Does Bitcoin Help The Poor

[Sithara007]

First of all, Bitcoin is not a tool for wealth redistribution. The idea forms the core of socialist ideology, and Bitcoin has nothing to do with Socialism. Poor people may benefit to a certain degree, as Bitcoin works to reduce the exploitation by the central banks. When the central banks print money out of thin air and thereby get inflation out of control, the poor are the worst hit. Bitcoin works against that. But at the same time, the poor will be having less opportunity to invest in Bitcoin. You need a sizable capital for Bitcoin investment, and I don't expect a lot may of the poor people to afford that.

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[iamsheikhadil]

I agree but don't you think sending money from other countries to home countries using Bitcoin (without paying import tax) is unethical? I can understand how Bitcoin is definitely superior to the established banking institutions but I think it's also being misused. And that's the reason many governments oppose it as well. I think we should create some ethical rules for this decentralized system!

[charlesmichel1]

Maybe Bitcoin was aimed to help the poor, but the broken people have no money to invest in it. When you have to live paycheck to paycheck, making investments is the last thing you think about.

[FireBallex]

Maybe Bitcoin was aimed to help the poor, but the broken people have no money to invest in it. When you have to live paycheck to paycheck, making investments is the last thing you think about.

What do you mean by broke people? You don't have to buy 1 btc that's why we have satoshis, I'm sure broke people can afford 30$ to invest on bitcoin and grow from there, when I enter crypto space I had nothing, I started with Airdrops, making 4$ and 2$ here and there until I made my first 70$ from airdrop and I invested that in bitcoin, today it's all story

[jostorres]

There are other examples but I think people might get the gist of this without them.

Those who wish to help the poor can donate money to charities or propose government assistance. Bitcoin may yet be another method.

Bitcoin helps everyone, the same things you have listed here that it is doing for the poor is the same that it does for the rich, no difference. Bitcoin helps the poor, I think people needs to understand that it is different from saying that it makes the poor rich, because I see some people who keeps saying that Bitcoin makes the poor rich, which isn’t really true.

Of course, it can make the poor rich, but how many of the poor people out there can invest the little money they have and leave it there for long till the price goes up? I have seen stories of some people that tried investing in Bitcoin, but they couldn’t wait for long before selling those coins to solve their daily needs, and after they have sold the coins the price will go up. So it’s never easy, they still have to work.

[Maxstl007]

There are other examples but I think people might get the gist of this without them.

Those who wish to help the poor can donate money to charities or propose government assistance. Bitcoin may yet be another method.

Bitcoin helps everyone, the same things you have listed here that it is doing for the poor is the same that it does for the rich, no difference. Bitcoin helps the poor, I think people needs to understand that it is different from saying that it makes the poor rich, because I see some people who keeps saying that Bitcoin makes the poor rich, which isn’t really true.

Of course, it can make the poor rich, but how many of the poor people out there can invest the little money they have and leave it there for long till the price goes up? I have seen stories of some people that tried investing in Bitcoin, but they couldn’t wait for long before selling those coins to solve their daily needs, and after they have sold the coins the price will go up. So it’s never easy, they still have to work.

People lacks patience, they can't invest money and look away for a long term without coming back and take the money out, I guess we can't all the determined, we can't all follow the same path, that's what human beings are anyways

Bitcoin is the reason why I have a new life today, the old me was a very poor guy from Africa, I knew my life could change if I went all into crypto thing and I started the hard way, faucets, Airdrops, etc just to gather some money to invest in bitcoin, it thus work out for me after a whole year of hunting for Airdrops, now I'm a miner, staker and also investor too, thanks to Bitcoin

[Traderbtcc]

The only poor people that bitcoin really helped are those who had access to cell phones back then and maybe grabbed a few bitcoin on faucets before it exploded  , the rest who came late are just there with no bitcoin in their wallet, right now bitcoin is so priced that it's only the rich that are able to buy a hand full of it , it's now the rich getting richer and the poor trying so hard to find the next bitcoin in altcoin projects (which is never going to happen), I really don't see how bitcoin help apart from being send money to someone in another country without going to the bank.
My opinion though.

[palle11]

People ask why they should buy and support bitcoin.

One good reason.

Bitcoin helps the poor.  

#1  BTC provides banking services to the unbanked  Millions around the world who cannot qualify for a bank account use BTC to conduct business and make electronic transactions.

#2  BTC allows immigrants to send money to families back home  Immigrants from cuba, the middle east and other nations who travel to the USA, europe or asia. Use BTC to send funds to their families back home.

