Can Bitcoin Reduce the Global Wealth and Income Inequalities in 2022?

[Silberman]

Through btc! I sincerely doubt that, the gap between the haves and the haves not is very wide, btc even at this current price is expensive to many middle to low income earners, and for you to effectively gain a reasonable profit from btc you have to buy a good amount of it. And by the look of things, not very many people can afford 1BTC let alone several.
Now if you say alts for instance, perhaps the possibility is there, if you are lucky enough to get your hands on some alts that end up going x100 then you are made. Income inequality will no longer be a thing for you. 

I thought I would be the first to say this.

Yeah, on the individual level, even the people considered as poor could spend $50 on a highly speculative altcoin and get lucky. We've seen this happen already in the last bullrun alone (DeFi/Meme token pumps). On the global scale, it doesn't change the situation that much because middle and high income earners still benefit the most whether it's bitcoin or altcoins.

And this is the thing, at an individual level a new market can bring a lot of money to those that did not had any, as there are many stories of people that became millionaires in this market and that have accumulated a level of wealth that would have been impossible for them to get otherwise, so bitcoin can indeed help a certain amount of people as long as they have enough skill, however bitcoin and this market in general cannot help everyone as it was never the intention behind the creation of this market.

[CryptoHeadlineNews]

It is definitely impossible for Bitcoin to reduce the global wealth and income inequalities between both the rich and the poor this year 2022 or ever, but if you say Bitcoin can help eradicate global poverty, then I will agree with that, because if you could take a look at the year, you will see we are already in the second half of the year and yet Bitcoin still struggling at the resistance of slightly $20,000 below and above. And one thing about Bitcoin investment is that the higher the capital, the more the profits, and the rich are already on the edge of having huge capital, which places them always at the top of the food chain

[Oceat]

It is definitely impossible for Bitcoin to reduce the global wealth and income inequalities between both the rich and the poor this year 2022 or ever, but if you say Bitcoin can help eradicate global poverty, then I will agree with that, because if you could take a look at the year, you will see we are already in the second half of the year and yet Bitcoin still struggling at the resistance of slightly $20,000 below and above. And one thing about Bitcoin investment is that the higher the capital, the more the profits, and the rich are already on the edge of having huge capital, which places them always at the top of the food chain

There's a huge difference between income and salary maybe OP got lost in translation or someone I don't know? Salary is different and this is the problem with working so hard then there's this inflation of almost everything but to your salary there has no change. How come they would expect someone to work like normal when almost everything is getting expensive? I think having Bitcoin would be easy if you could just hold them for a certain period and you just sell it then you earn a good profit but that doesn't change the fact that almost everything is still expensive and getting less with salary.

[dunfida]

Through btc! I sincerely doubt that, the gap between the haves and the haves not is very wide, btc even at this current price is expensive to many middle to low income earners, and for you to effectively gain a reasonable profit from btc you have to buy a good amount of it. And by the look of things, not very many people can afford 1BTC let alone several.
Now if you say alts for instance, perhaps the possibility is there, if you are lucky enough to get your hands on some alts that end up going x100 then you are made. Income inequality will no longer be a thing for you. 

I thought I would be the first to say this.

Yeah, on the individual level, even the people considered as poor could spend $50 on a highly speculative altcoin and get lucky. We've seen this happen already in the last bullrun alone (DeFi/Meme token pumps). On the global scale, it doesn't change the situation that much because middle and high income earners still benefit the most whether it's bitcoin or altcoins.

And this is the thing, at an individual level a new market can bring a lot of money to those that did not had any, as there are many stories of people that became millionaires in this market and that have accumulated a level of wealth that would have been impossible for them to get otherwise, so bitcoin can indeed help a certain amount of people as long as they have enough skill, however bitcoin and this market in general cannot help everyone as it was never the intention behind the creation of this market.

Becoming millionaire would really be having that chance for few people but its not for everybody because not all did make the same investment on where these people had done.Inequality cant really be solved out

even by Bitcoin.Yes, it did really changed up some lives but only into a few comparing it into the entire population which do suffer out from poverty or being poor.Therefore, chances and opportunities in the market
will really be entirely be depending on how someone would really be make out some dealings and actions had been made towards it.

Dont expect for it to happen something like equality yet its not really something that could be patched up or make it happen considering that there would be always those people who are on the top of the chain.

[sovie]

I do not think that "crypto" in general can, and I am not sure if bitcoin itself can neither, but I do 100% believe that decentralization can.

