ok I agree with you but what I think from my point of view is that bitcoin is a coin to think about after gold. Gold is not a property it is a resource. Property is destroyed but wealth is not destroyed. Bitcoin is one such coin that can expect good things in its future.
When it becomes valid, its very good side will be noticed. If formalized, it will have an impact on the country's economy. When it gets legalized, the government will bat on it and from here the government will have earnings. Apart from that, when it can be used in business transactions, it will benefit from it.
When it can be fully utilized then positive aspects can be observed from all aspects. It is much needed to keep pace with the developed world. Hopefully it will be legalized in line with the developed world and everyone will benefit from it.
But it will not take much time to happen so soon. Managing Bitcoin is not so easy, one has to come forward from many aspects to manage it. But because it is possible for me, it will be possible in the future

[lovesmayfamilis]

It can help to address inequality and improve living standards in poor countries, being of benefit to everyone. 

This phrase is as utopian as it can never become reality.

There will always be poor and there will be rich, and dreaming that one day the world could be changed by cryptocurrency or some new invention is useless. However, one can understand those people who are in a poor situation, and for them, several stories of enrichment of their neighbors will always be encouraging and motivating. But first, people need education, as well as a good income that will allow them to have some amounts for investment that will not affect their lives and their most necessary expenses.

[stompix]

Poor nations can't afford crypto!
And if poor nations would magically get the money to buy Bitcoin they would till need the rich nations to buy their Bitcoins when they want to sell, otherwise, you wouldn't have made anything!
Now, seeing that the majority of Bitcoins would be held by other nations, why would the rest buy into those assets and enrich those when they could simply choose a different one and with their greater financial power make that successful?

The "El Salvador way" is mainly to try to attract investments from foreign Bitcoin-related companies. I believe this approach will only work for small countries, where even a few investments by large crypto firms could impact the country's GDP. And we still don't know if it worked in the case of El Salvador. I've still not really seen big exchanges or other crypto firms establishing themselves in the country.

And their GDP growth for two consecutive years is the lowest in all of Central America, which means that countries without this incentive have done better!  

[Yucky]

There's difference between crypto and the knowledge of crypto. Crypto alone can't help poor countries come out of thier poor state since most of them don't even have the knowledge to get involved in the crypto sector. For you to even benefit from crypto, it's either you're an investor, a manner or a trader. For you to be a successful investor it means you aren't poor and that you can afford to feed yourself comfortably and have some reserve funds you can use in investing into Bitcoin or whatever crypto you so desired. That directly has excluded most poor people from benefiting from crypto and the other way they are left with his to become a crypto trader. Crypto trading isn't even for the poor who wouldn't want to risk is money in search of more money and get devastated in the process in the event of a loss. The last option which is mining would also be an issue since the level of adoption hasn't been that much and we have to start to consider if mining is acceptable in that region or not.

Poverty isn't solved by a financial system like crypto. Key economic policy and personal development and learning of the right skillset is what solves it. As a community, we can decide that out of our generosity that we would help nations that are ravaging in poverty but that's just a slime possibility that's not enough reason to bang on as to suggest that crypto can help a poverty stricken nation. Your leaders, yourself and God are the three things that can help your nation out of poverty.

[Swordsoffreedom]

In my opinion there is no guarantee for poor countries to be able to become developed countries because they are involved in crypto and I think it would be more accurate for you to mention bitcoin because in this discussion thread bitcoin maybe you mean bitcoin or not? because in general, in my opinion, crypto is all-encompassing because of course there are various types of crypto.

In my opinion, of course a country has the potential to make progress in terms of the economy if its people invest or are involved in the crypto world, but of course the most important thing is that it must be supported by the government because with the support of the government there will be a smooth flow for people to get involved in the crypto world. but of course in this case it depends on the interest of the community and the extent of the community's insight into bitcoin because of course without the insight that the community has then it is very difficult for the community to make a profit even though they are involved in the crypto world because of course the important thing is profit because if for example they lack knowledge and are involved In the crypto world, it will be very difficult to make a profit and sometimes there are even losses.

But of course, if the government holds a program so that people learn about crypto and blockchain, there will be potential for the economy to progress and the country will have the potential to continue to experience economic improvements.

However, for poor countries that adopt Bitcoin, of course there is at least the potential for the country to experience economic progress.

