Cryptocurrency in the developing world needs a fresh approach

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Cryptocurrency effect on developing countries

Postby Dora В» 08.01.2020

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Each time it takes up to five minutes. As Venezuelans struggle to obtain everyday needs, they are turning to a curious asset class to alleviate price pressure: cryptocurrencies. As a result, digital currencies in mature economies sometimes have been derided as get-rich-quick schemes with no intrinsic value. The nascent technology that libertarian-leaning evangelists, including entrepreneurs Peter Thiel and John McAfee, tout as packing the potential to reshape the global monetary system has yet to provide a significant use case in the developed world.

High transaction fees, volatility and security flaws have, to date, scared off companies and consumers. However, in emerging and frontier nations in Latin America and Africa, cryptocurrencies are making inroads. In Africa, cryptocurrencies are aiding cross-border payments, helping businesses expand across the fastest-growing continent by population. A year earlier, it had grown 5. Fast-forward five years, and the country is in the midst of one of the worst financial crises on record.

So with the bolivar increasingly worthless, Venezuelans are turning to digital transactions. Because of capital controls, Venezuelans are restricted in their ability to obtain U. Users in Venezuela, both merchants and individuals, download a virtual wallet, link it to a bank account and then can begin using the digital currency to buy goods and services. From bus rides to Subway sandwich shops, there are now more than 1, merchants that accept Dash in Venezuela, according to Mark Mason, director of public relations and media at Dash.

They discussed how the technology could alleviate everyday worries including exchange controls, hyperinflation, a lack of cash and banking issues such as limits on transactions.

Now the monthly get-togethers attract more than people. There needs to be some separation of thinking about the problems of someone versus this community [cryptocurrency proponents] who confidently assert that this [technology] will help save them. For some African nations, cryptocurrencies are solving a different economic issue: cross-border payments. For small and midsize businesses, exchanging so-called fiat currencies — official government currencies — among countries is stifling growth.

Hefty transaction fees and long remittance times restrict expansion in the fastest-growing continent by population. With the help of bitcoin, companies are slashing fees and reducing remittance times when sending and receiving foreign currency. Abba Pius, CEO of Spirited Frontier Trading in Lagos, Nigeria, said reduced remittance times have decreased anxiety when businesses and customers deal with international payments.

Since , when Satoshi Nakamoto, the name used by the unknown developer of bitcoin, released a white paper outlining decentralized ledger transactions, the opaque technology has graduated from Reddit chat forums to the mainstream media. However, much to the frustration of entrepreneurs in the U. In emerging and frontier nations, digital currencies are solving basic problems.

Aaron Hankin is a reporter covering digital currencies for MarketWatch. Pasta started flying off the shelves of supermarkets in Milan. Economic Calendar. Retirement Planner. Sign Up Log In. By Aaron Hankin.

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Re: cryptocurrency effect on developing countries

Postby Zologor В» 08.01.2020

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Re: cryptocurrency effect on developing countries

Postby Taran В» 08.01.2020

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Re: cryptocurrency effect on developing countries

Postby Kejin В» 08.01.2020

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Re: cryptocurrency effect on developing countries

Postby Kajilabar В» 08.01.2020

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Re: cryptocurrency effect on developing countries

Postby Goltijar В» 08.01.2020

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Re: cryptocurrency effect on developing countries

Postby Dishura В» 08.01.2020

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Re: cryptocurrency effect on developing countries

Postby Brazilkree В» 08.01.2020

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Re: cryptocurrency effect on developing countries

Postby Maujas В» 08.01.2020

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Re: cryptocurrency effect on developing countries

Postby Dozahn В» 08.01.2020

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Re: cryptocurrency effect on developing countries

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Re: cryptocurrency effect on developing countries

Postby Shakat В» 08.01.2020

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Re: cryptocurrency effect on developing countries

Postby Shakagis В» 08.01.2020

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Postby Shanris В» 08.01.2020

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Re: cryptocurrency effect on developing countries

Postby Grogul В» 08.01.2020

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Re: cryptocurrency effect on developing countries

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Re: cryptocurrency effect on developing countries

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Re: cryptocurrency effect on developing countries

Postby Tezahn В» 08.01.2020

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