What we have in crypto these days are some projects with "project creators", let's be honest we have seen so many projects with teams these days, and I dislike most of them, we shouldn't be investing into stuff that has creators still ruling over it and be capable of do whatever they want, even them saying some bad word could make it go down, no need for that risk. Bitcoin is decentralized and it may do this, because if you have a decentralized market, the wealthy can't just risk it all for a huge profit, fail, and just get bailed out, that is very crucial.

Dreaming of having equality in the world is good thing - but it is an impossible thing too.
The power will remain in the hard of the elites in the society - why would they want to have an equality in the society.And on the other hand it is not possible. Absolutely impossible.

[Darker45]

That the rich gets richer and the poor gets poorer is logical. The rich has the resources for further development and progress. The rich could create more and more businesses because they have the capital. They could explore new innovations and earn big from them because they have the money to begin with.

The poor on the other hand will have to face an uphill battle. A poor kid can hardly finish school. So he/she can hardly get a better job. With a poor job, he/she can only earn little. And the cycle continues, if not worsens.

Bitcoin can hardly fill this gap. The inequality that Bitcoin addresses is more about access to financial services. Majority of the unbanked are poor. Bitcoin provides them the opportunity to create a savings account, a better one at that, albeit not in fiat. Bitcoin could also be of help in many other ways; as a cheaper remittance option, for example. But I don't think it can really make a significant difference in terms of global wealth and income inequalities.

That social malady, which is as old as time, may be too big and too complex for an orange pill to cure.

[Jody.Drummer]

That the rich gets richer and the poor gets poorer is logical. The rich has the resources for further development and progress. The rich could create more and more businesses because they have the capital. They could explore new innovations and earn big from them because they have the money to begin with.

The poor on the other hand will have to face an uphill battle. A poor kid can hardly finish school. So he/she can hardly get a better job. With a poor job, he/she can only earn little. And the cycle continues, if not worsens.
 

Inequality like this will obviously get stronger, especially in terms of opportunity and sometimes this is always something that is quite difficult to enforce.
When the rich have the next generation, it is clear that it will be easier for their descendants because indeed they will be facilitated by existing facilities and greater opportunities than previous supporters and it is different when the poor have successors. Instead of trying to make something good, this sometimes adds to the burden for some people who are quite difficult, so that sometimes poor people are taught hard to earn money.

[munehungre]

Bitcoin is probably increasing the inequality, because rich people and middle class can afford to invest into risky assets, while poor people can't afford to invest in anything, or are too risk averse. When I read posts that tell people to HODL and never sell their coins, I get the impression that people who make such comments don't know what true poverty is, when you have to borrow money from friends, family or neighbors just to buy food. So I would assume that Bitcoin community is dominated people who aren't considered poor. So when Bitcoin skyrockets, it's an example of "the rich get richer".

I've had the same thought myself.  I wonder, what does Michael Saylor (or anyone else) expect to accomplish by hording bitcoin?  Without actual usage it could very well become useless as people get bored with the routine of holding it for no particular purpose.  I bring up Michael Saylor because, 1. he's uber rich and 2. many people consider him to be super smart.  I won't say he's stupid, but when he says things like "bitcoin will be around for thousands of years" I can't help but  question the thought process of a person who compares something based on an invention that is not yet 100 years old (computers) to something that has actually been around for thousands of years (gold).  But then it occurs to me, in spite of my belief that bitcoin is not a ponzi scheme, that doesn't keep others, like Saylor, from using it as such.  It seems to me that is he, or any other bitcoin enthusiasts with means, truly believe in it as a currency they would be investing in or creating a viable bitcoin eco-system.  With the gift of El Salvador's decision to make bitcoin a legal currency you would think these rich folks would create contracts with say, coffee farmers, to buy their coffee at a specified bitcoin value that is not (entirely) based on the US Dollar, and have said producer pay workers in bitcoin, and to also contract with vendors in the area to accept said bitcoin from the local workers, all at contracted and predictable rates.  Possibly create a colored coin and use bitcoin as the backing. This is what would give bitcoin a value of it's own, and make it so much more than a mere instrument of speculation that so far has really only served as a transporter of the value of other currencies.

It so happens that several weeks ago, when I first explored this line of thinking (legal currency in El Salvador + a product everyone loves that is already created in El Salvador = bitcoin coffee ecosystem) I actually come upon a website that did such a thing.  The website was not very sophisticated but I called the number on it and left a message.  It turns out the website was not even supposed to be live!  HA!   Well, I ended up buying a few pounds of their coffee to support what they have going on.  I really don't know much about their operation, but it sure seems like they could use a little more financial backing for their efforts, or maybe I'm superimposing my above fantasy on their operation.

