Can Bitcoin Really End World Poverty?

[bornil267645]

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/

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[Hazir]

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/

The short and only answer is no, bitcoin will not help to solve world poverty problem. Why? Because economical systems, regulations and laws are not the problem here. Humans are. People are so corrupt and flawed that they do not care about making this world a better place, they just care about themselves. That is why we will never have world without poverty, wars and terrorism. Bitcoin is nice tool but it is people who will be using it. That is the problem.

[twister]

I think it might, not right now but maybe one day when it is fully accepted worldwide and we don't have to pay huge fees to banks and other financial institutions to keep/transfer our money from one place to the another.

Not saying it will magically solve world poverty but some people when they pay less for maintaining their funds, they might spend a little more on charities.

[arlekyn13]

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. But it could certainly give a sense of wealth stability to those owning it due to its deflationary nature.

[futureofbitcoin]

Is this the "try to relate two things that have nothing to do with each other" game? I know how to play too.

Can oranges make airplanes smarter?

Seriously. Bitcoin isn't god, it can't suddenly solve all of the world's problems, and it wasn't meant to in the first place.

[Lauda]

No. Bitcoin was never intended to end poverty. I dislike articles as this one.
The powers that can end poverty, aren't doing so. That's the problem. Don't expect Satoshi to be the savior of this world.

[needFREElunch]

I feel like the reduction of transactions fee are not enough to end world poverty. For bitcoin to even be useful for people in extreme poverty an internet connection must be available to everyone(or at least employer and merchants) so they can get paid as well as use it.

[GrandmaJean]

I feel like the reduction of transactions fee are not enough to end world poverty. For bitcoin to even be useful for people in extreme poverty an internet connection must be available to everyone(or at least employer and merchants) so they can get paid as well as use it.

wait so for example they dont have to pay fee and they have internet. still how would they manage to earn bitcoins? its not free

[Mikestang]

No. Bitcoin was never intended to end poverty. I dislike articles as this one.
The powers that can end poverty, aren't doing so. That's the problem. Don't expect Satoshi to be the savior of this world.

This exactly.  A new form of currency is not going to solve the world's problems when the people with the power to make change can't or won't exercise that power.

[dothebeats]

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/

Honestly speaking, bitcoin wouldn't solve the world's poverty issues. The problem in poverty is on the hands of those in the authority; the powers governing this world. After all, we, the people of this world, are the ones who create crimes and oppress each other for the benefit of the few, so I don't think that bitcoin--or any other similar innovative technologies to be invented--are going to end poverty. It can help, but the outcome would still be in the hands of the people using it.

[12345mm]

if anything it'll do the exact opposite (if the fantasy of bitcoin being adopted as global currency were ever to come to pass) ... why ? ... distribution of fiat money aka wealth in this world , as far as wealthy vs poor goes in a simplified perspective is 1% holds 1/2 of all the wealth while the other 99% of humanity holds the other 1/2 ... that's 70,000,000 people holding 1/2 of the wealth of the world ... in bitcoin , you've got an estimated 1000 people holding roughly 3/4 of all bitcoin in existence (thanks to the initial complete lack of public awareness under the radar distribution of bitcoin ... cough ... pyramid ... cough ... ponzi ... cough) ... so you'd be looking at wealth disparity , give or take , 100,000X worse than current wealth disparity ... you'd essentially have 1000 likely tyrannical money-hyper-overlords who are 100,000X more wealthy vs the rest of the population as compared to today's billionaires and 8-9 figure multi-millionaires , 1,000,000 extremely-extremely wealthy people (anyone who holds any amount of bitcoin whatsoever today all rendered 8-9-10 figure wealthy in today's dollar terms , depending on whether they have 0.1 1 or 10 btc) , and the other 7 billion people (the other people who don't have any bitcoin today) ... so yeah ... it most definitely will not do a god damn thing to help combat global poverty ... unless of course one of the btc-multi-trillionaires decides to start paying poor families 0.05 btc per family member sacrificed mayan style on the steps of their pyramid ... then ... yknow ... less poor people what with less human population