Whether it is cryptocurrency in general or bitcoin in particular, it will not be able to turn a poor country into a developed country. If we legalized bitcoin and relied on it to turn a poor country into a developed country, I think governments around the world would have done it a long time ago without us suggesting or giving them ideas. The country's economy can only progress and develop when people's lives improve and to do that the government plays a key role, they must find ways to create jobs and bring income to people. Meanwhile, cryptocurrency or bitcoin is just a financial market, so we should stop having the illusion that by simply investing in bitcoin, people can easily improve their lives. Because financial markets have winners and losers, and no market can bring wealth to everyone.

[Rockstarguy]

Cryptocurrency is not a money generator or wealth creator,  if you are poor their is nothing cryptocurrency can do to change one from being poor to become rich. If cryptocurrency is a way to make people rich by now we should be having just few persons in the world that is poor. Cryptocurrency is just like an helper to add value to the money we already have.

Before the existence of cryptocurrency most people work and earn money , keep it in the bank for a very time, all these times the money looses value because of inflation and how the banking system is designed. Bitcoin is just a good store of value for longterm investment that can make people financially stable and not a means to make people rich who don't have income.

[stomachgrowls]

One thing you need to know is that crypto doesn't perform any magic. If the country is poor, the first thing that should be done is for the government and its citizens to help them upgrade to a certain level where they can help themselves.
 
If you are living in a poor country, how can you afford to buy the crypto that you think can be used to come to the person's aid? Crypto is not always the solution to everything. No doubt it can work for some when they spend a few pennies picking a few shitcoins. Luck can be on their side, and it will be a life-changing story, but it's not always like that.
 
Crypto doesn't eradicate poverty; sometimes it can even make you poor if you lack the proper knowledge, but if you have it and also have the right resources, you can also make a fortune out of it.

Totallly on point and this is something that those new people or noobs should really be tending to realize on first and not really that making themselves delusional that cryptocurrencies could really beable ot changed up their lives in a snap. On the moment that they would really be having such approach then they would really be that definitely be thinking that its is the solution of everything on the time or moment that they would really be making up some purchase.If you are someone who do really know about the basic concepts or principles on how investment works then you wont really be ending up with this kind of idea.

Some people do really have this kind of mindset but on the time that they will really be able to experience for themselves on how this market works then they would really be making those kind of realizations.
This is where they would really be laughing into themselves on what are their views and impressions on the first time that they known it which is really that totally wrong. Progress lets say on someones life
or focusing just for an individual then you are the ones who would really be doing such ways or methods on how to make your life way more better and progressive.

[Blitzboy]

Love this idea. Crypto's great, right? Unrestrained potential. These weak economies need a boost to grow. Crypto, its the great equalizer. No matter your status: billionaire in Manhattan or farmer in Zimbabwe. Everyone can use the global financial system. And this is huge. We're talking about financial freedom for beginners.

Blockchain is secure and transparent. No more dodgy transactions or crooked regimes controlling money. Win-win. And for inflation-stricken nations? Ignore it. Crypto is a storm-proof rock. Already happening, guys. Just observe Venezuela.

Of course, obstacles exist. You must construct infrastructure and educate people. But this is future investment. Investing in people. This investment will pay off big time. So lets finish. Accept this technology. Make the world fairer so everyone can succeed.

[Spaceman1000$]

There are some ways Bitcoin can help poorer countries, but not all may work in all cases.

The "El Salvador way" is mainly to try to attract investments from foreign Bitcoin-related companies. I believe this approach will only work for small countries, where even a few investments by large crypto firms could impact the country's GDP. And we still don't know if it worked in the case of El Salvador. I've still not really seen big exchanges or other crypto firms establishing themselves in the country. But at least their reserves are growing

For other countries, of course the "crypto economy" can bring opportunities for local startups and entrepreneurs, like @Pokapoka124 wrote. Another example are ICOs. While most will think about scams when they hear that word, if accompanied by adequate investor protection measures, it can be a cheap and efficient tool for fundraising for local companies, with potential global sourcing for the funds. I like for example the approach they took in the European Union: if you present a whitepaper in a certain format informing your potential customers -- a simplified "prospectus" -- then you can fundraise money via ICOs. This makes scams and rugpulls much more difficult.

In general a crypto-friendly regulation in poorer countries can benefit the local economy more than in rich "industrialized" countries because it allows local entrepreneurs to take part of a globalized technology sector. Trying to find financing from global capitals for a African, Asian (outside the "tech hubs" like South Korea or Singapore) or Latin American company is often quite difficult, the crypto sector can simplify that task. It's a pity for example that the Central African Republic scaled down their Bitcoin and crypto initiatives (even if the first approach may have been fueled by corruption).

