The role of Bitcoin in an unemployment prone society.

[Markinzo]

Unemployment succinctly put, could be referred to as a state of being unemployed; unable to find a job. The level of unemployment in many African countries today is unimaginable and alarming. With a continuous increasing number of universities  graduates yearly without a correspondence creation of jobs or means of employment for productivity to balance the multitude of populace of proper working age.

As such there has been an increasing level of  criminality and other social vices due to youth restiveness owing from their unemployed state. Just as the popular saying goes, "an idle man is the devil's workshop", for a man who's occupied with a daily meaningful activity that brings income to him may not have the time to orchestrate a criminal act.

And this is where Bitcoin comes in, offering either a  side hustle or full time hustle for youths that are either underemployed or unemployed as the case may be. With politics being mainly a field for aged persons especially in Africa and chances of a employment in reputable firms limited to those with connections/references. Youths and a few advanced individuals in the society have taken opportunities online for a means of earning some livelihood with Bitcoin as one field many key into and the forum Bitcointalk has been a major guide and source of information for crypto_enthusiast.

This can create a paradigm shift in the minds of many fresh graduates not to solely depend on their degrees/certificate for only source of income, which will gradually not only reduce youth restiveness and criminality across African countries and the world at large but also reduce the burden on government for jobs creation. This is partly one of many reasons why every meaningful government should create an enabling environment for Bitcoin/cryptocurrency investment to thrive, most especially African countries, instead of creating restrictions or ban on the field and so forth. Cause cryptocurrency could be some solution to unemployment, high dependency on the government and reduction in criminal activities within it populace.

Why shouldn't government look towards this and build on it? There's a lot that still could be done!

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[Upgrade00]

Bitcoin of itself is only a decentralized currency, it cannot influence unemployment or the economies of a nation, it can only be used as a payment gateway for one to accept payment from international users of their service, but they need to have a service they are offering which can be monetized.

This is partly one of many reasons why every meaningful government should create an enabling environment for Bitcoin/cryptocurrency investment to thrive, most especially African countries,

Cryptocurrency investments does not provide a means that can replace gainful employment, it can be used as a store of value or a way to grow wealth, but cannot be relied upon, especially by someone who is unemployed.

[Smartvirus]

Cryptocurrency investments does not provide a means that can replace gainful employment, it can be used as a store of value or a way to grow wealth, but cannot be relied upon, especially by someone who is unemployed.

Permit me to have highlighted that word 'replace' in the quote section of your reply but, I think the word there shouldn't be replace but to add to what is already in existence as, that's what is obtainable. If the idea of cryptocurrency was basically focused on it being a store of value, I doubt it would have been very much appreciated as we do it this day. Bitcoin serving as a store of value or asset today is a shift from its original intent as, its not what is normally obtainable in a currency with the rate it drastically change in time but, its the beauty of it all.

Bitcoin has provided and added to a lot of users means of livelihood and I can categorically state that, its helping to solve the unemployment of many nations by providing some means for some income and keeping citizens busy while, waiting on the government should they even think of that. Now, we have professional crypto and fx traders all around and its become a field that is professionalised. Its a big plus and it don't have to be studied and certified in schools to acknowledge that.

[Mpamaegbu]

This is partly one of many reasons why every meaningful government should create an enabling environment for Bitcoin/cryptocurrency investment to thrive, most especially African countries, instead of creating restrictions or ban on the field and so forth.

I don't know what part of the continent you're from but I do know that what you said here is true. A lot of youth in Africa have taken to crypto investments and trading to the point that they're self reliant and sufficient without hunting non-existent government employment. It's all thanks to cryptocurrency. I'm an Africa and I've a first hand experience of this. In 2021, in a retrogressive move, the Nigerian government banned cryptocurrency and we observed the backlash on that. That's a government that can't provide jobs yet it delights in banning what it doesn't even understand.

[Upgrade00]

Bitcoin has provided and added to a lot of users means of livelihood and I can categorically state that, its helping to solve the unemployment of many nations by providing some means for some income and keeping citizens busy while, waiting on the government should they even think of that. Now, we have professional crypto and fx traders all around and its become a field that is professionalised. Its a big plus and it don't have to be studied and certified in schools to acknowledge that.

The point I was trying to make is that Bitcoin of itself does not create employment opportunities, you need to have a skill that Bitcoin can be applied to in order for one to profit.
Trading is a skill that you can learn acd Bitcoin is a tool you can use to profit from trading. This forum is also a platform where one can market their skills and earn through signature campaigns, but it is still a product of what the user offers as a service.