#3  BTC empowers nations with troubled economies like africa, the philippines and venezuela  It provides a means of income to help stabilize dwindling economies like venezuela's. Provides options and opportunities to those in africa and the philippines.

There are other examples but I think people might get the gist of this without them.

There are other examples but I think people might get the gist of this without them.

Maybe you have to provide more examples that will actually relate to the poor because I don't think these above points relates to being poor.
Someone referred to as poor may not even no there way to the bank. Or whether a poor can become an immigrant except if not by war etc. So maybe that the title can get some adjustment as a poor person can't be banking, being an immigrant that travel to another country.

But bitcoin can surely help people who are poor if they buy even little bitcoin and hodl for longtime like people already cashing out big at this time.

[Swopon]

In my sense, Bitcoin can't reach a position that they can help poor people directly. It may take more time when btc will be reached on level by the government then BTC may attend this type of public helping activities. But BTC is helpful for the poor in one way that there are no restrictions to using BTC so poor people can earn money from this platform easily.

[Pamadar]

In my sense, Bitcoin can't reach a position that they can help poor people directly. It may take more time when btc will be reached on level by the government then BTC may attend this type of public helping activities. But BTC is helpful for the poor in one way that there are no restrictions to using BTC so poor people can earn money from this platform easily.

Make sense, due to its decentralized nature, once being understood well it can help a lot.

Not just for those who well knowledgable but also those who are willing to study and work with their opportunities from this venue. Bitcoin are not limited the design of this system is for everyone. Helping poor people in the sense that they are free to co-exist with everyone who are using this chain.

[7788bitcoin]

First of all, Bitcoin is not a tool for wealth redistribution. The idea forms the core of socialist ideology, and Bitcoin has nothing to do with Socialism. Poor people may benefit to a certain degree, as Bitcoin works to reduce the exploitation by the central banks.

There is a misconception for many that bitcoin is a tool of wealth redistribution, with any new technology and if you are able to adopt it then you will make a good profit and that is not in bitcoin alone but it can be said about any investment.

When the central banks print money out of thin air and thereby get inflation out of control, the poor are the worst hit. Bitcoin works against that. But at the same time, the poor will be having less opportunity to invest in Bitcoin. You need a sizable capital for Bitcoin investment, and I don't expect a lot may of the poor people to afford that.

If a government is printing money and if the country is affected by inflation then you could save yourself if you already invested in bitcoin rather than investing in banks.

[CODE200]

Nope. Actions help the poor.
Investing into Bitcoin won't assure profit in an instant and will thus, not make a rich individual out of a poor one. We should stop relying our fate in such technology. Indeed it is beneficial to us when it comes to transactions, investment purposes and the likes but to how we will use it, might make a change in our lives. Wealth is not earned by just believing you will achieve such thing in your life It will depend on your actions in order to get something, as simple as it may sound.

 

In my sense, Bitcoin can't reach a position that they can help poor people directly.

Any technology won't, especially a currency.

[gabbie2010]

Poor people who have access to the internet utilizes Bitcoin,  e.g Zimbabwe economy has been in bad shape due to hyper-inflation as a result of sanctions from foreign countries, people in that country adopted Bitcoin as the better alternative to their valueless currency and as a store of value for their daily transactions thus liberating them.
Sending of money via Bitcoin is even easier than Western Union which is more cumbersome i.e requires some form of KYC from the banks before releasing the fund.

[ashmodeus]

Nope. Actions help the poor.
Investing into Bitcoin won't assure profit in an instant and will thus, not make a rich individual out of a poor one. We should stop relying our fate in such technology. Indeed it is beneficial to us when it comes to transactions, investment purposes and the likes but to how we will use it, might make a change in our lives. Wealth is not earned by just believing you will achieve such thing in your life It will depend on your actions in order to get something, as simple as it may sound.

isn't buying bitcoin is an action ? , and also u wearing a signature is a part of it, even though u will get altcoins, but basicaly there is nothing if bitcoin doesn't appear, u even believe deFi technolgy will change something about currency. everything you say is inversely related to facts.

[disconnectme]

I think poor here is a state of mind, the country made be poor but that do not mean the people of the country are poor. It helps the everyone that understands the true potential of Bitcoin as a sound money. The one narrative Bitcoin has going very strong for it, is the Store of Value(SOV) and we can see everyone is paying attention to this especially for people living in countries with high inflation rate

[Princejebs]

Bitcoin doesn't just help the poor but gives financial freedom, justice, and equality to financial system. It does not follow favouritism and nepotism but supports only those who believed in his whitepaper and future as a digital asset and store of value.
It has helped me personally and I am glad to be one of the lucky and eye-opener to cryptosphere. If I'm to reverse back my time spent on this forum, I would love to spend the rest of my off days on bitcointalk in search of more knowledge and cost average buying of every sats I came across.

