Does Bitcoin increase wealth equality?

[Sithara007]

I don't know why people raise this question again and again. Satoshi Nakamoto was not a socialist. So there is zero chance that his innovation has wealth redistribution or wealth equality as one of the perceived goals. Also, wealth equality is not possible with an anonymous asset such as Bitcoin. Even if you airdrop Bitcoin equally to every human in this planet, there is no guarantee that the distribution will remain the same after 1-2 weeks. You can try the Venezuelan Bolívar or the Cuban Peso if you want wealth equality.

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[iTradeChips]

Wealth equality? Is that even a concept that can be attained? When Bitcoin was created, does the creator have in mind ending poverty all over the world? Bitcoin was an experiment in digital currency and it succeeded. Also, your concept of wealth equality is to general, where do you think wealth equality will happen? In the U.S.? I mean if you are talking about a country as large as America or Russia or China, that is already complex without the government machinery. Then you think of wealth equality in the whole world through crypto? That would be problematic.

[lightning0]

Bitcoin's decentralization promotes the fairness of global currencies and protects its holders from inflation.
Bitcoin does not achieve global wealth equality. It will only benefit those who are really rich or the rich who buy it, and make the rich who have the funds to buy more Bitcoins become richer.

[cabron]

Bitcoin's decentralization promotes the fairness of global currencies and protects its holders from inflation.
Bitcoin does not achieve global wealth equality. It will only benefit those who are really rich or the rich who buy it, and make the rich who have the funds to buy more Bitcoins become richer.

The richer get richer still applies in cryptocurrency but at least this time there is a chance for the poor to get richer since they could hold tokens to expect enough return one day.

Equality is not ideal really but the people to have enough will have contentment. The world will be better to have people who could say they have enough than people who will revolt to make more money. Sometimes its not good for the poor to have more money, they eventually see their past enemies be a peony.

[verita1]

My opinion is in relation to my own experience. Before bitcoin I did not have a job, I live in a country with hyperinflation where most of the population only has enough money to eat. Other needs such as buying clothes, shoes, doing home repairs among others, the average population has to save for a long time or work very hard to achieve it. Thanks to bitcoin, I have a job, I overcame the hyperinflation in my country and now I can support my family and help the closest relatives who need the most.

On the other hand, I think that the equality of wealth in bitcoin that OP mentions refers to those who are investing in bitcoin receive their wealth in proportion to their investment or holding of bitcoin.

[dificanovi]

Due to Bitcoin's supply issuance schedule, it's fair to say that those who buy bitcoin early achieve (exponentially) outsized gains.

Based on what we've seen so far, adoption looks something like: cryptographers -> early adopters -> suits/elite -> the masses

Given that the exponential nature of adoption and returns, doesn't Bitcoin further increase wealth equality? So that the elite are even richer than the everyone else?

To be a bit more specific, what I'm envisaging is the new world to include three groups of people, the elite (aka "the 1%" of the old world), the early adopters (aka "the 1%" of the new world) and the masses (the remaining 98% of people).

Before bitcoin maybe top 2% of people owned 80% of the wealth. But after bitcoin, perhaps top 2% would own 95% of the wealth (approx only to illustrate point).    

Thoughts?

yes, Bitcoin has pushed the economy of the poor to become rich. Bitcoin has a very good influence on the economy in a country where the majority of the population is classified as poor. most of the bitcoin holders come from poor families, then their lives change drastically after buying bitcoins and holding them for a very long time, this is what increases the wealth equality of the population in a country.

[zanezane]

I think yes it can increase the equality because it somehow levels the playing field for those at the lower strata although it's not quite enough to be equal with the uber rich like Bezos and Musk, this is different. If you think about it if you include the uber rich then it's not equal but in some parts yes it does make wealth equality.

[decodx]

Wealthy people have stable stores of value like hedge funds, venture capital, and so on. Rich people can borrow money to purchase bonds, real estate and land without putting down any money. Poor people cannot. And, as a result, the rich get richer while the poor get poorer.
We are investing in Bitcoin to at least keep our money safe in a currency that won't lose value due to the increase in the supply.

[Zilon]

Bitcoin can't establish wealth equality. It has made early buyers wealthy but that doesn't mean it has equated them to the existing wealthy men who has been in to various investments over the years. Except this holders diversify their portfolio to accommodate other investments option that will help solve global challenges but relying on bitcoin alone can't achieve it.

