Developing countries using bitcoin: Is it possible?

[dothebeats]

Many people around the world know about bitcoin, the digital currency. But most of them only knows how this works; they never get the chance to use it or obtain it because of one simple reason: poverty. Most of the people living in a developing country doesn't have access to computer and the internet, which is the medium where bitcoin works. However, because of rapid inflation and skyrocketing prices for goods, people living on these developing countries want to break free from fiat, and use other currency wherein there's no central authority that controls how the currency flows. I, for one, am open to this kind of new idea wherein there's no central authority controls how our currency flows. I see bitcoin as a good alternative for fiat currency, but the medium it works through, which is the internet and computers, is not accessible to all people from all over the world. Because of this, I can't see bitcoin being widely used all around the world. It may be used widely by some developed countries but not those who are still developing. The idea of bitcoin being used as traditional money isn't impossible; it's only improbable at the time being.

Sorry for the mixed ideas that I typed in there. Kindly direct me to some errors that I commit there because I need it for our school discussion about Economics. I am a 4th year High School student that wants to excel in the field of Economics. If you are kind enough to read this, I thank you.

[Divinespark]

I live in a developing nation and have transacted using crytocurrency
Not sure what you think the usage problem is

[dothebeats]

I live in a developing nation and have transacted using crytocurrency
Not sure what you think the usage problem is

The usage problem that I'm talking about is all about computers and internet. Not all people living in developing countries have access to computers and the internet. Let's say that they have access to it, but they do not own it; how can they store their own bitcoins if they don't have their own computers or even smartphones? By the way, the average pay for a minimum wage worker here in our country is $10 (that is the pay for working in 8 full hours).

[sana8410]

I live in a developing nation and have transacted using crytocurrency
Not sure what you think the usage problem is

The usage problem that I'm talking about is all about computers and internet. Not all people living in developing countries have access to computers and the internet. Let's say that they have access to it, but they do not own it; how can they store their own bitcoins if they don't have their own computers or even smartphones? By the way, the average pay for a minimum wage worker here in our country is $10 (that is the pay for working in 8 full hours).

Most of the people in the poor countries don't know how to use a computer, so they need to be teach ,your idea is good,but it involves a huge amount of money,help from the local city hols(and most are corrupt and they will see this opportunity to make themselves rich),people who are willing to teach about computers ,internet and how it works, an internet provider......all that is possible if it exist any infrastructure and electricity....

[Bogleg]

why not?

bitcoin can be printed if I'm not mistaken, make bills with codes containing 0.01btc, 0.1btc, 0.005 btc etc.

those could be traded as FIAT because it will be the same as FIAT BUT will stay decentralised and inflationless

Problem is, the private key can be copied to empty the bill/note.

[DannyElfman]

I live in a developing nation and have transacted using crytocurrency
Not sure what you think the usage problem is

The usage problem that I'm talking about is all about computers and internet. Not all people living in developing countries have access to computers and the internet. Let's say that they have access to it, but they do not own it; how can they store their own bitcoins if they don't have their own computers or even smartphones? By the way, the average pay for a minimum wage worker here in our country is $10 (that is the pay for working in 8 full hours).

Developing countries are getting more access to things like computers and the internet. Granted the level of access and the quality of service is nowhere near that of what it is like in the US, but access is still growing.

Bitcoin could very well be accepted as a currency of choice for smaller, developing countries as they generally have smaller economies and a very volatile currency.

[Malin Keshar]

Most poor people in developed countries got their spirit overrun by the crisis and political instability, so they just dump whenever money they have, if they manage to get some, and have no savings and no investing. This behavior also explains why they keep poor and government depended, and maybe against decentralized currencies because of that dependence

Even if they have access to computer, I doubt they would invest in bitcoins.

[msleader]

Its never possible its only virtual currency

[TECSHARE]

The key is mobile phones. Mobile phones with cellular coverage and internet are more and more common in developing economies and are a lot more simple to use and affordable than home computers. Even without cellular coverage or service it is still a matter of just scanning QR codes until you do have service (of course this implies a certain level of trust with no confirmations). In the Infinitecoin project this is one of the areas we are trying to focus on. As a large cap altcoin, each coin is more numerous and affordable, and there is a new block about every 30 seconds so confirmations are fast. If you want to check it out Infinitecoin has an android mobile wallet in the Google play store. If you send me a PM I will give you a few so you can try it (please no addresses posted here it is against forum rules, and I will not pay anything to them).
https://play.google.com/store/apps/details?id=de.schildbach.wallet.infinitecoin

Ultimately a system that could reach developing economies could make strong independent cells of local barter economies that can still connect with the global economic system with ease. To country's with no banking system to speak of, this is a big opportunity to have access to the world economy.