[futureofbitcoin]

if anything it'll do the exact opposite (if the fantasy of bitcoin being adopted as global currency were ever to come to pass) ... why ? ... distribution of fiat money aka wealth in this world , as far as wealthy vs poor goes in a simplified perspective is 1% holds 1/2 of all the wealth while the other 99% of humanity holds the other 1/2 ... that's 70,000,000 people holding 1/2 of the wealth of the world ... in bitcoin , you've got an estimated 1000 people holding roughly 3/4 of all bitcoin in existence (thanks to the initial complete lack of public awareness under the radar distribution of bitcoin ... cough ... pyramid ... cough ... ponzi ... cough) ... so you'd be looking at wealth disparity , give or take , 100,000X worse than current wealth disparity ... you'd essentially have 1000 likely tyrannical money-hyper-overlords who are 100,000X more wealthy vs the rest of the population as compared to today's billionaires and 8-9 figure multi-millionaires , 1,000,000 extremely-extremely wealthy people (anyone who holds any amount of bitcoin whatsoever today all rendered 8-9-10 figure wealthy in today's dollar terms , depending on whether they have 0.1 1 or 10 btc) , and the other 7 billion people (the other people who don't have any bitcoin today) ... so yeah ... it most definitely will not do a god damn thing to help combat global poverty ... unless of course one of the btc-multi-trillionaires decides to start paying poor families 0.05 btc per family member sacrificed mayan style on the steps of their pyramid ... then ... yknow ... less poor people what with less human population

distribution of wealth != distribution of fiat. That is a logical fallacy.

[12345mm]

technically you're correct ... but spending power = spending power , any way you define it ... it's simply a matter of liquidity when it comes straight down to it ... if i have 1/2 of a billion dollars in fiat currencies , and i've got real estate , stocks , bonds , airplanes , collector cars , and gold bars worth 1/2 of a billion dollars ... i have 1 billion dollars worth of spending power aka wealth ... i'd just need to hock the real estate , stocks , bonds , airplanes , collector cars , and gold bars in exchange for liquid capital if i wanted my wealth measured purely in fiat terms ...

[Buffer Overflow]

Is it possible?

No.

[silkylove]

I think it will make things better for the poor, particularly migrant workers.  But it won't end world poverty.  What might end world poverty is if we could get rid of usury, which is what made it so bad in the first place.

[neoneros]

It will not end it. It shifts a lot of things around if fiat will be taken over and dealt with by Bitcoin. But  it will not solve the problem of greed and corruption. It might be easier to shift wealth and in case of a basic income for all, it is easier for a world economy to use a currency like Bitcoin to do so. It will level all differences in the countries all arround, but it will not level and dissolve the poverty of some countries, cheap labor still be cheap and the poor people will still be exploited. Bitcoin is just money, it cuts out the middleman, but those middle man will seek other means to be in the middle and strike up some coin with little effort.

[franky1]

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/

yes.

even i said bitcoin can do that years ago.

for instance right now bitcoin is stupidly pegged to the US dollar.

this means that based on minimum wage bitcoin is worth:
USA: washington 26 hours 26 minutes labour (washington: min wage $9.47 / btc $250)
USA: california 27 hours 46 minutes labour (california: min wage $9.00 / btc $250)
USA: multiple states 34 hours 29 minutes labour (multiple states: min wage $7.25 / btc $250)
UK: 25 hours 41 minutes labour  (UK: min wage £6.50 / btc £167)
china: shanghai 90 hours 25 minutes labour (shanghai min wage 17yuan / btc Y1537)
china: hainan 170 hours 46 minutes labour (hainan min wage 9yuan / btc Y1537)

but imagine that bitcoin was not pegged to dollars.. but instead pegged to a universal measure of X minimum hours worldwide.

EG today imagine bitcoin was measured as being 40 hours minimum wage labour.
that means everyone around the wold no matter what would get a bitcoin for 40 hours work.
of course as deflation occured and demand rised a bitcoin would be worth 41 hours, 42 hours. etc etc.

which people could easily convert into their local currency without having to think about converting to dollars or worrying about dollars stability

[Amph]

right now bitcoin is enriching those who were already rich, when there will be enough spread i could see some poor getting less poors or rich, but don't expect to make anyone well-off

bitcoin still remain a refuge asset

[majeis]

Poverty will remain as long as people judge others by how much wealth they have accumulated, and as long as there are societies with social stratification.

[Beliathon]

Only collective human compassion can end world poverty.