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

[malikusama]

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

No doubt bitcoin is making wealthy people more richer and even till now maximum number of bitcoins are in hold of 1% whales, but you can't deny the fact that many people without any good financial background are now able to earn huge in this business. I have few friends who started from the bottom and now they are millionaire just because of bitcoin. Bitcoin can't eliminate the discrimination of wealth in society but it can provide opportunities to the people from every class.

[poor-yorik]

I think there is some redistribution of wealth in the world. For example many my friends who had only money for food and rent payments now can start dreaming about travels and more. But still there are many people who lose their chance to earn extra money. That is why I can make a conclusion that rich will be richer 100%, middle class will be richer in approximatly 50%, and poor class will be richer in like 15% (because it's their mindset).

You summed it up quite nicely mate!

This is the whole thing behind the rich becoming even richer over time while the poor remaining as poor as they have always been or even poorer in the worst case. I would only add that the poor may not be always poor just because of their mindset. There can be many reasons. For example, they may be caught in a rut and to get out of it may require extraordinary amount of effort and willpower. Though you can still say that it all comes down to the right mindset.

[aso118]

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

There is no redistribution of wealth in the traditional sense. Taxation is the best example of redistribution, where wealth (income) of the rich is used to provide public services. Bitcoin has created wealth, thereby reducing wealth inequality. Even though wealthy individuals may make money through cryptocurrencies, people across the income spectrum have become wealthier.

[stompix]

I think there is some redistribution of wealth in the world. For example many my friends who had only money for food and rent payments now can start dreaming about travels and more. But still there are many people who lose their chance to earn extra money. That is why I can make a conclusion that rich will be richer 100%, middle class will be richer in approximatly 50%, and poor class will be richer in like 15% (because it's their mindset).

You realize that your scenario is impossible?

First bitcoin is not just printing money.
The price of bitcoin grows because somebody is buying bitcoins.

In order for Alice's wealth to increase , John must buy some coins. For both of them, there must be Mike who also brings money in.
Now, in your scenario everybody will get richer, how?
It is impassible since at a certain point the value of bitcoin will get stable. There is no unlimited exponential growth.
So when it's finally Louise turn to buy, the price won't budge. It will go up 0.0000001%.

No, the poor will not get 15%. They will not get even 1.5%. They will get 0.
Besides, if we all would be billionaires we would not be all rich, we all would be poor. Cause 1 billion wouldn't mean anything since we all have billions.

[Chyton]

It is hard to say whether Bitcoin redistributes wealth or just makes the wealthy richer. Bitcoin is creating wealth for early investor and for the rich but It doesn't really redistributes the wealth.

[LovelyFLOWER]

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

For me bitcoin distributes wealth because not only rich people who benefits here. Everybody is welcome to earn bitcoin. As long as you know how to follow instructions on how to have a bitcoin you're about to have a bitcoin.

[Mister k]

No redistribution, and certainly some rich people have taken advantage of it to gain even more money.
But it is (at this time) also a good opportunity for some people who don't have much money to increase their revenue investing or earning money by working for the different projects which are developed in this economy.

[Hell-raiser]

No redistribution, and certainly some rich people have taken advantage of it to gain even more money.
But it is (at this time) also a good opportunity for some people who don't have much money to increase their revenue investing or earning money by working for the different projects which are developed in this economy.

In fact, that remains to be seen. Personally, I wouldn't say there is no redistribution, though I definitely agree about the rich grabbing even more riches. My point is that while the poor remain as poor as they have always been and there's no redistribution because there's basically nothing to redistribute among them, this is not quite true in respect to the wealthier parts of society. In essence, every technological breakthrough or advancement brings about new elites. But new elites can't get to the top without overthrowing the old ones. In this manner, some redistribution of wealth should necessarily happen, and the new money takes over the old money.

[zhea]

I can say both though we all know that the wealthy become richer because they all have the resources. But it also give chances to people who are in need of money to increase their earning through investing or even trading. Just to be wise and strategic to succeed in whatever goals you may take in life. Base on the stories heard there are lot of people getting rich because of bitcoin and because they work hard and study on how to be profitable and become wealthy in the long run.

