how bitcoin and blockchain technology can be of help to poor countries.

[Churchillvv]

Nahh I can't believe bitcoin can do that!

Bitcoin is not a magic. it's money just as your fiat but digital and a significant difference is that instead of depreciating years after years it increases or appreciates in value.

For a poor country to become more developed they must fix their government first bitcoin is not a saviour to come and elevate poor countries to riches or high economic power however if a good government is in position their can grasp the opportunity to invest in it and help their economy from what they get from it.

Bitcoin can make transactions faster and easier and also low cost of remittance in poor countries, if been ligalise.

Can the poor people from poor countries afford the transaction fees of bitcoin for a transaction?

[Fiatless]

Could you also believe that  bitcoin related projects can make poor countries develop their internet infrastructures, improving connectivity and access to informations, if been ligalise.

Poor nations can benefit from Bitcoin if they invest in it. Countries like El Salvador and Bhutan have invested massively in Bitcoin and I guess that they are now in profit. Bitcoin could also help nations and business owners to avoid the exuberant fees paid to middleman during international trade. Beside these two benefits I don't know if Bitcoin can reduce poverty in a nation. People from poor countries are more interested to survive, hence many of them might not consider Bitcoin investment.

Internet facilities are very expensive. I don't know how Bitcoin will help people from poor nations to develop internet facilities. Maybe they can join financial resources together and buy a satellite connection maybe from Starlink.

[pooya87]

Poor nations can benefit from Bitcoin if they invest in it. Countries like El Salvador and Bhutan have invested massively in Bitcoin and I guess that they are now in profit.

AFAIK they have not sold their bitcoins which means you can't really say they've made enough profit to solve their problems. They just have an asset in their reserves that has appreciated in value and economic problems won't be solved just by having a valuable asset "in the vaults".

[davis196]

The "if been ligalise" thing in your text makes me laugh. Do you mean "if been legalized" or you mean something else?
Are you coming up with the assumption that blockchain technology and Bitcoin are banned in poor countries? I don't have any info about this and I think that blockchain technology isn't banned in the poor countries. Nobody is stopping the people from using crypto and blockchain technology. The problem is that the people, who are living in poor countries don't have money to buy crypto. Blockchain projects require skilled programmers and capital. Poor countries don't have good education systems and skilled workforce.

[john_egbert]

Poor nations can benefit from Bitcoin if they invest in it. Countries like El Salvador and Bhutan have invested massively in Bitcoin and I guess that they are now in profit.

AFAIK they have not sold their bitcoins which means you can't really say they've made enough profit to solve their problems. They just have an asset in their reserves that has appreciated in value and economic problems won't be solved just by having a valuable asset "in the vaults".

Until they do so, the PNL of their investment and their plan, so to speak, is not realized.
I do agree here.

[Queentoshi]

...

Microfinance platforms based on blockchain could also open up new opportunities for entrepreneurs who might struggle to access credit otherwise. Plus, the lower costs of remittances would be a huge advantage for families relying on money sent from abroad. Many people in those areas have smartphones, so being able to use Bitcoin for payments could really help ease transactions. Improving internet infrastructure for these people through these projects could also have a ripple effect in enhancing the overall connectivity and access to information. This is quite an exciting prospect

[Ziskinberg]

"Bitcoin helping the poor" - that’s one of the usual lines scammers love to use. They’ll showcase investors who struck it rich with Bitcoin, making desperate people believe they can do the same. That’s why so many fall for these scams easily.

But when it comes to remittances, Bitcoin actually has real potential, as long as governments are willing to adopt it. Imagine sending money globally without needing a third party.. (faster, cheaper, and more efficient.)

I remember reading an article years ago about countries spending too much on remittance fees, the Philippines and India, IIRC But now, those same countries have embraced Bitcoin. In the Philippines, we now have local wallets like Coins.ph, and even other popular digital wallets are starting to integrate Bitcoin.

