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

[CarnagexD]

Trading stocks and assets is the go to of many in earning ridiculous amounts of money. This is true and it is just recently that Africa started to adopt this money-making strategy. That being said, one has to be aware that this strategy is not as financially securinh as let's say a 9-5 job because there will always be a factor of loss yiu should consider, but all of that in mind, you'd be a great trader and once you're done with it, sell a self-written book, and wallow in your passive income.

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[verita1]

Certainly bitcoin can help the poor. If they have the information on how to use technology, obviously the information does not reach everyone. But some are getting out of poverty by trading bitcoin or any other crypto.

A glance at the reality could be verified in the exchange platforms in the P2P as the one of Binance that is working hard to penetrate and offer its services to the African market.

Introduces Nigeria's first Naira fiat currency in March 2020 and later launches Bundle, a Binance app in Africa aimed at payments between its users in both African currencies and cryptocurrencies (Bitcoin, Ether and Binance Coin).

https://www.binance.com/en/blog/421499824684900534/Introducing-Bundle-an-Africafocused-Social-Payments-App-for-Cash-and-Crypto

[bitgolden]

with cryptocurrency being closely tied to USD most of the time, they can get more value out of it when they trade because the exchange rate of their currency and the USD is so big that they can afford basic necessities in local setting. I think that every trader understands the risk, a person that does not understand it is not a trader at all but a gambler. I wouldn't really say that it helped the poor because there are other people that does not have an opportunity to access the Internet to trade or even buy one, it is more like it helps those who opens their door for the opportunity.

That happened in my nation as well, during this pandemic "somehow" USD kept its power and value, normally we all know having 8+ trillion dollars more debt and so many dollars printed does make USD a lot less valuable but usa found a way to say the inflation is low and usd is valuable once again.

Other nations were not that lucky, pandemic made their fiat less valuable and that made it weaker against dollar as well. So couple the fact that most nations fiat goes down against dollar and dollar goes down against bitcoin, there was a huge double down type of profit to be made.

Yes, bitcoin went from 10k to 40k but dollar went from 3 to 5 or whatever as well in nations and that made the profits even bigger for those people. I am one of those people and even on some days when bitcoin was stable I made profit because dollar was going up in my nation.

[Kimbe79229]

Yes, I really agree with that, bitcoin is a good way for poor people to avoid inflation and to protect their wealth. If people still have questions, please think about Venezuela.

[Casdinyard]

Good for them if trading is really helping them out. But if it just making the situation worse, clarifications on the risks should spread to those people who are completely relying their fate with regards to cryptocurrency trading.

Trading stocks and assets is the go to of many in earning ridiculous amounts of money. This is true and it is just recently that Africa started to adopt this money-making strategy. That being said, one has to be aware that this strategy is not as financially securinh as let's say a 9-5 job because there will always be a factor of loss yiu should consider, but all of that in mind, you'd be a great trader and once you're done with it, sell a self-written book, and wallow in your passive income.

Stability of an income is a necessity in order for an individual to survive day by day expenses. Indeed huge profit could be earned from cryptocurrency trading but things will not always and consistently be on your side. There'll be times of bad trades, bad market, and other bad decisions. What will save you from these situations is a stable income from a job.

[Sithara007]

People need to realize that Bitcoin is not just a tool to escape from poverty. For heaven's sake, it is an asset which has a ROI of 34 million times in the last 12 years. Just imagine investing just $1 in 2009 and your portfolio growing to $34 million by 2021. That is the power of Bitcoin. It can make you super-rich in the future. For the past 12 years, the returns exceeded everyone's expectation. And for the next 12 years also, that is going to be the case.

[Obito]

People need to realize that Bitcoin is not just a tool to escape from poverty. For heaven's sake, it is an asset which has a ROI of 34 million times in the last 12 years. Just imagine investing just $1 in 2009 and your portfolio growing to $34 million by 2021. That is the power of Bitcoin. It can make you super-rich in the future. For the past 12 years, the returns exceeded everyone's expectation. And for the next 12 years also, that is going to be the case.

That realization will take a long time, people aren't ready for this, the profit is still their first priority, remember that most of these people came from a poverty line or came from a family that is in-between. Of course, people will appreciate bitcoin, but not everyone is not as interested as anyone about the insides of the technology, we can't blame them, we are not a hive mind after all. I believe that it will be grow bigger in the coming years but we as a community need not be divided by our desire to profit and technological appreciation.

