The traceability aspect is debatable. The problem with bitcoin though is that it will be difficult to access in low income area that really needs that financial upbringing. I guess if it helps other people, this people will give back to community when they become well off with the help of bitcoin.

Yes, bitcoin needs an investment so that you can earn but you can start on some forums and campaigns to have a enough starter funds so that you can invest on your own bitcoin. We are also talking about the role of bitcoin in developing countries so we should include all the people here because even if we say that your country improves a lot but the poverty rate is still big, we cannot consider it as development. Bitcoin can help all the people by removing the risk of hold up because you can keep your money within a software so that they cannot access your money.

Again, Bitcoin isn't a magic drug that someone can use to escape poverty. It just opens up more opportunities that people can take advantage so as to combat poverty. Used intelligently, people can avoid being taken advantage of insane fees that they spend for one. Bitcoin itself is an opportunity, though not only for earning, but also losing money, specifically trading. That's for another matter though so let's leave that on one side. Traceability of funds doesn't really help in providing opportunities, more like it just shows people where funds go to and from. It can be used in various ways, but the best term to describe it with is used for either safety and security and the like.

very well explained. I totally subscribe to your views that it helps poor nations to address issue of poverty in many ways by mining it and by providing easy access to Financial services through dApps and dApp can be installed on a simple smart phone with internet access and more than 50% population in Asian countries use smart phone. Please correct me if my numbers are wrong.  .

It is a hard task 

The lacks of resources and facility prevent them from achieving this technologies. There are more issues troubling the government. To my knowledge, poverty is the big problem to these countries. How can you build a blockchain system while more than half of the people living under condition. They do not even have smartphone to access the system or to make a simple payment

The government is the one in charge for everything and they need to impose a new correction path in order to stimulus. Otherwise, they never reach the point where their countries can integrate bitcoin or blockchain

Developing countries are taking bitcoin as a risk rather than an opportunity. It's not exactly due to the nature of bitcoin but their own failed plans and regulations. A large number of rich people in developing countries are buying bitcoins often at higher price. It's mostly because they don't trust the money and economy there and they don't trust their own government. This creates and exodus of capital from the country where there's absolutely needed. For developing countries to stop it, they should promote capital investment and ease business in the country rather than making business and lives of general public miserable with excessive taxes and low facilities.

This is too far-fetched. You still need a considerable amount of resources in order to get bitcoin, especially at its current pricing. Perhaps those citizens capable of allotting a percentage of their earnings to bitcoin or just savings in general would benefit from it, but the majority of these populations from developing economies have barely enough money to keep things going for themselves. Bitcoin is supposed to be safeguarding your wealth against inflation, and keeping your own money yourself instead of letting others do it for you, but it was never an answer to poverty, moreso a tool to cure such since it isn't meant and created to be one in the first place.

There is no role of bitcoin in developing countries to accelerate growth process. Absolutely nothing other than making few people rich! Or unless someone sets up an expensive mining operations to mine bitcoin for the community which is highly unlikely to happen!

Also traceability isn't easy on bitcoin. We know that everything is recorded on blockchain but tying the loose ends is not a job that common man can pull up!

Bitcoin is only good to those people who have adopted it early. Nothing else really!

Bitcoin can't really help developing countries much. Volatility and potential for sudden price drops makes it very hard for poor people to use t as a store of value. Poor people just can't afford to lose 50% of their value in short time. And high transaction fees, which happen from time to time, make it hard to use as a currency. People in developing countries that suffer from inflation always choose US dollar as a store of value, because it's more stable than anything else that they can afford.

You should include the source: https://philippsandner.medium.com/the-impact-of-crypto-currencies-on-developing-countries-dce44c529d6b

"Crypto currencies have widely been considered as an instrument to support the growth process in developing countries."

"as they can be considered as a medium to support the growth process in developing countries by increasing financial inclusion, providing a better traceability of funds and to help people to escape poverty (Ammous, 2015)."


it sounds that you belittling most people in developing countries, lack of education? can't even read and write? Do you think developing countries means primitive countries containing cave people or those who lived only in the forest or in the desert? Although many developing countries do not have education that is evenly distributed throughout the country which causes a gap between people who are educated and those who do not have the opportunity to attend school, but most people in those countries can still read and write.