Bitcoins and it's potential

[Hamza2424]

I have studied and argue about Bitcoin some topics which I posted and also came across in other board. Today I begin to think about the whole Idea of Decentralization, and I think the inventors of bitcoins since the idea was conceived till it was birthed has done the greatest good to humanity. With my view as at the time of writing , I think bitcoins will go long way to reduce poverty if they allow it achieve it's purpose.  Reducing poverty in my context is not about profit but the peer to peer transaction mechanism. The idea of centralized exchange is very much in place because a lot of people are yet to accept bitcoins but once it become accepted by majority, I think there will definitely be no reason to convert to fiat.

Decentralization is a major concern but it is not the only concern considered by the Bitcoin community in my view the self-custody and beauty of the consensus of POW and noble demand and supply control brought more attraction to the investors. We are moving very fast in the field of technology, we dumped the paper currency and fiat currency (Partially) in a rapid mode. It was expected that this economic development won't last long but it is ending more quickly from the expectations.

Bitcoin is a very superior digital asset and mode of payment, it can't be tricked now by the lame excuses of

⚫ Energy consumers,
⚫ Non-legal tender,
⚫ Money Laundering,
⚫ Environmental Impacts,

blaa blaa blaa, we have already explored all the solutions to these above problems, the only issue that they can push more against Bitcoin is now volatility and it's also getting balanced. So stay tuned soon we are gonna hear big news about the Bitcoin which are going to lead BTC to a new glory.

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[Sim_card]

I think bitcoins will go long way to reduce poverty if they allow it achieve it's purpose.  Reducing poverty in my context is not about profit but the peer to peer transaction mechanism.

I don't understand how p2p can reduce poverty. A currency can't reduce poverty because it is not everyone that will be privilege to have bitcoin,especially the poor and needy that don't have enough to eat. How will they have money to buy bitcoin. It is only the government that that reduce poverty in a country through skill acquisitions

The idea of centralized exchange is very much in place because a lot of people are yet to accept bitcoins but once it become accepted by majority, I think there will definitely be no reason to convert to fiat.

Fiat is important in our lives for our daily spending,and for purchase of very cheap items. Imagine that I want to buy a note book,I can't use bitcoin for this because of the transaction fee which might be higher than the price of the note book. Another example is the petty traders,someone selling pepper or candy,it will be impossible to use bitcoin. Bitcoin is an alternative currency that uses p2p payment method in a decentralized form. Bitcoin is limited and will not be enough for everyone to use like fiat because it can't be printed by the government.

[Fundamentals Of]

How is the whole idea of decentralization linked to the reduction of poverty? And how is reduction of poverty understood as a peer to peer transaction mechanism?

I'm really confused with what you're trying to say here. You seem to be putting too many ideas in a single paragraph that its main point can't be found already.

Although I don't believe that Bitcoin is created to reduce poverty, that it removes third parties or middlemen in transactions means less fees. So Bitcoin users would save a lot.

[Iadegbola34]

I totally agree with you on the power of decentralization. The inventors of Bitcoin have truly made a remarkable contribution to humanity. In my opinion, Bitcoin has the potential to make a significant impact in reducing poverty, mainly through its peer-to-peer transaction system. As more people embrace Bitcoin, there'll be less need to convert it to fiat currency.

[nelson4lov]

When I look at the financial crisis that has happened in the past,  I agree more that Bitcoin will do a lot of good to everyone that is involved with it. In a world where the government prints limitless amounts of fiat whenever they feel like enriching their pockets, often time spiking inflation and other economic predicaments that hurts the poor even more. This is why governments and centralized authorities don't like the idea of Bitcoin - Especially since it's something they have little to no control over. They'd come after Bitcoin as much as they want (like they have done in the past) but it won't matter any more. What this space needs now, is to address two important concerns for bitcoin to go mainstream and get massive adoption.
- Scalability
- Low tx fees.

We can't convince the masses that they should stop using fiat to use crypto when the transaction fees are like 2-7x more for the average transaction with average computing units for the execution of the transaction.

[Gallar]

As long as bitcoin is present in this universe, if you look at it from a financial point of view, quite a lot of people have been helped financially. Especially for bitcoin investors who buy bitcoin when the price is really low.
But from what I know so far, even though bitcoin really has made a lot of investors get quite a lot of profit. But if it's for the problem of helping the economy on a global scale or in a world economy, in my opinion, bitcoin still doesn't have much influence or help quite a lot. That's all because bitcoin users in the world are still a very minority of the total human population, and that's why bitcoin is still unable to help significantly for the progress of the world economy.

But even so, I'm always optimistic about bitcoin, because currently bitcoin is still said to be in the process of moving towards that goal and I'm sure that in the future bitcoin will definitely be more able to help the economy on a global scale. Most importantly, current bitcoin investors must be able to support and always make bitcoin viewed positively by all people in the world.

