Cryptocurrency has provided fertile grounds for revolutionising third-world countries by using blockchain technology to ensure that human developments in the countries are growing. Most developing countries have similar characteristics, making them strive to attain development. Education opportunities are inadequate, and many still struggle to educate their children due to low capital income. The healthcare facilities are not yet standard and accessible to people of low-income class because the facilities owned by the private sector are expensive to attend.
Food shortage has also had many struggles to put a plate on their table, so others cannot afford three meals a day. Cryptocurrency has come to solve these problems faced by third-world countries by using blockchain technology to make the impossibilities possible. Crypto enables trading internationally without owning a bank account. To trade with crypto, one does not need to own a bank account, which has been the case with fiat currencies. Trading with crypto only requires downloading a digital wallet to store digital currencies. Some people lack bank accounts, but they can trade internationally.
Financial institutions are rare in some places. Many people have owned smartphones and easily connect to the Internet and trade from their homes without moving to the bank. People in developing countries are in trouble with poverty, which makes many live dependents, and it becomes hard to develop the economy with a high dependency ratio. Failure to access financial institutions is one cause of poverty because they provide people with various opportunities, including loans, to establish themselves, and this help prevents people from a financial shortage. Failure to access these institutions is a leading cause of poverty. Owning crypto has no limitations since they are accessed easily.
Cryptocurrency will help enable internet connectivity in different areas of the country. Internet is needed to make crypto transactions. However, it’s a problem for certain areas in the country where there’s no internet. Therefore, adopting crypto as a currency for use by developing countries will help ensure that even the remote areas will not be left behind. Transaction costs have impacted transacting using fiat currencies because, at times, the costs are high. Therefore, transacting using crypto with lesser or no costs has created a fertile ground for developing third-world countries.
Corruption has been one factor that has always dragged the country’s development backwards due to the mismanagement of funds and the use of money for an unintended purposes. The involvement of intermediaries in the transactions made using the fiat currencies creates room for corruption because money passes through several individuals, and it is difficult to track where it went missing.
There is a ground to fight corruption with virtual currencies because the money is sent directly without the involvement of intermediaries, which will greatly help fight the corruption that has existed in developing countries and hindered developments. In conclusion, cryptocurrency is creating fertile ground by enabling connectivity in different areas, enabling international trade, and helping solve the corruption problem, which will help drive poverty away.
