Will crypto solve socioeconomic problems?

[Sengoko]

Yes if people would work serious on crypto it would help them to our socioeconomic problem especially to those to have no permanent job ,the problem in unemploent could be resolve if they would engage on crypto.

Right now, bitcoin is doing splendid job to counter this fact too. many people who don’t have permanent job are getting good earning from this bitcoin. They are doing different tasks and at the end, they earn good money. But the concept of people is still hardened, to make world unemployment free. This can’t really be achieved from bitcoin only rather governments should work on it.

[1714825538]

1714825538

[andriw]

Cryptocurrency in my opinion is actually a form of globalization, because everyone in the world can interact and transact privately without any regional or state restrictions. So, answering the question above, of course helping the economy of a country, just imagine, for example, I have a jeans manufacturing business with the ABC brand, when I promote to the world via the internet, maybe the whole world will know and when I pin that we receive payment by using cryptocurrency, of course, it will make it easy for anyone anywhere in the world to make purchases for our jeans. When I have been helped by the ease of transactions using the cryptocurrency, then maybe other people will be helped too, and certainly have a big influence on the socio-economic condition of the country.

[Refcrypto]

no because nothing about "people" would ever change. they would only use a different tool (bitcoin in this case) and continue doing the same thing that they have been doing before and nothing will ever be solved. not to mention that bitcoin is too small and not even adopted yet by more than 0.5% of the world to want to change economy of country!

answer very good! I agree with answer of you!

[nnphuoc1258]

no because nothing about "people" would ever change. they would only use a different tool (bitcoin in this case) and continue doing the same thing that they have been doing before and nothing will ever be solved. not to mention that bitcoin is too small and not even adopted yet by more than 0.5% of the world to want to change economy of country!

This—-^^^

In order to change the world one must change the environment. When certain countries lead by war then what your left with is a war torn world.  Problem with the world today is were a bunch of hypocrites.  Do as I say not as I do.  Guess what humans don’t learn the best by talk.  Moreso by action.  So it’s our own faults this bs is continued throughout history.  Not enough people question the status quo.  “It’s just the way it is” or another classic you hear  “in my opinion”. As if your opinion has any bearing when its not based in facts.  If you want to solve socioeconomic problems first thing you have to throw out is “in my opinion”.  Right now if we really want to solve the issues we have to face the cold hard truth.  That for most is unbearable and for that reason the world will continue on with the shitshow know as “Earth”. 

BR

very good for answer!

[Andrej Peiboski]

We always confuse money - which is a representation of value - with value in itself, which is quite another thing.
Bitcoin itself does not solve anything, if you are poor in dollars you will also be poor in bitcoin, that's it!
If we want to be rich, we must create value; then it makes no difference whether it is paid in bitcoins or dollars.

[0xBitcoins]

Although crypto can not solve all economic problems in society. But it will solve some problems in some aspect of the economy. It will be the economic stimulus for social development.

To an extent it can help towards reducing the problem if not fully it can solve it. It is important for the people to get the income through different sources which can help you to make money and raise your standrad of living. For those unemployed get the employment benefit and becomes self dependent.

What I have learnt so far from my experience and observing the world around me, I think that it is not possible for bitcoin or any other asset to change the economy and financial status of a person until or unless that person does something productive. Anyone who will indulge in bitcoin and do work will improve his living standard and this is doubtless.

[Seeker#9]

Cryptocurrency can't solve problems that related to socio economic unless every man or woman is determine to improve life through work or employment. Everyone must make a move to uplift his/her socio-economic conditions by utilizing his/her own skills and strength and not by pinning their hopes on cryptocurrencies.

[bettybuttun12]

If everyone around the world gets into cryptocurrency, do you think it will even help in solving or lessen socioeconomic problems? Can it be used to buy goods from other countries? It is fair to say that crypto will help a lot of people but what will it do to one's country? Will it help improve a country's economy?

Bitcoin provides an open secure and fast way of transerring the money. You don’t need any governmental permission or contract to make a transaction - all you need is the internet access. It is a new way for people in countries such as Saudi Arabia, Syria, China or North Korea to make an international secured transaction (at least to have a chance). It’s good to have a guarantee of the infallibility of economics in an appocaliptic situation when no one can be trusted (even the bank-system). The blockchain is absolutely unbreakable whatever happens around and whoever rules the world. All the information stored in a blockchain will exist forever and it’s possible to retrieve an infrormation about a transaction in 200 years for any purpose. Also international bitcoin transactions are much faster and cheaper than the regular ones and are able to reach a destination in 10 minutes (compared to 1–2 days and up to 20% of tax). International transfers also might grow into interplanetary if we’ll manage the internet well.

[leesoorany08]

If everyone around the world gets into cryptocurrency, do you think it will even help in solving or lessen socioeconomic problems? Can it be used to buy goods from other countries? It is fair to say that crypto will help a lot of people but what will it do to one's country? Will it help improve a country's economy?

Broadly speaking - Bitcoin solves the problem of verification. It allows getting verified answers from a group of untrusted individuals (See my answer here for details on How Bitcoin Mining Works), instead of trusting a single authority to do the verification.

