Bitcoin and non-formal workers

[Falconer]

Since 2014 until now I have noticed that bitcoin and the crypto industry has grown very rapidly where currently its market capitalization is a testament to the successful growth of this industry.

I have been here and around people who support this growing industry such as traders, investors and bounty hunters and others. One fact about these people is that 90% (maybe more) of the people I know who support this industry are not formal workers who usually work as government employees, but they are non-formal workers working part time in some real businesses. There are only 2-3 out of 20 people (not the actual number) who are formal workers as government employees who are currently still trading crypto at my place to this day while the others are non-formal workers. What about those you know in your country, does this happen in your country and the people you know? I don't think there are any restriction governing formal workers involved in this industry as investors or traders.

[Lanatsa]

does this happen in your country and the people you know? I don't think there are any restriction governing formal workers involved in this industry as investors or traders.

Formal workers or non-formal it wouldn't matter because Bitcoin is just there and if there are companies which do give out that option then that's really a good opportunity on dealing with and speaking to those non formal then one of the factors that they wouldn't really be included is that neither it hasn't been
introduced or they don't simply like on dealing with it and trying to avoid volatility as much as they can.

For now adoption is still on the move, there might be places on the world which is one step ahead but doesn't mean that we would really be
losing up some chances.

[Coyster]

One fact about these people is that 90% (maybe more) of the people I know who support this industry are not formal workers who usually work as government employees, but they are non-formal workers working part time in some real businesses. There are only 2-3 out of 20 people (not the actual number) who are formal workers as government employees who are currently still trading crypto at my place to this day while the others are non-formal workers. What about those you know in your country, does this happen in your country and the people you know? I don't think there are any restriction governing formal workers involved in this industry as investors or traders.

If you don't mind, I'd like to know how you came about such numbers/statistics that people who are not civil servants are more in the network than those who are. Are you coming to such conclusions from the few people you've met and interacted with or is there any other source of the info. AFAIK and have experienced, the network 'harbors' people from all walks of life, without any clear disparity in the number from a particular field. If the above is true where you're from, then it could possibly be cause civil servants work so hard over there and have little time for other sources of income, you know people who run their business are their own bosses and so they can set 'time' in their own favor so as to get other things done, that looks like the only reason that could make your assertion somewhat valid.

Then again, no country would solely restrict only civil servants from using crypto, they would either place a general sanction/ban, or they will not, so it's either civil servants in your country of residence work so much that they hardly have time, or the civil servants you've personally come in contact with have no interest in Bitcoin.

[WePiggy]

It's not about gov or private sector workers but the type of work they do. There is a much higher proportion of IT workers (developers, sys admins, helpdesk) than any other type. This is due to the higher tech knowledge needed for more profitable trades.

When normies can be onboarded as easily as buying a loaf of bread, then bitcoin will be a confirmed success - something we'll know anyway because the bitcoin price will be sky high at that point!

[paxmao]

It depends a lot on the country, but the basic principle is to not have either privileged information or, alternatively, a conflict of interest. This gives plenty of space for gov officials and other to trade and own not just bitcoin but many other financial assets that are even more prone to be dealt with privileged information or other conflicting interests involved.

To be honest, this is not surprising, since many public sector officials and politicians end up their days working in the private sector anyway.

[batang_bitcoin]

I don't have an accurate stats on what's the current situation and job of most crypto people in my country. But with what I've observed in different online groups, they're working in private companies which is the biggest portion. Next to it are the businessmen and lastly, those that are full time in trading and other related crypto paying hustles. Well, we don't have accurate information about such but this only gives the idea that bitcoin is for everyone.

[Gozie51]

Op I think you a little correct on that. The people that are not employed with government are known to try their hands on different things and they are the lucky once as early adopters. They are the ones that get few numbers of the government workers into the circle of cryptocreency either as friends or family members. Also being independent of government job gives you more time in your hand for research just like in Nigeria, the people that I notice that discuss about cryptocurrency are those that are not doing government jobs.

[arwin100]

Since 2014 until now I have noticed that bitcoin and the crypto industry has grown very rapidly where currently its market capitalization is a testament to the successful growth of this industry.