[pooya87]

Bitcoin doesn't really have a role here though since it is just a currency. For example if there is no job for a university graduate then with or without bitcoin the job still doesn't exist. Doing other jobs and making money is a different story though. Bitcoin can make it easier for people to do such jobs usually online (eg. freelance programmer) and get paid. But that still doesn't solve the issue that the job they went to university for doesn't exist.

[Coyster]

And this is where Bitcoin comes in, offering either a  side hustle or full time hustle for youths that are either underemployed or unemployed as the case may be.

Bitcoin is not a side hustle per se, it is a currency, an investment option, etc, and even if one is to use Bitcoin for any of that purpose, they still need fiat (money), and by extension a job. Here is what i am saying: it is going to be more or less impossible for an unemployed youth to harness the Bitcoin opportunity, except if such individual has one skill or the other, renders such, and is being paid in Bitcoin, but if that be the case then the person can't be said to be umemployed.

This can create a paradigm shift in the minds of many fresh graduates not to solely depend on their degrees/certificate for only source of income, which will gradually not only reduce youth restiveness and criminality across African countries and the world at large but also reduce the burden on government for jobs creation.

People are already aware that university certificates are more or less insufficient this days, but mind you that even at that Bitcoin is not the alternative, people are encouraged to learn skills, try to grow a business, further their education, etc, and then they can now invest in Bitcoin with part of the proceeds they make from whatever they are doing, but it is not possible to be completely unemployed and fall back on Bitcoin. Gettin a Real Life job/business/skill should always come first.

[cryptoaddictchie]

Cause cryptocurrency could be some solution to unemployment, high dependency on the government and reduction in criminal activities within it populace.

Why shouldn't government look towards this and build on it? There's a lot that still could be done!

Can be actually however it will depend on such individual for it to materialize. Im sure you are hearing a lot of story or heard from social media that some earned from crypto instead of studying and doing some traditional ways to earn money. Im not saying they arent true in fact thats really true and its happening.

Its role of the government help its nation but to incorporate crypto as a source of job considering the volatile nature of crypto its not a good idea. Better to learn trading and study the cryptocurrency such as bitcoin so they can get knowledge on how people benefited on it.

[nakamura12]

That's not a good way to educate people about bitcoin. I am once a newbie before and the one who taught me said that I can earn money in bitcoin and yes it id true but few months later made me think that it is not enough to earn money that made me think that not having a degree would still work out but it's not. Think of cryptocurrency as a sideline kind of work, investment, etc, if you say it like that. It is true that some are earning more compared to their job. Study more about crypto and don't ever think that cryptocurrencies is not risky.

[Pmalek]

Bitcoin and crypto have certainly created new opportunities for those who are unbanked in the 21st century. And unfortunately, there are many that still are. If you possess the required skills and you are willing to work, Bitcoin won't create those job opportunities. But it will provide a way to be paid for the work you do. For those of us who don't live in third world countries, it's impossible to imagine that $50 or $100 extra each month means a lot. But to many, it does. Luckily for everyone, Bitcoin makes it easier to monetize your skills internationally.     

[Markinzo]

[/quote]
Cryptocurrency investments does not provide a means that can replace gainful employment, it can be used as a store of value or a way to grow wealth, but cannot be relied upon, especially by someone who is unemployed.
[/quote]

It might not be able to provide a gainful employment or be relied upon obviously, reading thoroughly I apparently said it could serve as a side hustle for whomever is yet unemployed as a graduate instead of staying totally idle.
If I may ask, is gainful employment not also a means to create wealth for one who's with an entrepreneurial mindset. Cause there has been cases were employees saves from their salaries to open their own self-employed businesses. Same can work with Bitcoin investment as the gains come in even though it can't be relied on.

[BlackHatCoiner]

But that still doesn't solve the issue that the job they went to university for doesn't exist.

Hmm... Why is there unemployment in the first place? Isn't mainly due to global recession which occurs during financial crisis? Isn't debt the reason we have recessions? Isn't lending and borrowing what brings us to long-term and short-term debt cycles?

I'm not saying that Bitcoin makes the society more productive, but there's definitely something faulty with the current monetary system. I'm not against credit either if it's used to allocate resources and produce income. But, having the ability to introduce new money in the economy out of thin air makes you almighty; and when one's so almighty, we suddenly have a central point of failure. The society's economic future is down on this entity's fate.

[pooya87]

But that still doesn't solve the issue that the job they went to university for doesn't exist.

