Do you think bitcoin redistributes wealth or just makes the wealthy richer?

[atorle]

The original idea of bitcoin is to create a decentralized system that is not controlled by the few rich individuals and share the wealth among persons.I believe bitcoin will help reduce the gap between the rich and the poor, it has the potential to liberate many from the clutches of poverty

[1715228117]

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[fabrizoc]

Nothing can have an even distribution of wealth at any time.
It’s just the advent of the era of cryptocurrency, which gives social wealth a chance to redistribute. When this opportunity comes, if you seize it, you will realize the freedom of wealth. If you look at it, it is only a base at any time.

No doubt that rich people are making more money from bitcoin investment, because they have big money and they can buy huge quantity of bitcoin and thus they can effects the market as well, but it is also a fact that average people can also invest in bitcoin and can make money from it.Courage and strong determination required for bitcoin investment.

[oo666oo]

Just that... do you think there is any re-distribution effect at all due to bitcoin?

You cannot generalize on this. Some people clearly have become rich by the way of Bitcoin, while some rich people (like the  Winklevoss twins) have become richer. Generally speaking, Bitcoin is a true opportunity of becoming wealthy, for those who want to catch it.

[Pan Troglodytes]

Just that... do you think there is any re-distribution effect at all due to bitcoin?

You cannot generalize on this. Some people clearly have become rich by the way of Bitcoin, while some rich people (like the  Winklevoss twins) have become richer. Generally speaking, Bitcoin is a true opportunity of becoming wealthy, for those who want to catch it.

I agree. I think it is an opportunity and not truly means to redistribute funds. I tend to think that the wealthy will get richer as the effect of Bitcoin plus some minority of lucky winners will enter the rich world, while for the masses nothing really changes.

[olumyd]

Just that... do you think there is any re-distribution effect at all due to bitcoin?

Was asking myself this same question some days back. We have early adopters who actually bought bitcoin using fiat, or acquired it via mining. Those who bought obviously contributed to the mass adoption and rapid popularity of bitcoin back in the starter days. Now, with more people either buying through other altcoins or directly using fiat, the crypto economy is swirling and increasing the spiral effect involving more key traditional investors.

As described by @Hydrogen earlier in the thread

Wealth redistribution (in the sense you're describing it) would be taking wealth from the rich and redistributing those funds to the poor. I'm not certain if bitcoin has that effect. I believe bitcoin benefits those living in poverty and elevates living standards among the lowest earners, but I don't know if I'd go so far as to say bitcoin functions like a currency based robin hood, stealing from the rich and giving to the poor.

Bitcoin has truly changed the economic scape of the internet and has empowered many (developers, ingenious thinkers, investors, VCs, media influencers, bounty hunters)... so in some way, it has indirectly redistributed wealth.

However, 'Wealth' in a manner of speaking isn't some billion dollars that were initially invested into bitcoin, but the tons of coins that were mined in the early days and the gradual but steady increase in adoption over time - that, changed what seemed to be a discord between the 'rich' and the 'poor'.

[wewe123]

I think bitcoin does not redistribute the wealth because in investment in many business sectors in the world , those who invest with big capitals is likely to have a bigger gains or interests, so to the investors of little amount then it looks like to have also a little amount , so in bitcoin it will not be evenly distribute to all members.

[adpinbr]

For me, There is a redistribution because I saw many people who are hopeless and have minimum source of income and now they are millionares due to cryptocurrencies. And I am one of them. not that I'm a millionaire of course it's a secret but I came from a poverty and a family with small source of income. and now, Im working passionately to an ice cream company and I now have my own business which is having a real estate and house rentals.

[brotherwood12]

dont think so , bitcoin give opportunity to their holders , so the poor can be wealth and the waelth can be more richer bitcoin not fit paired with "redistributes wealth" IMO.

[fonenumba]

 I was thinking about that, but as far as I can see even more people from India or some other countries of the third world can have some financial success just working from here.

[inesterdd]

Bitcoin not only brings more income to the rich, but also gives other societies the opportunity to make themselves richer. Everything depends on you!

[allthingsluxury]

At the moment, sadly, it is making the rich, richer. This is not the fault of bitcoin however.

[Ryker1]

I would say that 70% of cases it makes the rich people even more welfare, but also 30% off regular non wealthy people, has an opportunity to became more financially successful.

I agree with you. In my own opinion, I would say that the percentage of having a lot of profit goes to people who are rich already. They have the advantage, because they can start with a huge capital which leads to the conclusion of huge capital = huge profit. But we should still be grateful, because of bitcoin we have a chance or opportunity to become rich too.

