Categories: FeaturedFinance

Top 4 Poor Countries Where Bitcoin may not Make an Impact

Bitcoin is often touted as a solution that can make an impact in countries dealing with financial hardship. Poor countries are not difficult to come by, all of which can benefit tremendously from using bitcoin in one way or another. Below are the top poorest countries in the world, albeit it remains unclear if they will ever embrace cryptocurrency to improve their financial status.

4. Central African Republic

It will come as no surprise to find out there are quite a few African countries with very low GDP. Central African Republic takes the crown in this regard, although that is nothing to be happy about by any means. Even the country’s mineral deposits and uranium reserves – as well as oil, gold, lumber and hydropower – are not improving the region’s financial status by any means. It has the second-lowest level of human development in the world. Only 3% of the population uses the internet as of 2012, which may not spell a bright future for bitcoin by any means.

3. Democratic Republic of the Congo

Formerly known as Belgian Congo and Zaire, the Democratic Republic of the Congo has fallen on hard time for many decades now. The Congolese Civil Wars, which date back to the second half of the nineties, left the country torn by war. Political instability has had a disastrous effect on the local economy.

Its internet population only represents 1.7% of the entire country, although that number has been rising steadily. Interestingly enough, there are close to 200 ISPs in this country. All of this is not necessarily enough to get bitcoin off the ground in the Democratic Republic of the Congo anytime soon, but it only takes a few people with enough passion to push the bitcoin agenda in this country.

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2. Burundi

One African country rarely making positive headlines this past decade is Burundi. This is also one of the smallest countries in all of Africa, yet is mostly known for its civil unrest which started back in April of 2015. Deposing the President of Burundi ultimately failed, yet the unrest has not quieted down by any means.  Once again, it is politics driving the economy into the ground, which is somewhat of a common theme in Africa these days.

Considering how the country is poor on resources to begin with, it is not hard to see why these struggles exist. Agriculture employs over 90% of the population, yet only represents 30% of GDP. Burundi has made significant investments in their high-speed internet network, which could spell a positive future for bitcoin adoption in the region. Right now, only 1.5% of the population are connected tot he World Wide Web.

1. Liberia

While Liberia is doing slightly better than the other three countries mentioned in this list, the situation is still dire. With the Civil War destroying most of the economy in the country and external debt surpassing 800% of GDP, things are not looking great. With 3.8% of the population connect to the internet, bitcoin could make somewhat of an impact over the next few years, although it will be not an easy battle.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx

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