I would really like to see bitcoin be the censorship resistant, decentralized powerhouse of a world currency many of us wish it was, but along the lines of what hatshepsut93 pointed out, there is just too much greed behind this game.

[so98nn]

Rich is getting richer because they do not suffer from the inflation mate. They are crazy hard workers or smart workers who will always carry out exercises to overcome the inflationary problems. They will have the To-do-list ready all the time, perfect financial management skill, and power to hit the tasks like inflations.

On the other hand, poor would always go nuts in such situations. They could also overcome these problems but rather they would keep knocking out their luck, their conditions at the time etc. I believe its not rich vs poor these days. Its about smart worker vs dumb worker. Getting rich is not an easy task otherwise equalities would have ruled the earth by now.

[dataispower]

It is definitely impossible for Bitcoin to reduce the global wealth and income inequalities between both the rich and the poor this year 2022 or ever, but if you say Bitcoin can help eradicate global poverty, then I will agree with that, because if you could take a look at the year, you will see we are already in the second half of the year and yet Bitcoin still struggling at the resistance of slightly $20,000 below and above. And one thing about Bitcoin investment is that the higher the capital, the more the profits, and the rich are already on the edge of having huge capital, which places them always at the top of the food chain

you won't blame some people for their analysis for cryptocurrency. Some of them make fake research and the fake research will be misinforming them. Instead of saying that Bitcoin will make means of solving problems and bring the world to the light, they are busy using indirect ways to bring than the cryptocurrency values. I believe that with bitcoin values you can escape from massive poverty. Many people find a goal of opportunities through cryptocurrency and some countries boost their economy with cryptocurrency. With something bitcoin brought, it means that bitcoin is helping hands to global health.

[Silberman]

I do not think that "crypto" in general can, and I am not sure if bitcoin itself can neither, but I do 100% believe that decentralization can.

What we have in crypto these days are some projects with "project creators", let's be honest we have seen so many projects with teams these days, and I dislike most of them, we shouldn't be investing into stuff that has creators still ruling over it and be capable of do whatever they want, even them saying some bad word could make it go down, no need for that risk. Bitcoin is decentralized and it may do this, because if you have a decentralized market, the wealthy can't just risk it all for a huge profit, fail, and just get bailed out, that is very crucial.

Dreaming of having equality in the world is good thing - but it is an impossible thing too.
The power will remain in the hard of the elites in the society - why would they want to have an equality in the society.And on the other hand it is not possible. Absolutely impossible.

What we should aim for is for everyone to have some acceptable living standards and the possibility to raise them if they work hard enough, trying to redistribute the wealth by force or with taxes is never going to work, because those at the very top which know how the system works can always avoid those measures, while those which do not have a lot of resources but which are more skilled can always accumulate more resources thanks to their superior skills, so a society in which everyone has exactly the same amount of wealth will never happen.

[suzanne5223]

Listen to this fact.
There will never be total equality.
Bitcoin is an innovative currency, yes but it's not the answer to everything.
People need to understand that Bitcoin being decentralized and no censorship doesn't mean it will reduce income inequalities whereas income level of people depend on individual skills and how they welcome new opportunities. Bitcoin purpose was to serve as an outstanding currency and liberation but you cant expect Bitcoin to do the job for you when you're not helping yourself.

[iv4n]

Can Bitcoin Reduce the Global Wealth and Income Inequalities in 2022?

It's an old story... at the end of the day crypto is just a tool, it's how we use it that matters! This means that it's up to us people... and fiat is well thought out, but centuries of corruption and manipulation made it what it is today! Crypto is something better, faster, and more adequate for this digital age, but will we use crypto in the right way to contribute to a "better world" or will we continue to spoil everything we touch?! I guess we will see... when I look around crypto is a real wild west, and too many wrong things happening around! In this battle of "good & evil", I am not sure who will win...

So the responsibility is on us people, Bitcoin is not something that changes things by itself, it's us people who make changes with the help of certain tools, modern and better ones...

There will never be total equality.

I guess not in the next 100-200 years for sure... But never say never! I think people will evolve eventually, probably after some crazy big disaster of some kind (and there are numerous threats around)... it's how we people learn, it needs to hurt a lot before we start changing the way of thinking!

[teosanru]

It is no longer news that the rich are getting richer and the poor are getting poorer. And it is not just happening in LMIC countries but even in developed nations. The wealth and income gap has increased. There's really no middle class anymore.