I have been here and around people who support this growing industry such as traders, investors and bounty hunters and others. One fact about these people is that 90% (maybe more) of the people I know who support this industry are not formal workers who usually work as government employees, but they are non-formal workers working part time in some real businesses. There are only 2-3 out of 20 people (not the actual number) who are formal workers as government employees who are currently still trading crypto at my place to this day while the others are non-formal workers. What about those you know in your country, does this happen in your country and the people you know? I don't think there are any restriction governing formal workers involved in this industry as investors or traders.

Maybe this depend on country where you are on since there are several country ban bitcoins so obviously most of their citizen doesn't know about its existence and if they know they tag it as suspicious currency or a scam due to several types of bad impression made by certain people and mainstream medias.

But overall of this maybe we just didn't know the actual count since as we see the adoption state of the bitcoin maybe the number of government workers who use bitcoin increase but they cannot influence the adoption of the country since there are several ruling and I  think it needs to pass a law(I don't know about the law on this) so that they can pass its full adoption to their country. But what good thing here is you already see some several of them using bitcoin so its a good start anyway and for sure we can see more from it in on years pass.

[Sterbens]

When it comes to where I live, lately I've started hearing in my local media that after the rise of Bitcoin a lot of politicians and officials are also starting to like how they view crypto especially Bitcoin as a good hedge. Maybe they know better how fiat to their wealth is threatened by inflation. I don't think they save from the wealth tax they have. it's up, because of their money. Gradually it turned out that those who worked as formal workers could not forever be crypto traders, and decided to become long-term investors.

Then in my own immediate environment, most of them are friends, relatives and people who work informally who have already traded crypto. Even my family and I are no strangers when we get together we often discuss about the coins they trade. This is very funny and not a few of them joke about the meme coin. I prefer weekend atmosphere, because that's when we talk to each other and evaluate each other's portfolio while showing off and having fun.

[killerfrost]

I grew up in a country with many limitations on technology, but in recent years the crypto industry has really been a place to attract people's curiosity. Although it is rare to see people talking about it, I always see top projects from my country go international. As I am personally exposed to this field, I also only have a few friends to exchange knowledge with, I remember that before I was a student when most of my friends heard me introduce it. I always get things like 'scam' 'nonsense'... And now they still have this view of the market, but I find the numbers you mentioned it to be counterintuitive as well accurately reflect this work environment with current society.

[romero121]

In my country people haven't heard about it two years back. Now people in any business has got basic understanding as bitcoin is much advertised. People to whom I introduced about cryptocurrencies, but haven't made an investment are now feeling bad about their decision. It is true that 90% of the people into the crypto industry are informal workers. In my country one out of hundred seems to be the people into cryptocurrency, with the city people it could differ as 50 out of 100 into cryptocurrency.

[Rruchi man]

I guess OP has drawn rough analysis from the people around him, and i can quiet say that the same is the case for individuals around me as well, that is the bulk of individuals with an interest in bitcoin and cryptocurrency are those not necessarily without a formal education, but those without formal high paying jobs. There is a high rate of unemployment and poverty in my country, people have been forced to become entrepreneurs and small business owners, the money realised sometimes from business and entrepreneurship may not be sufficient to create the dream life that one dreams of, so there is the motivation to seek for more opportunities, and bitcoin creates such to level the playing field with those that have high paying formal jobs who already have a better life, and not necessarily considering or seeking opportunities elsewhere.

There is also another perspective to view this, that is you will have less formal office people in bitcoin trading particularly because the job they already have steals their time, and they may not have the time to monitor the market.

[aprilnot]

What about those you know in your country, does this happen in your country and the people you know? I don't think there are any restriction governing formal workers involved in this industry as investors or traders.

first in my country there is no limit for those who want to stay up late crypto. it is allowed for those who work in government or not, formal or non-formal. all open to the public, there are no regulations that prohibit or limit it. but if you look at the age, probably most of the crypto traders in my country are around 24-40 years old. and the highest average is at the age of 27-30 years.