Narrowly speaking - Bitcoin is focused on the banking/financial system. It is meant to facilitate financial transactions directly between peers without clearing them through a central bank. As an open 'democratized' system, it should also reduce fees to the minimum the market would accept.

[antoniolukaseo2010]

If everyone around the world gets into cryptocurrency, do you think it will even help in solving or lessen socioeconomic problems? Can it be used to buy goods from other countries? It is fair to say that crypto will help a lot of people but what will it do to one's country? Will it help improve a country's economy?

Bitcoin solved a number of problems across technological, social and economic dimensions.

Technologically, Bitcoin introduced a novel and effective way to address a few serious and critical weakness in using computer systems to act as a monetary system. These are

- that computer systems allow (by design) the ability to copy and paste (duplicate / counterfeit) digital / electronic monetary units in an unregulated way

- computing operates at the speed of light, and thus could be used to re-use / spend the same unit of money multiple times across different transactions (the double spend problem), as well as not follow through on an agreed transaction (the Byzantine General’s dilemma)

Socially, Bitcoin is offered as an open source solution, incentivising people to try, learn and use the underlying technology to develop and build their own alternative system (or simply clone the original). This model ensures that there will always be demand and interest in the system.

Economically, Bitcoin was cleverly designed to operate as a deflationary precious commodity / asset. It was designed to simulate the finite quantity of precious metals (like Gold) by setting an absolute maximum amount of 21 million bitcoin units. There is also a mining reward mechanism - a payment in bitcoin - designed to generate rewards to active participants approximately every 10 minutes, with reward quantities halfing at pre-defined intervals. This approach ensures economic predictability of the bitcoin asset, and creates deflationary incentives for people to own and hold Bitcoins (since they should be worth more over time), thus also rewarding long term participation in the Bitcoin ecosystem over time.

Others have answered the question and outlined some specific real world problems and use cases that Bitcoin has been used for, so I won’t go into detail about how it’s used.

[davehopepe05]

If everyone around the world gets into cryptocurrency, do you think it will even help in solving or lessen socioeconomic problems? Can it be used to buy goods from other countries? It is fair to say that crypto will help a lot of people but what will it do to one's country? Will it help improve a country's economy?

BENEFITS ASSOCIATED WITH BITCOIN

1. Bitcoin’s most important characteristic, and the thing that makes it different to conventional money/normal currencies, is that it is decentralized. No single institution controls the bitcoin network. That means that, in theory, one central authority can’t tinker with monetary policy and cause a meltdown.

2. Those who endorse this digital currency are of the view that it facilitates a much faster, no-fee payment system for transactions across the globe.

3. With Bitcoin you don’t have the problem of inflation because the system is designed to make Bitcoins to be finite as only about 21 milion Bitcoins will ever be released (mined).

4. It’s a re-imagining of international finance, something that breaks down barriers between countries and frees currency from the control of federal governments.

[chejibadan]

Yes, cryptocurrencies can solve many of the human problems. It’s just that you can’t think of it now. Too much can basically change all the industries.

[tutorroma]

I think encryption can solve socioeconomic problems. If communities can develop and expand smoothly, the world economy may need to be more closely and conveniently linked by encrypting currencies in the future, when many countries will be more open to Bitcoin, and the concept of "state" will be weakened in the future.

[sgenuine]

A lot of people has improved their lives through cryptocurrencies. Poverty is one the most rampant socio-economic problems here in the country and I guess it has been lessening with the help of crypto. As long as people will focus more in crypto, we can minimize unemployment then we will improve economically as well as the lives of many people.

Less than 0.5% of people managed to improve their lives due to the cryptocurrencies. The crypto is great, and it works but it will not help a lot to make the economic situation.

[Abu Shadow]

If everyone around the world gets into cryptocurrency, do you think it will even help in solving or lessen socioeconomic problems? Can it be used to buy goods from other countries? It is fair to say that crypto will help a lot of people but what will it do to one's country? Will it help improve a country's economy?

Crypto will not solve this human related problem and crypto has no rules to set to the people as this is not a mandatory to everyone. It may help to improve the source of financial aspect of those investors but not this socioeconomic problems which needs discipline to every people.

[Rastafarian]

I have gained financial solutions since the time i entered into cryptocurrency. I now have my tertiary education certificate and I am a full time business man and a government worker.

[squog]

Honestly i don't think so. No matter how much money a person can get in crypto currency, basic goods are still limited and resources are still as finite as before. It will only result to a huge inflation and woulld eventually be expensive. My take is, socio economic problems stems from over population. Maybe an infinity gauntlet is needed.

[Bannednehlahmos]

it's certain. even though it's only a little but still affects the economy

[Incodium Coin]

Cryptocurrency and the blockchain tech will have a big impact on the economy and society as a whole. But it is not some panacea or a magic portion that will do away with all the problems we have.

[Andrej Peiboski]

It continues to give the bitcoin powers that it certainly does not have: the economy of a nation is independent of the money it uses, just as the length of a stick does not change if a different unit of measurement is used.
Money measures value but does not create it.