How can Bitcoin reduce global economic inequality?

[Renaldi blackspadeteam]

I've considered bitcoin a hero of global economic problems,

1. Cheap cross border micro payments for micro tasks. (Global tipping services)
2. Cheaper remittance services. (People working in 1st world countries, who wants to send money home to their families)

on the basis of blockchain technology and bitcoin money is decentralized, there are many companies that use bitcoin as wages for workers, I think on average they are online workers, those who live a lot of vacancies are assisted by bitcoin, first there were problems with slow bitcoin transactions when there is a big pump, the transaction fee deduction has increased sharply, but now the problem has been resolved because lightning network technology has been run.

[1713527824]

1713527824

[daarul50]

With speculation the price of bitcoin makes global economic inequality will be resolved soon because bitcoin can make poor people become rich people with a very fast time of price fluctuations. However, people who want to get rich quick must have a hard time when they have bitcoin like current market conditions, only strong people will be successful in the future.

[mersal]

The contribution of making the global economy equally will be definitely happened with the usage of cryptocurrency because if you have the chances of getting but the economy then it would be needed some equality in the people said so good kind will able to be equal currency for every people in this world.

[pixie85]

With speculation the price of bitcoin makes global economic inequality will be resolved soon because bitcoin can make poor people become rich people with a very fast time of price fluctuations. However, people who want to get rich quick must have a hard time when they have bitcoin like current market conditions, only strong people will be successful in the future.

How can a legendary member be so delusional? Did you buy your account?
Bitcoin is not a machine to make you rich fast and it will not change anything about the situation of the poor!

The poor won't invest in Bitcoin because they lack the money and the knowledge. Rich people have money a lot of time to learn about new technologies and advisors who tell them what they should be investing in. Those few who held since 100 dollar Bitcoin and are now rich won't change the world inequality.

[whirlcoin]

" Billionaire fortunes increased by 12 percent last year – or $2.5 billion a day - while the 3.8 billion people who make up the poorest half of humanity saw their wealth decline by 11 percent "  

" the number of billionaires has almost doubled since the financial crisis, with a new billionaire created every two days between 2017 and 2018 "

" Tax rates for wealthy individuals and corporations have also been cut dramatically. For example, the top rate of personal income tax in rich countries fell from 62 percent in 1970 to just 38 percent in 2013. The average rate in poor countries is just 28 percent. "

~ Average daily wage of workers in Africa = $5-50 per day! <South of the Sahara>

~ Money being hidden in offshore accounts = $7.6 Trillion.

Source : https://www.oxfam.org report.

How can Bitcoin help to reduce the global economic inequality? Please discuss possible solutions.   I was thinking of a few small contributions that Bitcoin can add, to help with this problem.

1. Cheap cross border micro payments for micro tasks. (Global tipping services)
2. Cheaper remittance services. (People working in 1st world countries, who wants to send money home to their families)
3. Lower global interest on loans. (Individual funded loans that compete with Banks)
4. New job opportunities (Crypto currency and Blockchain related)
5. New investment opportunities & tools for non-professional traders. <Less fees and no barrier to entry>
6. Hoarding will stimulate a increased saving culture.
7. A hedge against Hyperinflation. <Protect your wealth from your countries/governments bad decisions>

Please add more to this list.  


 

I think it is the only currency common for everyone in the world and also be the same value for everyone so this could be a huge important things to considered as a major think about the equality of the people so I think it could be more important for the future.

[playboy654]

Cryptocurrencies are made to improve the money that we have used in today's situation because in this economy we don't have any other option for payments instead of money so the entry of cryptocurrency will made a huge changes in this and makes a lots of people to equal position by using this so I think it will be the most important equipment for the future development.

[Irvinn]

The global inequality is very high and I strongly believe that bitcoin can close the gap between this inequality.  It is decentralized and that means no nation has control over it and that means it is transparent and what a nation was able and keep will determine how that nation can go.