[ShowOff]

I recognize you as one of the Indonesian users based on your posting history, maybe that's enough to identify how the government regulate bitcoin and cryptocurrency for everyone regardless of what job they have.

Indonesia is known to be friendly with bitcoin and cryptocurrency for a long time and this is an important reason why many people are involved in this industry both as traders and investors and other things that support it. There are many communities spread across Facebook and they have group like the Indonesian trader community and so on so it's only natural that you get to know these people in the real world and online and know what their real work background is.

But so far in my opinion there is no rule that prohibit government employees from being directly involved in this industry but there may be special rule from some agencies such as banks that prohibit their employees from being involved just because bank do not like decentralization. But in general there is no limit saying that Indonesia prohibit government employees from entering the industry as a way of making profit outside of their original job. At least that's what I know about the rule.

[iv4n]

In my country people haven't heard about it two years back. Now people in any business has got basic understanding as bitcoin is much advertised. People to whom I introduced about cryptocurrencies, but haven't made an investment are now feeling bad about their decision. It is true that 90% of the people into the crypto industry are informal workers. In my country one out of hundred seems to be the people into cryptocurrency, with the city people it could differ as 50 out of 100 into cryptocurrency.

Well, the same thing is with me... most of the people I know heard about crypto from me, and just a few of them get more involved, but nothing seriously! I know some guys from the Serbian section that are in crypto seriously for years and that's it! Like in most other things my country is a few years behind the world, so nothing strange about that!
In the last two years, crypto gained a lot of visibility, now it's in newspapers, on TV... Bitcoin is breaking records, Bitcoin dropped a lot, etc... but people read it and ask more questions than before, definitely regretting missed opportunity!

[kryptqnick]

Op, can you clarify what you mean by formal and non-formal workers? Do you mean whether a person is employed by the government or whether the person has a job with taxable income? In my country, we use the terms 'official employment' (any employment for which the taxes are paid) and 'unofficial employment' (any employment for which money is received, but no taxes are paid). Is that what you meant as well, or is it about private vs government sector as some understood? I believe most people who do something with cryptos in my country or work for crypto businesses do that unofficially, but some of these people also formally have a different official job with a salary that is being taxed, so in this sense they are officially employed as well.

[dark1234]

Op, can you clarify what you mean by formal and non-formal workers? Do you mean whether a person is employed by the government or whether the person has a job with taxable income? In my country, we use the terms 'official employment' (any employment for which the taxes are paid) and 'unofficial employment' (any employment for which money is received, but no taxes are paid). Is that what you meant as well, or is it about private vs government sector as some understood? I believe most people who do something with cryptos in my country or work for crypto businesses do that unofficially, but some of these people also formally have a different official job with a salary that is being taxed, so in this sense they are officially employed as well.

In my personal opinion, maybe what is meant by formal work according to the OP is work that has a decent monthly salary according to the minimum wage in the country [government agencies/civil servants and factory employees] or business people while non-formal are labor and private workers who tend to earn less. uncertain. and as the OP stated; the people I know and join here are mostly non-formal workers, maybe because I am a middle class person so I hang out with them a lot, whether it's the other way around

[Jawhead999]

In third world countries it's true since most of employer already grateful with their fixed income and scared to invest in volatile asset. While freelancer is more up to date about any opportunity to make more money, of course if Bitcoin and cryptocurrency often appeared if you search "How to earn money online" in google.

While in first world countries either employer or freelancer it doesn't matter since they have a better mindset to manage their money.

Do not forget with some countries has no internet access, of course he will never know what is Bitcoin.

So it's really depends on where you live.

[dbc23]

In my country we have had several treat regarding crypto trading, investment, bounty and air drops and the closed watched are government workers  but so far their treat is becoming empty treats because crypto is becoming a new empowerment scheme even by the so called government operatives. Many non-formal workers no longer strive for government jobs since crypto gives them ease to earn at their own comfort

[Ucy]

From my little experience, people who are interested in area like trading are often those who are self employed looking for additional sources of income or those without a job especially students and house wives. I'm not sure I have met any government worker who is interested. Where I live people are mostly self employed. It's not very common to find government workers... people are usually self employed or working for owners of small/medium scale businesses or companies.