[poodle63]

Yeah actually it is. There is a good chance to get employed by freelancing for them. Bitcoin is one of them. They have a big chance to be self employed. If they take it seriously they can succeed.
It will be good for both of them the people and the goverment.
But they have to gain some knowledge first. So that they can get the proper return of their hardwork.

freelance job that's available in crypto space usually have something to do with technology like programming and there's almost no jobs for doing some tasks offline. I doubt everyone in africa is programmer, it could help the programmers there in africa indeed but that's like only small population of the africa continent overall, honestly I think cryptocurrency there is less impactful that people here seem to pictures.

[bryant.coleman]

Cryptocurrency provided a lot of opportunities not just for those who are rich but also for others who are classified as low-income earners. Even with the associated risk, Bitcoin can provide opportunities to earn by investing, trading, and not to mention opportunities for those who are knowledgeable of blockchain technology. But we must remember that crypto is not created to aid poverty.

The main purpose when Bitcoin was created by Satoshi Nakamoto in 2008 was to end the exploitation by the bankers. Now we all know that it is the poor who suffer the most from this exploitation. So we can say that Bitcoin is one of the tools which can make life better for poor people. And in the end, cryptocurrency may prove to be a powerful tool to alleviate poverty. And apart from cryptocurrency, the Blockchain can also play a big role in eradicating the intermediaries and keeping the wealth in the hands of those who deserve it. Blockchain is the future of technology, and within the next 1-2 decades, most of the applications in almost all the sectors will be Blockchain-based.

[TedMosby]

Somehow I think they do not survive because of trading, but their bitcoin knowledge leads them to earn free money in this crypto universe.
Airdrop, bounty, and more. The serious one will do a freelance job for crypto. And they used some of the money for trading to gain more.
so IMO, they escape poverty because they know crypto things.
however, the title is already clear. Trading Bitcoin in Africa is a way for SOME to escape poverty.

Nigeria and some of the countries in Africa become the target for Ponzi schemed business. They can spend a lot of money on uncertain things like that. It's good that those Bitcoin things can reduce that Ponzi business activity.

[palle11]

Somehow I think they do not survive because of trading, but their bitcoin knowledge leads them to earn free money in this crypto universe.
Airdrop, bounty, and more. The serious one will do a freelance job for crypto. And they used some of the money for trading to gain more.
so IMO, they escape poverty because they know crypto things.
however, the title is already clear. Trading Bitcoin in Africa is a way for SOME to escape poverty.

You have got the idea and knowledge about this, because bitcoin and cryptocurrency are a little different as you mentioned the free methods to gain some coins like airdrops too which can be sold to build capital for other investment. Otherwise, there are other ways but you can't get freebies on it except you invest by yourself like forex trading .

Nigeria and some of the countries in Africa become the target for Ponzi schemed business. They can spend a lot of money on uncertain things like that. It's good that those Bitcoin things can reduce that Ponzi business activity.

For ponzi it may be because the Africans or Nigeria are looking for opportunity for survival on the internet which is why they try out different means to survive and fall for scam.

[qwertyup23]

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I somehow disagree with this post as it is relatively misleading.

According to an article published, trading cryptocurrencies somehow amounts to a loss since 97% people who traded experience little-to-nothing profit in a short-amount of time. In addition, the remaining 3% of the people who profited amounted to an earning which is equal to the wage of a bank-teller.

If you truly want to eradicate poverty, there are several factors that you MUST consider (i.e. job opportunities, education, infrastructure, etc.) Trading bitcoin alone cannot eradicate poverty in a given country especially if you can consider that bitcoin runs within a technological environment, which some third-world countries lack.

[ven7net]

Bitcoin having humanitarian qualities and helping the poor, is one of its most neglected and underappreciated aspects.

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

Part of the crypto worlds success is due to it opening doors and giving opportunities to the poor, they might otherwise never have.

 

Personally, I believe that the ability to make money using cryptocurrencies has helped many both in African countries and other more developed ones. Why am I sure of this? Because he himself, not having a normal income, was forced to study cryptocurrencies and start trading them. On the other hand, cryptocurrencies help many countries to make transactions bypassing sanctions, which also has a positive effect on the lives of people in these regions. I am glad that there is such an opportunity and it is very good that many who use cryptocurrencies can make a profit and start living better. This trend is likely to continue and we will see even more people from different countries join the crypto industry.

[shield132]

And what's the purpose of this? That bitcoin is a way of escape in Africa? I am amazed that I see success stories. What if you have bitcoins right now, for example, 1 BTC, equal of 32,800 and tomorrow you see a 15% decline in price, just somehow. You lose 15% in one day and don't tell me that it's impossible. 15% profit in a single day is possible too, yeah, I agree and even more but it's very risky, for me it looks like going on deal or no deal.