[AmoreJaz]

Bitcoin doesn't just help the poor but gives financial freedom, justice, and equality to financial system. It does not follow favouritism and nepotism but supports only those who believed in his whitepaper and future as a digital asset and store of value.
It has helped me personally and I am glad to be one of the lucky and eye-opener to cryptosphere. If I'm to reverse back my time spent on this forum, I would love to spend the rest of my off days on bitcointalk in search of more knowledge and cost average buying of every sats I came across.

my stay here in the forum showed me so many experiences from other users that crypto did really help them in some of their financial probs esp during this pandemic crisis. as a lot lost their jobs, they were thankful that they knew this forum beforehand. look at those bounty paying programs, i guess a lot of people also benefited from those programs even if a lot of them ended up as crap. not to mention the btc paying sig campaigns here. i believe a lot of people are really grateful to have this source of income. so yeah, all status levels of individuals here are benefiting from btc, whether you are poor or not

[Bitcoin_Arena]

I can't really speak for others but from my personal point of view, Knowing Bitcoin and other cryptocurrencies has really helped me a lot, earned me lots of money through trading and saved me lots of money via transfers. Without knowledge of cryptocurrencies, there's high probability that I would not be doing well financially.

I think what people lack is information about Bitcoin, blockchain and how much potential they have to give them Financial freedom away from the exploitative dictatorial and poor governance systems. This is the reason why most people in Africa and South America are still grappling with high levels of poverty

[TedMosby]

People ask why they should buy and support bitcoin.

One good reason.

Bitcoin helps the poor.  

#1  BTC provides banking services to the unbanked  Millions around the world who cannot qualify for a bank account use BTC to conduct business and make electronic transactions.

#2  BTC allows immigrants to send money to families back home  Immigrants from cuba, the middle east and other nations who travel to the USA, europe or asia. Use BTC to send funds to their families back home.

#3  BTC empowers nations with troubled economies like africa, the philippines and venezuela  It provides a means of income to help stabilize dwindling economies like venezuela's. Provides options and opportunities to those in africa and the philippines.

There are other examples but I think people might get the gist of this without them.

Those who wish to help the poor can donate money to charities or propose government assistance. Bitcoin may yet be another method.

please don't count me as a hater, but..

#1 why those who you called poor people not choosing a centralized digital wallet? no bank account needed. most of the digital wallet services in my country offer zero-fee, and it surely faster than a crypto transaction. it just needs a smartphone with a valid phone number.
I assume those people above own a smartphone too because bitcoin needs at least a device to do a complete transaction.

#2 you need to state the criteria of poor people you mention above, because I am thinking of which poor people have family abroad or travel to other countries.

#3 no idea. but how?

and..

# with those points above, it's more like bitcoin as a currency, not an asset. in terms of currency, it means it will be used for transactions. with the high fee problem, do you think it's a good choice for poor people. Also, I believe poor people's first problem is to survive, not about privacy.

CMIIW.

[aoluain]

I would answer this question differently - Bitcoin has actually already helped many poor people to live much better today than was the case, say 5 years ago. For those who remember the period 5-6 years ago when the price of 1 BTC was around $200, everyone had the opportunity to invest in BTC in one way or another. I know a lot of people who chose the easy approach of using faucets who paid very generous figures for BTC at the time - and even then I said that if we save that earnings for at least a few years, those coins will be worth much more than then.

Regardless of the common opinion of "waste of time", even 100k satoshi per day (and this was achievable in 30-60 minutes), was 0.03 BTC per month, which today is worth about $1000. For some people in third countries, these amounts mean real wealth today, and I believe (and I know personal examples) people whose lives have been changed by BTC in a truly positive sense.

Very good point, I recently posted the thread "Out of Reach" making
the point that 1Bitcoin is and will continue to be out of reach for many
many people who are involved in the space so the focus must be now
on Satoshi's, 50,000, 100,000 or even 1,000,000 satoshi's.

Its nice to hear that these smaller amounts of Bitcoin whom some
people deemed waste of time made a real difference to others.

Micro earning will continue to be important as more and more people
get involved. There is only 21,000,000BTC to go around,
that means also that there will be approximately 21,000,000,000,000,000
satoshi's.

Positivity