Crypto can help poor nations a lot

[Manila Tanaka]

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.

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.

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.

[Orpichukwu]

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.

[passwordnow]

Although that it's a fact that it can't help to remove poverty in all of the poor nations, the people that are engaged with it are having more opportunities. Just like in projects that generates new jobs and as total new economy. That's how it goes in general although many opportunities are in different forms. Many don't like the idea that there are full time airdrop people but to be honest, I've seen a lot of them in the past and even until now and fortunately, they're able to survive with the little that they have.

Success rate there is quite small and that's why they shouldn't just stick to it but to find more and better opportunities once they're able to make money from it. So, in general, this is about having a new form of source of income from those nations and that's helping each individual to have a better personal economy and uplift their lives through earning crypto in various ways.

[serjent05]

Crypto can be a tool to help poor nations but the ones who can support its nation's economy is it's their leaders and citizens implementing different programs that can assist in the economic growth of the country and the citizens participating in it.

If the government takes advantage of the new features blockchain technology brings, it can help prevent corruption and other criminal activities that affect the nation's growth.  For the cryptocurrency to be an aid, the government must first adopt it, enabling the technology to prosper in their jurisdiction.  This will attract different investors to set up crypto-related infrastructure, giving way to job demands, more taxes, and new products and services that can help generate income for the government and its citizens.

[Pokapoka124]

El Salvador are very bullish on Bitcoin and made it a legal tender. Has their Bitcoin investment made the country rich overnight? In order to reduce the poverty rate of a country, the economy needs to be strengthened and diversified to meet the growing demand of the population. Most third world countries are poor not because they lack natural resources but because of bad and corrupt leaders.

Cryptocurrency is not going to end world poverty. Even Bitcoin has its limits. Bitcoin is a currency and currencies do not reduce poverty. Bitcoin is also an asset, and you need money to purchase it and hodl as an investment. There are opportunities for holders to make profit from the market and improve their financial status. Trading is not the only way to profit from bitcoin, there are you can do any of the following;

• Become a P2P trader by just buying and selling cryptocurrencies on P2P platforms.
  
• You can become an educator, this is also one sector to leverage on, You can teach people and get paid. You can start a blog or a channel on YouTube and teach people how to navigate the blockchain and other crypto related matters.
• You can become a product developer, designer, coder( building smart contracts), website designer e.t.c. and charge for your services in Bitcoin.

The opportunities are limitless you just have to find your niche and work hard at it.

[agan husaeni]

It doesn't seem like that; a poor country has to work hard to get out of the poverty trap. Its people need to unite, build proper infrastructure, and create new job opportunities. Adequate education is also crucial so that future generations have the skills needed in the job market. In addition, innovation and technology should be used to boost productivity. Every individual has an important role in economic improvement, and if all elements of society move in the same direction, the hope for achieving prosperity is not impossible. It's not just about relying on bitcoin.

[d5000]

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).

[larry_vw_1955]

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.

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.

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.

how does someone in a poor country afford to pay $5 for a transaction fee though? if bitcoin is going to be useful to poor countries then fees need to be almost nonexistent.

[peter0425]

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

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.

[programmer3666]

Crypto can be a tool to help poor nations but the ones who can support its nation's economy is it's their leaders and citizens implementing different programs that can assist in the economic growth of the country and the citizens participating in it.

If the government takes advantage of the new features blockchain technology brings, it can help prevent corruption and other criminal activities that affect the nation's growth.  For the cryptocurrency to be an aid, the government must first adopt it, enabling the technology to prosper in their jurisdiction.  This will attract different investors to set up crypto-related infrastructure, giving way to job demands, more taxes, and new products and services that can help generate income for the government and its citizens.

Quite frankly I agree with your assessment of this, but unfortunately, Governments in some developing nations are treating the crypto space like it is a cancer to the growth of society so acceptance is not even an option in their Dictionary, But you can't blame them because most of their Digital regulatory bodies are more or less dominated by old men with outdated knowledge when it comes to technological advancement.

[AlphaBoy]

The most important part about crypto that cannot be underestimated is that it holds value no matter what, just like gold and silver.

The difference here is that gold and silver have very low margin profits; people who live on daily trading of those must have 100K nonetheless.

Stocks, on the other hand, may give more profit, but they're far more dangerous. If you buy a company's stock and the company goes bankrupt, your stock won't be worth the ink.

So, crypto is a very good investment in general. No matter how low it goes, it won't reach absolute zero; it will always have value, and both the margin profits and losses are changing much faster than gold and silver.

This is why so many poor countries and even developed ones are starting to adopt crypto in their sovereign funds.


Poor countries are poor for a reason; it's not just their government and the colonization history; it's the people themselves. Those people only understand the old school of creating money. In fact, they don't even understand the old school at all. Once Bitcoin reached the 20K line, anyone who understands jack about economy should've jumped in. Bitcoin is nothing but ones and zeros. What gives these ones and zeros value is the supply and demand in the most free decentralized market. Anyone who could've jumped in back then and did not take the chance doesn't know anything about economy.