[Ron~Popeil]

The key is mobile phones. Mobile phones with cellular coverage and internet are more and more common in developing economies and are a lot more simple to use and affordable than home computers. Even without cellular coverage or service it is still a matter of just scanning QR codes until you do have service (of course this implies a certain level of trust with no confirmations). In the Infinitecoin project this is one of the areas we are trying to focus on. As a large cap altcoin, each coin is more numerous and affordable, and there is a new block about every 30 seconds so confirmations are fast. If you want to check it out Infinitecoin has an android mobile wallet in the Google play store. If you send me a PM I will give you a few so you can try it (please no addresses posted here it is against forum rules, and I will not pay anything to them).
https://play.google.com/store/apps/details?id=de.schildbach.wallet.infinitecoin

Ultimately a system that could reach developing economies could make strong independent cells of local barter economies that can still connect with the global economic system with ease. To country's with no banking system to speak of, this is a big opportunity to have access to the world economy.

Building a cell network is much less expensive than a copper or fiber optic network. Cell phone use is increasing dramatically in 2nd and 3rd world countries. With a trusted wallet a good portion of the developing world can all ready use bit coin. The biggest issue is educating them about it.

[PolarPoint]

Developing countries may not have 100% mobile internet coverage, their voicecall mobile coverage should be adequate for sending and receiving sms text messages. If there is a service where they can send and receive bitcoin using sms text messages, bitcoin can complement their local fiat.

[AdamSmith]

http://www.coindesk.com/brock-pierce-announces-dollar-backed-cryptocurrency-realcoin/

Someone in developing country should come up with something similar. Peg the local currency to something that is perceived to be stable to use on everyday transaction.

[DannyElfman]

The key is mobile phones. Mobile phones with cellular coverage and internet are more and more common in developing economies and are a lot more simple to use and affordable than home computers. Even without cellular coverage or service it is still a matter of just scanning QR codes until you do have service (of course this implies a certain level of trust with no confirmations). In the Infinitecoin project this is one of the areas we are trying to focus on. As a large cap altcoin, each coin is more numerous and affordable, and there is a new block about every 30 seconds so confirmations are fast. If you want to check it out Infinitecoin has an android mobile wallet in the Google play store. If you send me a PM I will give you a few so you can try it (please no addresses posted here it is against forum rules, and I will not pay anything to them).
https://play.google.com/store/apps/details?id=de.schildbach.wallet.infinitecoin

Ultimately a system that could reach developing economies could make strong independent cells of local barter economies that can still connect with the global economic system with ease. To country's with no banking system to speak of, this is a big opportunity to have access to the world economy.

Building a cell network is much less expensive than a copper or fiber optic network. Cell phone use is increasing dramatically in 2nd and 3rd world countries. With a trusted wallet a good portion of the developing world can all ready use bit coin. The biggest issue is educating them about it.

This will likely (IMO) be how the internet will reach much of the world in the future. This would also be how bitcoin must be used if it will ever be used in day-to-day transactions as many purchases are impulse buys when shopping.

[dadugan]

The key is mobile phones. Mobile phones with cellular coverage and internet are more and more common in developing economies and are a lot more simple to use and affordable than home computers. Even without cellular coverage or service it is still a matter of just scanning QR codes until you do have service (of course this implies a certain level of trust with no confirmations). In the Infinitecoin project this is one of the areas we are trying to focus on. As a large cap altcoin, each coin is more numerous and affordable, and there is a new block about every 30 seconds so confirmations are fast. If you want to check it out Infinitecoin has an android mobile wallet in the Google play store. If you send me a PM I will give you a few so you can try it (please no addresses posted here it is against forum rules, and I will not pay anything to them).
https://play.google.com/store/apps/details?id=de.schildbach.wallet.infinitecoin

Ultimately a system that could reach developing economies could make strong independent cells of local barter economies that can still connect with the global economic system with ease. To country's with no banking system to speak of, this is a big opportunity to have access to the world economy.

Building a cell network is much less expensive than a copper or fiber optic network. Cell phone use is increasing dramatically in 2nd and 3rd world countries. With a trusted wallet a good portion of the developing world can all ready use bit coin. The biggest issue is educating them about it.

This will likely (IMO) be how the internet will reach much of the world in the future. This would also be how bitcoin must be used if it will ever be used in day-to-day transactions as many purchases are impulse buys when shopping.

Bitcoin is too volatile to use as a currency.

