The acceptance of bitcoin among users is based on several factors including geography, politics, economic systems and now literacy. For the look of things, people who really do need to invest in bitcoin do not even know about it given that they are illiterate and have not access to the internet or information.
For many cryptocurrencies devotes in developing countries, they see cryptocurrencies as a tool to surpass central banks and also the financial system. Democratic users rely on its devolved nature and lack of control to achieve their ideological dream. Rather than being an achievement of a lifelong dream, people in underdeveloped countries need bitcoin as a matter of urgency.
Countries such as Venezuela, Zimbabwe or Afghanistan are living in the predicament of not having a reliable currency for savings purposes. Their currencies are used to carry out only daily transactions such as buying goods and paying for services, however, people have to exchange their money for U.S.D dollars to save.
This situation can help promote the usage of bitcoin. Regardless of its insecurities, it can still be used as a stable currency compared to their official currencies. Given that cryptocurrencies can be mined, it can draw in a lot of miners who are living in countries that have less expensive electricity like Venezuela. Besides, Bitcoin makes it possible for economic agents to avoid government bans and international regulations.
A big plus for cryptocurrency devotees is to be able to understand how to operate bitcoin. However, in most developing countries, literacy is a big concern which goes to explain why bitcoin usage has a low rate in such countries.
Janey, a former humanitarian in Afghanistan who is knowledgeable in international development calls on investors to bring bitcoin to such nations, stating that there is nothing holding back bitcoin adoption in these countries.
Janey added that “what is missing is the ability for the people in these countries to buy bitcoin in a simple manner.”
She also added that “People who cannot even read or write in their native language, let alone English, still use smartphones. They may not know the Persian alphabet but they know how to browse Facebook, like their friend’s photos, and post their own. They can use Facebook to access the news in the form of videos. No literacy required.”
She went on to cite that the Facebook platform makes it possible for almost everyone to have access to it, therefore, “It’s only a matter of the right tools existing that can make Bitcoin more accessible to not just non-technical populations, but even non-literate ones.”