How can Bitcoin reduce global economic inequality?

[deisik]

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?

In simple terms, it can't

Bitcoin doesn't itself produce any wealth on its own. At the best of times, it is only a currency (or a store of value) and its purpose is purely utilitarian, i.e. being useful for something else. Technically, you can use it as a service (for example, by taking fees from processing Bitcoin transactions as a miner or a payment channel operator) but it is no different than any other service out there and requires basically the same things (e.g. initial capital, resources, dedication, etc). To sum it up, it is not a free launch

[wuvdoll]

It is not really about "inequality" but equal chances. It doesn't make rich people give up their money to poor people, we have multiple bitcoin whales who are richer than the poor bitcoin people who work on faucets to make maybe a tiny bit of amount in their account, so rich still exists and inequality still exists on bitcoin, you can't just have everyone the same amount of money.

However, it creates the equal chances where a poor person and rich person has the same amount of chances of making more bitcoin or living the same life whereas in fiat world rich people can BUY LAWS that works for them and just pay their way into schools, business, health and many other stuff. The best stat you can read about bitcoin is, there are more than 21 million people who are millionaires (in dollars) which means all the millionaires in the world can't have 1 bitcoin, some of them will have less than 1 bitcoin at all times.

[Marry Finch]

Bitcoin and other decentralized cryptocurrency can not affect the elimination or even mitigation of economic inequality. Money does not perform such a function. If we create for each inhabitant of the planet several types of cryptocurrencies and each will have several billion of them, nothing will change. Cryptocurrency does not create wealth. It does not add to people neither food, nor clothes, nor housing. It actually can only redistribute wealth. This does not mean that the cryptocurrency will take values ​​from billionaires and pass them on to the poor. Usually, everything is just the opposite.

[Xising]

Bitcoin and the whole blockchain industry offers a new way of globalization. It reduces inequality because it solves inefficiencies in the economic model that already exists. For example, the remote working model gives the opportunity to anyone that lives in countries with high unemployment rates to find a job remotely and make a living.

That's true, as one of its major characteristics. It can help close the gap and somehow bring people who have like minds closer to one another opposite from the disparity of distance that keep on hindering people from working hand in hand, especially in the global business industry. As more people are focused on their localities, cryptocurrency or Bitcoin to be specific, offers a new way for people to be able to compete even if they don't have that much to use as capital. It gives people the chance to improve on their lives by venturing in the many alleys of the cryptocurrency market that could surely affect one's life for the better, which in turn, would affect the people surround him and the locality he is in.

[Pattart]

Bitcoin and the whole blockchain industry offers a new way of globalization. It reduces inequality because it solves inefficiencies in the economic model that already exists. For example, the remote working model gives the opportunity to anyone that lives in countries with high unemployment rates to find a job remotely and make a living.

Social inequality that occurs, the main problem is not just unemployment. even if you give them a job, will the inequality will disappear? of course not, rich people will still make millions of dollars per month, and other people in the same city just can make $500 or less in one month.
In my opinion we cannot make the inequality disappear, but we can make the economic system fair for everyone, for example the cost of electricity will be different for the poor and the rich, the rich must pay more expensivce than the poor. the price must be adjusted to the each of economy class, and that is done in my country.

[Adriano2010]

Even if people have a job the inequality will not dissappear. Why? Because is not paid enough and people don't have enough money to buy what they need sometimes, and this is just the fault of governments, because if they will do something for people then people should afford to buy what they need and also economy some money.

[usorin]

There is not even two people similar regarding personality and rationality so it is impossible to make a equal financial world for everybody, this is impossible on a small scale like a small village or a family. Everybody like something else so there are different kind of expenses.

[nur rochid]

Even if people have a job the inequality will not dissappear. Why? Because is not paid enough and people don't have enough money to buy what they need sometimes, and this is just the fault of governments, because if they will do something for people then people should afford to buy what they need and also economy some money.

understanding inequality will not disappear. but setting limits on decent living is a measure of the government's success. by having a good salary arrangement, then even lower employees will be able to fulfill their basic needs

[BitHodler]

understanding inequality will not disappear. but setting limits on decent living is a measure of the government's success. by having a good salary arrangement, then even lower employees will be able to fulfill their basic needs

What you mean with 'setting limits on decent living'? That governments should introduce a cap on how wealthy someone can become in order to not have the gap between rich and poor grow further?

I find that one of the most stupid recommendations so far. People need to stop being so sensitive to others being wealthier and more successful. The most important step towards change is to have it no longer bother you.

Smart 'poor' people don't complain but actively look to improve where possible, while the more ignorant 'poor' people continue to complain about how shitty the world is and how they can't make ends meet.

[el kaka22]

It can't be printed out more just to save someone from bankrupting? That alone in itself is insanely good because it creates a system where if rich are too rich then poor have no money and then rich can't get any richer which means they have to share. Normally on dollars if the rich gets richer and poor gets poorer they print out money from nothing and give most of it to rich people again so they can keep getting richer while they give only a bit to poor people so they can continue to spend and make rich people richer.

