Bitcoin roles in developing countries

[VivaMan]

Bitcoin growth don become so massive to the extent way be say countries they use am for huge transactions, without stress and well assured with full confidence for transactions and payments methods around the world.
So many countries around the world dey face a lot of challenges in transactions, expecially limited access to bank's, and e dey worry then well well, even unstable currencies, e even reach high inflation and expensive cross borders payments, a lot of them dey really complain and they don't know what to do about it, but as Bitcoin comes, e don make am easy well well, to offers an alternative financial system way dey help to solve some of these problems way them dey face.
Some of the things way then  do na the following below:
1.Financial inclusion.
Bitcoin don go make things dey  easy with everyone using smartphones with Internet connection to store and receive money globally without stress or fear of scam or fraud.

2. E don help to protect against inflation.
Some countries dey experience high inflation devaluation, but Bitcoin limited  don supply so many millions of coins to make am dey much attractive as a store of value,an alternative to weak local currencies.

3. Cheaper cross borders payment.
Remittance na real major source of income expecially for developing nations. traditional money transfer na
Slow, expensive, dependent on banks
Bitcoin dey really allows faster and cheaper international transfer, to help people to dey send and receive money globally to families and friends.

4. Enonomic freedom and control.
Government no dey control Bitcoin or banks, this thing dey give people greater control over their money, protection dey from capital and restrictions, another one na financial independence for unable economies.

E don really encourage alot of digital innovation and promote digital literacy.
Therefore
Bitcoin dey really played very important and vital roles to develop countries and creating of job opportunities to many.

[Pablo-wood]

1.Financial inclusion.
Some many people for this develop countries no get access to traditional banking system service at all, but Bitcoin don  go make things dey  easy with everyone using smartphones with Internet connection to store and receive money, receive payment without a bank account, and also participate in the global economy.
This thing dey very helpful to citizens within that region to enjoy such benefit.

If bank no dey accessible how them wan take buy the bitcoin. Even if na mobile banking we need person wey get money for em own bank account to send the money go our mobile bank account before we fit consider P2P to buy bitcoin. E no get has e wan be we need bank to trade our fiat for crypto. Before we fit even consider to use our coin for everyday transactions.

[Doan9269]

Maybe others should learn from what has been the secret of a country like El-Salvador which was the first to make bitcoin a legal tender and how they have being on the top of the notch ever since adoption.

The best way to start something is to seek for direction from the experienced ones, so that they can put one through, bitcoin was not intended for the government, instead for the people and we all have the right to use it individually as long as its a legal currency in our country, despite the government insubordination for it uses, there lies series of opportunities in its adoption.

[SatoPrincess]

1.Financial inclusion.
Some many people for this develop countries no get access to traditional banking system service at all, but Bitcoin don  go make things dey  easy with everyone using smartphones with Internet connection to store and receive money, receive payment without a bank account, and also participate in the global economy.
This thing dey very helpful to citizens within that region to enjoy such benefit.

You mean underdeveloped countries. But OP if them no fit get access to traditional banks which no hard since na walk-in process, how them won take access to bitcoin? The only people way dey unbanked na most likely people way no go school so for this category of people which one you think say dey easier to do between using bitcoin for transactions or using fiat.

[EluguHcman]

Bitcoin had played major roles in countries that it is acceptable for legal payments based of regulatory friendly. Note there are also developed countries that Bitcoin is not legal, so they don't have the privileges of the legal means of proceeding payments with it as alternative to the banking system.

But in an overall, we can say that Bitcoin has become a rescue from financial repression where individual will be limited and restricted from monetary transactions and investment, while it has come to provide financial inclusion where individuals can and are liable to self custodial and making unlimited and unrestricted decisions with their funds including sending funds across borders with low fees without the consent of any authority.

Perhaps this is privileged to anyone accessible to internet and does not matter if you live in a developed or undeveloped region or anywhere around the world.

[Donk1]

​If I may say bitcoin is a very good asset that serves as an alternative to we the users.​That said yeah, the adoption of Bitcoin is rising every day, but still so many countries haven't made Bitcoin a legal tender. That's why it's easy to say that the adoption of Bitcoin is still limited even if it keeps rising.​Not everyone who hears the word Bitcoin actually knows how to make use of it .Though individuals around the world are making use of it freely it's easy to say Bitcoin only serves as an alternative not a real life solution to banks and their issues.