It's good if anyone is earning money via day trading or just trades through the year that profit from it is good enough to bring them a comfortable life. Still, I don't suggest anyone to move on bitcoin trading, it's their opinion and personally, I wouldn't promote me, not because I have a different opinion in it but I have seen people who bought bitcoins in 2017 when the price was 20K and one man on reddit even lost the house.

Also, I knew a person who was living years (more than 10) by filling/writing sports tickets but he sometimes had bad moments.

[iv4n]

And what's the purpose of this? That bitcoin is a way of escape in Africa? I am amazed that I see success stories. What if you have bitcoins right now, for example, 1 BTC, equal of 32,800 and tomorrow you see a 15% decline in price, just somehow. You lose 15% in one day and don't tell me that it's impossible. 15% profit in a single day is possible too, yeah, I agree and even more but it's very risky, for me it looks like going on deal or no deal.

It's good if anyone is earning money via day trading or just trades through the year that profit from it is good enough to bring them a comfortable life. Still, I don't suggest anyone to move on bitcoin trading, it's their opinion and personally, I wouldn't promote me, not because I have a different opinion in it but I have seen people who bought bitcoins in 2017 when the price was 20K and one man on reddit even lost the house.

Also, I knew a person who was living years (more than 10) by filling/writing sports tickets but he sometimes had bad moments.

I think you miss the point here... he trade with bitcoins (or alts) and he is making some profit! Maybe he had bad days when the price is declining but he still has something to sell... he has something that is valuable!
The thing with us people who live in Third World countries, even $500 means a difference, and some people had a chance to learn how to earn and how to trade and earn more, that save us from surrounding circumstances... we earn more with crypto, even when price is dropping we have more than we have with our normal jobs!
So yes, I understand why crypto (it's not Bitcoin only anymore, look at the Doge at 5 cents!!!!) is escape from poverty for many people across the world! And I bet we will see many more similar stories, even greater ones... mark my words!

[samcrypto]

Bitcoin can help you to at least leave at the poverty line and gives you an opportunity of a lifetime, only if you are willing to take the risk. Africa is compose of many countries, if they started to adopt Bitcoin then it can become a big help but it will not make you rich easily, so don’t depend everything to Bitcoin.

Yes, I really agree with that, bitcoin is a good way for poor people to avoid inflation and to protect their wealth. If people still have questions, please think about Venezuela.

That’s a warning for every countries not to be complacent about growing rate of inflation, or else we will ended up like this with indefinite, market crash.

[Zemomtum]

That is just one of the use cases of BTC, be responsible for your financial needs without any centralized control. Trading and holding BTC and other reliable altcoins will surely brings financial fortune to many in Africa and other parts of the world.

[MCobian]

I agree trading Bitcoin can get people out of poverty, especially in Africa, which has low incomes. Supposed trading Bitcoin can help improve finances.
And this applies to all countries, by trading Bitcoin can be a source of income. But in this long-term Bitcoin trading, because for short-term bitcoin
trading that person must have good analytical skills to be able to get profit from Bitcoin trading. If trading Bitcoin long-term we only need to buy
Bitcoin regularly every month, according to their respective abilities. Do this consistently for 3-5 years. I believe that person can become a rich
person, I say this because of the math I did.

[Jesabela04]

Bitcoin could really change the lives of people in a certain country because of the opportunities that it offers. Africa is one of the neediest countries and it's a good thing that they could consider Bitcoin to eliminate poverty. Despite all the risks, if they will be able to adopt the importance of trading and investing, it will help decrease the number of poor people in their country.

[shoreno]

Bitcoin having humanitarian qualities and helping the poor, is one of its most neglected and underappreciated aspects.

no this is not neglected but this is infact the highlight of bitcoin . i saw many users creating threads on how bitcoin helped them and on how btc help the poor . it was cool that even if bitcoin isnt a human , it is sometimes better that most of the humans because most humans now have issues on helping the poor

ICOS were not perfect by any means. But they did allow the poor access to accredited investor level opportunities.
Part of the crypto worlds success is due to it opening doors and giving opportunities to the poor, they might otherwise never have.

ico isnt perfect but who are perfect ? no one but even if theres no ico 's theres already btc and other cryptos that are created earlier than ico's and ico dont only provide help for the poor but it also destroy the lives of both poor and rich individuals that invested on scam ico's