[kryptqnick]

I don't think Bitcoin's purpose, as the op says, is to reduce poverty. Bitcoin appreciates in value, and that can help some people if they are lucky to invest at the right time and wait long enough. But Bitcoin isn't meant to reduce poverty, and I also believe that has nothing to do with decentralization. Decentralization means that people can truly be the owners of their funds, and that nobody can set up monetary policies to try controlling the price of Bitcoin. But that is not related to fighting poverty. It seems that most people in the thread also agree that Bitcoin isn't about reducing poverty, but provide different explanations.

[Good_Doctor]

This really isn't something we should be talking about.Topic seems stale and really hold no water. Perhaps you should rephrase your question or just don't say too much

[CageMabok]

I have studied and argue about Bitcoin some topics which I posted and also came across in other board. Today I begin to think about the whole Idea of Decentralization, and I think the inventors of bitcoins since the idea was conceived till it was birthed has done the greatest good to humanity. With my view as at the time of writing , I think bitcoins will go long way to reduce poverty if they allow it achieve it's purpose.  Reducing poverty in my context is not about profit but the peer to peer transaction mechanism. The idea of centralized exchange is very much in place because a lot of people are yet to accept bitcoins but once it become accepted by majority, I think there will definitely be no reason to convert to fiat.

You make an analogy with a slightly different context in my opinion, because if the majority of people in this world are willing to accept Bitcoin for many things and for many payments, of course there will be fewer fiat users. This will also happen if everyone in all corners of the world already knows Bitcoin and uses it, because if there are still some of the world's population who don't know Bitcoin. Of course the use of fiat will continue and continue as usual and fiat will not just disappear in all circles of society.

[fuguebtc]

I totally agree with you on the power of decentralization. The inventors of Bitcoin have truly made a remarkable contribution to humanity. In my opinion, Bitcoin has the potential to make a significant impact in reducing poverty, mainly through its peer-to-peer transaction system. As more people embrace Bitcoin, there'll be less need to convert it to fiat currency.

How? How can bitcoin be useful in reducing poverty? Have you read the white paper of bitcoin and Satoshi's true purpose in creating bitcoin? Bitcoin is just a currency, and if you want to make money, you need to work, bitcoin is not free for anyone, so it cannot help alleviate poverty. Even if bitcoin is an investment, it cannot do that because there is no guarantee that a bitcoin investment will always generate a return. Too many people are misinterpreting bitcoin, they are being delusional and exaggerating everything.

[tbct_mt2]

I think it all boils down to your thought that there are people that are in living in the poverty that holds Bitcoin.

If you are poor and in poverty, you have more priorities than invest in Bitcoin. You can not invest in Bitcoin and get rich after one day, it's unrealistic dream. If you understand it, you will use your money to buy food to live first.

Hopefully people are in poverty will not unrealistically think that they will get rich after one night with Bitcoin. I very hope so because if they have such belief, they will be invited to Ponzi that only causes them from poor, poverty to suicide.

The poor can be benefited from Bitcoin even they don't have money to invest. They can learn and work with jobs in blockchain industry as free lancers. They can receive salary in bitcoin or use their salary to buy food till a day their life is good enough to buy bitcoin.

[isaac_clarke22]

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Not sure why people think that Bitcoin would help poverty at all. I've been seeing such threads back in 2017 if Bitcoin can even eliminate unemployment. Those people might need to look another way to earn money as Bitcoin isn't really made to make money although I understand that you can still earn from investments.

You're 100% right about people not just having Bitcoin magically if they don't have fiat. That's the simplest explanation that Bitcoin cannot really eliminate poverty at all.

Kinda done overthinking on why people still think crypto would replace fiat. We already had banks issuing credit cards as cashless method of paying, but still fiat continued to exist.

[tabas]

I think it all boils down to your thought that there are people that are in living in the poverty that holds Bitcoin.

If you are poor and in poverty, you have more priorities than invest in Bitcoin. You can not invest in Bitcoin and get rich after one day, it's unrealistic dream. If you understand it, you will use your money to buy food to live first.

Hopefully people are in poverty will not unrealistically think that they will get rich after one night with Bitcoin. I very hope so because if they have such belief, they will be invited to Ponzi that only causes them from poor, poverty to suicide.

Right on. There are priorities set and more important things to spend money rather than to invest in Bitcoin. But if someone from that bracket manage to get into Bitcoin at the same time and DCAs despite the tough situation that he's in, that's an admirable situation and move that he's doing. The latter part is one of the saddest thing, because they're poor, others are taking advantage of them from giving them false stories and explanations by getting into such scams that promises high rates of returns.