​Moreover let's not jump into conclusions. Basically, the fact that the government chose not to make it a legal tender has also made most folks chose not to make use of it even in their bank crisis.... That's just it ​Bitcoin is a revolutionary technology but then to me all that remains is for it to be legal for a global worldwide adoption......

[Jubilee58]

The emergence of bitcoin is playing an important role, more especially a country like Nigeria. The use of bitcoin has helped in protecting our naira currency from devaluation, especially those of us that are into bitcoin investment. When we put our money in bitcoin, it does not only protect our money from devaluation, but also help in increasing the value of our investment. Many countries buys bitcoin as a reserve against economic depreciation. And to the private individuals, bitcoin grants them financial autonomy as every individual control his or her own bitcoin asset.

The role of bitcoin in our country is very enormous, and is a key to protecting our country from economic crises.

[Coin_info]

and promote digital literacy.

I see the role of promoting digital literacy as one of the major advantages that Bitcoin has provided to developing countries because if there could be a higher literacy concerning digital technology, it is an opportunity is as you notice that in the minds of the citizens, they become more developed and exposed thus creating more opportunities for them even outside their own countries.

In under developed countries, you will find people who are digitally illiterates.

[Yablee0]

But in an overall, we can say that Bitcoin has become a rescue from financial repression where individual will be limited and restricted from monetary transactions and investment, while it has come to provide financial inclusion where individuals can and are liable to self custodial and making unlimited and unrestricted decisions with their funds including sending funds across borders with low fees without the consent of any authority.

Perhaps this is privileged to anyone accessible to internet and does not matter if you live in a developed or undeveloped region or anywhere around the world.

Yes you are very right, bitcoin has made it very possible for and individual to make crucial and sensitive decisions independently, perhaps without the interception of any government authority or any financial institutions .

Secondly, unlike our local banks that one is  limited to a specific amount of transaction daily but bitcoin has break every limit, however making it easier to puch funds as much as you want across the globe without any shaking and also in a very affordable transaction fees that if  it's not carefully observed you wouldn't even notice you were charged.

[EluguHcman]

and promote digital literacy.

I see the role of promoting digital literacy as one of the major advantages that Bitcoin has provided to developing countries because if there could be a higher literacy concerning digital technology, it is an opportunity is as you notice that in the minds of the citizens, they become more developed and exposed thus creating more opportunities for them even outside their own countries.

In under developed countries, you will find people who are digitally illiterates.

Developed countries are quite ahead of digital and crypto adoption ball round the world due to opportunities of technological literacies in the regions which gets the people exposed to innovative educations.

Without being digitally literate of using technical gadgets such as electronic devices, you can not use Bitcoin and in most cases, an underdeveloped country that is not accessible to the internet is hopeless to use Bitcoin.

So the support of governments and level or development in providing necessary operational amenities are all keys that promotes the adoption and acknowledgements of Bitcoin and the rest of digital and economy marketing services.

[Shadiq]

It does not indicate developed, developing or underdeveloped countries. There are some underdeveloped countries where Bitcoin is legal, El Salvador (fully legal) and Nigeria (partially legal). Again, there are some developed countries where the use of Bitcoin is legal but there are some complications, in countries like the United States, the United Kingdom, Germany, China etc. there are various complications. Either trading is prohibited in a country, or there are legal complications or mining is prohibited. However, despite El Salvador being a developing/underdeveloped country, the most benefits are available in the use of Bitcoin in this country.

That is, as a developed or underdeveloped country, the legality or complexity of the use of Bitcoin is not controlled, but the government controls it. The government determines the legality and complexity of Bitcoin for its benefits. Bitcoin is still on the list of choices of the people of that country as a financial system and investment asset, although there are legal complications. This is the main feature of Bitcoin, the government cannot control it and cannot stop its secret use. You are still able to trade, invest and hold Bitcoin from any country with privacy.

[Zigabel]

In my opinion, economic freedom and control is a really important point. No government or bank can freeze or block your funds, and that’s huge for people living in struggling economies. Self-custody means real ownership, no capital controls, and no need to ask for permission.
This kind of freedom also pushes people to learn about wallets, security, and basic tech skills, so digital literacy grows naturally. Over time, that leads to innovation and the rise of new local crypto economies.

