LETS KICK OUT POVERTY USING BITCOIN

[awik p]

but with high interest rates

The interest rates are not high.The banks charge fees for using their services.They make most of their income with fees and commissions.
Bitcoin can't stop hyperinflation or corruption.They are a part of the capitalist society.
Bitcoin can't replace banks,because the process of giving loans can't be 100% automated.

Yeah that's asking too much for something that still has a lot of room for change. And poverty goes well beyond banks, loans and other economic challenges. Even if bitcoin somehow closed gap with banks and fiat, i doubt it can be what you think it'll be.

I agree! But we could limit it,no?
Atleast one of the problem related to poverty could be somehow controlled if not changed.

when this is the right time to start. with a relatively low price, we can invest. or working on a campaign program. so when prices have soared, of course we will be financial freedom

[yamete kudasai]

Although bitcoin is decentralized in the world , it is difficult to easily eradicate poverty , prevent jobless people and to help poor peoples who live everywhere in the streets . It is impossible to support people live in this but i hope someday will did.

[Econock]

First of all people should educate themselves on the whole cryptocurrency topic and not sell their coins with a loss. Stick to them for a few years at least.

[solkinsolali]

But how possible can this really be using bitcoin to end poverty? Do you think bitcoin can actually end inflation or other poverty related crisis? I only believe for poverty to actually be kicked out, there should be economic driven projects which bitcoin can only be used in such transactions. But bitcoin on its own cannot kick out poverty.

[nicster551]

Some people claim that Bitcoin will revolutionise the world of centralised systems and on the other side some people think that bitcoin is related to criminal activities. But what is it really about Bitcoin that has led all of us to pay attention to it? For decades we have been fighting for the alleviation of poverty but with the current financial system in order, it is a dream to make everyone feel inclusive especially the ones who have been ignored by the  current banking system for a long time. It's time to let the people know that they have this revolutionary technology in their hands that could end their search for “how to alleviate poverty”?
Bitcoin has the potential to do that. Poverty is mainly caused by these three phenomenons:
Hyper Inflation
Corruption
Financial Exclusion

-Hyper Inflation
Inflation occurs when fiat notes are floated in the market but are not backed up by value. Hence hyper inflation is when the prices increase to an uncontrollable level. Bitcoin are limited in number. When the amount of currency being floated in the market remains limited, there are least chances of inflation and almost none for hyperinflation.

-Corruption
Corruption occurs when a system lacks transparency and efficiency. Bitcoin uses a decentralized peer-to-peer transaction system where every transaction is recorded in the system and no transaction can be made without being verified by the mediator (miners). Blockchain consists of an ongoing chain of blocks that act as ledgers for every transaction. These blocks are there for ever. The records can never be deleted or tempered. This process ensures transparency and enhances reliability.

-Financial Exclusion
Financial institutes, specifically banks,  at present provide a lot of useful services but with high interest rates. These services then become meaningless or unattainable for the middle class people and impossible to avail for the poorer. Hence the poor are never able to attain any of the banking or financial services due to high rates of interest. Bitcoin has a solution to this as well. Bitcoin do not require you to pay any high interests or transaction fees to avail financial services. You simply join in and have a software wallet (or any other as there a number of different wallets to keep your money). You just need to pay a very little fee on transactions otherwise no charges. Hence poor people are not excluded from the system.

The best part of bitcoin is that it doesn't stop anyone from utilizing it,  like internet or a radio. It has no limitations to its implementation.

I also want to support this kind of thing in the past, but in the days past of the time I am living in this world I say what it is right that all of us isn't financially free since the world is so balance with poor and rich people in it.

[zubrr51]

Bitcoin will indeed overcome poverty, provided there is a clear trading strategy and the presence of certain experiences.

[Baofeng]

I doubt bitcoin can eliminate poverty, and bitcoin doesn't design to handle poverty problem, bitcoin could create job opportunities and extra income, but it can't be the answer to eliminate poverty, poverty should be eliminate with creating more job opportunities, and this is the job of the government

I personally do not doubt if bitcoin can eliminate poverty, we know that all this time bitcoin can be obtained wherever you like and if they are observant at the opportunities that exist in bitcoin, then surely bitcoin will become an additional job or a main job that can generate good profits when this. Bitcoin has now become big different from a few years ago which did not have a high exchange rate. So by utilizing the good momentum of bitcoin, I think there will be many people who will succeed in this crypto world. Overcoming poverty is indeed the work of the government, but as long as the people are smart and want to think and keep on fighting, then this kind of society will rise from adversity and continue to seek new innovations to create their own employment.

