Explain WHY bitcoin would be good for a third world country.

[Sakarias-Corporation]

Okey, so i've seen a lot of Comments like ''Bitcoins would be the salvation for Third world countries'' now may i ask why ? i can't wrap my head around it ?
 Bitcoins require Internet and computers to work. a Third world home will probably not have neither of those requirements.
 

am freaking lost in this question.

[turvarya]

You are lost because you are ignorant. Third world countries have internet connection. They are much more tech savy, than you think.
It would be good form them, because they pay much higher fees than us first world citizens and because their currency has higher inflation.

[vm_mpn]

Not to mention limited access to a modern banking system. Unfortunately, due to complexity and cost of Bitcoin they left behind what would benefit them the most. What else is new?

[waszurHölle]

Don't have some countries in Africa allready an special currency which they use with their phones?

[turvarya]

Don't have some countries in Africa allready an special currency which they use with their phones?

They use their mobile phone balance as a currency, but that is centralized, even pretty much a monopoly.

[windpath]

...
 Bitcoins require Internet and computers to work. a Third world home will probably not have neither of those requirements.
...

They don't. You simply need a way to access the network.

M-Pesa is a sms text message based money service operating in Kenya, Tanzania, Afghanistan, South Africa, India and in Eastern Europe.

Today 31% of Kenya's GDP is spent through mobile phones.

With an inexpensive Nokia feature phone anyone with a mobile phone and service can use bitcoin over text messaging.

[oyasumi]

I agree.it is not a good idea.

[Lethn]

There is technology in development that will allow countries where there is no internet connection to make Bitcoin payments with mobile phones and SMS messaging, it's specifically being trialed in africa, but I've forgotten the name of the company doing it.

Edit: Oops! Windpath answered before me! yes, it's M-pesa!

There is also an example of somebody who actually worked out a block on paper too

http://www.righto.com/2014/09/mining-bitcoin-with-pencil-and-paper.html

[BCwinning]

It isn't a good idea because of the ridiculous transaction fees on small amounts that a 3rd world would deal with more of.
Their balance would be whittled away by .0001 fees all day.
With less and less pools it can get to a point an operator won't accept transactions under a certain fee.
And they could get away with it because they have the hashing power to solve blocks and make money.
Not many pools worth joining as is today because of the hashing power being consolidated.
Not even worth the time to try and get a new pool going unless you can bring 10-20 terrahashes to start with.
It's hard now and you need to be a command line warrior to send a small donation or whatever to someone and not pay the fee.

[Lethn]

Please stop blatantly making things up, not only are you wrong about Bitcoin, but you're also showing an incredible amount of ignorance in regards to other countries.

[Kprawn]

M-pesa was in use, before Bitcoin.

It's really big in Africa. We tend to forget that lots of projects are geared to bring internet access to people around the world.

Google was busy with low range "Balloons" floating in the atmosphere, giving free WI-FI internet to people in Africa.

There are also loads of free hot spots, in or near taverns or internet cafe's.

This enable small business to get access to global funding or donations, without excessive banking fees and also micro payments from loads of people around the world, which would not have been viable, with the current payment processors and banks.

The remittance is also a huge saving for them. Companies like WU gets the majority of money send home to their families. Now they can send money home, without paying huge fees.

Bitcoin as a payment method / currency are making a huge difference.  

[Heads-Tails]

"Push to make Haiti an e-cash economy fell far short"

"The Gates Foundation, Mercy Corps and others hoped ‘mobile wallets’ — cash disbursed via cellphones — would propel Haitians to new level of economic and financial security.   Initial success gave way to failure, but now locals are reviving this effort to leapfrog into the future."

http://seattletimes.com/flatpages/nationworld/haiti-shaky-recovery-part-2-earthquake-five-years-later-annivers.html

[Elwar]

Please stop blatantly making things up, not only are you wrong about Bitcoin, but you're also showing an incredible amount of ignorance in regards to other countries.

But...but...I see on the TV that kids in Africa live in huts. This must represent all of Africa or they would not show it on the moving picture show in my living room.

[zetaray]

Bitcoin is good for third world countries because it makes it easy for them to send and receive money, manage their finances. Bitcoin is not the only solution or implementation. Any cheap online payment system will benefit them.

[thistome]

Maybe bitasset of bitshares is better  than bitcoin!

[Lethn]

https://www.youtube.com/watch?v=BrRXP1tp6Kw - Before I forget, this video is also an actual demonstration of Bitcoin in Africa, so fuck you OP

[dmugetsu]

It's seems OP did'nt know anything about other country

Look at some review,and your question would be answered

[Sakarias-Corporation]

a lot of immature answers here i see. even from Legendary i only asked why it would be good for them. but yet some very good answers.
but how would a country like Democratic Republic of the Congo even start using btc?

[Sakarias-Corporation]

i do believe that BTC would, and will be a fantastic global currency free from the government

[Guido]

Okey, so i've seen a lot of Comments like ''Bitcoins would be the salvation for Third world countries'' now may i ask why ? i can't wrap my head around it ?
 Bitcoins require Internet and computers to work. a Third world home will probably not have neither of those requirements.
 

am freaking lost in this question.

most of the third world is unbanked. question answered


but also most/many have access to mobile phones and internet

rather than set up a brick and mortar store, huge council and gov fees, go crawling to bank who will say no, set up any manner of web based business, buying/selling/ services. whatever, and accept crypto as payment. plus send to family friends anywhere in world for no fees.

is a no-brainer every which way