Bitcoin cannot solve the problem of global economic inequality. Bitcoin, like other decentralized cryptocurrency, does not create wealth, it only redistributes them. Moreover, the redistribution is almost random. In the cryptocurrency, many earn, but it also means that others have to lose their money, because for those who earn, they do not fall from the sky and magically out of nothing. Only technologies that create wealth can solve the problem of improving people's economic security and eliminating inequality among them.

[deisik]

Only technologies that create wealth can solve the problem of improving people's economic security and eliminating inequality among them

That's even less likely (I mean eliminating inequality)

And mostly for the same reasons why Bitcoin in particular and cryptocurrencies in general cannot solve let alone eliminate the inequality among people. It is less likely because there is by far less randomness in wealth creation as this wealth creation is already owned by the rich. In other words, there is no chance to jump from zero to hero in this domain as it is (or rather was) with cryptocurrencies. I refer to those who were lucky to buy at 100 dollars, wise to hold all the way up and clever to jump off the train at 20k

[aad140386]

It seems to me that the most effective way to improve the well-being of people in poor countries is to work remotely in the higher paid markets of developed countries. If somehow it turns out to create a global global labor market on the Internet, then it is likely that many people will live a little better. But the fact is that most people who live badly do not want to learn. I come across this every day. People do not want to receive new knowledge or are just lazy, because they understand that it takes time and effort to learn something. Inequality is growing every year and Bitcoin is unlikely to be able to change anything in this regard. Just some people are much smarter than others.

[pat4cryptoreal]

Our Government knows that bitcoin can liberate the poor masses, that is why they fighting bitcoin. You have written a comprehensive list of what can be achieved with bitcoin. Let's develop project that is tending towards achieving this.

[logicgate]

The global inequality is very high and I strongly believe that bitcoin can close the gap between this inequality.  It is decentralized and that means no nation has control over it and that means it is transparent and what a nation was able and keep will determine how that nation can go.

Bitcoin cannot solve the problem of global economic inequality. Bitcoin, like other decentralized cryptocurrency, does not create wealth, it only redistributes them. Moreover, the redistribution is almost random. In the cryptocurrency, many earn, but it also means that others have to lose their money, because for those who earn, they do not fall from the sky and magically out of nothing. Only technologies that create wealth can solve the problem of improving people's economic security and eliminating inequality among them.

 The best thing I like the most about its equally distribution like everyone has this opportunity yo buy anyone who has money can get into it and buy as much as they want, other business are for rich people only but here you will get equal chance of buying and investing, price is equal for all no one is at top and no one is down but for everyone it is helpful.

[el kaka22]

I guess the best way is to make money global, if you make money global and finite there is no way companies could keep on making more profits than they pay for their workers. Since there is no extra money involved in bitcoin. If it is capped at 21 millions there is no way a company could own all of that 21 million, they have to keep paying their workers and need to constantly have extra bitcoin so customers could buy from them and whatever they do to be this big company they need to pay something for it. All in all this makes sure one does not hold most of the bitcoins in their possession.

Moreover, in dollars companies could get richer and richer and people could get poorer and poorer and if economy collapses governments make sure they pay 2 for the companies and 1 for the people and print out new money and that way companies become richer and poor people will have a bit of money to give to companies again.

[adzino]

With speculation the price of bitcoin makes global economic inequality will be resolved soon because bitcoin can make poor people become rich people with a very fast time of price fluctuations. However, people who want to get rich quick must have a hard time when they have bitcoin like current market conditions, only strong people will be successful in the future.

Bitcoin won't make poor people rich. Apply some common sense. If poor becomes rich due to the price of the bitcoin, then the rich are going to become more richer thus bringing a negating effect. The prices of everything/goods will start to adjust and thus they will also rise in price. So, the poor people will still be considered poor with just more wealth.
We can never bring equality of wealth among people. There will always be rich and poor people.

[CaVO32]

The global inequality is very high and I strongly believe that bitcoin can close the gap between this inequality.  It is decentralized and that means no nation has control over it and that means it is transparent and what a nation was able and keep will determine how that nation can go.

