A country with the 6th largest population in the world, has suffered due to bad decisions at the leadership level. With the country now facing a tough task to return a loan of about $50 billion in 2016 with 46% to be paid in USD is facing a default like situation.
We take lots of things granted. Banking is no exception. People just know it works and it should work. I believe this is also how bitcoin should be. In due time people will realize the power of bitcoin and the bank-less transaction system on which services similar to current banking will be built. The industry will play out on its own. But till then how do you really secure your investment from bad policies that can land you in a Greece like situation.
Pakistan produces the 3rd largest freelance community in the world. We have seen people from freelance content writers to bloggers or top class programmers or security experts. The reason bitcoin can help is that its really difficult for them to get paid since paypal does not exist in Pakistan. Even if paypal was there it would still be very costly. Services such as payoneer have tried to fill the gap left by paypal but still seem very expensive. As compared to this bitcoin is transferred over with just a fee of 0.0001btc per transaction which in this day and age is chump change. And really shows its true colour when you have to do micro transactions. This makes it easy for anyone to receive this commodity or digital asset on their mobile, desktop or even on a piece of paper.
One thing when we talk bitcoin is about remittance, the reason for this is that Pakistan is on the receiving end of about $15+ billion every year in just remittance. But again ways to get this get people to pay higher cost for slower means. In addition to this it becomes harder to send small amounts of funds, it also becomes very costly.
Success of EasyPaisa, Upaisa, Mobicash and UBL Omni
A country with majority of population below poverty, and uneducated with limited banking has seen success of expensive retail micro banks in the form of easypaisa, upaisa, mobiecash and UBL Omni, have already laid the foundation of mobile banking. Bitcoin is primed for internet and best source to keep things open on a public ledger. It doesnt matter how bitcoin works as all the people need to know is that, it works. Transferring bitcoins buying selling them via localbitcoins, on facebook or at exchanges or trading platforms such as urdubit has been building the eco system in Pakistan and making it easy for everyone to buy and sell.
Store Of Value:
At times people dont realize this but bitcoin or btc will always be yours no matter how much its worth. Due to current way the financial system works in the World, pretty much all countries are running on loan from either IMF, Asian development bank, world bank etc. Who are in turn taking loans from Federal Reserve, which control the printing of USD and has the power to print as much as it wants. This builds an ecosystem that is being controlled by just a few. With bitcoin and buying it you eliminate the need for this system. This also helps you use bitcoin as gold a store of your assets. While we dont recommend anyone to buy or sell bitcoins the choice is totally yours.
The technology and power behind bitcoin is helping people store contracts on the blockchain. Since bitcoin blockchain is the strongest in the world it makes it extremely hard for anyone to hack or really make it feasible to hack the network. As with current situation we often see dispute on land records that are kept in paper ledgers and usually cause deaths on dispute over ownership. It will be great to see these problems fixed by registries that are done on the blockchain.
As mentioned earlier bitcoin or btc solves lots of problems that may exist not only in Pakistan but also through out the world and especially 3rd world countries. The poor the country the lesser education the lesser access to proper accountability or banking the more likely the country will benefit from integration of such services. No wonder commonwealth recently started pushing member states to really look into bitcoin and its usage.