Crypto and developing countries. notes from inside!

Most of reddit users and subsequently this subreddit are from USA or Europe. But crypto has sides few of you are aware of. For those of us living in developing countries crypto is not just a hobby. It is the only way to overcome a failing economy.

1. Crypto and inflation:

It is pointless to invest in a failing economy. In Iran for example inflation rate is above 50%. Many other developing countries are also facing high inflation. As an example most banks in my country (Iran) offer up to 20% annual yield on your investments. Which means holding your money in local banks is just stupid. So people tend to buy land, gold or dollars for investment.

But non of them goes up faster than inflation. And crypto "might". So many people in Iran or Turkey using Crypto as a high risk high rewards investment. As you buy and sell with dollar you are almost immune to high inflation rate and there is a chance that you can even earn some more dollars on your initial investment. So it is just natural that people here love crypto.

1. A way out of the cage:

Another problem that people in many developing countries are facing is their isolation from global finance. Let me explain:

It is not legal or possible in many developing countries to invest in western stock markets. Many others like Iran, Cuba etc are under US sanctions. We can't even get a Visa card or connect to Paypal. Decentralized nature of crypto gave many of us a way to invest and be a part of global market. We can even use crypto as an alternative method of payment. Negative part? It also gave our regimes a way to go around sanctions.

I should also note that many supposedly decentralized crypto exchanges also follow US sanctions and block IPs from countries sanctioned by US. Not so decentralized after all.

1. Crypto as a way of connecting people:

Last thing I extremely like about crypto is how it helps us to connect and make friends all over the world. The fact that some people will read this post under the silver moon and some under the bright sun is just heartwarming. Crypto community, even if not always kind is a way for people from different cultures and countries to talk, have fun and understand that after all is said and done, we are all humans and much more alike than we are different.