5 Ways Cryptocurrencies Helps Developing Countries

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Cryptocurrencies are changing the world in more ways than meet the eye. They have made transactions easier and safer, and the blockchain technology that allowed them to exist is now being used for more than just cryptocurrencies.

Among the most promising developments that have spawned from the cryptocurrency space are the ones that are taking effect in developing countries. Some people believe that cryptocurrencies have thus far functioned only as another game for wealthy investors. The truth is that many people in developing countries are now able to join global commerce in ways that they haven’t been able to before.

The biggest advantages that cryptocurrencies offer the developing world are increased access to money, the improved ability to send or receive it, greater access to ATMs and digital wallets, and a huge increase in transparency, which is sorely missing in many countries.

Cryptocurrencies are helping out developing countries in more ways than one.

1. Access to Banking

The World Bank estimates that over two billion people around the world lack access to banking services. There are several reasons for this, most of which center around poverty, but the end result is that these people are disconnected from global commerce. This is where cryptocurrency now shines…

There are many applications that allow you to open a cryptocurrency wallet and use it for banking purposes from your mobile device. Because mobile devices have proliferated in the developing world far faster than banking services, there is now a perfect opportunity for cryptocurrency to fill in a huge gap in international commerce. The end result is a higher level of inclusivity than would ever be found in traditional banking services.

2. Easy Transactions Over Mobile Devices

The accessible nature of cryptocurrencies allows you to easily complete transactions over your mobile device. It is now safer and easier to maintain a cryptocurrency wallet than it is to deal with banks and various financial institutions, which make international transactions difficult or costly.

3. Greater Transparency

Of all of the challenges holding developing countries back, corruption is one of the most persistent. Unnecessary bureaucracy and corrupt officials cause the ever-growing gap between the rich and the poor to persist, and even money that is set aside for the public interest simply goes missing on a regular basis.

The blockchain technology that enables cryptocurrencies to function comes with tools that make corruption impossible; or at the very least too visible to go unnoticed. The blockchain is an immutable ledger of all transactions. This means that every transaction is publicly recorded on a ledger and it can never be deleted.

This level of transparency makes unscrupulous activities difficult to get away with, while also allowing ordinary people to safely conduct transactions.

4. Greater Social Mobility

Despite the stereotype of cryptocurrencies being another game available only to the rich, cryptocurrencies offer a new solution to global income inequality.

One of the greatest setbacks to social mobility in the developing world is corruption, but as we have seen, that issue is tackled ferociously by cryptocurrencies and their blockchain technology.

Unlike traditional banking institutions, no physical presence at any specific location is required for crypto banking. Generally speaking, you just need an internet connection and a crypto wallet. Now some countries are seeing the rise of crypto ATMs, allowing any user to purchase, send or receive money from anywhere in the world.

Cryptocurrencies provide accessibility, transparency and clarity, three things that are often in short supply in many developing countries.

5. Easier Remittances

Every year, hundreds of billions of dollars in remittances are sent to developing countries. According to the World Bank, this figure stood at approximately $441 billion in 2016.

The remittance payment process has created a global industry that is seldom favourable to migrant workers and immigrants. Traditional remittance services such as Western Union collect fees and sometimes enact various different charges, making these transactions more expensive.

Cryptocurrencies have allowed remittance payments to be made in an easier and far more affordable way. Crypto transfers are conducted very easily, but not at the expense of safety. This is another factor that has made Bitcoin popular in developing countries. There have been new services emerging in developing countries, such as SureRemit from Nigeria, that are targeting the growing crypto remittance demand.

The Verdict

Cryptocurrencies have offered the world an alternative to the problems that come with traditional banking. These alternatives have extended to countries of all levels of economic development. It will be interesting to see how the world at large changes as a result of cryptocurrencies, but there is no doubt that they are also helping developing countries.

Share you thought with me in the comment section and express your opinion. Awareness and open conversation are the key for the creation of a better future.

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better world

The free help cycle – easy task with big reward

How nice it is to get free help randomly? it can change your day. Life in the 21st century is demanding and can bring many people to over self concentration and self isolation from what’s going on around them. It is almost automatic. The demanding tight schedule that many people are living in and the constant attachment to our phones has brought many people to chronically ignore what’s going on around them. Moreover, living in a massive city can create feeling of detachment from the living population around you as a whole as it is to big and to diverted to handle with.

To be honest, seating in a main street of a big city and studying the people around can be an endless full time occupation, as so many different people are passing and constant change is happening. With all that said, the reaction of most of the people to that reality is to develop a small cycle of closed people which create the individual social cycle. All the rest of humanity and its life become somehow irrelevant to ones life. It is natural, energy saving and a mentally comfortable behavior.

Nevertheless, it is an extreme. This behavior is creating a mass detachment from the society itself. It creates small connection unites that are moving in the same space without interacting with each other. This mental stage is also negative in some aspects, as it inevitably develop in any individual mind a feeling of loneliness and detachment fro the society itself. It is important for me to mentioned, that this kind of social psychology is natural and normal. It is part of the side effect of our evolution into the reality we are living in those days.

Back to the title. can you remember a day in which you needed help with something and a random person came and helped you FOR FREE! it was not a big task and it didn’t took a lot of time, but what a nice feeling it gave you. If you cannot remember such a case, this topic is not less relevant for you.There is something magical in such acts of kindness. It is a win win that can give a good feeling that can stay with you for the all day. More importantly, it is a pure act of positive socialism and a demonstration of caring for the sake of it. In the reality, we could all use some random help sometimes and we all have this 1-5 minutes of giving it to someone else.

help each other

The free help cycle motive is very simple. every day, try to help a random person at least once for free and with a smile. It can be an old person that need it, a homeless, a sad person (sometime a smile and a hug is enough), a kid, a pregnant woman, a lost guy or any person that looks like it needed really. As we all need some help sometime, I’m sure that if you start been aware of it many opportunities will come. Why should you from the first place? what good does it do?

First of all you are helping someone else, meaning you’re making another person happier. We need this kind of behavior in our current society. We are so detached from each other that we forgot how simple it is to help for the sake of it. Secondly, it is extremely rewarding. Helping somebody else is feeling you with a good feeling that boost your energy, your happiness and can even give you a small boost your self esteem. You will be amazed from the reaction and thankfulness of people. And who knows, you can even make new friends in this way.

This cycle of helping is benefiting everyone, the individual that get helped, the helper and the society as a whole. Helping without asking nothing back is not a waste of time it is a door to the creation of a better life and better society for free. If this idea is spread and demonstrated in action, even people that do not help other normally will automatically start doing so. It is a natural psychological process.  Try it and see for yourself (it rake at least 3 weeks to actually try it seriously)

Share you thought with me in the comment section and express your opinion. Awareness and open conversation are the key for the creation of a better future.

If you like this content and would like to get more, Please like this post subscribe to this blog or to my Facebook. Your support is giving me motivation and helping me cause. For more topics in this blog click here.