Hmm... Why is there unemployment in the first place? Isn't mainly due to global recession which occurs during financial crisis? Isn't debt the reason we have recessions? Isn't lending and borrowing what brings us to long-term and short-term debt cycles?

I can't really answer since my knowledge of economy is very limited but I can think of an example, one that leads to mass unemployment without really being related to debt cycle, financial crisis, etc. although it may cause it later.
It is when cost of living increases and factories shut down to migrate to another country, usually third world, where cost of living is low (hence cheap labor) so that the factory owner can maximize their profit. This means a large number of people lose their jobs in the origin country. This is what happens in US for example.

[sunsilk]

It's actually true that when people don't have anything to do, they'll look for something else to do mostly for making money. But if someone's got a job to go daily, he'll surely take care of his livelihood and would be happy to spend his time on it.

Why shouldn't government look towards this and build on it? There's a lot that still could be done!

Let's just think of it that the governments aren't prepared yet. They're not taking it seriously for so many years but now, the time has come that they shouldn't ignore it anymore.

The use case and application of cryptocurrencies especially for bitcoin is being seen in these times. That's why for sure that after all of these issues that have been happening in the world or at least became calm, they'll start to recognize it and do something in favor of the people to take benefits from it.

[aysg76]

Bitcoin doesn't really have a role here though since it is just a currency. For example if there is no job for a university graduate then with or without bitcoin the job still doesn't exist. Doing other jobs and making money is a different story though. Bitcoin can make it easier for people to do such jobs usually online (eg. freelance programmer) and get paid. But that still doesn't solve the issue that the job they went to university for doesn't exist.

Yes that's the thing i also feel but for people it is tool to solve the world problems like unemployment and some aslo claims it can bring up the world peace? You can improve your lifestyle with it as it is financial tool that can provide some privileges related to ownership of funds like some unique advantage is at this time the banks of Russia and Ukraine are at freezing the accounts and people don't have access to their funds also but at this point btc is helpful.So there are monetary benefits associated with it.

But if we say by adopting btc the global crime rates and other problems could be solved then it's not the case as it is not creating jobs or lending out some.But if you want to take it in that perspective then there are some like learn some bitcoin basics and start writing some blogs about it or educate others about it.Do some online stuff to earn it or start investing for long term.You see there are things that are helpful but not on major scale.It is fiat alternative so we can't brag about it on all problems.

[isaac_clarke22]

~

Man, I can still recall a lot of people discussing in Economics board if Bitcoin could even eliminate unemployment back in 2017. Bitcoin can still at least help people get paid through freelancing (as what you mentioned), but Bitcoin alone, it's a meh.
I am not sure if people are even willing to pay crypto just starting on that Pizza Bitcoin story long time ago.

[masulum]

Man, I can still recall a lot of people discussing in Economics board if Bitcoin could even eliminate unemployment back in 2017. Bitcoin can still at least help people get paid through freelancing (as what you mentioned), but Bitcoin alone, it's a meh.
I am not sure if people are even willing to pay crypto just starting on that Pizza Bitcoin story long time ago.

If it refers to freelancing, they don't have to get Bitcoin, they can open many freelancer job sites with payments using fiat. Even if we go back to 2017, the unemployed who didn't buy bitcoins back then, wouldn't get any benefit from bitcoin either. so it's true, bitcoin has no role to help unemployment, unless he had bought bitcoin before he was unemployed.

[Findingnemo]

Bitcoin reviewed the blockchain technology which created new platform and certain jobs but it is not going to create millions of job and this is just a currency same like gold, did Gold created jobs which is enough to remove the unemployment completely from the earth? No, right it gave some opportunities for people who started jwellery shops and some became goldsmith that is what bitcoin also can do.

[pooya87]

I am not sure if people are even willing to pay crypto just starting on that Pizza Bitcoin story long time ago.

I haven't really seen people paying in crypto since altcoins true purpose is trading, but I have seen a lot of bitcoin payments both online and offline. I have even seen small fast food restaurants accepting bitcoin payments in my area. But bitcoin is still not solving the unemployment issue though.

[TheNineClub]

Crypto, in general, does boost opportunities, yes, and even a little can help out here and there, but it is in no way a solution to underlying issues that plague more or less developed countries. What I am concerned about is the image it's portraying. The vastly unemployed youth (some by their own decision, some by the situation in their economy) might look at the overzealous crypto enthusiasts that boast about how rich they get from it and think that just doing some little work online will have a huge impact on wellbeing, and the truth is much more complicated than that.