With bitcoin the rich are forced to share since they can't hoard all the wealth for themselves, there will be no central bank that will print money for them and they will be forced to not get any richer, so it will be capped at a certain point. That will create equality for everyone.

[nur rochid]

understanding inequality will not disappear. but setting limits on decent living is a measure of the government's success. by having a good salary arrangement, then even lower employees will be able to fulfill their basic needs

What you mean with 'setting limits on decent living'? That governments should introduce a cap on how wealthy someone can become in order to not have the gap between rich and poor grow further?

I find that one of the most stupid recommendations so far. People need to stop being so sensitive to others being wealthier and more successful. The most important step towards change is to have it no longer bother you.

Smart 'poor' people don't complain but actively look to improve where possible, while the more ignorant 'poor' people continue to complain about how shitty the world is and how they can't make ends meet.

I think with a lower salary limit for a company, it will make employees have more money that can be used to invest, let alone investing in cryptocurrency, so that later they can also follow people who are already rich first

[Netnox]

Even if people have a job the inequality will not dissappear. Why? Because is not paid enough and people don't have enough money to buy what they need sometimes, and this is just the fault of governments, because if they will do something for people then people should afford to buy what they need and also economy some money.

Stop blaming the government and the system. If your salary is low, then it means that you are not skilled enough to get a high-paying job. Under such a scenario, it will be better to increase your skill-level by undergoing training and educational programs. Today the socialist economies does not exist and we have free market economies everywhere. The interference by the government is minimal, and if you can compete with your colleagues in terms of productivity and skills, then obviously you will end up with a good salary.

[deisik]

understanding inequality will not disappear. but setting limits on decent living is a measure of the government's success. by having a good salary arrangement, then even lower employees will be able to fulfill their basic needs

What you mean with 'setting limits on decent living'? That governments should introduce a cap on how wealthy someone can become in order to not have the gap between rich and poor grow further?

But isn't this what progressive income tax is all about?

It is assumed that the rich should pay more with one of the purposes being that, i.e. decreasing the gap between the poor and the rich (kinda giving back something). Obviously, in real life it only leads to higher levels of corruption since no one in his sane mind, rich or otherwise, would agree to pay more just because one happens to be more industrious than the rest of the bunch. Given that the rich are typically more educated and can hire the best tax advisors (just because they are wealthy), they can evade taxes more successfully and oftentimes legitimately at that through various tax law loopholes

I find that one of the most stupid recommendations so far. People need to stop being so sensitive to others being wealthier and more successful

People will always be greedy and envious. And while being greedy is borderline okay with me, I can't say the same about being envious (at least not in the sense you mean it)

[Indamuck]

understanding inequality will not disappear. but setting limits on decent living is a measure of the government's success. by having a good salary arrangement, then even lower employees will be able to fulfill their basic needs

What you mean with 'setting limits on decent living'? That governments should introduce a cap on how wealthy someone can become in order to not have the gap between rich and poor grow further?

I find that one of the most stupid recommendations so far. People need to stop being so sensitive to others being wealthier and more successful. The most important step towards change is to have it no longer bother you.

Smart 'poor' people don't complain but actively look to improve where possible, while the more ignorant 'poor' people continue to complain about how shitty the world is and how they can't make ends meet.

This sounds like something a billionaire would say, lets blame the poor person and say there is zero faults with the current system in place.  We are supposed to be a society that helps each other, I'm not saying put a cap on someones wealth necessarily but I believe we should go a better job at covering basic needs of people.

[uneng]

4. New job opportunities (Crypto currency and Blockchain related)

Basically this is how we decrease poverty around the world. However, it doesn't create only new jobs opportunities related to crypto currency and blockchain. It creates any kind of jobs that can be executed virtually.
You can live in a very poor area, but you may find online writing, managing, designing, consultant... jobs opportunities and work for people who are on the another side of the globe and receive your payment in btcs, without any cuts.

It's so hard to find occupation in some places, but if we have internet and an alternative payment method, like bitcoin, it can help our personal and local economies a lot, mainly because we are bringing money from outside.

[Twinkledoe]

4. New job opportunities (Crypto currency and Blockchain related)

Basically this is how we decrease poverty around the world. However, it doesn't create only new jobs opportunities related to crypto currency and blockchain. It creates any kind of jobs that can be executed virtually.
You can live in a very poor area, but you may find online writing, managing, designing, consultant... jobs opportunities and work for people who are on the another side of the globe and receive your payment in btcs, without any cuts.

It's so hard to find occupation in some places, but if we have internet and an alternative payment method, like bitcoin, it can help our personal and local economies a lot, mainly because we are bringing money from outside.

I very well agree with your ideas. Even if you are located in a poor country but you have access with the net and know how to deal with crypto, for sure you can earn something from here. The forum alone is opening a lot of job opportunities online - graphics designer, writers, bloggers, bounty hunters, name it. And the advantage is - you can do the work at the comfort of your home and encash it at any local payment method available in your area. One more good thing, there are countries that they can't get tax from your crypto earnings yet.