Then it will just give more purchasing power to some individual but not the majority who are still living in poverty. Of course there's a lot of opportunity, but I don't think that bitcoin will simply wipe out poverty let's say in a 3rd world country. If you're smart then yes, you can alleviate and change your lifestyle, but government needs to do their part to help the majority here.

[wxa7115]

So if we focus on the thread title "lets kick out poverty using bitcoin" i would
Love to know how exactly this is going to happen because i cant see it?

Those with lots and lots of FIAT can potentially have lots and lots of crypto.
How are those with very limited resources ever going to aquire a notable
amount of bitcoin?

It seems that a lot of people harbor the hope that cryptocurrencies are going to somehow solve all the problems of the world especially the problem of poverty and that is not going to happen as you say no one is giving bitcoin away for free anymore, you need 6000 just to buy one of it, who has 6000 to spare right now? Even those that are middle class in the United States have almost no savings, not even they can afford to buy a bitcoin.

How people expect that bitcoin is going to be obtained for those that have barely enough to survive? In the best case scenario bitcoin is going to put a stop to several practices when it comes to stealing from the people through inflation and over the long term that could help the economy of the people but nothing more.

[ecnalubma]

Yeah let’s get rich with Bitcoin but lets not forget the fact that it will also make you poor. Considering it is one of the most dangerous investment due to its volatility, probably not the best investment to go all-in. In my opinion its not for everybody at the moment but only for people who has knowledge about the technology, its a gamble to get involved in the space but I see the future and path is clear that this industry will succeed for long term.

[therwtonn]

I would like to differ on some points. Currently BTC sits at a little over $6.5k. These days mining costs a lot and you must have that affordability to own a mine. A lot of people around the globe live under extreme proverty and investment in the market is plain luxury they can't afford. Crypto has brought changes in so many of our lives but it is yet to bring any in them who are extremely poor.

The problem is this that poor people are unaware of cryptocurrency and not for them. If you think that we can help poorer through bitcoin, it will be just a joke. If you really want to help the poorer then why with bitcoin. Why you not help them in your local currency. If you think that the economic conditions of a country would be better with the use of bitcoin, you may be right but it is not beneficial for poorer.

The best part of bitcoin is that it doesn't stop anyone from utilizing it,  like internet or a radio. It has no limitations to its implementation.

I know you're positiveness and optimism on how to solve out poverty but I would say that Bitcoin wont really be enough.Why? due to resources on making people aware on its existence.For people who do have the idea or knowledge then it would be an advantage but mostly aren't capable. Those points above are indeed true but wont really be applied if the user itself wont able to utilize such feature.

I totally agree with you. Bitcoin is not enough for reducing poverty of a country. There are many reasons and the big reason is that if we prevail biotin in the world poor people would not be able to take advantage of it.

[stompix]

And another chapter where BTC plays as the Holy Grail

Inflation occurs when fiat notes are floated in the market but are not backed up by value. Hence hyper inflation is when the prices increase to an uncontrollable level. Bitcoin are limited in number.

No, it doesn't occur like that, inflation happens where there is either too much fiat and too little goods and services or when production of those and viability goes down. Hyperinflation in Venezuela, for example, is not fueled only by money printing but also by the lack of goods and raising demands for them. An economy in BTC will not be protected by this later scenario.

-Corruption
Corruption occurs when a system lacks transparency and efficiency. Bitcoin uses a decentralized peer-to-peer transaction system where every transaction is recorded in the system and no transaction can be made without being verified by the mediator (miners). Blockchain consists of an ongoing chain of blocks that act as ledgers for every transaction. These blocks are there for ever. The records can never be deleted or tempered. This process ensures transparency and enhances reliability.

Transparecy? Hilarious.
Right now you can still catch those guys by following the money trail, with BTC that is gone.

If I were a corrupt official I would ask the guy handing me the cryptos to come to my office and I will have a QR code on my desk. I will point at it and say nothing. The police can raid my office, can control all my accounts, can do whatever they want they will not be able to link me to the BTC that guy sent. Good luck fighting corruption this way.

-Financial Exclusion
Financial institutes, specifically banks,  at present provide a lot of useful services but with high interest rates. ......

In some countries...
Inflation rate here is below 2%, the interest rate on my mortgage is 2.8%,  I pay 1 euro for account maintenance, e-banking and I have unlimited free withdrawals at any ATM (also at the ones not owned by my bank) and free and instant account transfers if the account is at the same bank.