[conected]

At the moment, sadly, it is making the rich, richer. This is not the fault of bitcoin however.

- The rich have their advantages, they have a large amount of money to invest, so they can become richer, it is a fair exchange but this is investment, they will also have their own risk, they can also lose money. And when they lose money, bitcoin will redistribute wealth, so I can say that bitcoin always offers both sides, that is to make the rich richer and redistribute wealth, and the ratio that the rich will get richer is higher because as I said, they give more and they get more, others still have the opportunity to be rich but depends very much on talent and luck

[Freshmen]

Just that... do you think there is any re-distribution effect at all due to bitcoin?

Bitcoin can do both,  but whenever it is making the wealthy to be more wealthy then you have all these panic sellers to blame for it. Why?  That’s because whenever these panic sellers are throwing out their coins they are creating way for the whales to come and do even more than they did before. If they can learn to hold their own piece tight, then the whales wouldn’t be manipulating the market up and down like they do. Well,  not everyone will be so lucky.

[bohr]

I think for something to redistribute the wealth it has to be a system that benefits those it's meant to affect. Say the poor. Bitcoin is more or less equal opportunity. A choice, one can choose to invest if poor, and have made millions if it was done years ago, or one could be super rich and not invest and have gotten nothing from it.

One of the great things about bitcoin is that even if you have a lot of money and you can use that money to get bitcoin that does not mean that a poor person cannot get a lot of bitcoin too, the only thing you need is a good idea and start a small business in this space and if you cannot do that if you invest a few hundred dollars in a good and new coin you have the chance of making a lot of money as well, so the field is more fair compared to the real world.

[Nick Abimanyu]

Just that... do you think there is any re-distribution effect at all due to bitcoin?

Like any other currency, bitcoin is not redistributing wealth to the common mass. However it has given an immense opportunity to the educated and tech-savy mass. People who are good with computers can still earn bitcoins or other currencies by providing various service to the crypto community. But that doesn't necessarily mean fair distribution is happening. Only people with a certain set of qualities are eligible to earn it. So it is giving that particular set of people a chance to live a decent life but not to all levels of society.

The most notable thing to make us rich isn't just about capital not talent nor other things. But the ability to see what business opportunities we will run. Without looking at business opportunities carefully, then anyone will not be able to find a business which will make us rich. In essence continue to develop knowledge about what's Hits at this time.

[jaysabi]

Just that... do you think there is any re-distribution effect at all due to bitcoin?

Bitcoin specifically, and crytpo generally, doesn't do anything magical in regards to redistribution. Even if the whole world was denominated in Bitcoin, it wouldn't mean anything for redistribution. Redistribution takes active effort, and Bitcoin doesn't actively do anything on it's own. Asking if Bitcoin has a redistribution effect is the same as asking if the USD has a redistribution effect. The answer is no, because both are representations of wealth and don't address wealth inequality or wealth distribution. I don't know where the notion of Bitcoin having anything to do with wealth equality even came from, but many people seem to have this notion that it's a magic bullet that will solve all the world's economic problems, and that notion is silly and has no basis in fact.

[kingkonjac]

as far as we all have experienced in crypto so many new wealthy people have occured thanks to some coins but at the end they go and buy lambo where the rich becomes richer

[Tomborneque_1102]

I don't think that's the purpose of Bitcoin at all. Bitcoin was made to make life easier when it comes in making transaction over the Internet. It is a digital currency that anyone can use. Bitcoin was not made to make someone wealthy.

[KenChanYu]

Just that... do you think there is any re-distribution effect at all due to bitcoin?

Bitcoin specifically, and crytpo generally, doesn't do anything magical in regards to redistribution. Even if the whole world was denominated in Bitcoin, it wouldn't mean anything for redistribution. Redistribution takes active effort, and Bitcoin doesn't actively do anything on it's own. Asking if Bitcoin has a redistribution effect is the same as asking if the USD has a redistribution effect. The answer is no, because both are representations of wealth and don't address wealth inequality or wealth distribution. I don't know where the notion of Bitcoin having anything to do with wealth equality even came from, but many people seem to have this notion that it's a magic bullet that will solve all the world's economic problems, and that notion is silly and has no basis in fact.

Precisely! We create our own future, and our wealth. To become wealthy doesn't happen overnight. It takes being responsible, resourceful, and putting your imagination into action, and bringing it into reality. You need to work hard for it,  believe that it can happen, and trust your potential. Take every mistake and failure as the guiding path towards success and progression.