Even in situations where there are crisis, you canbbe are to take your assets anywhere without  the fear of loosing it to the government or economics happenings, you will still have the value of your assets intact and proof of inflation or devaluation due to economic and other crisis around a country. Economic freedom at a very personal level is what Bitcoin has been able to offer so many  by just investing in I for long term and not for just trading or short term.

[PremiumcryptoHub]

It does not indicate developed, developing or underdeveloped countries. There are some underdeveloped countries where Bitcoin is legal, El Salvador (fully legal) and Nigeria (partially legal). Again, there are some developed countries where the use of Bitcoin is legal but there are some complications, in countries like the United States, the United Kingdom, Germany, China etc. there are various complications. Either trading is prohibited in a country, or there are legal complications or mining is prohibited. However, despite El Salvador being a developing/underdeveloped country, the most benefits are available in the use of Bitcoin in this country.

That is, as a developed or underdeveloped country, the legality or complexity of the use of Bitcoin is not controlled, but the government controls it. The government determines the legality and complexity of Bitcoin for its benefits. Bitcoin is still on the list of choices of the people of that country as a financial system and investment asset, although there are legal complications. This is the main feature of Bitcoin, the government cannot control it and cannot stop its secret use. You are still able to trade, invest and hold Bitcoin from any country with privacy.

Definitely, this is not just the case in developed countries but underdeveloped, developing and middle-income countries can lead or are leading in Bitcoin adoption, we are seeing developing countries making the most progress in Bitcoin adoption, one of which is El Salvador. As far as I know it is a middle-income country in Latin America where it is seen that it has a service and export-based economy but this country is now a role model for everyone in Bitcoin adoption.

Although the government can control the legality of Bitcoin use, it is seen that Bitcoin transactions are being carried out freely in many countries because it is not regulated by any authority but we have to admit that the regulatory system varies from country to country, there are many countries where Bitcoin is allowed to be used in a controlled manner and it is noteworthy that there this digital gold is subject to tax, anti-money laundering and it is classified as a commodity to control. Here I am referring to the Bitcoin usage pattern in my country Nigeria, China and Germany, according to the International Regulatory Database, see here



Cryptocurrency Regulation Tracker  https://www.atlanticcouncil.org/programs/geoeconomics-center/cryptoregulationtracker/

[Mate2237]

Bitcoin has the ability to help fight against inflation in developing countries due to the fact that Bitcoin is an hedge that is used against inflation. So in developing countries were their economies are not that stable and with unstable financial monetary policies, the citizens of such countries can fall back to Bitcoin to fight against this . Saving your money in Bitcoin will be helpful this show includes the citizens deliberately using Bitcoin as payment means when going for shopping or any other thing that requires you spending money.



Citizens of developing countries should take a good advantage of this quality of Bitcoin and try and maximize it. Because when it comes to developing countries one of the factors that has been disturbing the growth and development of such countries is inflation.

[Franklyn-wood]

Maybe others should learn from what has been the secret of a country like El-Salvador which was the first to make bitcoin a legal tender and how they have being on the top of the notch ever since adoption.

Na watin dey my mind before to talk about be this and he make sense say we don see countries wey take Bitcoin investment very seriously and they still dey benefit from am till today. The price of Bitcoin go fall and rise and that one no mean say e no go go up back.
Investment for this Bitcoin matter really make sense and e no easy at all because nobody go open their eyes see say their investments dey crash and they go dey happen dey smile.

This people wey wan invest for people meed to indeed say to make money for this market na strong mind. People wey no get the strength to buy and hold even when e kon dey be like say everything dey crash go later benefit from the market as soon as possible when price kon adjust to give them the leverage in profit wey dey don dey anticipate about since.

The emergence of bitcoin is playing an important role, more especially a country like Nigeria. The use of bitcoin has helped in protecting our naira currency from devaluation, especially those of us that are into bitcoin investment. When we put our money in bitcoin, it does not only protect our money from devaluation, but also help in increasing the value of our investment. Many countries buys bitcoin as a reserve against economic depreciation. And to the private individuals, bitcoin grants them financial autonomy as every individual control his or her own bitcoin asset.