What was once seen as a future solution has already become a reality, so other poor countries that have not adopted it, they should allow and follow a simple path of other countries.

[john_egbert]

Microfinance platforms based on blockchain could also open up new opportunities for entrepreneurs who might struggle to access credit otherwise. Plus, the lower costs of remittances would be a huge advantage for families relying on money sent from abroad. Many people in those areas have smartphones, so being able to use Bitcoin for payments could really help ease transactions. Improving internet infrastructure for these people through these projects could also have a ripple effect in enhancing the overall connectivity and access to information. This is quite an exciting prospect

Lots of opportunities, but mostly, it would come from better management of all the other systems - surely, what you described would help people and would do so a lot, but, it should be built upon a proper investment base / the ability to create and sustain such big and tech-strong projects, and so on.
To keep things the way they are developing.

[retreat]

It won't help poor countries. Because poor countries need to fix their own problems by using foreign loans or resources they have. Bitcoin won't help anything, let alone blockchain-based microfinance like you said. It all has to start from how the country's leaders can solve their domestic problems, such as crime, corruption, inflation, etc., then after their condition improves they can issue pro-bitcoin policies and then slowly start to use it either to invest in bitcoin or regulate exchanges to get taxes.

[fikrett]

It won't help poor countries. Because poor countries need to fix their own problems by using foreign loans or resources they have. Bitcoin won't help anything, let alone blockchain-based microfinance like you said. It all has to start from how the country's leaders can solve their domestic problems, such as crime, corruption, inflation, etc., then after their condition improves they can issue pro-bitcoin policies and then slowly start to use it either to invest in bitcoin or regulate exchanges to get taxes.

A country should start from the bottom - sure, the reserves of the BTC and other related to Bitcoin or crypto projects are great and should be encouraged / developed, however, first, there should be a solid base to do so.
That would, by its nature, provide everything that's needed for such projects. Because they won't fix the things you mentioned, I agree with that.

[Joy- maker]

The "if been ligalise" thing in your text makes me laugh. Do you mean "if been legalized" or you mean something else?
Are you coming up with the assumption that blockchain technology and Bitcoin are banned in poor countries? I don't have any info about this and I think that blockchain technology isn't banned in the poor countries. Nobody is stopping the people from using crypto and blockchain technology. The problem is that the people, who are living in poor countries don't have money to buy crypto. Blockchain projects require skilled programmers and capital. Poor countries don't have good education systems and skilled workforce.

first of all thanks for your observation towards my spelling of ligalise instead of ligalize, I don't know if should call it typing error or I should say that is newbies for you.
Responding to the what you said this not by assumption that bitcoin and blockchain technology is banned in those countries, I just came up with an opinion if those poor countries can adopt bitcoin and blockchain technology that it we be of help to them in many ways just as it have help other poor countries to grow.

[betswift]

first of all thanks for your observation towards my spelling of ligalise instead of ligalize, I don't know if should call it typing error or I should say that is newbies for you.
Responding to the what you said this not by assumption that bitcoin and blockchain technology is banned in those countries, I just came with an opinion if those poor countries can adopt bitcoin and blockchain technology that it be of help to them in many ways just as it have help other poor countries to grow.

I do think they would be in good shape to go into crypto (said countries) once they are on the right track everywhere else.
These techs and so on won't help them to get rid of the problems they already have. Sure, some people would have more opportunities to use the blockchain, and so on, but the standard of living would still not go up.

[Smack That Ace]

Poor nations can benefit from Bitcoin if they invest in it. Countries like El Salvador and Bhutan have invested massively in Bitcoin and I guess that they are now in profit.

They can make profit if they invest in bitcoin but it will not help them improve their economy nor can it help them escape poverty and become a rich country. To improve a country's economy, we need many solutions and a combination of many different factors, not just relying on a volatile and uncertain asset like bitcoin.

Bitcoin could also help nations and business owners to avoid the exuberant fees paid to middleman during international trade. Beside these two benefits I don't know if Bitcoin can reduce poverty in a nation. People from poor countries are more interested to survive, hence many of them might not consider Bitcoin investment.