[jamkesmas]

There will never be equality of wealth in this world, and bitcoin cannot solve this problem, moreover the supply of bitcoins is so limited that it can only be owned by a few rich people and it is likely that some of the poor will never own it, thus creating a 99% income gap for the rich , and 1% for the poor.

[junmisakiro]

Given human nature is actually full of greed, then I think it is very unlikely to increase wealth equality, even with bitcoin, because rich people have large portfolios so it is very easy for them to earn large incomes, they will also do various ways to continue increase their wealth, while the poor usually only work for the rich, because the poor do not have a sufficient portfolio to build a business.

[michellee]

There will never be equality of wealth in this world, and bitcoin cannot solve this problem, moreover the supply of bitcoins is so limited that it can only be owned by a few rich people and it is likely that some of the poor will never own it, thus creating a 99% income gap for the rich , and 1% for the poor.

I believe that being wealthy is for all people but that will depend on how they want to achieve that and how hard their work to be wealthy. Many people dream of becoming rich but they are lazy and do not want to get work. So the question is how they can become rich?

Bitcoin offers a new way to become rich and people need to work hard in many ways. Trading can be one solution for them, but they need to learn about trading and not give up until they succeed in learning the trading lesson and making a profit.

[Wawa2013]

There will never be equality of wealth in this world, and bitcoin cannot solve this problem, moreover the supply of bitcoins is so limited that it can only be owned by a few rich people and it is likely that some of the poor will never own it, thus creating a 99% income gap for the rich , and 1% for the poor.

I believe that being wealthy is for all people but that will depend on how they want to achieve that and how hard their work to be wealthy. Many people dream of becoming rich but they are lazy and do not want to get work. So the question is how they can become rich?

Bitcoin offers a new way to become rich and people need to work hard in many ways. Trading can be one solution for them, but they need to learn about trading and not give up until they succeed in learning the trading lesson and making a profit.

To be rich requires hard work, because being rich cannot be obtained easily. In addition to hard work, patience is also needed to get it, because we
have to go through a long process to become a rich person. Then with Bitcoin, this provides an opportunity for investors to become rich. Due to
the significant movement of the Bitcoin price, make Bitcoin can provide a large profit. Trading is one way of making profit from Bitcoin, so learn
a lot and practice, so that our trading skills increase.

[conected]

I think yes it can increase the equality because it somehow levels the playing field for those at the lower strata although it's not quite enough to be equal with the uber rich like Bezos and Musk, this is different. If you think about it if you include the uber rich then it's not equal but in some parts yes it does make wealth equality.

- Your sense of equality is only equal to the participating classes, there is no restriction to the poor and less qualified but one thing that remains original is that property equality will not appear because once this equality emerges, many people's criteria and goals will be reduced and many people's aspirations will be eroded as they try harder, bitcoin still make everything equal, their wealth is only equal to those who don't try. Such ground and playing field is not suitable for the aspirations of many subjects, intelligence and sophistication will have their value, cannot be put on par with lack of knowledge.

[Wakate]

Bitcoin's decentralization promotes the fairness of global currencies and protects its holders from inflation.
Bitcoin does not achieve global wealth equality. It will only benefit those who are really rich or the rich who buy it, and make the rich who have the funds to buy more Bitcoins become richer.

Bitcoin can only increase wealth when bought and left for longer period of time to appreciate more before selling it. Bitcoin is an asset not a tool for equality program or plans. It does not equalize wealth or balance the wealth of the rich to that of an average man. The potential in Bitcoin is to increase the value of one asset according to size and time in which this is done.

If the rich put more funds in Bitcoin meaning they'll gonna make more money that one who put lesser amount. It's a money doubling asset that requires holding for a certain period of time before selling it.

[michellee]

There will never be equality of wealth in this world, and bitcoin cannot solve this problem, moreover the supply of bitcoins is so limited that it can only be owned by a few rich people and it is likely that some of the poor will never own it, thus creating a 99% income gap for the rich , and 1% for the poor.

I believe that being wealthy is for all people but that will depend on how they want to achieve that and how hard their work to be wealthy. Many people dream of becoming rich but they are lazy and do not want to get work. So the question is how they can become rich?