Bitcoin is becoming a life safer for people that have embraced it and if more people take the opportunity to invest in Bitcoin, they will become financially stable within some periods of time. I don't mean people that will buy Bitcoin today and later sell it tomorrow. This is not what I mean and people should understand that investing Bitcoin should not be about buying immediately and seeing small profit and selling it to keep the profit. Investment does not work in that manner.

[Y3shot]

One of the benefits that Bitcoin has provided in this part of the world is its role as a store of value. The inflation rate in our country increases so rapidly; Bitcoin has been very beneficial as a store of value.

Bitcoin is an asset that people can easily invest in because one does not need to have a huge amount of money to invest in Bitcoin; you can easily invest in Bitcoin with just the amount you can afford to lose. Additionally, Bitcoin serves as a very good medium for reaching out to someone who is not in the same location. Everything about Bitcoin is valuable.

[Nuel0717]

1.Financial inclusion.
Some many people for this develop countries no get access to traditional banking system service at all, but Bitcoin don  go make things dey  easy with everyone using smartphones with Internet connection to store and receive money, receive payment without a bank account, and also participate in the global economy.
This thing dey very helpful to citizens within that region to enjoy such benefit.

If bank no dey accessible how them wan take buy the bitcoin. Even if na mobile banking we need person wey get money for em own bank account to send the money go our mobile bank account before we fit consider P2P to buy bitcoin. E no get has e wan be we need bank to trade our fiat for crypto. Before we fit even consider to use our coin for everyday transactions.

From what I’ve understood, you’re right, but that does not necessarily mean that OP is wrong. Obviously, Bitcoin does not appear from nowhere, there must be a transfer of fiat at the early stage to an online wallet to buy Bitcoin.

To buy Bitcoin for the first time, you usually need some form of fiat payment rail, such as a traditional bank account and so on. Now this is where the twist comes in, assuming that when he said “bank”, he fully meant traditional banks with advanced services.

Sometimes when people say banks are not accessible in developing countries, they usually mean limited banking services, no international transfers, high fees, and restrictions, etc. Bitcoin does not remove banks completely but reduces dependence on them a lot.

After that first phase and once you already have Bitcoin, you can easily make transactions without any banks and run P2P without any requests or disturbance from the bank. Your wallet does not rely on a bank. You may even forget that you used a bank in the beginning phase.

[Tinubu]

One of the benefits that Bitcoin has provided in this part of the world is its role as a store of value. The inflation rate in our country increases so rapidly; Bitcoin has been very beneficial as a store of value.

Bitcoin is an asset that people can easily invest in because one does not need to have a huge amount of money to invest in Bitcoin; you can easily invest in Bitcoin with just the amount you can afford to lose. Additionally, Bitcoin serves as a very good medium for reaching out to someone who is not in the same location. Everything about Bitcoin is valuable.

I totally agree with you bout what you said about Bitcoin being very beneficial to this part of the world...as it is very good and perfect for transactions globally...and it being very helpful as a store value...

But I'm most happy because it can let "anyone" save☺️...as long as they're interested

[Sticky Bomb]

1.Financial inclusion.
Bitcoin dey really played very important and vital roles to develop countries and creating of job opportunities to many.

On the contrary, bitcoin creates more of investment opportunity and not necessarily job opportunity. I know well that some people do trade, but that is their skill and there are many coins and currencies that are traded, so bitcoin don't do much positives in that regard.

In investment opportunities, you've to have a source of income already and be sure of having discretionary income to invest into bitcoin and you would need to hold for a long-tern before you would have a chance at good profits. Bitcoin investment is not for those still struggling with their basic expenses, same reason it plays a better role when people already have good money to invest into it and hold.

[SatoPrincess]

1.Financial inclusion.
Bitcoin dey really played very important and vital roles to develop countries and creating of job opportunities to many.

On the contrary, bitcoin creates more of investment opportunity and not necessarily job opportunity. I know well that some people do trade, but that is their skill and there are many coins and currencies that are traded, so bitcoin don't do much positives in that regard.

People dey get jobs aside from trading. As you dey now with everything you don sabi for bitcoin you fit become tutor way go dey teach people how them fit take enter the bitcoin space and charge them small money for am. You fit also work community manager for new projects. A good platform to look is cryptojobslist.com