Bitcoin cannot solve the problem of global economic inequality. Bitcoin, like other decentralized cryptocurrency, does not create wealth, it only redistributes them. Moreover, the redistribution is almost random. In the cryptocurrency, many earn, but it also means that others have to lose their money, because for those who earn, they do not fall from the sky and magically out of nothing. Only technologies that create wealth can solve the problem of improving people's economic security and eliminating inequality among them.

 The best thing I like the most about its equally distribution like everyone has this opportunity yo buy anyone who has money can get into it and buy as much as they want, other business are for rich people only but here you will get equal chance of buying and investing, price is equal for all no one is at top and no one is down but for everyone it is helpful.

also, item 4 from his list is literally great for everyone from all walks of life, who want to have extra income or job that can sustain his basic expenses. it is a matter of skills and knowledge to achieve this additional income at the comfort of your home. job opportunities for developers, programmers, or even bounty hunters can be found here. one thing that i learned with this inequality aspect in this community - is to respect everyone and deal with all honesty. since you are faceless in this kind of environment, still you can build your image even without showing your true identity, just make sure you are doing the right thing for every transaction you make.

to add also in the list - no tax for crypto users who are earning decent income from their crypto activities like trading, bounty hunting, etc. (maybe not true for some countries)

[UNOE]

It is really hard to me, to add something which is not sayed in original post already. I think that you forget that Bitcoin will help people in 3rd world countries, to bank the unbanked. They do not need too much infrastructure to do that unlike normal banks.

[Oceat]

It is really hard to me, to add something which is not sayed in original post already. I think that you forget that Bitcoin will help people in 3rd world countries, to bank the unbanked. They do not need too much infrastructure to do that unlike normal banks.

I think you missed these:

2. Cheaper remittance services. (People working in 1st world countries, who wants to send money home to their families)
4. New job opportunities (Crypto currency and Blockchain related)

Bitcoin could really help the third world country to save money because it creates a new job for them that will allow them to earn and we really need more job opportunities for cryptocurrency and blockchain related. For most poor people in the third world country, there's no much opportunity you can find there that's why we need this kind of job. We may have seen too many fresh graduates haven't had a job yet because the company requires them to have a job experience first and that's the most problem of the third world country.

[Crypdon]

Bitcoin has no rulers to embezzle the funds. They can't be printed out of thin air without a hard fork that no-one will agree to.

8. A more stable economy to people living without a working fiat economy (think venezuela)

[LUCKMCFLY]

Bitcoin has no rulers to embezzle the funds. They can't be printed out of thin air without a hard fork that no-one will agree to.

8. A more stable economy to people living without a working fiat economy (think venezuela)

Totally agree, in Venezuela the economy has very large inflation rates, in fact, never has an economist ever considered a scenario like there is. People, or the few people who know Bitcoin and trade, usually have an improved standard of living with respect to the average, because bitcoin does not lose value even when the currency in the country falls. Many of the options that are named, is that people prefer to pay a bitcoin fee to send money as remittances to their relatives, since they mostly use the local platform bitcoins.com. , which makes people breathe a bit to the economic disaster in the country.

[rollingstorm45]

obviously bitcoin can reduce global economic inequality. because the value of each country's different currencies is very influential on trade between countries. if the bitcoin currency can become a global currency then what happens is that there is no difference in the value of currencies in each country. because the value of bitcoin in all countries is the same.

[Kakmakr]

obviously bitcoin can reduce global economic inequality. because the value of each country's different currencies is very influential on trade between countries. if the bitcoin currency can become a global currency then what happens is that there is no difference in the value of currencies in each country. because the value of bitcoin in all countries is the same.

Yes, a global reserve currency has it's advantages like financial stability and much less currency volatility, but it does not reduce inequality. People might be protected from hyper inflation, if they use Bitcoin as a global reserve currency and that might protect the value of their wealth, but we need more examples of how Bitcoin can solve global economic inequality.

How do we get "wealth" in whatever currency, in more people's hands, without just giving it away. How can a better technology like Bitcoin achieve that goal?