5 Reasons Why Bitcoin Fixes This for the Developing World.

By ssaurel | In Bitcoin We Trust | 6 Apr 2022


Although there is no established convention for defining what is a developing country and what is a developed country, economists and politicians often refer to them. This separation between the developed and the developing world is largely a phenomenon of the 20th century.

Your perception of the world, as well as your priorities in life, will be different depending on whether you live in a developed country or a developing country. An American will not have the same worldview as someone from Zimbabwe. This is quite logical.

So Bitcoin will be perceived differently depending on where you live. In the Western world, Bitcoin is primarily seen as a financial investment by the general public. In the developing world, Bitcoin goes far beyond that. Bitcoin is already seen as a solution to many of the problems that people in these countries have been suffering from daily for many years.

In what follows, I propose to go over 5 reasons why Bitcoin fixes this for the developing world. If you live in a developed country, it is likely that some of these reasons may surprise you, and that you never thought of them before. That's normal because as a Westerner, it's sometimes hard to think beyond our comfort zone.

Bank the Unbanked

People living in America, Canada, or Europe, have a hard time being aware of this reality, but more than 1.7 billion people were still bankless in the world in 2017 :

This figure was already a huge decrease from 2014 when more than 2 billion people were still bankless. The reasons are not the same in America or Africa, but the result is the same: all these people cannot access basic banking services.

Bitcoin solves this problem instantly if you have a smartphone and an Internet connection. You have direct access to Bitcoin with no strings attached because Bitcoin is a trustless and permissionless system.

Bitcoin is therefore already essential for people living in developing countries, but it is also important for those living in developed countries who are unfairly excluded from the current banking system.

Protecting individuals from Censorship

Until now, people in developed countries thought they were safe from censorship. After all, our countries are mostly built on a democratic system. What happened in Canada at the beginning of 2022 with the Freedom Convoy brought to light an important truth: no one is safe from censorship by the powerful in the current system.

This problem of censorship is even worse in the developing world where corrupt leaders will force the people to act in a certain way by threatening to confiscate the fruits of their labor if they do not.

This is pure censorship!

Bitcoin is a P2P payment system whose transactions cannot be censored. So once the fruits of your labor are stored within the Bitcoin network, you are protected from the corrupt leaders of the current monetary and financial system.

Protecting individuals from the Confiscation of the Fruits of their Labor

I mentioned it briefly above, but when the fruits of your labor are stored within the current system, you are at risk of having them confiscated at any time. In the developed world, corrupt leaders are quick to act and steal the fruits of their labor from people who have no defense.

Bitcoin is a game-changer. No one can control Bitcoin. No one can act on your Bitcoin once you have the private keys to your Bitcoin in your possession. The key is to make the effort to store your Bitcoin in cold storage.

Then you will truly access the liberating power of Bitcoin as millions of Bitcoin users in Africa have already been doing for several years. It's no coincidence that P2P trading volumes for Bitcoin are exploding in countries like Nigeria and Morocco. This phenomenon will intensify in the future.

A Hedge against Inflation and Uncertainty

Bitcoin owes its strength to a superior programmatic monetary policy. The rules of Bitcoin are known in advance to everyone, and they have not changed since its creation. They could change, but only by following the democratic principle because no Bitcoin user is more important than another.

So Bitcoin is a hedge against uncertainty. In a world more uncertain than ever, Bitcoin gives you 10 incredible guarantees. It allows you to live your life on your own terms.

For people living in developing countries where political instability is an almost daily occurrence, being able to rely on Bitcoin to guarantee their money future is extremely reassuring.

In addition to this, Bitcoin protects you from the infinite monetary inflation that the current system is plunging us into because of the ability of central bankers to print as much fiat money out of thin air as they deem necessary. Bitcoin's inflation tends toward zero over time, and its maximum supply is hard-capped at 21 million units no matter what.

Giving the Same Opportunities to Everyone

Even the most staunch opponents of Bitcoin are forced to acknowledge that the current monetary and financial system leaves too much room for arbitrariness because of its centralization, which gives too much power to a powerful few. So ask black Americans who are unfairly shut out of the banking system of the world's largest economy if they don't think Bitcoin is a unique game-changer for them.

For bankless people in Africa, Asia, or South America, it's the same thing. Bitcoin corrects the injustice of a monetary and financial system that suffers from seven deadly sins that will lead to its downfall sooner or later. It is only a matter of time, and the current events in Ukraine seem likely to precipitate the birth of a Bretton Woods III that will be backed by outside money.

In this new system, money with none's liability will be king. This will be the case for gold, commodities, and Bitcoin. So owning Bitcoin now is a bet on the future that I think will pay off. The people in the developed world who have made this bet before the people in the developed world will be able to restore the balance, even if everything will not be perfect.

At the level of nations, it will be the same, and it is a safe bet that a country like El Salvador will be among the big winners of this new world monetary order in the future, for having dared to seize the Bitcoin opportunity before all the others.


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ssaurel
ssaurel Verified Member

Entrepreneur / Developer / Blogger / Author.


In Bitcoin We Trust
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