Bitcoin and Third-World Countries

[estmerbol 257]

Perhaps not to general or governance traits cryptocurrencies if it has become present and strongly in third world countries. This is due to the constant economic crises that these live. I am more than sure that in the inhabitants of each country there is a cierat amount that is dedicated to cryptos as a means of subsistence

[Amiami 1362]

Cryptocurrencies have proven to be very helpful in third world countries, especially where their rulers have failed, see Venezuela, Argentina or Honduras, it is known that adoption in those countries has been increasing since the crisis dominated them, which  It has given them access to new ways to earn money or obtain foreign exchange.

 

I think that one of the main obstacles for them, especially in Latin America is skepticism, the adoption of new economic measures or systems such as cryptocurrencies would be complicated for most.

[Mella 3680]

How is Bitcoin help my dear? The people live in poor countries are have very little money to make. The fees for Bitcoin are their wage. I am think that Bitcoin can help countries that are have higher inflation but I am not known if the poor countries that are having so many problems can be helped some how by Bitcoin.

You were asked in this post but you thought anything, because I don't.

[Jromz 2158]

Developing countries could be the most benefited from Bitcoin and a decentralized financial system. Many of these countries are currently experience severe inflation in their national currencies, as the case of Argentina and Venezuela. Then, in such a situation Bitcoin and other cryptocurrencies may be a more than useful way to protect people's savings against inflation. Perhaps, this is one of the reasons of why developing countries are regarded as "loyal" to cryptocurrencies. 

[juliofox1992 108]

bitcoin and third world countries. 

The Latin countries of South America are very behind but that would be the best thing that could happen to us because the banks here are very abusive with their high interest rates and also the cards and many other things so here they have wanted to make this currency illegal because it is not convenient for them but people are adopting it very quickly and it is growing in leaps and bounds.

 

[Pranto1 40]

State with high inflation and lack of money supply, it may be a real release - the possibility of sharing the currency in fractions, which can also be used for operation, will solve this problem.

[Onden 2098]

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?

I think if a third world country adopts bitcoin, it will really help the country's economy, people have income in crypto trading. But the problem is in some third world countries the average person there does not have an internet network and a computer, this is very different from developed countries, the internet network is very easy to use. Meanwhile, third world countries do not have sufficient budgets to provide internet services.

[VijithaVarghese 1994]

I think the future would prove the immense potential of Bitcoins to be flowing in the financial market like fiat money. The third world would be innovative enough with the projects to help the cryptocurrency market to run in possibly productive manner.

[Dorjoy12 8962]

There has very low chance to adopt bitcoin in third world country’s because those country already has lot of corruption crime which dont lead them to develop their Country.. So if bitcoin get accepted there then corruption will Increase more plus those country has security so cyber crime will increase too by adopt btc there..  Its Just my own idea..           

[pablomarwan 3082]

As for the third world countries, it is possible to achieve things by relying on them, but not entirely only in this area. However, it is a bit difficult. Because they will face some in understanding this new system and others will be able to deal with it. This is why it is one of the reasons for preventing digital currencies in one of the countries of the third world

[Tine0313 3053]

For me it is not easy to adopt the bitcoin or cryptocurrency in these countries because not all people live there is computer literate which is needed or the basic foundation to easily access the crypto. Also people there should be educate first about modern technology which is i think the cannot go deep teaching modern technology to its people.

 

[cryptovlek 2597]

A country that is in bad condition can find refuge on a strong currency like Bitcoin because what it needs above all is stability. The economy will be in pieces and the fiat money used will be probably having too much inflation to help with anything. Development should begin but with stable conditions and having useless money powering it, will only delay the recovery. With Bitcoin adoption perhaps this could be done easier and faster and a failed economy can recover in only a few years.

[khan22 3478]

On 11/10/2019 at 11:10 PM, Thekingcallme said:

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.

Third world will except the crypto market becasue in the world now the peoples need the money so much and they want to earn that through the easy way and in a short t.me and that is the reason that we make good money through this,

[bogdanoff 3173]

Bitcoin can help the individual. If all the country in question uses Bitcoin it will help all. I don't think it will be used instead of the national currency but it can help in the way of using it and holding Bitcoin instead of a currency that will have very high inflation.

[Brushless4500KV 4214]

1 hour ago, Tine0313 said:

For me it is not easy to adopt the bitcoin or cryptocurrency in these countries because not all people live there is computer literate which is needed or the basic foundation to easily access the crypto. Also people there should be educate first about modern technology which is i think the cannot go deep teaching modern technology to its people.

