How Steemit, Crypto-currency and blockchain can help a country with a bad economy? by hossary

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steem · @hossary · Jun 2 '16 (edited)

$4.34

How Steemit, Crypto-currency and blockchain can help a country with a bad economy?

Could you guys give me any ideas on how a cryptocurrency or blockchain can help a country with inflation.  Any idea will help!!

![inf](http://s.hswstatic.com/gif/inflation-360x240.jpg)

I will make this short and Simple. I have been thinking about this for years now.

 **Let me Start with explaining the situation here.**
*  The value of the local currency is going down and prices are going up (inflation).
* There is no enough dollar. So the price of the dollar against the local currency is rising.
* people are struggling to import stuff since there is no foreign currency. 
* you cant even buy foreign currency in the bank ( unless you are a big company or you are travelling ) *still limited*
* you cant even buy bitcoin :S for example if the bitcoin price is x it cost me 1.5x  to buy a bitcoin (Imagine)

My though here is how could blockchain technology or a crypto-currency help the situation here. Could allow people to import products from abroad without worrying about  the price instability.  Maybe even exchange goods and services (alt currency) or even buy bitcoins :)

I hope  all this made sense. 

If you guys have any ideas we could brainstorm together. 

Any thought will be highly appreciated

**Update** :  right after i posted this post i got a notification from one of my friends on facebook  tagging me in a post that states that  a dentist was arrested for selling bitcoin and US Dollars. (Kill me please) . 

![a7a](https://scontent-cai1-1.xx.fbcdn.net/v/t1.0-9/13330920_1101763169867345_841950204030479693_n.jpg?oh=93f7ca005797fc27dbe5a9e197a9efcf&oe=57C5E225)

👍 fuzzyvest, liondani, tuck-fheman, hossary, steempowered, steemrollin, juju-camacho, nenad-ristic, vadimberkut8, bogdanberkut, andu, rok-fabiani, alex-muss, viet-ngo, andre-ager, b4bb4r-5h3r, bitcoin1488, joshuaatiemo

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@andu · Jun 2 '16

First of all cryptos usually are pretty much inflation resistant (Not until the mining phase is clear!). 
I believe the hard part is that while people adopts bitcoin price rises accordingly to more people buying it, unless a kind of drop gives them bitcoin for their now basically worthless money since everyone is just "dumping" it for crypto. 
It would greatly help against most of the problems generated by our governments and it would probably also obligate them to "show" us where every single satoshi went since otherwise people wouln't pay. I just don't know how a country could buy such amount of bitcoin unless its euro since it would still have value in several other countries.
Yes in USA the bitcoin subject kinda sucks, i really hope people in countries with such opression eventually set themselves free, eventually its bond to happen.

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@bitcoin1488 · Jul 27 '17

How does inflation help #cryptocurrency? Shouldnt the idea of getting the influence of Wall Street out of our lives. Inflation does not seem healthy at all.

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@pfunk · Jun 2 '16

I hate to say this but be careful of how you link your identity online when you present such radical ideas as economic freedom.

👍 hcf27

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@hossary · Jun 2 '16

You have a point here @pfunk I am  just brainstorming here though nothing serious :) 
you made me  worry a little bit lol

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