I totally agree with the point you've raised. Is only a handful of individuals in third world countries who have the wherewithal that can purchase or invest in bitcoin. But one of the major contributions bitcoin can do to most of these poor countries if entirely adopted, is to help reduce corruption because corruption has been the major ant🐜 eating resources of the people. Because with the adoption most transactions that the government will initiate for projects and empowerment can easily be followed up by citizen using the blockchain technology.

Although that can only do a little to reduce poverty, the major work to be done is for the Government to be proactive and built industries that will help them to increase their productivity, that way they can help to grow their GDP and gradually move away from the poverty line.

[Smack That Ace]

()

Ok I agree with you but what I think from my point of view is that bitcoin is a coin to think about after gold. Gold is not a property it is a resource. Property is destroyed but wealth is not destroyed. Bitcoin is one such coin that can expect good things in its future.
When it becomes valid, its very good side will be noticed. If formalized, it will have an impact on the country's economy. When it gets legalized, the government will bat on it and from here the government will have earnings. Apart from that, when it can be used in business transactions, it will benefit from it.
When it can be fully utilized then positive aspects can be observed from all aspects. It is much needed to keep pace with the developed world. Hopefully it will be legalized in line with the developed world and everyone will benefit from it.
But it will not take much time to happen so soon. Managing Bitcoin is not so easy, one has to come forward from many aspects to manage it. But because it is possible for me, it will be possible in the future

I also hope that in the future bitcoin will really bring benefits and impact to the world economy once it is widely applied. But for now it is clear that it has not had any impact on our economy, it is still too early to say that it will have a positive impact even if the government legalizes it.

If a country wants to improve its economy, the government should focus on improving imports and exports, creating more jobs...with thousands of policies to promote and support people to increase their income. Don't think that simply relying on one asset like gold, bitcoin or any other asset can easily improve a country's economy. The economy doesn't work that simply.

[DubemIfedigbo001]

Let's discuss crypto today and how it could help poorer countries enormously.
We all know about crypto, how it is still very new and it is very advanced by technology, but also requires a technical infrastructure which is not available in all poor countries.

For the records, crypto is not entirely new, it dates back to the 1980s.
In 1983, American cryptographer David Chaum proposed a form of electronic cash. He conceptualized a token currency that could be transferred between individuals safely and privately; the similarities to modern-day cryptocurrencies are striking.
The first cryptocurrency was eCash, developed by the company DigiCash in 1990. The concept and company were created by cryptographer David Chaum, who in 1983 published a paper titled "Blind Signatures for Untraceable Payments."
read up more here

It is important to have expansion of infrastructure, and when it happens, crypto is also becoming more famous in more and more poor countries.
Because crypto is global and if the standard of living in New York is very high and an apartment there is very expensive, you can get little value from it despite many cryptos. The situation is quite different in poorer countries, where it is very easy to achieve a lot with little money and therefore It's a globally averaged standard where crypto helps poorer countries disproportionately. This is really good and therefore you should promote crypto.

Not only poor countries, even rich countries need crypto to expand their economy with crypto adoption because it promises to help both the government and its citizens alike in various mediums.

For example:
Revenue for the government, jobs for its citizens, development of skillsets by the citizens  eg Trading, opening the door to crypto partnerships with local industries which would boost adoption in the country and revenue for the companies e.t.c

It can help to address inequality and improve living standards in poor countries, being of benefit to everyone. 

Definitely, let me give you a practical example, for countries that the value of their currencies are very much below the USD, earning in crypto or crypto involvements would see you get your dividends in USD worth and upon conversion, you would have more funds at your disposal and your standard of living must have improved considerably and it would decrease dependence on the government for survival.

[summonerrk]

It seems to me that poor nations will benefit most from Bitcoin not because it can provide them with windfalls.  Such as subscriptions from the forum, distributions, airdrops or staking.
The biggest plus is that cryptocurrencies give gifted teenagers a chance to escape poverty and move to good conditions. And since Bitcoin is independent of anything, nothing can stand in the way of these teenagers, and this is the freedom and enthusiasm that was originally inherent in cryptocurrencies.

[yudi09]

This is really good and therefore you should promote crypto.

It can help to address inequality and improve living standards in poor countries, being of benefit to everyone. 

Let’s discuss today about Crypto and how it can extremely help poor nations.

