Trading Bitcoin in Africa Is a Way for Some to Escape Poverty

[Arkann]

If we talk about real poverty, then Bitcoin and poverty are not comparable things. No poor person can even afford to have a phone, let alone buy cryptocurrency to invest or trade. At best, certain charitable foundations can use the cryptocurrency market to increase their capital, and help the poor with the income received.

[Natsuu]

For Africa, Bitcoin is not just a speculative asset. Africans choose Bitcoin because they want to bypass traditional systems that are only open to a few people. For example, remittance is one of the areas where Bitcoin is most commonly used in Africa, because remittance fees in this region are the highest in the world. Africans who send money back home from abroad are charged an average of 10% of the total remittance as a handling fee, which is twice the charge in South Asia.

Mate I'm from Africa and people around me that are into crypto choose crypto to make money, they have no problem with traditional system at all, infact when they get some good ROI they have to convert to fiat, straight to the bank, Africans are into crypto to escape poverty for real

Same here in the Phillipines, however, not all poor people have access to cryptocurrency and not everyone is tech-savvy. Bitcoin allowed people to get involved in trading and be a retail investor, but the risk is high and it is not guaranteed money. The opportunity to earn could be enticing but the risk can also be futile. As time passes people who are getting involved in crypto is growing, the numbers of people adapting increases. Cryptocurrency provided additional opportunities to people to earn and be involved in other projects.

Not all have access it's because it has lack of education on what is bitcoin and how they can use it, also the additional factor which can make people dismay about that is those scams where many get affected and so they are feel like they will get scam to if they will try this type of investment. But it's good thing bitcoin get a good adoption right now since by that it can lessen the doubts of people to try this one and also they might get a good insights with the people who try this and earn a fortune by using bitcoin.

Fear to lose is the most common factor on why people don't engage crypto. As soon as they hear the words "VOLALITY", most of them gives up already and chose just to save what they've had instead of investing it.

They are not risk-taker because they have family to support and they don't have the funds to look for alternative if they lose what they invest so the fear is understandable and should not be shamed upon.

[ultrloa]

For Africa, Bitcoin is not just a speculative asset. Africans choose Bitcoin because they want to bypass traditional systems that are only open to a few people. For example, remittance is one of the areas where Bitcoin is most commonly used in Africa, because remittance fees in this region are the highest in the world. Africans who send money back home from abroad are charged an average of 10% of the total remittance as a handling fee, which is twice the charge in South Asia.

Mate I'm from Africa and people around me that are into crypto choose crypto to make money, they have no problem with traditional system at all, infact when they get some good ROI they have to convert to fiat, straight to the bank, Africans are into crypto to escape poverty for real

Same here in the Phillipines, however, not all poor people have access to cryptocurrency and not everyone is tech-savvy. Bitcoin allowed people to get involved in trading and be a retail investor, but the risk is high and it is not guaranteed money. The opportunity to earn could be enticing but the risk can also be futile. As time passes people who are getting involved in crypto is growing, the numbers of people adapting increases. Cryptocurrency provided additional opportunities to people to earn and be involved in other projects.

Not all have access it's because it has lack of education on what is bitcoin and how they can use it, also the additional factor which can make people dismay about that is those scams where many get affected and so they are feel like they will get scam to if they will try this type of investment. But it's good thing bitcoin get a good adoption right now since by that it can lessen the doubts of people to try this one and also they might get a good insights with the people who try this and earn a fortune by using bitcoin.

Fear to lose is the most common factor on why people don't engage crypto. As soon as they hear the words "VOLALITY", most of them gives up already and chose just to save what they've had instead of investing it.

They are not risk-taker because they have family to support and they don't have the funds to look for alternative if they lose what they invest so the fear is understandable and should not be shamed upon.

Being afraid of volatility is not surprising especially with those newbies who avoid crypto for these reasons but once they know how to trade even the basic I'm sure they will try to put some capital on their first trades.

It's just for now those risk takers doesn't know on when to start maybe they are lacking of knowledge since it's new to them that's why sometimes motivation plays a big role to encourage people, I'm sure almost all of us is skeptical about this at first.

[Gozie51]

ICOS were not perfect by any means. But they did allow the poor access to accredited investor level opportunities.

But do you know rich people have better access to bitcoin than the poor? It is the rich who has better knowledge about bitcoin and gets better information when to acquire and wait for bull. A poor guy may likely can't research and understand halving, time for bull and other factors necessary to hodl or dump.

The rich has investing power more than the poor and can acquire and manipulate the space against the poor.

[Sithara007]

But do you know rich people have better access to bitcoin than the poor? It is the rich who has better knowledge about bitcoin and gets better information when to acquire and wait for bull. A poor guy may likely can't research and understand halving, time for bull and other factors necessary to hodl or dump.

The rich has investing power more than the poor and can acquire and manipulate the space against the poor.

Those who want to complain can always do that. If the rich people had such an advantage, then why the existing billionaires haven't benefitted from it's bull run? A few of them have started showing interest in Bitcoin now, but earlier almost all of them were against it. 99% of those who became rich as a result of the rally in Bitcoin prices belonged to the middle class demographic group, and the vast majority were aged less than 30 at the time of their first investment in Bitcoin. The rich may have the investing power, but it doesn't need much capital to investing in Bitcoin and therefore it is not going to matter. Back in 2010, Bitcoin was going at $0.001 per coin. Even those who were living in extreme poverty could afford to invest in BTC at that point. The same can be said about 2013, when the exchange rate was around $10 per coin.

[geegaw]

ICOS were not perfect by any means. But they did allow the poor access to accredited investor level opportunities.

But do you know rich people have better access to bitcoin than the poor? It is the rich who has better knowledge about bitcoin and gets better information when to acquire and wait for bull. A poor guy may likely can't research and understand halving, time for bull and other factors necessary to hodl or dump.

The rich has investing power more than the poor and can acquire and manipulate the space against the poor.

Indeed, with the regularly updated knowledge plus modern technologies that the rich have, the opportunity for them to trade and make money with bitcoin is always very easy, even for those who are super rich, they combine together and manipulate the psychology of the market, if the poor do not have enough intelligence here, they will lose all their assets after just a few manipulations. Speaking of the situation of Africa, they still belong to a poor and lacking modern continent, only a handful of people can afford access to bitcoin and of them, only a small part can escape poverty