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Author Topic: Bitcoin to Give Spending power to non bank people  (Read 411 times)
BartS
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June 05, 2018, 08:56:08 PM
 #41

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
People are very lazy they will not change unless they have too, all of those people that you are describing are adopting bitcoin because they have no choice but those that still have relatively stable currencies and economies are not doing an effort to adopt bitcoin fully and using it for every transaction that they can do because they still have options, but the day is coming where people are going to be left without options because it seems a big economic crisis may happen in the next decade.


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June 05, 2018, 09:05:10 PM
 #42

I believe that people live poorly because of insufficient financial education.
Cryptocurrency can improve the lives of people in poor countries. But in any case, they need knowledge and skills to earn on this.

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June 05, 2018, 09:15:17 PM
 #43

I agree with you but this is very unlikely to happen in real. Cause who has no access in bank, rarely able to enter into crypto market.
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June 05, 2018, 10:35:30 PM
 #44

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
Yes I think it will happen. Because bitcoin is a currency which cannot be restricted with borders and it gives equal opportunities to all of the people from all of the countries of the world. Any person who have internet and who have the knowledge of online business can have their own online business and any person who have any skill and have internet can work for that businesses without any restriction.

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June 06, 2018, 03:31:40 AM
 #45

It is not a bank, but not a bank, it can not be issued and opened accounts
Working with BTC, you always have to work online, on the computer online
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June 07, 2018, 06:52:51 PM
 #46

I guess opening bank account would be much easier than using cryptocurrencies. If a place does not have a bank, it’s less probable that it will have good internet connection. Also cryptocurrency cannot provide as much purchasing power as fiat currency. There is still lot of developments to be made in cryptocurrencies to use it in the mainstream for making purchases.
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June 07, 2018, 09:37:00 PM
 #47

A lot of the population that are residing in countries with a faltering economy don't really have anywhere to put their money. For example, Venezuela right now, as you rightfully mentioned in the OP.

Precious metals are too inaccessible. Bank deposits, if their services are even available to the public at this stage, will result interest that won't cover a fraction of the inflation that is taking away from their savings.

In these scenarios, bitcoin can serve as a decentralized means of storing wealth for these people. Not only can they save value with bitcoin, instead of having to deal with a depreciating fiat, they can also directly transact with bitcoin if they choose, which is infinitely better than trading with bundles of worthless paper.

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June 07, 2018, 09:50:55 PM
 #48

Bitcoin is a little too valuable to use in an ordinary shopping process. I would not use it for an ordinary shopping.

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June 07, 2018, 10:31:06 PM
 #49

owh sure, the crypto world will make everyone survive. and even if crypto managed well, then crypto will provide great benefits, especially for the world economy.

You can see, other countries that manage crypto well as Venezuela do not inhibit the economy, but rather provide great benefits.

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June 10, 2018, 03:19:56 PM
 #50

A lot of the population that are residing in countries with a faltering economy don't really have anywhere to put their money. For example, Venezuela right now, as you rightfully mentioned in the OP.

Precious metals are too inaccessible. Bank deposits, if their services are even available to the public at this stage, will result interest that won't cover a fraction of the inflation that is taking away from their savings.

In these scenarios, bitcoin can serve as a decentralized means of storing wealth for these people. Not only can they save value with bitcoin, instead of having to deal with a depreciating fiat, they can also directly transact with bitcoin if they choose, which is infinitely better than trading with bundles of worthless paper.
People are slowly realizing this, not only in those countries but in other more wealthy countries they are seeing that when a national economy goes on a crisis the price of bitcoin goes up, if we face a crisis  big enough to put the current economic system in a bad shape, what do you think it is going to happen? Bitcoin will go up as well, so if you look at bitcoin as an investment not only bitcoin is doing well in times of relative economic stability, bitcoin will do very well in times of crisis making it the perfect asset to hold.


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June 11, 2018, 03:13:47 AM
 #51

This is so true on a lot citizens from developing countries. Where some people don’t even have the basic documents or identification required to open a bank account. Bitcoin provided this people with some livelihood.

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June 30, 2018, 07:21:06 PM
 #52

This is true due to the fact that bitcoin is decentralized in nature which means that it operates without the involvement of any bank or any other entity which means that if you shift towards bitcoin, you can avoid any taxes involved or any regulation placed by the government.
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July 06, 2018, 05:25:51 AM
 #53


Bitcoin gives you more money than the bank, so many alternatives are also available. When introducing electronic money into the market, the intent of the originator is to provide the power to spend. Give the global community their day-to-day requests with the help of banks.
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July 06, 2018, 05:36:57 AM
 #54

A lot of people in Africa is already using digital payment networks like M-Pesa to pay each other. They are not using Banks at all, so the transition from M-Pesa to Bitcoin will be much easier for them now. I think they already have something called BitPesa - https://www.bitpesa.co/ in these countries.

This gives people financial freedom from the Banking system.  Wink

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July 06, 2018, 06:25:12 AM
 #55

A lot of people in Africa is already using digital payment networks like M-Pesa to pay each other. They are not using Banks at all, so the transition from M-Pesa to Bitcoin will be much easier for them now. I think they already have something called BitPesa - https://www.bitpesa.co/ in these countries.

This gives people financial freedom from the Banking system.  Wink

thanks for the information. this is the most solid proof for this post argument. for many people who have limitation for banking services then the use of crypto for investing and spending money is the best possible financial freedom. but the next issue is to create a system for many offline stores to accepting crypto funds.
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July 06, 2018, 06:40:51 AM
 #56

Is it true that I also think that crypto gives a lot of money to people and it can help to get out a lot of people who do it.

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July 06, 2018, 07:20:48 AM
 #57

Yes bitcoin can give people the opportunity to earn money and not be associated with banks or stock markets and their agents. It gives certain financial opportunities to the people and freedom.
It is basically a bitcoin created to give financial freedom to someone who was at that time an economic crisis and a crisis of confidence in the banking world, so bitcoin is present to keep the distance between the poor and the rich so as not to happen a long distance and will lead to a crisis that new again.

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July 06, 2018, 07:28:16 AM
 #58

Bitcoin gives us a power to stop using banks completely. Finally we can send our money whenever we want without having to worry about bank blocking the transaction or high fees if sending international transfer. Most people probably won't understand why they need to keep their money on their own but they should realise it after a huge bank collapses. Can't wait to see that.

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July 06, 2018, 08:56:07 AM
 #59

It is possible that cryptocurrency can help the economy of some people in a particular country. Because of its own developmental crypto, its purpose and function can be expanded or it can be used for anything sometime in the future.

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July 06, 2018, 09:39:35 AM
 #60

To greater extent it will. billions of people still remain unbanked despite the fact that global financial institution is increasing. problem such as numerous identification document and robust verification process is few of the problem causing people not to be able to access financial institution such as bank. with bitcoin, you do not need any identification documents except by some third party that are making use of kyc in order to checkmate issue such as money laundry and so on. bitcoin is fully decentralized and if offer dispersed opportunity which cannot be matched with the centralized services provided by traditional banks.

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