Bitcoin Cash has acted as a shiny tool for the development of many countries. This article highlights the impact of BCH, how BCH has been adopted by developing countries and how the businesses have taken the impact of the presence of BCH. The developing countries in the developing world have reached the point where they are able to deal with cryptocurrencies. Some of these developing countries have adopted BCH which has acted as a supporting pillar on the journey towards development.
On the basis of the analysis and research done on developing countries, the economists have come to a conclusion that the crypto currencies can improve the process of development. Indirectly the usage of the internet services in countries have started because of which these countries have got the chance to connect with global market. This is because internet users are only able to trade in crypto currencies. The increased usage of the internet has led to the exchange of technology between developing and developed countries.
The process of crypto currencies and the exchange of money through BCH is relatively easy and cheap. Thus it has turned out to be affordable for people living a middle standard of living in developing countries.
A lot of businesses wanting to do trade do not have a bank account. They lie on small scale industries platforms and therefore can't participate in small scale international trade. The traditional e-commerce methods and systems can now be pushed aside as people can now trade in exchange for BCH. They have greater financial inclusion as the developing countries will not have to shove their money on the infrastructure for banks. This decreases the risk of poverty. All the exchange and transactions through cryptocurrency is done through an internet connection so there is no need for much increased infrastructure facilities.
A software wallet is needed to make use of cryptocurrency. So for those who are facing a lot of hurdles in making their bank account, they can simply turn to cryptocurrencies.
About 100 people from different countries were given crypto assets for free. They were promised to be given more of those crypto assets if they attracted other people to use crypto assets. The response from Indonesia and Russia was higher as compared to other countries. This proves the fact that developing countries even prioritize a small amount of money so they will adopt a greater impact of cryptocurrencies.
The fact that out of 65 countries in the Statista Global Consumer Survey, the people of Nigeria are the ones who own the most cryptocurrencies. This means that such developing countries have been following the path of cryptocurrencies.
According to the World Bank 1.7 billion people do not have bank accounts due to the lack of documentation and other such hindrances. Many people live in developing countries where the banking system is not that vast and is of small scale. Because of which the developing world has adopted the cryptocurrency in the first place.
Venezuela, Zimbabwe and Iran are the ones which are the prominent users of cryptocurrencies. The factor which is common in these three countries and the reason behind their huge usage of crypto is the underdevelopment of their local market and underperforming domestic currency.
Therefore, data shows there has been an increasing trend in the adoption and usage of crypto in such developing countries. And the future will only be brighter!