Bitcoin Talk down
Trickle-Down Bitcoin
How Bitcoin Could Develop the Developing World
By Michael Magan Much of the media focus on our fledgling currency has been on its western markets. The discussion frequently revolves around the U.S. Market when the U.S. accounts for only 4.5% of the world's population and only about 2.1% of the estimated world GDP. Bitcoin- and cryptocurrency in general- is slated to draw the curtains on the biggest financial revolution the world has seen... and the main stage lies in the developing world. In 2012 alone there were 29 countries that experienced greater than 10% inflation and 8 of those countries experienced over 20%. These statistics can be misleading because there are many countries that have experienced hyper-inflation. Brazil, Argentina, Nicaragua, Peru, Yugoslavia, Zaire and Zimbabwe have experienced hyper-inflation rates of over 1, 000% or more a year during the past 40 years- Zimbabwe being the most recent. At its peak it took a little over 24 hours for the prices to double. Notwithstanding that, many of these countries have severe restrictions on financial mobility. Access to banks and other secure ways of storing money are limited. Corruption in the legal system is not only rampant but well-known and expected. Government control of the currency in many countries is not blessing but a curse... leaving many people with little to none of the recourse afforded to those in the "developed" world.
om than they had ever experienced previously. Financial security and freedom world allow people to save and invest in their future, luxuries currently afforded to only a fraction of the world's population.
Bitcoin's payment network provides a secure and frictionless mechanism for international exchange of wealth. Bitcoin's cryptography creates- for anyone with minimal access to electronics- a theoretically unbreakable safe to store their accrued wealth. As a deflationary currency, Bitcoin encourages savings and will never suffer from over-eager government printing presses.
The Bitcoin revolution has so much more to offer to the bottom half of the worlds population than the top half. This is not to say that Bitcoin won't positively affect the U.S. Economy as well, but that it will be much more life-changing for someone who lives in Argentina or Zimbabwe.
RT @NINK: I watched @OverstockCEO Patrick Byrne talk on Bitcoin now looking at some of his Research. This is one scary trip down the rabbit…
RT @DalCryptoClub: Thank u so much 2 everyone who came down! Listening to an amazing #bitcoin talk by the infamous @danmartell himself! htt…