Bitcoin offers a new way to become rich and people need to work hard in many ways. Trading can be one solution for them, but they need to learn about trading and not give up until they succeed in learning the trading lesson and making a profit.

To be rich requires hard work, because being rich cannot be obtained easily. In addition to hard work, patience is also needed to get it, because we
have to go through a long process to become a rich person. Then with Bitcoin, this provides an opportunity for investors to become rich. Due to
the significant movement of the Bitcoin price, make Bitcoin can provide a large profit. Trading is one way of making profit from Bitcoin, so learn
a lot and practice, so that our trading skills increase.

Indeed. Most people can not have patience and do not want to enjoy the process. That is why many people can not be rich from what they did because they do not have patience. If people can consistently work hard, sooner or later, they will get the benefits and it will not take too long to see their wealth will increase. Bitcoin can help them but that will depend on how they can work in a job related to bitcoin. If someone can focus on trading and try to learn more lessons about trading, his skills will increase, which means he will have a chance to make money. That will be a matter of time to see he will become a rich person.

[OnlineCasinoBoard]

Due to Bitcoin's supply issuance schedule, it's fair to say that those who buy bitcoin early achieve (exponentially) outsized gains.

Based on what we've seen so far, adoption looks something like: cryptographers -> early adopters -> suits/elite -> the masses

Given that the exponential nature of adoption and returns, doesn't Bitcoin further increase wealth equality? So that the elite are even richer than the everyone else?

To be a bit more specific, what I'm envisaging is the new world to include three groups of people, the elite (aka "the 1%" of the old world), the early adopters (aka "the 1%" of the new world) and the masses (the remaining 98% of people).

Before bitcoin maybe top 2% of people owned 80% of the wealth. But after bitcoin, perhaps top 2% would own 95% of the wealth (approx only to illustrate point).    

Thoughts?

Bitcoin making huge changes to the world economy.Still it was not controlled by any government including the United states.United States only legalize the cryptocurrency and get some taxes from it.Partially they approved the cryptocurrency.Nearly 70 percentage of people in United States had invested in cryptocurrency.If anything influenced the U.S economy,it will surely had his influence on World economy.

[Dhoe]

does bitcoin increase wealth equality? I don't think so, because the reason I say no, because of the evidence that the whales already have a lot of wealth, he always scares weak hands not to adopt bitcoin, he posts negative things about bitcoin, and makes people who are new to bitcoin feel afraid, and in the end he is free to hoard bitcoins..

[taufik123]

it's true as you said comrade, no one gives equality of wealth, greedy pope will definitely not give us a chance to be equal to them, even the government elected by the people, doesn't want to care about us,, let alone the people of the greedy pope, of course they will hoard their bitcoins to increase their coffers of wealth..

Equality of wealth comes from hard work and not just wishing to get rich with bitcoin. It takes effort and determination to be able to achieve the real goal in cryptocurrency. Whales do have more control because whales have a lot of capital to play with market prices or manipulate market conditions. No one can completely regulate bitcoin. Whales just took advantage of the situation at the right time. Think of being whales and follow in their footsteps to get some benefits.

[mojun7982]

Bitcoin is not even supposed to "increase wealth" for it to be equally or not.

Based on what we've seen so far, adoption looks something like: cryptographers -> early adopters -> suits/elite -> the masses

You are thinking "day one", so it is something like this
first half of 2009 cryptographers
second half of 2009 the masses.
Whether or not the "masses" chose to adopt bitcoin is an entirely different story. For example an average Joe might have amassed thousands of bitcoins during 2009.

Before bitcoin maybe top 2% of people owned 80% of the wealth. But after bitcoin, perhaps top 2% would own 95% of the wealth (approx only to illustrate point).   

Wealth is not defined by bitcoin. Bitcoin is just one currency among hundreds of them. The "wealthy" have already printed and accumulated trillions of dollars and nothing is stopping them from also buying bitcoin. I also believe that so many of them like Buffet have been buying bitcoin for years.

One example for someone amassing masses but not being a cryptographer could be Roger Ver! Sure he had a business selling IT stuff, but he probably purchased thousands indeed. And he also was extremely fast in registering Bitcoin.com. I have always asked myself how nobody else had the idea earlier. Anyone of the cryptographers must have had an idea of Bitcoin becoming successful. I guess Roger was lucky with that one.