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Author Topic: Bitcoin to Give Spending power to non bank people  (Read 1317 times)
worldtraveller321
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May 17, 2018, 05:01:35 AM
 #1

Do you think ? that people who have no access to banks, but have some what of internet could get into bitcoin.
And give people actual spending power, more less help them to survive.
i know this already is happening in places like Venezuela and a few african countries.

but do you think crypto could really give more people a currency that help them change their lives to something more survivable

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May 17, 2018, 05:19:24 AM
 #2

I can prove that one because I don't have even a bank account and yet I can still earn and make faster transactions through the use of cryptocurrency (mainly bitcoin). I find crypto a better alternative for banks because this is less hassle to deal with and there's no need to undergo so much process and paperworks at all. And its trait that I like the most is being accesible for all; whether you are young or old, a boy or girl or LGBT, and whatever your nationality is, you are not exempted to have the opportunity to engage with crypto — it is bestow upon all of us.

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May 17, 2018, 05:25:50 AM
 #3

Do you think ? that people who have no access to banks, but have some what of internet could get into bitcoin.

Yes.

And give people actual spending power, more less help them to survive. but do you think crypto could really give more people a currency that help them change their lives to something more survivable

No.

Bitcoin is currency. It's value is certainly more stable than Venezuela and other countries. But people can't obtain Bitcoin if they don't earn money somehow. Bitcoin can't give people money who don't have any, but it can give people easier access to the money they've earned.

I hope bitcoin gives the unbanked a way to hold on to the money they'v earned so it can be used to generate wealth.

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May 17, 2018, 05:38:37 AM
 #4

Although crypto money is valuable and useful, but still the benchmark is fiat money, if there is no fiat money then crypto money is not worth it.

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May 17, 2018, 05:40:17 AM
 #5

OP, that was the argument. But it turned out more convenient for people to go to a bank and open their accounts there. In places like Africa, a bank is more accessible and easier to use than getting an internet connection and setting themselves up with a Bitcoin wallet.


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May 17, 2018, 05:44:02 AM
 #6

Do you think ? that people who have no access to banks, but have some what of internet could get into bitcoin.

This is already happening. To transact in bitcoin, the most essential tool is to have an internet network and you are on.

but do you think crypto could really give more people a currency that help them change their lives to something more survivable

Definitely so. Cryptocurrency helps people to survive though on a very slow way if you hodl but trading generate more income.

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May 17, 2018, 05:45:12 AM
 #7

Crypto is very helpful to make long-distance transactions with fast and low cost, and I believe that bitcoin gives a lot of money to those who use to trade or invest.

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May 17, 2018, 05:49:32 AM
 #8

I can`t use bitcoin without a bank,because I can`t spend my bitcoins.I always have to convert them into fiat.The crypto commnity still depends on the mercy of the banksters.
Bitcoin can`t "give spending power".This is not a give away.People have to buy btc,and there are no places to spend btc, other than crypto trading platforms and crypto casinos.

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May 17, 2018, 05:55:29 AM
 #9

Cryptocurrency is very much helping people. Even I myself feel it. By trying to work on trading coins or joining ICO, we can earn enough money for future needs. So I am grateful for that.

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May 17, 2018, 06:00:41 AM
 #10

Internet connectivity isn't enough. Just like your regular fiat currency, people should still work or trade their fiat in order to obtain bitcoin. It doesn't work like a charity like some people make it look; bitcoin is money and nobody would give you that for free. Also, bitcoin gives you the option to be your own bank and really control what happens with your money, unlike your deposited fiat in the bank that just goes sitting there without being utilized into better purposes. It does give you purchasing power in poverty-stricken areas but in areas with regular economy, I don't think bitcoin is really necessary at this point in time.

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May 17, 2018, 06:42:40 AM
 #11

Do you think ? that people who have no access to banks, but have some what of internet could get into bitcoin.

Yes.

And give people actual spending power, more less help them to survive. but do you think crypto could really give more people a currency that help them change their lives to something more survivable

No.

Bitcoin is currency. It's value is certainly more stable than Venezuela and other countries. But people can't obtain Bitcoin if they don't earn money somehow. Bitcoin can't give people money who don't have any, but it can give people easier access to the money they've earned.

I hope bitcoin gives the unbanked a way to hold on to the money they'v earned so it can be used to generate wealth.

I agree with this comment, bitcoin was created so that we wouldnt need banks.
But not everyone who is able to use the internet and download a bitcoin wallet
will be able to put coins into that wallet. They may not be able even to earn coins.

For those people who have skills to earn crypto it is totally feasable and as above
is happening today.

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May 17, 2018, 07:09:53 AM
 #12

I see it looks like bitcoin seems to be accessible to everyone and can be owned by everyone not just from the bank, bitcoin can also give you the advantage of trading you do, when you have trading skills then you will be easy to earn profits.