[ThemePen]

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.

[BlackBoss_]

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

It is not true with impacts of Bitcoin and it is more untrue with impacts of cryptocurrency (altcoins). From individual to national impacts, neither Bitcoin nor altcoins can extremely help poor nations.

If a country is poor, fall behind the world, there are many core problems there and governments are responsible to fix these issues. It's not responsibility of Bitcoin or cryptocurrency (altcoins) to fix these problems.

In investment view, investors can get profit and get loss and no evidence to say all or most investors in one country will get profit from their investments. But as said, problems are more systematic and related to governments so citizens can not fix these problems with their investments in Bitcoin or altcoins.

Altcoins can be attractive but they are very risky.
Don't buy altcoins because they are top altcoins

[yhiaali3]

Yes, cryptocurrencies can greatly help poor countries, but they will not eliminate poverty completely, anyway.

Yes, working in cryptocurrencies can help the poor obtain additional resources through which they can improve their lives, given that the national currencies of poor countries have a very low value and are almost worthless due to inflation and other economic problems, so earning a little through cryptocurrencies may make a difference for some In poor countries.

Therefore, in my opinion, cryptocurrencies can help more personally at the individual level and not at the country level as a whole.

[ranochigo]

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.

[Apocollapse]

Even living cost in New York is expensive, I believe it's far better to live in there since blue collar jobs are available everywhere and you get paid decently rather than being poor in poor country where working in blue collar jobs didn't even enough to pay your monthly needs.

Crypto can help rich people who live in poor nations, instead of helping the majority of people who live in poor nations.

Wake up, look into the reality, don't become the next escape the matrix guy.

[Luzin]

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.

Maybe some countries can learn from El Salvador, but they can't imitate the same. Every country has its advantages and disadvantages. Bitcoin is very open to adoption and even increases the value of state revenue. But keep in mind that this adoption will not be easy either. They need economists and crypto experts.

If you just look at El Salvador's success and draw easy conclusions, I think it's difficult. If they manage the economy alone, they can't, let alone manage the volatile Bitcoin. So I think they have to improve the government and economic system to cultivate expert human beings. So that they are able to improve themselves.

[lembang]

Bitcoin and other cryptocurrencies are often talked about as potential tools to help poor countries in various ways, but they also come with challenges and risks that need to be considered. Bitcoin can provide access to financial services for people without bank accounts. With just a phone and an internet connection, folks can make transactions, send money, and store value. In countries with high inflation and economic instability, Bitcoin can serve as an alternative for storing value since it's not controlled by the government. However, the value of Bitcoin is very volatile. This can be a risk for individuals who rely on Bitcoin as a store of value, especially in poor countries that are vulnerable to economic crises. There's a need for education on how to use cryptocurrency safely and effectively, which may not be available in many communities.

[Darker45]

El Salvador are very bullish on Bitcoin and made it a legal tender. Has their Bitcoin investment made the country rich overnight? In order to reduce the poverty rate of a country, the economy needs to be strengthened and diversified to meet the growing demand of the population. Most third world countries are poor not because they lack natural resources but because of bad and corrupt leaders.

Cryptocurrency is not going to end world poverty. Even Bitcoin has its limits. Bitcoin is a currency and currencies do not reduce poverty. Bitcoin is also an asset, and you need money to purchase it and hodl as an investment. There are opportunities for holders to make profit from the market and improve their financial status. Trading is not the only way to profit from bitcoin, there are you can do any of the following;

• Become a P2P trader by just buying and selling cryptocurrencies on P2P platforms.
  
• You can become an educator, this is also one sector to leverage on, You can teach people and get paid. You can start a blog or a channel on YouTube and teach people how to navigate the blockchain and other crypto related matters.
• You can become a product developer, designer, coder( building smart contracts), website designer e.t.c. and charge for your services in Bitcoin.

The opportunities are limitless you just have to find your niche and work hard at it.

In poor countries like mine and El Salvador, many people go abroad in search of greener pastures. They will send back home money every month or every couple of weeks. In the case of El Salvador, more than 20% of its GDP is contributed by these migrant workers.^[1]

Bitcoin plays a vital role here. Before, a family member working from abroad sends via a bank or money transfer services. For somebody back home to get the money, he/she has to travel. In some situations, it takes hours and after 2 or 3 rides. They spend much for it and for the ridiculous fees charged by these third parties. There's also a lot of risks involved in this setup.

With Bitcoin, they will get the money from the comforts of their homes. They don't have to pay for the fares going to and from the banks. They don't have to pay exorbitant charges. They can spend it right away.    

It may not be helping the country itself, but it is already a lot of help to its citizens.

[1] https://www.weforum.org/agenda/2023/02/remittances-money-world-bank/

[Smack That Ace]

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.