Crypto can help poor nations a lot

[mirakal]

It can help, and it can be a solution, but that doesn't mean this would take everything and help all poor countries if they don't help themselves as well. Crypto remains a tool for improvement, but this only applies to those who want it, not those who wait and relax. 

Every leader should take responsibility for the improvement of their economy. Like El Salvador, the president takes risks and struggles before people are proud of his actions. Maybe other countries can do the same to see the fruitful outcomes of inventing crypto, particularly bitcoin. We can't tell if this could help until we try. Who knows exactly if this action will uplift the economic situation of the country? 

[Yatsan]

The major goal of bitcoin was to help people be absolutely responsible for their money without having any government interference or what so ever.
Over the time, bitcoin has proven itself to be the hope of the common man where everyone who invest wisely is always profitable at the long run and this alone is already going a very long way to improve the society as people are already getting gainfully engaged with it and with the help of the profits, physical projects are carried out which also helps improve the society.

I also read a response from user some time ago and he said something that actually fits in here “people should expect bitcoin to solve non technical problems of country” with this, I think it’s fine to say that, even if bitcoin can make a country grow from poor to rich, it should do it at its pace and not people expecting it solve all human problems.

We all know Crypto were the product of blockchain technology and the concept can be applied in lots of different ways. Blockchain systems can very much help small businesses who's often short of cash and can't afford to borrow money. We knew banks don't lend money in places where fraudulent or easy to fake invoices are common like inconsistent and error-ridden records, so blockchain tech can be the bridge to those concerns as all records must be authenticated. Blockchains also helps individuals' contribution to aid effort or for charity even overseas, so donors can transfer directly for example at bitcoin.

On the contrary it only works on someone who's already in the blockchain system, how about on poor nations who don't have access to it, and only few individuals hold any worthwhile accounts. In the long run, it only makes poverty much more prevalent. Overall shortage would bring about utter environmental destruction and poverty by spending the meagre available resources on mining.

[Peanutswar]

We know the potential of crypto and how to give profit to those holders but not all people have the chance to buy at least they have different needs so people keep choosing for their daily needs to survive as possible,  but we cannot push other people to invest with the crypto, some of them afraid to risk their money to those things they don't know lets accept the fact this always happen even you keep pushing through others its crypto still risk is right there with the volatility. Still on the government how the country will grow.

[kryptqnick]

I can see many people pointing out that cryptos aren't magic and won't solve the problem of poverty on their own and turn around the country's economy. I fully agree with that. Adoption of Bitcoin and/or crypto-friendly economic regulations to encourage investments and businesses can be a part of a comprehensive strategy at best. If there's widespread poverty, we should look at root causes and at what can be done to systemically empower those who are currently worst off. Fighting corruption, providing quality education, and encouraging a business-friendly environment are all likely to be useful if introduced together.

[Marvell1]

It can help, and it can be a solution, but that doesn't mean this would take everything and help all poor countries if they don't help themselves as well. Crypto remains a tool for improvement, but this only applies to those who want it, not those who wait and relax. 

Every leader should take responsibility for the improvement of their economy. Like El Salvador, the president takes risks and struggles before people are proud of his actions. Maybe other countries can do the same to see the fruitful outcomes of inventing crypto, particularly bitcoin. We can't tell if this could help until we try. Who knows exactly if this action will uplift the economic situation of the country? 

El Salvador was the first country to accept bitcoin as legal tender but it is still not the only legal currency there, they still use USD as their official currency. In addition, the fact that they have made great strides in improving the country is not because they accepted bitcoin but because president Nayib Bukele has had strong policies in cracking down on crime and reviving the economy in many different ways. If I remember correctly, in the last election, 90% of voters decided to vote for Nayib Bukele because they supported his policy of cracking down on crime because this was the most difficult issue in their country. 

In my opinion, to improve a country's economy, the president and the government need to find the causes and weaknesses of the economy and come up with solutions. It is not possible to fix and improve a national economy simply by legalizing a decentralized and volatile currency.