Basically no. In the smallest scope, crypto cannot make a poor family prosperous. It is just a system, not a miracle that can change poverty overnight like magic in the world of movies.
The assumption that is still in the minds of lay people that crypto can be a quick way to get rich must be helped to be corrected because it is wrong. It could be that in a matter of days if there is no good knowledge about crypto, all your money will be lost. The term crypto is too broad because there are many types.

[Sonia_123]

Without the government putting necessary measure of the country in order it will be difficult for crypto to salvage that country, rather it will be doing more harm than good
because when we talk about poverty ,it means there is little or no financial resources or basic necessities of survival to met the  standard of living ,when a country is poor, it means there is total failure,and so you have to bring the country out of that situation before introducing crypto to her .

[SmartCharpa]

In my opinion, when it comes to cryptocurrency, the wealthy are still the ones who make money consistently from trading. In other words, when poor people want to invest, they will first consider whether they will lose money or not because that is all they have, and the wealthy are not afraid to do so because even if they lose, they won't be poor. Several people lives have changed through cryptocurrency, they invest wisely and make enough profit to cover their first investment.

However, I have not heard any news where cryptocurrency has improved the position of a poor country, so it is impossible. Before cryptocurrency can improve a country's standing, the government and its citizens must first improve the country and its living conditions. If a poor country puts its life savings in cryptocurrencies without much knowledge of it, it's very risky and they will lose money. If a poor country assumes that cryptocurrency is the only option to better their situation, they are mistaken, they must first improve themselves by learning more about cryptocurrency before engaging in crypto trading.

[dezoel]

Firstly, if you treat Bitcoin like a speculative asset, then prepared to be burned. It isn't something for people that are living below poverty line or governments with low GDP to grow in.

In terms of business investments, even cross border ones; It probably wouldn't be that straightforward because funding is one thing and having sustainable FDI is another. Most of the countries living under the poverty line has fairly poor governance, economic stability or business prospects. These are the key factors that investors have to consider and hence that's why companies or investors are generally more interested in areas where they are able to have a stable foothold to grow their businesses or invest in.

I find that it would benefit more with Bitcoin or even better, other stable coins being a more sustainable form of transaction currency to facilitate more fluid and ease of local and cross border capital transfers.

Isn't that is what Bitcoin all about? (a speculative asset) and a currency of course. Actually it is a currency as a main but it's just that many people are treating it the other way. I wouldn't blame them because Bitcoin's value is increasing consistently. Who wouldn't want to earn a decent profits easily anyway?

Investing is risky but a serious investor knows and accepts this already. Even those who aren't that serious and just rush, can take it as well, because they already buy it anyway, though some of them can only regret it in the end, especially if the final outcome is not successful. With what is said earlier that Bitcoin can provide decent profits, it is actually a big help for those who are living below the poverty line. If the country's own currency is not performing well, I think Bitcoin can also be used as an alternative to them.

In between stable coins and Bitcoin as a currency means for cross-border payments or transactions, Bitcoin is the winner here, because we all know that stable coins are centralized and a lot of factors can interfere with us. It's so hassle. Stable coins still has their own edge against Bitcoin and that is they are very stable.

[Onyeeze]

There is some certain things that we don't really understand when we come to cryptocurrency aspect cryptocurrency cannot help a nation to go out of inflation because it is a digital currency that many countries or many nations fail to recognize so based on that note many countries Fell to invest in Bitcoin the only country I know that's right partially for investing in Bitcoin according to some articles and bloggers in internet is China so I heard that China resurrect their economy through investment of a digital currency being decentralized currency like Bitcoin so I believe that any country that want to be poor free can also invest in Bitcoin knowing that the investment is a reserved for her economy

[irhact]

Cryptocurrency is not a money generator or wealth creator,  if you are poor their is nothing cryptocurrency can do to change one from being poor to become rich. If cryptocurrency is a way to make people rich by now we should be having just few persons in the world that is poor. Cryptocurrency is just like an helper to add value to the money we already have.

If you invest in cryptocurrency you can create wallets therefore cryptocurrency can create wealth but before that you already havet to own some money that you'll use in investing in cryptocurrency to make money. If you don't have money, you can do some other activities that other individuals are doing to get some money then you use that money to buy Bitcoin or altcoins and if you hold for sometime you can make money which is also a way you can create wealth by investing in cryptocurrency and holding. Cryptocurrency can help any country or individual that invest in it if you make a big profits and get alot of money.