The poor can be benefited from Bitcoin even they don't have money to invest. They can learn and work with jobs in blockchain industry as free lancers. They can receive salary in bitcoin or use their salary to buy food till a day their life is good enough to buy bitcoin.

Yes, this is a good way for them to their careers as long as they've got the knowledge and skill that's being asked by a company whether they get paid in bitcoin or $. And by that, they'll have a purchasing power unlike before and the rest will become a history.

[BD Crypto]

I think bitcoins will go long way to reduce poverty if they allow it achieve it's purpose.  Reducing poverty in my context is not about profit but the peer to peer transaction mechanism.

You can say Bitcoin can reduce poverty for the seleted people who are risk takers. Reducing poverty doesn't mean anything with the machanism of peer to peer transection. To reduce poverty of a country need to reduce unemployed people and convert them to employed. Bitcoin is a digital currency which can be a good investment but when your country have a problem of poverty how they can invest in this for long term and most of them will be discouraged or they will not be able to gather some assets by reducing their daily costs.

But there are some other ways where no investment needed.  they can be expert in crypto and write articles, can be expert on Blockchain technology or be a developer. So Education can reduce poverty with the help of Bitcoin.

[yudi09]

-snip-

As I've said before, only greedy people don't accept Bitcoin.
Those who have never accepted Bitcoin and who do not acknowledge that Bitcoin has done so much good for people have a greater purpose behind their claim.
As wise advice, save positive energy and avoid arguing.

Bitcoin aims to provide freedom of control over assets without any control from anyone other than the owner.
A good hedge is not fiat so that smart people won't switch to fiat.

[umbara ardian]

Most of the true believers will not like this, but to be honest, bitcoin has yet to achieve significant achievements in the field of economic finance. I agree that Bitcoin is a smart, innovative idea that is changing the world day by day. This coin will not crash because it is a scam, but because it possesses strong programmed regulations, is anti-corruption, and is free from regulatory interference. While Bitcoin adapts and evolves by moving to a set of abstract protocols and defenses that will help ensure the currency not only survives but thrives, But in reality, bitcoin plays both as dark and as bad as everything else in our lives. If you are working on a project in this area, then you are building the world of tomorrow, but don't expect this to happen anytime soon.

[terencio]

I think Bitcoin is an innovative technology that challenges the status quo of money and transactions. I wonder how Bitcoin will cope with the challenges of scalability, regulation and adoption in the future.

[Litzki1990]

Unlike other international currencies, Bitcoin is not currently used by most people in the world. But if the single majority of people in the world use Bitcoin, Bitcoin will become a very popular digital currency. Currently, as the US dollar is an internationally recognized currency, if Bitcoin is accepted as an international currency alongside the US dollar, the use of Bitcoin will increase compared to the use of the US dollar.  Because of the lack of approval of Bitcoin in different countries, a large number of people are using Bitcoin, if this coin is approved by the government, then this coin will reach the top position in terms of popularity and transactions.

[ZAINmalik75]

You are right that BTC will eliminate poverty if the authorities will not interfere with it. Because many people are earning money just due to the presence of BTC and can send money from one country to another country with lesser transaction fees.

Developing countries are in the list of top 10 countries who have adopted the BTC most. And the only reason is, btc had helped them to make their lives better then being in poverty for always while all the doors to jobs and employments are closed due to inflation. Many started to do trading instead of working under a centralized system because they value freedoms now. Before they have to work as slave under the boss and now they work independently whenever they want.

This will enhance the bitcoin potential because more people are in favor of adopting it to make their lives a better one too.

[SOKO-DEKE]

I have studied and argue about Bitcoin some topics which I posted and also came across in other board. Today I begin to think about the whole Idea of Decentralization, and I think the inventors of bitcoins since the idea was conceived till it was birthed has done the greatest good to humanity. With my view as at the time of writing , I think bitcoins will go long way to reduce poverty if they allow it achieve it's purpose.  Reducing poverty in my context is not about profit but the peer to peer transaction mechanism. The idea of centralized exchange is very much in place because a lot of people are yet to accept bitcoins but once it become accepted by majority, I think there will definitely be no reason to convert to fiat.

Sincerely, I think that certain people's lives have been considerably improved by Bitcoin, but only those that adopted it and made investments in it at is early stage when it come to existence or people that may have money to invest in it.However, I wonder how many poor people will have the chance to invest in Bitcoin when many people cannot afford to feed themselves three times a day due to this challenges of bad economy we are facing in world. infact even government regulate Bitcoin,it is only people that money that will invest.in short the basic goal of Bitcoin is to provide individuals with the chance of freedom through decentralization, enabling them to manage their assets independently of others.i don't think is purpose of eradicating poverty in the word.