[Blitzboy]

The major goal of bitcoin was to help people be absolutely responsible for their money without having any government interference or what so ever.
Over the time, bitcoin has proven itself to be the hope of the common man where everyone who invest wisely is always profitable at the long run and this alone is already going a very long way to improve the society as people are already getting gainfully engaged with it and with the help of the profits, physical projects are carried out which also helps improve the society.

I also read a response from user some time ago and he said something that actually fits in here “people should expect bitcoin to solve non technical problems of country” with this, I think it’s fine to say that, even if bitcoin can make a country grow from poor to rich, it should do it at its pace and not people expecting it solve all human problems.

We all know Crypto were the product of blockchain technology and the concept can be applied in lots of different ways. Blockchain systems can very much help small businesses who's often short of cash and can't afford to borrow money. We knew banks don't lend money in places where fraudulent or easy to fake invoices are common like inconsistent and error-ridden records, so blockchain tech can be the bridge to those concerns as all records must be authenticated. Blockchains also helps individuals' contribution to aid effort or for charity even overseas, so donors can transfer directly for example at bitcoin.

On the contrary it only works on someone who's already in the blockchain system, how about on poor nations who don't have access to it, and only few individuals hold any worthwhile accounts. In the long run, it only makes poverty much more prevalent. Overall shortage would bring about utter environmental destruction and poverty by spending the meagre available resources on mining.

Particularly for small firms who typically get the short end of the stick with conventional banks, blockchain technology is revolutionary. Every transaction is tracked on a very safe digital ledger that virtually makes fraud almost impossible. For companies in places where banks are not wanted to set up shop, this is enormous.

And underdeveloped nations? Are they able to even apply this technology? The truth is, even if blockchain could transform the planet, it won't be helpful if people cannot access it. Everybody, regardless of their residence or income level, should be able to participate in this. Teaching individuals how to use digital tools and developing the infrastructure to assist this new technology is therefore essential. It's about empowering people and arming them with the means to succeed, not only about the tech itself

[Obari]

The major goal of bitcoin was to help people be absolutely responsible for their money without having any government interference or what so ever.
Over the time, bitcoin has proven itself to be the hope of the common man where everyone who invest wisely is always profitable at the long run and this alone is already going a very long way to improve the society as people are already getting gainfully engaged with it and with the help of the profits, physical projects are carried out which also helps improve the society.

I also read a response from user some time ago and he said something that actually fits in here “people should expect bitcoin to solve non technical problems of country” with this, I think it’s fine to say that, even if bitcoin can make a country grow from poor to rich, it should do it at its pace and not people expecting it solve all human problems.

We all know Crypto were the product of blockchain technology and the concept can be applied in lots of different ways. Blockchain systems can very much help small businesses who's often short of cash and can't afford to borrow money. We knew banks don't lend money in places where fraudulent or easy to fake invoices are common like inconsistent and error-ridden records, so blockchain tech can be the bridge to those concerns as all records must be authenticated. Blockchains also helps individuals' contribution to aid effort or for charity even overseas, so donors can transfer directly for example at bitcoin.

On the contrary it only works on someone who's already in the blockchain system, how about on poor nations who don't have access to it, and only few individuals hold any worthwhile accounts. In the long run, it only makes poverty much more prevalent. Overall shortage would bring about utter environmental destruction and poverty by spending the meagre available resources on mining.

Particularly for small firms who typically get the short end of the stick with conventional banks, blockchain technology is revolutionary. Every transaction is tracked on a very safe digital ledger that virtually makes fraud almost impossible. For companies in places where banks are not wanted to set up shop, this is enormous.

And underdeveloped nations? Are they able to even apply this technology? The truth is, even if blockchain could transform the planet, it won't be helpful if people cannot access it. Everybody, regardless of their residence or income level, should be able to participate in this. Teaching individuals how to use digital tools and developing the infrastructure to assist this new technology is therefore essential. It's about empowering people and arming them with the means to succeed, not only about the tech itself

Even if bitcoin is to be taught to everybody I’m sure you’ll agree with me that it will take extremely long period of time to actuality this and as much as I love bitcoin doesn’t even make me want to drop all load on it and expect it to solve all human problems as a lot of people perceive it to do and as such will shouldn’t add more pressures on bitcoin and blockchain and rather explore it gradually to help better the world.