But you also need to pay attention to the volatility of bitcoin, the volatility of bitcoin is unpredictable and you will suffer heavy losses if during the transfer, bitcoin suddenly drops 5-10%.

Honestly, I don't see bitcoin bringing much benefit or having a positive impact in improving the economy for poor countries. It is just a volatile currency or investment, it cannot create jobs, cannot attract foreign investment into the country...how can it improve the national economy when it cannot solve the fundamental problems of the country?

[Callido]

It won't help poor countries. Because poor countries need to fix their own problems by using foreign loans or resources they have. Bitcoin won't help anything, let alone blockchain-based microfinance like you said. It all has to start from how the country's leaders can solve their domestic problems, such as crime, corruption, inflation, etc., then after their condition improves they can issue pro-bitcoin policies and then slowly start to use it either to invest in bitcoin or regulate exchanges to get taxes.

Any country that wants to elevate themselves from poor to a standard developed country should first look into so many things going on inside, if they are poor as said, how are they supposed to work the resources to be used for investment purpose. The country needs to be relevant from its sources, economically fit and a well balanced resources to see them through the process of investment. Just like what the US government is trying to initiate, reserves like that for a poor country can help them but it needs to be in the long run, if they are unable to create a favorable economy up until the reserves are matured for sell it will cause them to tamper the long term initiative.

I end up saying, Bitcoin can help poor countries get to a standard financial economic condition but won't be the sole achievement to pull them from poverty, start domestically and close the chapter by making reserves that will surface later to stabilize the economy the more.

[tbct_mt2]

But you also need to pay attention to the volatility of bitcoin, the volatility of bitcoin is unpredictable and you will suffer heavy losses if during the transfer, bitcoin suddenly drops 5-10%.

Volatility of Bitcoin especially in bearish months is challenge and it's not wanted by small businesses and merchants in El Salvador. They did not have plans to hold bitcoin as investors, and they lacked of strategy to deal with Bitcoin volatility. Additionally, for small transactions between merchants and customers, it's hard for merchants to convert bitcoin to for example fiat currency or stable coin, because it will cost them more in on chain transaction fee and trading or conversion fee.

Honestly, I don't see bitcoin bringing much benefit or having a positive impact in improving the economy for poor countries. It is just a volatile currency or investment, it cannot create jobs, cannot attract foreign investment into the country...how can it improve the national economy when it cannot solve the fundamental problems of the country?

It won't bring big impacts as poor countries have many big problems to solve, and Bitcoin can not change severity of corruption, bad governance and many social problems in those nations.

Their governments have to do more things to fix bigger problems and improve life quality in their countries, before doing something with Bitcoin that mostly relates to economic growth in their countries but only somewhat.

[justdimin]

. Bitcoin can help improve on any challenging economy of a country, only if the leaders and the people will all work towards a common goal to acheive what bitcoin has to offer, but most of our leaders may not allow for this.

But how will bitcoin help improve a country's economy? What role will Bitcoin play in a country's economy to impact their economy? Like El-Salvador, they have accepted bitcoin as legal tender and what problem has bitcoin solved for their economy when their problem is crime, lack of jobs...? Does Bitcoin create jobs or help them crack down on crime? If bitcoin can save the El-Salvador economy, why should they accept the deal with the IMF and borrow money from them?

Many individuals, organizations...have been able to improve their economic situation through bitcoin but when it comes to a country's economy, this is a different and much bigger issue. And to improve the country's economy, we need to find out the causes and appropriate solutions. We cannot rely on one highly volatile asset class, and pump or dump at any time, to improve the national economy.

Honestly, I am sure that it has helped them a bit, because their investment grew, they got in at a lower price, now have more money, that's a benefit isn't it? Secondly, it "can" create jobs, depending on which nation we are talking about. Of course El Salvador wasn't seen as prime location, but if it was, every big crypto company would open their headquarters there, and hire people to work there instead.