[dammang]

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

anyone can join bitcoin so not only the wealthy people is getting rich,the poor people also has the chance to get rich if they are join bitcoin.

[lzby2000]

I think bitcoin can redistribute wealth. But this distribution is similar to the previous distribution of wealth. People who entered the bitcoin early, and some with the advantage of the block chain technology, would quickly gain wealth. In addition, people with big capital have more advantages in investing in bitcoin.

[shi07]

I think everyone has the oppurtunity to earned bitcoin although the rich became more wealthy but also a low profile status like me also can gain thru bitcoin not same as the earnings of rich people but the thing is any person who had put their effort, patiance and time whether a rich or a low profile everyone has the oppurtunity to earn a bitcoin.

[crypt0heaven]

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

I think it does both.

The system is still not perfect.

The players with huge capital are making even more but at the same time a lot of smaller people are getting more than they would ever make in the traditional sense as well.

Both are correct.

[preditor422]

I probably agree this time as bitcoin makes Wealthy people more wealthy.That is the basic concept,more the money you invest more is the profit you get and vice versa.Agree with a fact that it need certain amount of skills and information but that is same with small investors too.Small investors also generates good profit but not as much as big wealthy investor.So the basic case is it distributes wealth according to one's capability but not equally.

[iyan33]

I think this bitcoin makes people so rich, with this bitcoin we can get a job that can say more profit than others because his work is not too difficult, we should be happy with this bitcoin someday we will become rich

[francojon]

The latter. The brightest or weirdest people got in early. The richest get in after them and buy from them. The donkeys will be last and the richest will feed it back to them in a way that makes them even richer.

That´s an interesting view. So the rich were too busy to go into it early so the visionaries and early adopters would get rich. However, how many people of those were already wealthy and had time and money to invest?

[Sunyoto]

I think bitcoin for me, can help our lives to get better profit so that we will meet daily needs with bitcoin. So I think bitcoin will be rich for everyone who does it. Especially when you are currently investing in bitcoin, you will better get bigger profits, so will be rich. and I'm sure that bitcoin prices next month will tend to be higher than now.

[nidacoinlove]

No redistribution, and certainly some rich people have taken advantage of it to gain even more money.
But it is (at this time) also a good opportunity for some people who don't have much money to increase their revenue investing or earning money by working for the different projects which are developed in this economy.

In fact, that remains to be seen. Personally, I wouldn't say there is no redistribution, though I definitely agree about the rich grabbing even more riches. My point is that while the poor remain as poor as they have always been and there's no redistribution because there's basically nothing to redistribute among them, this is not quite true in respect to the wealthier parts of society. In essence, every technological breakthrough or advancement brings about new elites. But new elites can't get to the top without overthrowing the old ones. In this manner, some redistribution of wealth should necessarily happen, and the new money takes over the old money.

Basically redistribution of wealth doesn't depend on any currency, in fact it depends on the form of the economic system. Bitcoin no doubt is a new financial system and currency but still it is a part of the capitalist economic system. It is not the currency to be blamed but the flaws are in the system, like everyone knows that in capitalism the rich becomes richer and the poor becomes poorer. Bitcoin being a new technological invention brought up some early adopters to the rich society, but it is now itself caged by the rich to make them richer. This will go on until any new and better economic system is introduced to the world.

[vintages]

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

I don't think bitcoin is redistributing wealth but I think it created and still creating wealthy opportunity to all those whom seized the opportunity of making something out of it. We can't simply ignore the fact that it bettered the life of those whom used it as a business opportunity. And it did not make the wealth richer; bitcoin started at quite a low price which was quite affordable to many before it pumped.

[vectorshield]

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

There was a redistribution effect but that was in the earlier days of bitcoin now if you want to get bitcoin you either need to have a lot of money or to invest a lot of time and neither of those both options are easy at all.