Besides, I'm really interested in how you will get a loan with bitcoin only. You will still need somebody to lend you, pay interest rates, ....oh..something like a bank!
Have you checked the interest rates that are offered in the lending section?

[BitHodler]

How people expect that bitcoin is going to be obtained for those that have barely enough to survive? In the best case scenario bitcoin is going to put a stop to several practices when it comes to stealing from the people through inflation and over the long term that could help the economy of the people but nothing more.

If Bitcoin at some point in the future becomes just as dominant as fiat in terms of local currency functionality, people no longer need to use fiat and no longer need to see Bitcoin as an investment tool.

It might not sound all that realistic right now, but we've seen how people in economically weaker countries are more likely to adapt Bitcoin than to keep using that what they had for years but isn't working properly.

Lightning is perfect for that. It provides insanely cheap and fast transactions, and that's exactly how money should function. Bitcoin has always been money, people tend to forget that due to their greed.

[breathlessz]

Yeah let’s get rich with Bitcoin but lets not forget the fact that it will also make you poor. Considering it is one of the most dangerous investment due to its volatility, probably not the best investment to go all-in. In my opinion its not for everybody at the moment but only for people who has knowledge about the technology, its a gamble to get involved in the space but I see the future and path is clear that this industry will succeed for long term.

for those who have not been able to invest, can join the campaign program, and it can make money too. in absence of risk, you can trade, and i think economic life will be better

[el kaka22]

The best part of bitcoin is that it doesn't stop anyone from utilizing it,  like internet or a radio. It has no limitations to its implementation.

Bitcoin could induce a lot of changes in the world and charity is just one of them.
If you think at a blockchain level you can use blockchain to build a charity around it to see what goes where, if you build a chain that people could donate to a charity and watch what happens to their donation it is a great idea.

If the charity is not collecting the cash for themselves or actually a scam charity than there is no trouble for them neither. They only have to get the cash and spend the cash on whatever was promised and everyone around the world could watch them do it via the blockchain system they implemented.

This creates a great trust for that charity and it could really help people donate more considering there is a lot of people who do not donate because they do not trust the charity will spend that money on the unfortunate and just think they get the money for themselves.

[Sifon]

Bitcoin to me is getting elitist by the day and getting out of the reach of the poor enough to change their lives. So for me it's hard to attempt to kick out poverty using Bitcoin, except of course you were referring to other crypto assets which are still relatively cheap in price as compared to other. Those can easily be bought and money easily made off them

[maculeth]

bitcoin can indeed be the best solution for the country to avoid hyperinflation. but for corruption, I cannot guarantee that. because everyone can still do conspiracy, unless bitcoin remains decentralized.

[domarakooth]

That may not be possible very easily. People who have a great amount of fiat currency are sure to get a lot of bitcoin. But for the poor it's completely different,which is a difficult thing to change.

I think bitcoin has hug power to kick out poverty. Bitcoins provide some way where people are earn free money without wasting any time. This forum itself a big source of income where anyone can make money with there hands.

[Kittygalore]

Stating the advantages with out the disadvantages is quite misleading although I am a cryptocurrency enthusiast I still believe that you need to know more about bitcoin you are just stating already known fact.

Then we must encourage everyone bu giving them the knowledge they need to know. Forcme bitcoin will have a great count in eliminating the poverty today. This will give jobs to the unemployed and also add spice to the economy. This will surely happens with enough understanding to the said market.

[yusupjatigumilar]

actually everything depends on us as a bitcoin user, we will use what bitcoin we have whether it will produce something positive or vice versa, if we use it wisely, good and right, it is not impossible to reduce poverty and prevent acts of corruption and can also prevent high price increases due to transparent transactions, unlimited time and amount of space and low transaction costs even close to zero

[Ewinsane]

bitcoin can indeed be the best solution for the country to avoid hyperinflation. but for corruption, I cannot guarantee that. because everyone can still do conspiracy, unless bitcoin remains decentralized.

Do not deceive yourself. There are so many things that make up a country being hyper inflated and a lot of it has to do with the economy and a bad one. Bitcoin will not kick poverty when people are uneducated, when a country is solely dependent and cannot make anything on their own, industrialization is zero and then in such cases, some few ones will just keep ripping off the lower chains.

Bitcoin is not just some magic wand that would make corruption or poverty go away and at the end of the day, it would just be very few who will be early adopters anyway, so what is the catch when we get to the laggard phase that most poor people are usually known to find themselves.