I agree with you that accessibility is another key factor that should be considered and the only way to make these things applicable then it must fire be made accessible but you’ll also agree with me that none of this activity would actually be easy and in my opinion m, I think people should stop fighting fiat and let’s world in hand with fiat until it gradually gets outdated and by then, the full potential of bitcoin would have been unleashed

[eightdots]

I can see many people pointing out that cryptos aren't magic and won't solve the problem of poverty on their own and turn around the country's economy. I fully agree with that. Adoption of Bitcoin and/or crypto-friendly economic regulations to encourage investments and businesses can be a part of a comprehensive strategy at best. If there's widespread poverty, we should look at root causes and at what can be done to systemically empower those who are currently worst off. Fighting corruption, providing quality education, and encouraging a business-friendly environment are all likely to be useful if introduced together.

The fight against poverty cannot be fixed with a single-sided effort. It must be a systematic, planned, and applicable effort. Even if the country's resources generate a huge income from cryptocurrency, how that income will be utilized and how the public will benefit from this income is an important issue. An enrichment that the public does not benefit from is no different from personal enrichment.

In fact, the greatest power in the fight against poverty is education. If education is given the necessary importance and this continues systematically for years, opportunities to use many things more beneficially may arise. Crypto is an opportunity for many people, but there must be the financial strength to invest and the necessary research and knowledge.

[Mame89]

I strongly agree that crypto can help improve one's finances to be better financially, especially in every poor country that definitely has a low local currency, it will be even lower when the economy is not good and added to the inflation. But if you have crypto it will be very different because crypto can also protect the value from inflation and to invest will also get multiple benefits. So by jumping into the world of crypto will help you to get out of poverty, that's true if we really study crypto well.

But overall of course crypto cannot solve the problem of poverty in a country. The point is that knowing crypto really helps someone to get out of poverty, but cryptocurrency cannot completely eliminate poverty in a country. I am one of those who managed to improve my finances after getting to know crypto.

[Smack That Ace]

You are completely correct. The government must develop job possibilities before the poor may purchase bitcoin and invest in it; you must have a source of income before you can enjoy bitcoin investment. Because if a country doesn't have money, I don't see how bitcoin will help the poor in the country. Bitcoin is a good investment that anyone who gets the opportunity and invests in it will reap huge benefits if they are patient and true to it. The government should do something to bring income to the poor so that they can do the necessary things. All impoverished people don't have time to invest since they don't have enough to eat. So if the government creates job possibilities for the poor, some of them will try to invest to support their jobs. But, for the time being, even if the government didn't cooperates, I do not see how Bitcoin will benefit the poor you must first obtain funds before investing in Bitcoin.

Frankly speaking, bitcoin has huge potential, but it is just an asset or an investment and to own it we need money.

It's hard to understand when people exaggerate about bitcoin more than necessary, saying that bitcoin can solve problems for a country such as eliminating poverty, unemployment, stimulating economic growth...All of this is not bitcoin's mission nor was it created to fulfill these things. We should be realistic that there need to be many solutions to overcome and develop the country's economy and we need to make more efforts if we want to escape poverty. Don't just rely and think that bitcoin can do everything for us, it is not a panacea for the world.

Countries that need economic growth must be open to new innovations, be it bitcoin or other sectors that can add to the state treasury. The more prohibitions are implemented, the smaller the chances of getting profit from various sources. Bitcoin, gold, stocks, and various sources that generate finances must be welcomed not only for the benefit of the country but also for the benefit of society as a whole, also involved in the growth of the latest innovations.
Like El Salvador, which is open to adopting bitcoin as one part that can have an impact on the country economy and the surrounding community. They are also open to receiving offers from outside in overcoming crime there. The level of crime in El Salvador, which was originally high, has now decreased slightly because the system adopted was based on input from outside and implemented domestically.