Third world country doesn't mean lack of knowledge about computers and internet. It means lack of facilities and infrastructures. More than half the population in third world countries may have enough skills related to internet or even application development. Crypto is an advanced technology but using it doesn't need advanced education. Creating a wallet or sending and receiving coins don't require any training. Anyone can do it. Engaging at higher levels (like developing new forks or improving networks) certainly need expertise but this is not what an ordinary crypto user or trader need to know.

[BrolySSJ 7899]

I think that the major challenge when it comes to incorporating the use of crypto into the third world countries will be the lack of the infrastructure and the technological advancement of the country. In third world countries there are many rural areas as well, such as in part of Africa for example, and these will not have the technological infrastructure to be educated on crypto let alone make use of the currency and this will be a severe hindrance in the adopting of crypto in these nations. Furthermore, i think that there is a major hinderance in terms of  belief in these third world countries as well, because they are used to the physical money, and may not believe in the use of crypto. 

 

However, i do feel that the adoption of this currency if the above challenges are addressed, in these countries can be great in improving their relationships with other countries and in dealing with their poverty as it is able to provide jobs and encourage intercountry relationship through easy transactions between the countries. 

[RonaldB 48]

Third world countries and Bitcoin, a good topic that needs to be discussed, there are many third world countries that do not adopt cryptocurrencies and are completely prohibited in some countries, but for the people of these countries they attach importance to the use of cryptocurrencies in various fields, but they do not have complete freedom In this, these countries impose penalties and fines for those who secretly use cryptocurrencies.

[MalikAdnan 1662]

Yes this is very good topic Bitcoin and third world countries are very very long connected with each other. Bitcoin is the good currency for the trade and earning for profit. But third world countries more follow these currency and developed countries not more proper follow but now Russia, China and Turkey these countries follow the Bitcoin.

[Izeal 4404]

On 11/10/2019 at 7:21 AM, PiroSense said:

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

If those developing third world countries accept there are both advantages and disadvantages. The advantages are: 

i) They can trade and expend their market internationally which can increase their revenue.

ii) People can be independent by trading cryptocurrency and earning good money.

The disadvantages are:

i) Many people will hide their black money which is also known as money laundering.

ii) Imposing tax

iii) Payments for the trade of illegal items like guns, drugs and many things which can hamper the development of the youths.

It wont be easy for the developing and third world countries to adopt cryptocurrency because most of the people would like traditional banks system because they are less educated. Most of the people and government are doing corruption which can't be done because all the things are open in the cryptocurrency.

[percare 3192]

On 11/10/2019 at 3:36 AM, PiroSense said:

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?

Since we have no example of this we don't know if there can be anything for Bitcoin to help developing countries. It will be an experiment if it happens and then we can see the results. But what is need in these countries is to eliminate corruption. If this happens then they will be free of many burdens.

[JesusFries 1958]

I really believe that legalizing and embracing Cryptocurrencies like Bitcoin will surely help resolve our economical issues since our country belongs to the "Third World" especially during this time where large economic loss is prevailing. Although, there are disadvantages underneath still it will greatly help with the development of the country. 

[Fixfin 2569]

What was used to be called the third world is not described like that anymore but it is called developing nations. So there is no first second or third world. The problem in some developing nations is that they are torn from wars, civil wars and conflicts. This is why they are in this terrible conditions. What can Bitcoin do about that? It was not created to stop wars.

[decemberends 1881]

There would be some great advantages overall as for me but although there are might be some disadvantages through this its possible to not make this show and make it even better with some several changes to trial and error things.

[hatambaba 1064]

As far as I know, most developing countries are not in a good economic situation. Especially after the Corona Pandemic, many businesses have been closed and their economies are collapsing and inflation is skyrocketing. In such a situation, people start buying bitcoins.

[duncun007 3577]

2 hours ago, JesusFries said:

I really believe that legalizing and embracing Cryptocurrencies like Bitcoin will surely help resolve our economical issues since our country belongs to the "Third World" especially during this time where large economic loss is prevailing. Although, there are disadvantages underneath still it will greatly help with the development of the country. 

i would not say that legalizing bitcoin will help lift third world countries from poverty, but it actually just help the people in those countries making some money on the side, because the economy is a country depends on much more than just bitcoin.