Bitcoin and Third-World Countries

[PiroSense 2681]

Third-world countries are those countries which are still developing countries and rely with the help of those which are already second or first-world countries , such as the US.

What could be the impact of Bitcoin adoption by these third-world countries in their economy?

What could be some advantages and disadvantages, and as well as what could be the possible challenges before adoption would be possible?

[Migo 7946]

I think bitcoin will good project for third world countries, but now we didn't see any country from the first world using cryptocurrencies or entered this world, many of third world countries follow the first, if bitcoin is good for them then he is good for me.

[Paranoxxx 228]

I think cryptocurrencies are a big chance for the people in third world countries. Many people have no access to a bank account, but with cryptocurrencies they don‘t need banks to transfer or receive money.

[Thekingcallme 1975]

I think the Third World countries are blocking these currencies because they are afraid that their money will be stolen because of lack of knowledge and also they do not have the ability to run it.

[Zzoro6110 19]

They generally do not support cryptocurrencies with certainty and if they are accepted it will make them improve in their position and economy a lot.

[IrinaLavrinova 365]

For states with high inflation and lack of money supply, it could be a real salvation - the possibility of dividing the coin into fractional parts, which can also be used for operations, would solve this problem.

[bentayebsalah 2280]

Almost the majority of countries prohibit trading and dealing in cryptocurrencies and are punishable by their own law and I think this is a negative decision

[starwill 456]

In Venezuela they are opening up to cryptocurrencies and providing a legal framework for payments, facilitating the adoption and exchange for products and services. There is still a long way to go but I believe that closing the door to this new financial alternative is a mistake that many countries are making, just as time will tell.

[jyfiuhookl 10606]

I think the poorer the country the more popular bitcoin is there! This can be seen on the example of Venezuela.

[lakhlomoha 485]

I don't like this word Third country

The most trader in crypto world is from developing country because they believe that cryptocurrency can save her life and make him rich in little time,but they are stopped with the limited of using crypto in all over the world noy in her country too,all most famous service in crypto don't support her country 

[Kholil Jibron 12]

I think Third World countries block this currency because they are afraid their people will use this currency to buy prohibited goods.
It takes time to socialize this to third world countries, so that they are able to use and control the use of this currency.

[Angelina 64]

On 11/11/2019 at 5:28 AM, jyfiuhookl said:

I think the poorer the country the more popular bitcoin is there! This can be seen on the example of Venezuela.

I agree with you because bitcoin can reach many developed countries from many poor countrys

As like Bangladesh because 
Bangladesh is a developing country, Bitcoin has been banned but The people of Bangladesh are hiding but working on bitcoin and making foreign money in the country...Even if Bitcoin does not create a third world, many countries will continue to improve.

[duncun007 3577]

third world government arent even concerned about crypto or have any idea about it but some people in those countries are very much aware of crypto and ive met so many who has been in crypto since 2014. thats what i like about crypto is you can get rich no matter where you live.

[bliznec 22267]

I think that up to adoption progress will not reach and this is the final stage in the development of events related to Bitcoin and the countries of the third convocation. Those countries that have not entered the blockchain industry will be far behind. 

[Brushless4500KV 4214]

Most third world countries suffer from high inflation rates and their domestic currencies has low value against strong fiat currencies such as USD or EURO. This is the reason most people from these countries love bitcoin and try to collect it as much as possible because bitcoin is a high value currency and they can sell their bitcoins in exchange for USD or EURO. Then they will exchange their USD or EURO to their domestic currency again and earn big profits during the process. This is actually a source of income in some countries.

Domestic currencies of developing countries are very unstable and any economic event can affect their values. Therefore, it is a great opportunity for third world citizens to invest their weak currencies in bitcoin to avoid loss of value and be immune from dangers that threaten their weak fiat currencies.

[CryptoDJ 712]

In my opinion, a cryptocurrency can exist with the monetary currency of the state, but this cryptocurrency must be very stable and you will have to present all the new features of your national cryptocurrency. But as I know this experience is very sad, for example in Venezuela it did not work.

[ElChupakabra 64]

I think it could be helpful especially in Philippines. We all know that my fellow country is one who suffer poverty in this past decades and we can't deny it because it is truly happening. They can use it as the alternative bank instead of company banks that have a lot of tax and tariffs.

[Naylor89 1223]

Bitcoin will help one economy to grow if they fully accept it. I think it can help the country with have a problem with economies, in bitcoin people can do investment for long term, can do campaign, etc.

[pangitmo 186]

Bitcoin will be so much useful to the third world country. With the use of bitcoin, they can work and earn big here. It can solve all financial problems and make the country grow.

[rchres 414]

On 11/10/2019 at 6:40 PM, Migo said:

I think bitcoin will good project for third world countries, but now we didn't see any country from the first world using cryptocurrencies or entered this world, many of third world countries follow the first, if bitcoin is good for them then he is good for me.

It's true that they can help third world countries to earn money using Bitcoins. So many people help by Bitcoins, the volatility of Cryptocurrency can help us to trade and earn a lot of money. If they unemployed you can work in Bitcoin, If you poor you can help Bitcoins in your financial needs.

[fuer44 1083]

On 11/10/2019 at 8:36 AM, PiroSense said:

Third-world countries are those countries which are still developing countries and rely with the help of those which are already second or first-world countries , such as the US.

What could be the impact of Bitcoin adoption by these third-world countries in their economy?

What could be some advantages and disadvantages, and as well as what could be the possible challenges before adoption would be possible?

if possible, the country can reduce inflation, because the bitcoin exchange rate does not depend on one country or developed country that helps developing countries. so, each developing country has the same exchange rate on bitcoin, and if used for transactions then it will not significantly affect the country's economic conditions.

[maricans 401]

On 11/10/2019 at 9:36 AM, PiroSense said:

Third-world countries are those countries which are still developing countries and rely with the help of those which are already second or first-world countries , such as the US.

What could be the impact of Bitcoin adoption by these third-world countries in their economy?

What could be some advantages and disadvantages, and as well as what could be the possible challenges before adoption would be possible?

Will in my personal view, it will be a great help financially and economically for those who live in the third world country that bitcoin excess, but as other countries concern of bitcoin to be use in crimes or funding crimes, same with third world countries specially that of those who don't have high end technology to help them fight digital and physical crimes.

[geezer 7579]

14 hours ago, Brushless4500KV said:

Most third world countries suffer from high inflation rates and their domestic currencies has low value against strong fiat currencies such as USD or EURO. This is the reason most people from these countries love bitcoin and try to collect it as much as possible because bitcoin is a high value currency and they can sell their bitcoins in exchange for USD or EURO. Then they will exchange their USD or EURO to their domestic currency again and earn big profits during the process. This is actually a source of income in some countries.

True. Now I see who uses those faucets. They look a complete joke to me, but for the poor from such countries it must be some means of income. That explains lots of poor English speakers here too.

Edited November 30, 2019 by geezer

[Afrizal rahman 2636]

I think it will be a good future. we'll see how it develops. although the first world did not use crypto but I hope in the third world they have made a project planned for the future of crypto.

[khan22 3478]

If we say that Crypto is the world third currency this is true that first is the fiat money second is the atm machine and also online sending money and now the world see the third currency and this is better than the other two options. crypto is the best market in the world and it change the currency level so soon.