El Salvador's biggest problem is crime, and thanks to Nayib Bukele's strong crime suppression and punishment policies, unrest in their country has decreased significantly, which in turn has fueled the recovery of the country. I don't see any impact of bitcoin in suppressing crime, how does bitcoin help them suppress crime?

Being open and innovative is the right thing to do in any economy, but we need to find out exactly what is causing the bad situation in our economy and come up with the right solutions. Your country is in chaos because of crime, you need to find ways to suppress them, your country is still poor, you need solutions that can create more jobs and income for people...Meanwhile, bitcoin is just a currency, it cannot create jobs, cannot bring stable income to people. What impact will its adoption and sole reliance on it have on the situation in your country?

[summonerrk]

I strongly agree that crypto can help improve one's finances to be better financially, especially in every poor country that definitely has a low local currency, it will be even lower when the economy is not good and added to the inflation. But if you have crypto it will be very different because crypto can also protect the value from inflation and to invest will also get multiple benefits. So by jumping into the world of crypto will help you to get out of poverty, that's true if we really study crypto well.

But overall of course crypto cannot solve the problem of poverty in a country. The point is that knowing crypto really helps someone to get out of poverty, but cryptocurrency cannot completely eliminate poverty in a country. I am one of those who managed to improve my finances after getting to know crypto.

Cryptocurrency helps only some individuals, and this is true. But it cannot help entire countries, after all, it is not a panacea for economic problems, inflation and corruption. Officials must solve problems in the state, spend a lot on supporting children and education. Create opportunities for citizens to develop themselves and support their families. And cryptocurrency will help some smart and brave people achieve their goals faster.

[GeorgeJohn]

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.

That can happen if the country understand the important of cryptocurrency and mostly bitcoin, at first many nation kicked at the existence of bitcoin and also seen Bitcoin as a source of indulging in money laundering, but from my perspective it's few countries that will think that expanding tor extending their economy to cryptocurrency mostly Bitcoin can make them to regain inflation in her country, but they kept criticising bitcoin and it's technology.

[MinoRaiola]

It is also important to say that the country in which the people live must have access to the internet or a bank account. If you cant pay with bitcoin in that country, then you have to trade bitcoin, or Bitcoin is only used as a speculative currency. If you want to help poor people with bitcoin, then countries where people live and salary are higher should give a part of it to help other people. For example in Sansibar the income is 250$ for a year. In Europe, a person can earn that in a month with their second job and pay a person and their family a years salary, imagine that, it is a really great thing. I think bitcoin can help with that, but you also need a person who to give something of his bitcoin away... for help.

[justdimin]

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.

That means people would be more open to it, and that means people could benefit when the price goes down as well. I am not saying that it will be overnight, but at the same time considering how fiat goes down, that means we are talking about something that will not be too simple, and can't be done some other way, we have to accept that fiat is gone and bitcoin is far superior.

So if you are a poor nation, trusting your fiat will not help you, whereas trusting bitcoin will. How and Why? Because if you hold that poor nations fiat then it will go down and that will make you poor, whereas if you hold bitcoin then that will go up and it will make you richer. This is why I believe that we are going to end up with something that would benefit the poor nation citizens a lot.

[oemar bakrie]

from experience and a little knowledge about crypto, actually it really helps the community's economy from simple things, being able to make transactions and increase your income from crypto, just a small example, such as participating in buying and selling in each market on a small scale and making a profit.but for now All of this, you must always be careful, there are many fraudsters who do everything they can to make a profit without looking at the sacrifices of old players who are already involved in the crypto world.

[glendall]

I can see many people pointing out that cryptos aren't magic and won't solve the problem of poverty on their own and turn around the country's economy. I fully agree with that. Adoption of Bitcoin and/or crypto-friendly economic regulations to encourage investments and businesses can be a part of a comprehensive strategy at best. If there's widespread poverty, we should look at root causes and at what can be done to systemically empower those who are currently worst off. Fighting corruption, providing quality education, and encouraging a business-friendly environment are all likely to be useful if introduced together.

