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Bitcoin is better for people from poor countries?

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  • Bitcoin is better for people from poor countries?

    When we talk about Bitcoin, it’s obviously very high on value and that’s one reason why it can be brilliant for lesser developed countries since the value is obviously higher there.

    So, I like to ask people here what they feel about this whether it’s really better for lesser countries or if it’s better for stronger countries especially with such high level of popularity?

    I will really appreciate people passing out their comments. Thank you.

  • #2
    Frankly speaking, I don’t see any difference at all. I believe it’s same for all countries, so nothing with been better for poor countries. Now, if you talk about value then just maybe you can have more stuff with Bitcoin in poor countries then you do in rich countries, but again the difference is so minor, I won’t really say it’s too much of a factor at all to worry about for us in anyway whatsoever.

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    • #3
      Originally posted by Andrey Tolstov View Post
      Frankly speaking, I don’t see any difference at all. I believe it’s same for all countries, so nothing with been better for poor countries. Now, if you talk about value then just maybe you can have more stuff with Bitcoin in poor countries then you do in rich countries, but again the difference is so minor, I won’t really say it’s too much of a factor at all to worry about for us in anyway whatsoever.
      I second this It hardly makes any difference, but depends a lot of rules and regulations to be honest..

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      • #4
        Frankly speaking, I think it’s opposite from this since the more popular the country is like U.S. then you will see the value of BTC higher there because there will be huge demand for it, but if we have country where Bitcoin is not that popular then the demand will obviously be low, so all this makes sense to me in saying that it’s better for countries that are bigger and have more awareness of BTC rather than vice-versa. But, it’s just my own opinion.

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        • #5
          This is interesting theory but then there is nothing like this been proven or anything like this that you can really say with certainty. I did find thing logical to what the above guy said about better for developed countries because that seems right thing.

          As this is something that can be said with logic which is because if you see the rates itself, it’s Dollar that’s highest with BTC while see it with other countries then it’s lower.

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          • #6
            Yeah….. It seems very much opposite to me as well. It’s harder for Bitcoin or any Crypto Currency to be exchanged for countries where the popularity of it isn’t that much. So, it’s absolutely no-no with what the OP said. I will too agree with people above with the betterment for this is with countries like US, but it’s of course some issue with taxes, but if you take that out or put things outside the mark from there then it’s definitely very good.

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            • #7
              It maybe is better in terms that Dollar is high on rates, so once you transfer Bitcoin to Dollar then yes, it’s what will see it been good.

              However, if we are purely thinking of directly exchanging BTC to any particular countries currency than that’s another case and might not be exactly that much popular at all, so that’s why we need to make sure we handle things well, so that’s why we need to judge things properly and only then move ahead!

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              • #8
                I think Bitcoin is equally good for all across not just poor or rich countries, so I see no difference at all. I will love to have Bitcoin regardless of my country because still the value remains the same and that’s very big. Anyone who wishes to have better gains with BTC should be ready to switch hands instead of putting it in the locker forever after because then the benefit is no longer on for taking!

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                • #9
                  Yeah, being poor or rich countries does not matter with Bitcoin. As long as the valuations are high for 1 single bitcoins and multiples of it, you get more bang for each bitcoin. But this would be more pronounced in poor countries where the standard of living is lower and you can get more for less! Just giving an example, you can get more out $1, in say Zimbabwe than in United States! So, the difference is going to be obvious!

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                  • #10
                    May not be. This is because poor countries don’t have the necessary purchasing power with most being poor & illiterate and bitcoins transactions requires you need to have at a net enabled mobile to do transactions and then do usual exchange.

                    Poor countries are also heavily cash based with not much banking penetration and with lower cards/online transactions usage! So bitcoins might not suit poor countries! On the contrary Bitcoin would suit rich/developing countries as they are more avenues to use it effectively!

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                    • #11
                      Agree with Michael. Bitcoin might not work in poor countries but do well in advanced rich countries. Then again there is a question of legality which differs widely from one country to another! You must be able to do all the transactions with Bitcoin for it to be really popular and useable; eg from buying a loaf of bread in a bakery to a luxury car in a showroom! So there are lots of disconnects between the enthusiasm expressed online and those in reality on ground!

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                      • #12
                        I second Tatiana. Even though potential is high but the usual stumbling blocks are in place. When even normal banking or other formal modes of payments are not fully available and when most of the population itself is not aligned for the same, under such conditions Bitcoin might be looking too futuristic.

                        This is because BTC is not accepted everywhere and needs too much conversions to and from BTC to normal currency and an average user would get tired!

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                        • #13
                          Bitcoin is good for all not for any particular country, I mean it’s same value across, so there is not too much difference we will see with the country thing here. If anything then it’s just lack of awareness that’s there with smaller countries, but otherwise, I don’t see any difference and I really mean any, at least it’s not in terms of price at all. It’s better for with good business sense and right approach.

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                          • #14
                            This is quite debatable and no clear cut answer and there are both pros and cons for each discussion. Poor countries have poor standard of living with low literacy along with poor infrastructure with no electricity/internet facility, etc. as pointed by some here.

                            In such situations how would they go online to do their normal day to day transaction via Bitcoin? But then potential is also very high as they would get better options to pay for goods with lesser fees too!

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                            • #15
                              No. On the contrary Bitcoin is good for rich/developing countries as they have necessary conditions for its usage in a seamless way. But the potential of good usage in poor countries can’t also be ruled out but on a realistic term it would take many years from here to become one of the major payment systems. So this concept is for future and not of present whatsoever higher the potential be! Each new technology/payment service takes time to become effective.

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