[tee-rex]

The key is mobile phones. Mobile phones with cellular coverage and internet are more and more common in developing economies and are a lot more simple to use and affordable than home computers. Even without cellular coverage or service it is still a matter of just scanning QR codes until you do have service (of course this implies a certain level of trust with no confirmations). In the Infinitecoin project this is one of the areas we are trying to focus on. As a large cap altcoin, each coin is more numerous and affordable, and there is a new block about every 30 seconds so confirmations are fast. If you want to check it out Infinitecoin has an android mobile wallet in the Google play store. If you send me a PM I will give you a few so you can try it (please no addresses posted here it is against forum rules, and I will not pay anything to them).
https://play.google.com/store/apps/details?id=de.schildbach.wallet.infinitecoin

Ultimately a system that could reach developing economies could make strong independent cells of local barter economies that can still connect with the global economic system with ease. To country's with no banking system to speak of, this is a big opportunity to have access to the world economy.

Building a cell network is much less expensive than a copper or fiber optic network. Cell phone use is increasing dramatically in 2nd and 3rd world countries. With a trusted wallet a good portion of the developing world can all ready use bit coin. The biggest issue is educating them about it.

This will likely (IMO) be how the internet will reach much of the world in the future. This would also be how bitcoin must be used if it will ever be used in day-to-day transactions as many purchases are impulse buys when shopping.

Bitcoin is too volatile to use as a currency.

if it starts to be used as a currency, it would stabilize..

This is just another example of a circular argument. It won't stabilize until it is used as a currency, and it won't be used as a currency until it stabilizes.

[Abdussamad]

I should like to point out that the idea that you buy bitcoin to escape inflation is a little odd. Bitcoin supply is inflating at the rate of 10% per annum at least. We are all just betting that adoption will be even faster. I don't think poor people have the sort of savings buffer that would allow them to make bets like that. It is too risky for them.

The lack of internet access is not such a big deal. Dumb phone usage is already high. Smart phone prices keep falling. We'll get there soon enough.

[tinof]

I should like to point out that the idea that you buy bitcoin to escape inflation is a little odd. Bitcoin supply is inflating at the rate of 10% per annum at least. We are all just betting that adoption will be even faster. I don't think poor people have the sort of savings buffer that would allow them to make bets like that. It is too risky for them.

The lack of internet access is not such a big deal. Dumb phone usage is already high. Smart phone prices keep falling. We'll get there soon enough.

Hence the reason bitcoin should only target high net worth individual for speculation purposes.

[tee-rex]

I should like to point out that the idea that you buy bitcoin to escape inflation is a little odd. Bitcoin supply is inflating at the rate of 10% per annum at least. We are all just betting that adoption will be even faster. I don't think poor people have the sort of savings buffer that would allow them to make bets like that. It is too risky for them.

The lack of internet access is not such a big deal. Dumb phone usage is already high. Smart phone prices keep falling. We'll get there soon enough.

Hence the reason bitcoin should only target high net worth individual for speculation purposes.

"Don't bet more than you can afford to lose".

[TECSHARE]

I should like to point out that the idea that you buy bitcoin to escape inflation is a little odd. Bitcoin supply is inflating at the rate of 10% per annum at least. We are all just betting that adoption will be even faster. I don't think poor people have the sort of savings buffer that would allow them to make bets like that. It is too risky for them.

The lack of internet access is not such a big deal. Dumb phone usage is already high. Smart phone prices keep falling. We'll get there soon enough.

Hence the reason bitcoin should only target high net worth individual for speculation purposes.

Bitcoin is designed as a method of transaction, not as a stock to speculate on. Of course everyone wants free easy money with no work, but all you newbs don't seem to get the fact that everyone thinks they are the smartest by doing this and it inevitably results in a weaker market. As a result everyone tries to speculate, contributes nothing to the actual cryptocoin infrastructure, developers are left unsupported, innovation stops, everyone loses. It is time for people to get off their asses and contribute in stead of just waiting for someone else to do the work for you. Cryptocurrency is the most powerful tool humanity has EVER HAD in escaping fiat economic slavery, it is WAY MORE important than personal petty greed.

[Abdussamad]

Bitcoin is designed as a method of transaction, not as a stock to speculate on. Of course everyone wants free easy money with no work, but all you newbs don't seem to get the fact that everyone thinks they are the smartest by doing this and it inevitably results in a weaker market. As a result everyone tries to speculate, contributes nothing to the actual cryptocoin infrastructure, developers are left unsupported, innovation stops, everyone loses. It is time for people to get off their asses and contribute in stead of just waiting for someone else to do the work for you. Cryptocurrency is the most powerful tool humanity has EVER HAD in escaping fiat economic slavery, it is WAY MORE important than personal petty greed.

Well I'm not a noob and we are all here because it's profitable. Unless of course you aren't? In which case you must be some sort of religious person who worships Satoshi.

Anyway remittances are definitely possible with bitcoin. You need a network of agents though. That's how remittances work. Ordinary folk here don't know how to use a computer or the net. They just go to an agent's and he uses a computer and internet connection to process their transaction for them. This way the poor avoid having to deal with the volatility of bitcoin as well. They get the local currency and bitcoin is just a medium for the money transfer.