Bitcoin is a Tech not "Manna" from the skies!

[joinfree]

There is this misconception that has been created about bitcoin and cryptocurrencies in general which needs to be cleared once and for all. I quote Satoshi's words from his whitepaper "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."
Maybe i misinterpreted this but where in this statement is it written/implies that bitcoin is going to get rid of poverty. Let's not get things twisted and funny enough when their false assumptions don't come to pass they tend to consider that the technology failed. Well i guess they failed in interpreting this simple message above. 

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[YuginKadoya]

I think you are the one that misinterprets the true meaning of it, And if you would look at Financial Institution is a company engaged in the business of dealing with financial and monetary transactions such as deposits, loans, and investments and include a huge range of business encompass financial services that include insurance companies, brokerage firms, investment dealers, banks and other companies that need Financial Institution, It is not really getting rid of poverty but the use of certain third-party organization that is why Bitcoin transaction is used with trust that is why we are free of ta in every transaction you made.

[lobat999]

There is this misconception that has been created about bitcoin and cryptocurrencies in general which needs to be cleared once and for all. I quote Satoshi's words from his whitepaper "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."
Maybe i misinterpreted this but where in this statement is it written/implies that bitcoin is going to get rid of poverty. Let's not get things twisted and funny enough when their false assumptions don't come to pass they tend to consider that the technology failed. Well i guess they failed in interpreting this simple message above. 

First of all, Bitcoin was not invented to alleviate poverty and its a wrong notion even just to assume it! @ OP, would you be kind enough to further clarify your point? I mean maybe you could provide us relevant  links with regards to your topic especially when you mentioned "Manna" which I believe is a Biblical term. I hope you could expound more on this topic at hand.

[Red-Apple]

There is this misconception that has been created about bitcoin and cryptocurrencies in general

that is only misconception when you say it about bitcoin. but it is completely true when you say it about 99% of the altcoins. you can not possibly find at least 10 coins that are satisfying this definition of being a "currency". nearly all of them are created for pump and dumps.

[nicecrypto]

Everyone is free to view btc the way they want to view it, if for any reason someone sees btc as a means of alleviating their financial needs then I don't see why not after all if btc didn't serve that purpose they won't see it as that, same thing with the person who use btc for it's tech can see it that way because the tech part serve him, btc is multipurpose.

[blckhawk]

I think what OP's trying to convey is that Bitcoin's white paper does not tell anything about solving poverty. And these other people claiming that the technology (Bitcoin) have failed, when in fact, it really is a success since the main purpose, having P2P payment solution without intermediary, has been achieved by Satoshi.

People replying to this post should read twice, OP should reconstruct his sentence for clearer expression of ideas.

[hugeblack]

Poverty is about how to manage money, not money itself, so the comparison seems illogical. "It's like the relationship between the length of the road and the depth of the sea."
Correcting that phrase would be: if Bitcoin is used properly, we will get rid of poverty.
General headlines are often used for propaganda and media amplification, linking BTC to poverty, hunger, drugs, etc. are propaganda, not real debates.

[TGD]

Poverty is about how to manage money, not money itself, so the comparison seems illogical. "It's like the relationship between the length of the road and the depth of the sea."
Correcting that phrase would be: if Bitcoin is used properly, we will get rid of poverty.
General headlines are often used for propaganda and media amplification, linking BTC to poverty, hunger, drugs, etc. are propaganda, not real debates.

As it used in many application, by different people, it shows ways that are helpful depending on where we wanted it to be use. As it is primarily for fast transactions that is wide tool too as it connects money and many different sources like the benefiary and sender of that money. As time passed by and it's demand increases the value increases too that shows how good it is as investment too and becoming a early adopter to help us away to poverty.

[Darooghe]

I think what OP's trying to convey is that Bitcoin's white paper does not tell anything about solving poverty. And these other people claiming that the technology (Bitcoin) have failed, when in fact, it really is a success since the main purpose, having P2P payment solution without intermediary, has been achieved by Satoshi.

People replying to this post should read twice, OP should reconstruct his sentence for clearer expression of ideas.

If he meant that, with its current design, Bitcoin can handle only 5 transactions per second. that might be enough at the inter-bank level, but is certainly not enough for everyone to transact directly in bitcoin. secondly, there are the huge fees. Bitcoin is a really expensive way to pay for things, especially low value items.  

Thirdly, Bitcoin isn't remotely functional as a currency and P2P payment method; primarily because of the volatility in its value. This volatility means that if bitcoin is rising, no one in their right mind would pay for things using bitcoin, because if they wait their bitcoin will be worth more. Meanwhile when bitcoin is falling no one in their right mind would accept bitcoin as payment. hence bitcoin is not being marketed as a form of payment. it is marketed as an asset whereas a portion of that asset can be sent anywhere fast and at a low cost.

[TravelMug]

First off, who claims that bitcoin is the solution to poverty? I mean it can alleviate the standard of living of some people because because it gives them more purchasing power, however, to claim that it's like a magic bean and a solution to every human problem is wrong.

Bitcoin was designed to be a P2P as you have said, meaning without any party in the middle. However, let me remind you that it also involved in the past ten years that it is being consider today as an asset or store of value (SoV).