But, El Salvador wasn't big enough or good enough to attract companies like that. At the end of the day, if USA makes it legal tender one day, which isn't impossible if you ask me, could happen in the future, then we could see a lot more stuff changing and then it could help a lot of people without a doubt.

[Fiatless]

Poor nations can benefit from Bitcoin if they invest in it. Countries like El Salvador and Bhutan have invested massively in Bitcoin and I guess that they are now in profit.

AFAIK they have not sold their bitcoins which means you can't really say they've made enough profit to solve their problems. They just have an asset in their reserves that has appreciated in value and economic problems won't be solved just by having a valuable asset "in the vaults".

You are right, El Salvador is yet to sell but the Royal Government of Bhutan has sold about $33.5M of its Bitcoin late last year. However, the country still holds close to 12,206 Bitcoins as of last year.

https://coinmarketcap.com/academy/article/bhutan-cashes-out-dollar335b-in-bitcoin-still-holds-dollar111b-in-btc

[Aanuoluwatofunmi]

Could you also believe that  bitcoin related projects can make poor countries develop their internet infrastructures, improving connectivity and access to informations, if been ligalise.

Poor nations can benefit from Bitcoin if they invest in it. Countries like El Salvador and Bhutan have invested massively in Bitcoin and I guess that they are now in profit. Bitcoin could also help nations and business owners to avoid the exuberant fees paid to middleman during international trade. Beside these two benefits I don't know if Bitcoin can reduce poverty in a nation. People from poor countries are more interested to survive, hence many of them might not consider Bitcoin investment.

Making an investment in Bitcoin is one of the ways they could seize the opportunity in it to change their own economy for good, but before that, there must be some instrumentation laid on ground for the fair policy on how to go about it, this will help them devise a means to invest, the strategy to use and the duration the investment will go for, when there is adequate planning on ground made already, things will work out for them, but before then, they have to have a concession on how to start.

[fuguebtc]

AFAIK they have not sold their bitcoins which means you can't really say they've made enough profit to solve their problems. They just have an asset in their reserves that has appreciated in value and economic problems won't be solved just by having a valuable asset "in the vaults".

You are right, El Salvador is yet to sell but the Royal Government of Bhutan has sold about $33.5B of its Bitcoin late last year. However, the country still holds close to 12,206 Bitcoins as of last year.

https://coinmarketcap.com/academy/article/bhutan-cashes-out-dollar335b-in-bitcoin-still-holds-dollar111b-in-btc

But as far as I know ,  most of Bhutan's bitcoin comes from mining, they have taken advantage of their abundant hydropower resources to mine bitcoin and made a significant profit. But not every country has the same advantages as Bhutan. There are even many poor countries that don't have enough electricity to power their people, let alone use it to mine bitcoins . So I don't think  poor countries  can benefit from bitcoin and bitcoin can't help them improve their economies either .

To improve a country's economy , we first need to improve the government apparatus and then have economic policies that are appropriate to the difficulties the country is facing . We cannot rely solely on investing in a volatile asset to solve the country's problems , bitcoin was not created to solve those problems nor does it have the ability to do so .

[Fiatless]

Making an investment in Bitcoin is one of the ways they could seize the opportunity in it to change their own economy for good, but before that, there must be some instrumentation laid on ground for the fair policy on how to go about it, this will help them devise a means to invest, the strategy to use and the duration the investment will go for, when there is adequate planning on ground made already, things will work out for them, but before then, they have to have a concession on how to start.

Only Bitcoin cannot turn the fortune of a country. The nation has to put in place necessary economic policies that will improve living standards, improve infrastructure, and attract investors. El Salvador has a good plan for its Bitcoin investment, which is why they have been hodling it for a long time. An example of a country that failed to plan before adopting Bitcoin as a legal tender is the Central African Republic. Lack of planning was the reason why the country's Bitcoin experiment failed.