According to this report by the the World Inequality Lab,

Contemporary income and wealth inequalities are very large
An average adult individual earns PPP €16,700 (PPP USD23,380) per year in 2021, and the average adult owns €72,900 (USD102,600)1.1 These averages mask wide disparities both between and within countries. The richest 10% of the global population currently takes 52% of global income, whereas the poorest half of the population earns 8.5% of it. On average, an individual from the top 10% of the global income distribution earns €87,200 (USD122,100) per year, whereas an individual from the poorest half of the global income distribution makes €2,800 (USD3,920) per year (Figure 1).
Global wealth inequalities are even more pronounced than income inequalities. The poorest half of the global population barely owns any wealth at all, possessing just 2% of the total. In contrast, the richest 10% of the global population own 76% of all wealth. On average, the poorest half of the population owns PPP €2,900 per adult, i.e. USD4,100 and the top 10% own €550,900 (or USD771,300) on average.

In the country where I reside the prices of everything are skyrocketing but the income remains the same year to year. Is it still possible that in 2022 Bitcoin can help reduce this wealth and income inequality? Bearing in mind that most people were not early adopters.

No, it can't bitcoin is just a new medium of transaction. Bitcoin isn't some charity scheme in which it will distribute free money to all the wallet holders, you still will have to earn bitcoin by doing some of the other hard work. It might open a new area of opportunities but so did 3D printing created opportunities and so did the invention of computers. So it's not that bitcoin is doing something different. But yes one thing I agree with you is that there is a lot of income disparity between the rich and poor in the world these days. Riches are getting richer and the poor people are getting poorer each day.

[Wilhelm]

No because helping others is not part of the Bitcoin protocol.
No because most humans don't want to give away their money willingly.

Bitcoin redistributes wealth to a different demography and takes the monopoly away from the governments.

[suzanne5223]

There will never be total equality.

I guess not in the next 100-200 years for sure... But never say never! I think people will evolve eventually, probably after some crazy big disaster of some kind (and there are numerous threats around)... it's how we people learn, it needs to hurt a lot before we start changing the way of thinking!

You are when you said never say never but there is something that will never be possible if we want to be realistic.
Even in the next 300 years which you mentioned there will never be total equality and this is because of human greed and lust.

[Silberman]

There will never be total equality.

I guess not in the next 100-200 years for sure... But never say never! I think people will evolve eventually, probably after some crazy big disaster of some kind (and there are numerous threats around)... it's how we people learn, it needs to hurt a lot before we start changing the way of thinking!

You are when you said never say never but there is something that will never be possible if we want to be realistic.
Even in the next 300 years which you mentioned there will never be total equality and this is because of human greed and lust.

I think the main reason why there is never going to be equality is that people are not equally skilled, even if you were to give the very same education to two different kids you will get two different outcomes, and while one of them develops incredible and valuable skills the other will not have the same accomplishments, as such it is obvious society in general will appreciate more the skills of the first kid and reward him with more material possessions.

[Kakmakr]

The only way for "Bitcoin" to close the gap between the poor and the rich, is for poor people to buy bitcoins when the price is low and then to sell for a large profit when the price reach a new all-time-high. The problem is.... most poor people live from hand to mouth to survive, so they do not have the disposable income to buy bitcoin. (even in small quantities)

So the solution is this.... Rich people should help to create "online" jobs for people to be paid in bitcoin to enable them to earn bitcoins. Why would rich people do this? ===> Answer : When the Middle class is gone.... guess who will have to pay all the taxes to support the poor! - The Rich people...

[Fatunad]

There will never be total equality.

I guess not in the next 100-200 years for sure... But never say never! I think people will evolve eventually, probably after some crazy big disaster of some kind (and there are numerous threats around)... it's how we people learn, it needs to hurt a lot before we start changing the way of thinking!

You are when you said never say never but there is something that will never be possible if we want to be realistic.
Even in the next 300 years which you mentioned there will never be total equality and this is because of human greed and lust.

I think the main reason why there is never going to be equality is that people are not equally skilled, even if you were to give the very same education to two different kids you will get two different outcomes, and while one of them develops incredible and valuable skills the other will not have the same accomplishments, as such it is obvious society in general will appreciate more the skills of the first kid and reward him with more material possessions.

not equality skilled
not equal on opportunities
not equal on knowledge
not equal on country conditions
not equal on risk taking
not equal on making decisions

Equality could never happen on this world.There's always those people who would be sitting on the top.
The more money they posses the more power that they do have since they could do things all they want.

[harapan]

More like a back up and plan number two to replace bank's in turbulent times and when crises occurs, take a a view at Ukraine, they are now making good use of Bitcoin all because bank's have been shut down and no longer available during wars.
It is more of a faster cash than the local fiat humans use daily, can we say it is a tool used.