Quote from: Poker Player on September 23, 2023, 07:15:54 AM

Quote from: Tellek Garing on September 23, 2023, 05:45:32 AM

After purchasing bitcoin through platforms accessible to their countries, bitcoin holders in third world countries can trade Bitcoin for profits or hold onto their tokens as an investment.

Are you saying that because in those countries people usually have a lot of money to invest?

Quote from: EarnOnVictor on September 23, 2023, 06:54:17 AM

Bitcoin is an asset, and like other assets could be used as an investment, this is the best way I like people to view Bitcoin, not as a hedge/counter against inflation, or else it might break the heart of many during the bearish season.

I don't know what you mean. A hedge against inflation is also an asset and an investment, like gold for example. They are not opposites.

If we talk about third world countries in general, the only way I see that they can take advantage of Bitcoin to try to beat inflation would be to legalize it as a currency, as they have done in El Salvador, to try to attract investment and have an alternative to remittances and the dollar.

On the other hand, if we are talking about people living in those countries, it will depend on the individual situation. Someone who has such a low income that he spends it all and still lacks it, the Bitcoin will not help him against inflation because as soon as he gets paid he will spend it, besides paying transactions fees and surely a fiat conversion fee to be able to spend. People in those countries that have a higher income and can save can use the Bitcoin against inflation, but as in the rest of the world.

This is exactly my point when I see posts or threads praising how Bitcoin is going to save the poor. It's a great investment that is probable to yield great returns in the upcoming years; however, the majority of people in third-world countries have extremely insignificant incomes to backup Bitcoin purchases. Acquiring $30 worth of Bitcoin per month isn't going to cut it. It's already difficult for western countries to invest, which have higher wages, let alone third-world ones. Thus, Bitcoin and cryptocurrencies are incapable of helping those against inflation since they're already spending all their salary just to cover their basic needs, and sometimes even that's not enough. As I've said before, Bitcoin might be great for an average worker who's trying to break free and achieve a better financial state.