Can Bitcoin Really End World Poverty?

[gentlemand]

It can make online trade, and international trade in general, readily accessible to a lot of places that currently are not. That could facilitate wealth coming in from places that previously seemed a million miles away. It's not alleviating poverty as such, but it could lift a lot of people into a global market place.

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[redsn0w]

No, I don't think bitcoin can end the world poverty. Because bitcoin as we know today it is only a pure speculation but it has created a lot of opportunity to a lot of person. I think when all this speculation will terminate, the value will stabilize (also to 50-100 dollars) and we can start to bitcoin from another point of view.

Now bitcoin is only a valid and good alternative for send large quantity of money (for example) to our relatives or parents in another country, without use WU, moneygram or other money transmitter.

[randy8777]

it definitely won't end world poverty. it can make their life a bit easier but that's all.
once their corrupt governments stop with filling their pockets with money that was meant to be for the people there, it might contribute to less poverty.

[ensurance982]

It could be a good way for people to keep their money on a ledger that they can use to transfer it wherever they want. It could be a blessing for people without a bank account. But with BTC being this volatile... I don't really know...

[gentlemand]

It could be a good way for people to keep their money on a ledger that they can use to transfer it wherever they want. It could be a blessing for people without a bank account. But with BTC being this volatile... I don't really know...

I think the ledger thing is much underestimated, especially in the third world. Property rights, or rather the total lack thereof, are a huge contribution to poverty too. If the ability to clear up uncertainty about who owns what is totally wiped out, which is what the blockchain can do, that makes a big difference.

[ensurance982]

It could be a good way for people to keep their money on a ledger that they can use to transfer it wherever they want. It could be a blessing for people without a bank account. But with BTC being this volatile... I don't really know...

I think the ledger thing is much underestimated, especially in the third world. Property rights, or rather the total lack thereof, are a huge contribution to poverty too. If the ability to clear up uncertainty about who owns what is totally wiped out, which is what the blockchain can do, that makes a big difference.

But it still needs to be accepted. It's the old $5 wrench story... If there's some with a machine gun telling you to leave your house, you can point to the blockchain as much as you like, you won't win, unfortunately

[stupididiot]

it might at some point taking into consideration its quick method. but honestly, we need fiat. one way or the other, fiat defines the concrete being of bitcoins price. for the time being at least

[gentlemand]

But it still needs to be accepted. It's the old $5 wrench story... If there's some with a machine gun telling you to leave your house, you can point to the blockchain as much as you like, you won't win, unfortunately

Agreed, but there are plenty of peaceful places where everyday contracts are such a shower of shit that it could settle some problems. I can't imagine many authorities would be too happy to have total trustability and transparency but at least it's now out there.

[opossum]

Can bitcoin really do anything to solve world poverty problem? Brian Singer certainly think so. He thinks that Bitcoin can bring minimum everyday earning for people more swiftly than any other economy system.

Is it possible?

http://www.forbes.com/sites/steveforbes/2015/04/02/how-bitcoin-will-end-world-poverty/

No it is not possible to "end world poverty" but it can play a part helping those who are quite short of cash but can manage to get online to earn money from small jobs but we are not talking a large amount of people.

I read that to help the world take a step from starving and give clean water to the world will cost only £13billion and that to put in perspective is what the USA and Euro countries spend on perfumes every year!

It has all been designed that the poor stay poor and BTC is not changing that.

[ensurance982]

it might at some point taking into consideration its quick method. but honestly, we need fiat. one way or the other, fiat defines the concrete being of bitcoins price. for the time being at least

Actually we're just comparing or measuring the price of BTC in Fiat only because we need to have some way of gauging its value. Fiat money is just a very simple and fitting way of doing that, actually. We could also do it in loafs of bread or something...

[lophie]

No, At least personally I do not think so. But I think Bitcoin in many aspects especially in basic banking, it is taking alot of riches and value from the rich to the poor.

[arlekyn13]

No, I don't think bitcoin can end the world poverty. Because bitcoin as we know today it is only a pure speculation but it has created a lot of opportunity to a lot of person. I think when all this speculation will terminate, the value will stabilize (also to 50-100 dollars) and we can start to bitcoin from another point of view.

Now bitcoin is only a valid and good alternative for send large quantity of money (for example) to our relatives or parents in another country, without use WU, moneygram or other money transmitter.

I prefer to think of bitcoin as both a wonderful way to transfer value and a wonderful way to preserve value    No, it's not just about being able to transfer fast and cheap. It's also about storing value, like gold, well, much better than gold actually. That's what makes bitcoin and blockchain a  marvelous inseparable whole.

[ensurance982]

But it still needs to be accepted. It's the old $5 wrench story... If there's some with a machine gun telling you to leave your house, you can point to the blockchain as much as you like, you won't win, unfortunately

Agreed, but there are plenty of peaceful places where everyday contracts are such a shower of shit that it could settle some problems. I can't imagine many authorities would be too happy to have total trustability and transparency but at least it's now out there.

What if people lose their private key, though? Right now it really is still too much of a deal to put that much power into the hands of consumers, it seems. People seem to like being taken care of in case something goes wrong. It's sad, but I think this is a big hurdle for Bitcoin (and blockchain technologies in general)

[Totaldice]

I think it definitely can. The low transaction fees plus no middle man is a big plus for third world countries. The simplicity of being able to send money to your family compared to mailing money or going through banks with high fees puts Bitcoin at an advantage over traditional means.

[9000]

I don't see how, but it can for sure make economy a lot more efficient, specially across borders, too much money goes to intermediaries.

[pozmu]

No it won't.
This article is complete bullsh*t. I mean, most of the facts are correct, but to conclude that Bitcoin/blockchain will end poverty is, sadly, a complete nonsense.

[BillyBobZorton]

It seems he is another one of those delusional guys that thinks the blockchain would support itself without bitcoin and mining:

I think bitcoin, or the, really, blockchain encryption that’s behind it, has a greater ability to bring more of the world’s population out of poverty than anything we’ve seen in

[Q7]

No it won't. Whichever currency you decide to adopt, there will always be imbalances in terms of economic distribution of wealth. What bitcoin actually solves is ensuring that what you own is exactly what you own and the value doesn't get diluted because there are newly printed money coming into circulation.

[asuryan180]

This is impossible and will never happen, there is poverty by design and bitcoin is not changing that, it may even make more people poor if it goes pop and people have invested more than they can offered.
If you are poor/living in poverty the chances of having internet access are small so we probably won't even get them using faucets, entering give aways, doing small basic jobs etc

[johnyj]

It is possible when 1 satoshi worth $1, I will donate 1 bitcoin for poor guys  

Today's world poverty is largely due to the fact that banks must keep majority of people poor to make their money valuable (If everyone is getting 1 million dollar per month then there will be super inflation like Zimbabwe and fiat money will be destroyed). And in order to keep majority of people poor, banks must keep most of the money at their hand, and buying lots of debt to raise the living cost of majority of people constantly. That will increase the wealth gap and put more and more people in poverty

With bitcoin, loaning is much more difficult, people will start to save, and since no one can act like a slave master (central bank), all the existing model will change. Maybe it will not end world poverty immediately, but it definitely can give everyone a fair play ground, so many people have chance to get rid of poverty. With today's fiat money system, it is no way to get rid of the trend of increasing poverty, since it is by design