[bL4nkcode]

Maybe i misinterpreted this but where in this statement is it written/implies that bitcoin is going to get rid of poverty. c

While satoshi designed bitcoin to be a peer to peer transfer of cash (payments), now it comes to a point that it became a store of value. Even it became like that, there's no way bitcoin going to get rid of poverty. Poverty is a choice and bitcoin can't be used to end it, you will end of in a very huge debt if you choose to have bitcoin while you don't understand what its purpose, how to use it, etc.

[btc78]

There is this misconception that has been created about bitcoin and cryptocurrencies in general which needs to be cleared once and for all. I quote Satoshi's words from his whitepaper "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."
Maybe i misinterpreted this but where in this statement is it written/implies that bitcoin is going to get rid of poverty. Let's not get things twisted and funny enough when their false assumptions don't come to pass they tend to consider that the technology failed. Well i guess they failed in interpreting this simple message above. 

FIrst where did you get that idea of Misinterpretation?yeah people are looking to gain profit in bitcoin but none of them says that it will carry them from the bed of poverty,or maybe this is just your experience and not others?

This is the future currency but to have this you must purchase of work for it so there is no misinterpretation there,you should clarify what you mean here

[Eclipse26]

It was really never intended to solve poverty. Satoshi isn't a government to worry solve that problem.
Actually Satoshi achieved his goal in making it a peer-to-peer transaction. And I don't know who claimed it to be a solution for poverty? But let's not close the fact that bitcoin also helped us financially, but not to the point that its main function is to solve poverty.

[ChrisPop]

Exactly! People need to understand that Bitcoin and cryptoucrrencies & blockchain are a revolution that could or could not evolve in something of very high impact on our world. Similar to the internet, Bitcoin is an opportunity that people can choose to take advantage of. That's the only way in which people will get rid of poverty through Bitcoin in my view. Always remember that nothing is guaranteed on Earth.

[Kemarit]

LOL, who said that Bitcoin is the answer for poverty. And for those people who are "dreaming" that it's the solution, then they are in the wrong market. I can't believed people around claiming that bitcoin or crypto for that matter is the solution? Maybe they are blinded because they think it's a get rich scheme, but it's not. Earning Bitcoin needs hard work as well and you really need to be smart in order for you to make a lot of money.

[Theb]

People got the message but there is more to it for BTC rather than just a Peer-to-peer payment system. It may not be in stated in the whitepaper but as an investor's/trader's perspective BTC is something that can actually make your rich or at least earn from it. Satoshi didn't mention anything about it's price or how volatile it will be in the market but with the results we have on how it fluctuates and how it has risen through the years you will get the point on why people are saying this and how the news media is saying BTC can act as a "safe haven" when a financial crisis comes.

[maydna]

I think bitcoin is only a way for people who want to make money from a new source. Bitcoin is like a knife, how we will use bitcoin for our life. If we know what we can do with bitcoin, bitcoin will help us to make money in the short term and long term.

Bitcoin cannot get rid of poverty if people don't want to try to change their life and only to expect to make money from bitcoin without doing anything. That will be only a dream for people who think like that because they will not earn anything from other people. So if you want to change your life with bitcoin, you need to be ready for the consequences and the risk inside bitcoin itself.

[joinfree]

There is this misconception that has been created about bitcoin and cryptocurrencies in general which needs to be cleared once and for all. I quote Satoshi's words from his whitepaper "A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution."
Maybe i misinterpreted this but where in this statement is it written/implies that bitcoin is going to get rid of poverty. Let's not get things twisted and funny enough when their false assumptions don't come to pass they tend to consider that the technology failed. Well i guess they failed in interpreting this simple message above. 

First of all, Bitcoin was not invented to alleviate poverty and its a wrong notion even just to assume it! @ OP, would you be kind enough to further clarify your point? I mean maybe you could provide us relevant  links with regards to your topic especially when you mentioned "Manna" which I believe is a Biblical term. I hope you could expound more on this topic at hand.

Well i don't have much links to buttress this point but if you have been here long enough this view has been shared by some young folks after the bull run of bitcoin in 2017. Luckily enough i just found an old post which also makes such claims. Just check it out https://bitcointalk.org/index.php?topic=5046710.msg46679092#msg46679092

What i simply meant by "Manna" is food as some folks think bitcoin is going to provide food unto their table.

[ChrisPop]

LOL, who said that Bitcoin is the answer for poverty. And for those people who are "dreaming" that it's the solution, then they are in the wrong market. I can't believed people around claiming that bitcoin or crypto for that matter is the solution? Maybe they are blinded because they think it's a get rich scheme, but it's not. Earning Bitcoin needs hard work as well and you really need to be smart in order for you to make a lot of money.

Just to add to your post, there are many people who are not smart and still they make a lot of money from inheritance or lottery, etc. However most of them go bankrupt just because they are not smart with their finances and don't have financial education.

[hatshepsut93]

I don't think many people believe that Bitcoin will solve poverty, but some people believe that Bitcoin will replace banks, which is almost just as unlikely - adoption is going painfully slow, the tech is not scalable for that yet, the price is too unstable and so on. Bitcoin's future is still quite unclear - we know that it is here to stay, but we don't know just how successful it will be in the long run.