Crypto-currencies in the Third World countries: will bitcoin soon become a national currency?

Until the general distribution of crypto-currency in everyday life is still far away and while they are still more the money of the Internet. But not many people know that in some countries bitcoin is used as a means of payment in the offline world and it is not technically advanced states, but those that are usually ranked among the countries of the third world.

Crypto currency is a bailout for developing countries

The economy is not stable in all parts of the world and many successful states suffer from various crises and shocks from time to time. As for the developing countries, the situation there is completely deplorable, because the local population of many such states suffers from poverty and hyperinflation. The authorities are unable to support their own currency and that is why in active use in these states anything, but not national money.

However it was sad, but the crypto currency is very far from being implemented on a mass scale in advanced economies. Their citizens have not yet lost faith in the national currency and trust banks, so there is clearly no need for any other money. Thus, the crypt in developed states attracts those who need it anonymity, volatility and the possibility of making international transactions. Do all of this need third-world residents?

Bitcoin and Africa

According to available statistics, Bitcoin most common in 30 powers and 14 of them are localized in Africa. The Black continent, for the most part, still suffers from hyperinflation, and in some individual regions it reaches horrendous proportions. This is what makes the local population look for an alternative not only for settlements, but also for savings.

The protracted economic crises and political instability for the countries of Africa are a common thing. Existing currencies in the least prosperous states of this region are so unstable that citizens have to look for an alternative and for a long time such was the dollar. For example, in Zimbabwe some time ago there were bills of 100 trillion - the country's inflation reached 79 billion per year! It is difficult to imagine how the local population lived, for which the prices were doubled every day. The way out of the situation was the introduction of the dollar into the economy of the country at the official level.

When cryptocurrencies reached their peak in 2017, African countries took note of this innovative currency and the use of the cue ball increased by 1500% - the coin gained great popularity only in China.

Surprisingly, according to statistics, 65% of the population of Africa not only know what crypto currency is, but it is successfully used as a stable asset, in which it is safe to store its funds.

It should be noted that bitcoin in Africa is higher in price than in the market. The markup on it in Zimbabwe is 40%, and in Nigeria and Angola - 100%. Africans prefer to carry out transactions bypassing banks, for them volatility bitkoin children's babble, because the local currency shows much more active course curtsies. At the same time, bitcoin is also used for payments - the total number of transactions exceeds 21 $ billion, and local companies even pay attention to blocking technology.

Interest in the crypt in Afghanistan

We do not need to go far beyond examples, and not just in Africa, bitcoin is gaining popularity - there are states on our continent that can not deal with their economies. In Afghanistan, also foreign currencies are more favored than the national currency, which has no stability. And if for a long time the role of the alternative was played by the dollar, then with the advent of crypto-currency, the local population had options.

Afghanistan is an Islamic state that for a long time can not come to stability and is still suffering because of the civil war. This is a very poor country that survives only through international assistance, so the level of economy in it leaves much to be desired.

Inflation has killed the desire of Afghans to use their currency, and therefore not only afghani, but also the euro, dollar, rupees are "walking" in the country - all that is more stable and accepted as a means of payment (and in some shops for national currency you can not even buy anything ). Citizens did not forget about gold, in which it is accepted to keep their savings here.

It would seem that a poor country with a low level of literacy (43% among men and 14% among women) is very far from the introduction of such high technologies as crypto currency, but in fact it turned out differently. In Afghanistan, smartphones are very common, and even absolutely illiterate people know how to use them. Therefore, in order to accept the country's crypto currency, there are all chances and in recent years interest in bitcoin has been actively growing among its residents. Perhaps very soon Afghanistan will be not only the world's largest producer of drugs (90% of opium is grown here), but also the first for active implementation of crypto-currency?

Do countries of the third world really need crypto-currencies?

Bitcoin from paper money differs in that it has a number of course generation - you can not print coins indefinitely, so inflation does not threaten the crypto currency. At the same time, for states with a high level of inflation and a lack of money, it could become a real salvation - the possibility of dividing a coin into fractional parts, which can also be used for operations, would solve this issue. Now we see that in the third world countries an active interest in crypto currency is awakened, but will it be implemented globally or will continue to be used occasionally?

Most likely, the jump in interest to the crypt in the countries of the third world will remain just a leap. It's hard to say that the local population needs all the charms of the crypto currency, they just need a more stable currency than the national one and this role has been played for many years by the dollar, which exists practically in the official status. As for bitcoin, the authorities treat him with distrust and do not know how to manage it, and the features of the coin, in fact, are not so interesting to ordinary people:

• The ability to store funds in the crypto currency is of little interest to anyone. Most of the population does not have the means to be stored - people try to survive and spend all that they have earned.
• The anonymity of the crypto currency clearly does not make any sense to the resident of the developing region, who is more concerned with the question of where to get food.
• The possibility of international transfers is taken care of by individuals, while the rest is occupied with more mundane issues.
• Non-cash settlements are much more convenient, but they are taken for them, albeit small, but a commission. Payment in dollars from hand to hand looks in this case more attractive.

Let's not forget that the crypt is an innovative technology, which requires not only the use of certain gadgets for operations, but elementary literacy, which is a big problem in developing countries. Therefore, as if the crypto-enthusiasts were not happy that there are special cases of using crypto currency in everyday life in the countries of the third world, yet it is not worth expecting that they will quickly become globally significant. Crypto-currencies could be a real salvation for these countries, but so far their formation has more barriers than favorable conditions.