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May 17, 2018, 07:31:53 AM
 #13

a condition in which more than half the computing power in a cryptocurrency network is controlled by a single group of miners. With the computing power possessed by the group in theory will enable them to become an authority within the network. This means that every client in the network will trust the transaction block that is the result of the group hash process (attacker). This condition will give the group control over the network, including the ability to:

-Transaction issues conflict with the property of others.
-Stopping other people's transactions can not be confirmed.
-Spend the same coins repeatedly.
-Prevent other miners from mining legitimate blocks.
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May 17, 2018, 07:40:48 AM
 #14

Bitcoin could be solution for people that don't have bank accounts or are nor eligible for bank products like loans or credit cards. This is one of the great advantages of Bitcoin because gives them opportunity to earn and spend money outside traditional ways and economic system. And thus you are independent and free from banks which is great.
Besides internet connection you don't need any other condition to use Bitcoins, you don't need your credit scoring or something and that gives the feeling of freedom. That is one of the reasons why I love Bitcoin.

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May 17, 2018, 07:41:12 AM
 #15

It gives them financial inclusion. Bitcoin could fill the void of some banking services in the event where they deny it to you. Financial inclusion entails letting you transact with anyone from anywhere in the globe without needing the approval of a third party, which is the banking system in this case.

Spending power though? No. Fiat can only buy an amount of Bitcoin with corresponding value to the fiat spent. You don't magically gain money by switching to Bitcoin. You can only really multiply your money through Bitcoin by HODLing and scoring a rally afterwards (other methods are too risky), which the poorest of the poor cannot afford to do. Venezuelans in particular don't use Bitcoin to gain spending power, they use it to preserve spending power.

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May 17, 2018, 07:57:52 AM
 #16

It's not necessarily giving people the power to purchase goods. Bitcoin isn't free money.

But it's definitely giving people an alternative to their own government fiat currencies (which may be collapsing in on itself, such as the case of Venezuela) in order to store their wealth and even just to transact. Sometimes in these financial collapse situations, people just can't get what they deserve in a financial sense from their own government issued currencies, and bitcoin is the perfect solution.

It does also give access to a global currency for the unbanked, not just as a currency, but as an investment & a means for savings.

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May 17, 2018, 09:39:40 AM
 #17

OP, that was the argument. But it turned out more convenient for people to go to a bank and open their accounts there. In places like Africa, a bank is more accessible and easier to use than getting an internet connection and setting themselves up with a Bitcoin wallet.

According to an ITU (International Telecommunication Union) survey, Africa has become the world's fastest-growing mobile phone market with an annual rate of 65%, twice that of global average and that's why the African continent is a global leader in mobile money with the sub-Saharan Africa having more mobile money accounts than bank accounts. Banks aren't that accessible to the African's, about 80% of the population is unbanked. Although 80% of them do have access to mobile phones, the smartphone/internet penetration rate is only around 20%, but it's rapidly increasing. Like how M-Pesa or mobile money is transforming Africa/empowering the unbanked, Bitcoin would have a much bigger impact in Africa as smartphone penetration increases and there are more Bitcoin services targeting the unbanked like Paxful.
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May 17, 2018, 12:08:42 PM
 #18

I don’t believe banks would ever dissipate as they are a great growth for every economy with the money they make from giving out loans and from loaning money from people. However, I do believe that bitcoin has potential if it starts to become more stable like a real currency would.
That is one of the big put-offs for many of your average people who are just learning about bitcoin the first thing they hear is the amounts that it rises and drops in such a short span of time. Once this improves it will become a great currency.
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May 17, 2018, 12:23:51 PM
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owh sure, the presence of crypto gives a big influence to someone, even to the state. so I think that the solution of the country's economic life is crypto, crypto that can make it better, crypto that can avoided from the monetary crisis.

some crypto has dominated several platforms, so crypto and life will be mutually beneficial.

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May 17, 2018, 12:54:15 PM
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I don’t believe banks would ever dissipate as they are a great growth for every economy with the money they make from giving out loans and from loaning money from people. However, I do believe that bitcoin has potential if it starts to become more stable like a real currency would.
That is one of the big put-offs for many of your average people who are just learning about bitcoin the first thing they hear is the amounts that it rises and drops in such a short span of time. Once this improves it will become a great currency.

Hopefully this will improve and became a currency so that people would have freedom over banking manipulations. Banks always promotes deceptions to people who were in need of rush money particular on their personal wants, but lesser for their daily needs. With regards to the stability of bitcoin, I think that's not for a long time but rather be changing its value unpredictably so people who chooses bitcoin could have greater profit aside of fiat money savings.
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