I agree with you that crypto is not a solution for poor countries because what must be considered first is that eradicating corruption in a poor country must be punished and punished as severely as possible, and the assets owned must be confiscated by the state so that there is a deterrent effect and no one wants corruption. Again, allocate taxes according to targets, avoid useless infrastructure development, create jobs for natives, maybe everything I said can reduce the poverty of the country, because from what you can see the things I mentioned are the main factors in poor countries

[legendbtc]

So if you are a poor nation, trusting your fiat will not help you, whereas trusting bitcoin will. How and Why? Because if you hold that poor nations fiat then it will go down and that will make you poor, whereas if you hold bitcoin then that will go up and it will make you richer. This is why I believe that we are going to end up with something that would benefit the poor nation citizens a lot.

But I want to ask you, where do poor people get the money to invest in bitcoin? If they have money to invest they will not be poor and they can do business or invest in other fields, bitcoin is not the only investment that can generate profits.
What we are talking about is how to improve the poverty of a country and clearly bitcoin or any asset cannot do that. As many people have said above, to escape poverty we need to have a job, have income...and then use that income to create more wealth. Bitcoin does not create jobs or income for people, so how can it solve the problem of poverty or help a country's economy improve?

Furthermore, bitcoin is a financial market, which means you can either make a profit or you will lose money investing in it, there is no guarantee that people will make a profit just by investing in it.

[Smack That Ace]

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.

That means people would be more open to it, and that means people could benefit when the price goes down as well. I am not saying that it will be overnight, but at the same time considering how fiat goes down, that means we are talking about something that will not be too simple, and can't be done some other way, we have to accept that fiat is gone and bitcoin is far superior.

So if you are a poor nation, trusting your fiat will not help you, whereas trusting bitcoin will. How and Why? Because if you hold that poor nations fiat then it will go down and that will make you poor, whereas if you hold bitcoin then that will go up and it will make you richer. This is why I believe that we are going to end up with something that would benefit the poor nation citizens a lot.

The reason why countries are poor is because the government's economic policies are too weak, do not create jobs and do not help people earn a significant income, the government is corrupt and does not care about citizens' lives...Therefore, to solve the problem of poverty, we need to come up with solutions to thoroughly handle those outstanding problems. Meanwhile, bitcoin is just a currency and a means of payment, it cannot solve the problem as I mentioned. So that's why I don't think bitcoin can help alleviate poverty in a country.

Bitcoin is just a peer-to-peer currency or an investment, we should stop exaggerating it can cure all the problems in this world.

[retreat]

-snip-

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

No one can help poor countries except themselves. Whether it is Bitcoin, Ethereum, or other cryptocurrencies, it will not have any significant effect on the development of a country, because again, what helps them is themselves and how they can manage their country better with the various resources they have or the right regulations for their society. So don't dream that cryptocurrency can help poor countries because it is just a delusion.

[serjent05]

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

We all know that poor nations have poor citizens that have difficulty applying for bank accounts due to missing requirements.  With this issue, poor country have lots of citizen that is not included in the financial circuit/activities in terms of regional or international financial trades.  Bitcoin solves this problem by giving the unbanked an opportunity to have access to global financing.

Bitcoin enables financial inclusion to these individuals and with this more citizens is able to participate in financial trades which in return can improve their lives and help the family to improve their purchasing capability making the trading economy improve.

-snip-

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

No one can help poor countries except themselves. Whether it is Bitcoin, Ethereum, or other cryptocurrencies, it will not have any significant effect on the development of a country, because again, what helps them is themselves and how they can manage their country better with the various resources they have or the right regulations for their society. So don't dream that cryptocurrency can help poor countries because it is just a delusion.

Not entirely true, although it will give huge improvement if the government itself remove their corruption, but there are tools that can help improve livelihood of a family.  The one I stated above, financial inclusion, help the unbank to participated in e-commerce which in turn can help the country e-commerce industry boom and at the same time can give a family an additional option for profit or earnings.

This article: https://guardian.ng/features/how-does-bitcoin-help-the-poor/ states some of the feature of Bitcoin that can help improve the system of a poor country resulting to lesser corruption and an option to have an hedge against inflation.