Bitcoins and it's potential

[arufox]

I don't see Bitcoin being able to reduce poverty, especially through a peer-to-peer transaction mechanism that doesn't depend on third parties. Even if bitcoin becomes widely accepted, it can replace fiat currency and become a more efficient means of exchanging value may not necessarily reduce poverty. Moreover, the implementation and widespread acceptance of Bitcoin is still a challenge that needs to be faced in various countries.

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[Ahli38]

Reduce poverty? If you are not smart in this crypto space poverty won't be very far from you, I want you to know that whatever price you buy coins and tokens someone else will have to buy from you, you will have to dump on them to get your bag of money.

Bitcoin is not cheap any more so even poor people who can afford small money won't make a life-changing money from Bitcoin investment, so you saying that it's Bitcoin investment will reduce poverty is not correct, Bitcoin was easier to get years ago and now it's a digital Gold because if it's value, you can get some part of a BTC but even 10 times of what you invest can't turn your life around and get you set for life.

Well maybe what you say is true. But it seems that OP also has a different meaning about the meaning of poor that he mentioned. like it's not just a matter of financial poverty. but more to freedom in transactions as with the decentralized system that is owned by Bitcoin.

Owning bitcoin at this time cannot be said to be able to change someone's life for the better in the near future. but if bitcoin adoption goes and grows well year over year. 10 or 20 years later, maybe the price will be really high beyond all of our expectations. If all agencies and countries have adopted bitcoin as a legal payment alternative in every country, the price of hundreds of thousands of dollars may not be a dream anymore.

The person who got bitcoin from its inception and still holds it today. then I'm pretty sure the holder has been helped and will become very rich if he sells it at this time or when the bitcoin reaches its ATH again. because we know at the beginning of the appearance of Bitcoin. getting some bitcoins is not difficult. because the price is quite cheap. but what makes it all so hard to hold onto is because at that time not many expected that bitcoin would become as valuable as it is today. because the current bitcoin price must have been beyond everyone's expectations 10 years ago.

[Wend]

I don't see Bitcoin being able to reduce poverty, especially through a peer-to-peer transaction mechanism that doesn't depend on third parties. Even if bitcoin becomes widely accepted, it can replace fiat currency and become a more efficient means of exchanging value may not necessarily reduce poverty. Moreover, the implementation and widespread acceptance of Bitcoin is still a challenge that needs to be faced in various countries.

Bitcoin can alleviate poverty, bitcoin can reduce unemployment, or bitcoin can help a country's economy grow if that country accepts bitcoin...too many misconceptions about bitcoin are spreading and passed on in our community. I don't understand why so many market participants without any research just invest in someone's advice and have such serious misconceptions. Bitcoin is just a currency, and to get money, we need to work hard, no one gives us free money.

[Smartvirus]

I don't see Bitcoin being able to reduce poverty, especially through a peer-to-peer transaction mechanism that doesn't depend on third parties. Even if bitcoin becomes widely accepted, it can replace fiat currency and become a more efficient means of exchanging value may not necessarily reduce poverty. Moreover, the implementation and widespread acceptance of Bitcoin is still a challenge that needs to be faced in various countries.

I don’t quite understand how that get to come in when you say “can’t reduce poverty especially through a p2p transaction mechanism”. How do you mean or of what relevance it is to the parent sentence?

I agree with you that bitcoin can’t reduce poverty as we like to think because, if you aren’t skilled in some way to either earn them, work and get paid in cryptos or earn well enough money to buy and hodl, your still going to be stock right wheee you are.

It’s a currency and like currencies, it’s used in exchange of values. This means,
You’ve got to have some value to exchange for them btc and vice versa.

[komisariatku]

Bitcoin can alleviate poverty, bitcoin can reduce unemployment, or bitcoin can help a country's economy grow if that country accepts bitcoin...too many misconceptions about bitcoin are spreading and passed on in our community. I don't understand why so many market participants without any research just invest in someone's advice and have such serious misconceptions. Bitcoin is just a currency, and to get money, we need to work hard, no one gives us free money.

Yes, that's right, bro, even though bitcoin is a solution, not all things that are considered good can be done by bitcoin. Bitcoin is just an asset and a currency. I am very sad to see that the members of this forum are still wrong in understanding bitcoin, especially people out there who don't know bitcoin, so it's only natural that many people think bitcoin is negative, because they really don't understand bitcoin.

I think many people don't have enough literacy about bitcoin so bitcoin is considered something negative. Moreover, sometimes the media spreads bad news about cyber crime with bitcoin, money laundering with bitcoin, dark web transactions with bitcoin, etc. Even if they know of the profit opportunities from owning bitcoin assets, they may be able to make huge profits. Currently, many large companies have started to look at the potential of bitcoin, hopefully it can create a positive trend for the growth of the bitcoin community

[savetheFORUM]

Reduce poverty? If you are not smart in this crypto space poverty won't be very far from you, I want you to know that whatever price you buy coins and tokens someone else will have to buy from you, you will have to dump on them to get your bag of money.

Bitcoin is not cheap any more so even poor people who can afford small money won't make a life-changing money from Bitcoin investment, so you saying that it's Bitcoin investment will reduce poverty is not correct, Bitcoin was easier to get years ago and now it's a digital Gold because if it's value, you can get some part of a BTC but even 10 times of what you invest can't turn your life around and get you set for life.

That must be a good point, many people, especially newbies, think that they might get rich after making an investment in Bitcoin which is not true, one can surely get great profits through it if Bitcoin manages to go up significantly after they've invested, but to get rich off of it, one will need to invest a very big amount which is not possible for a poor person to do, so it's basically not good to expect life-changing returns from Bitcoin when you don't have much to invest in it.

The dream of the poor to get out of poverty might get fulfilled if they manage to enter a meme coin hype when it's just starting and buy with their small capital, once it gets hyped heavily by the community and goes significantly high, they might see their few dollars turning into a few thousand, maybe.

[lepbagong]

I don't see Bitcoin being able to reduce poverty, especially through a peer-to-peer transaction mechanism that doesn't depend on third parties. Even if bitcoin becomes widely accepted, it can replace fiat currency and become a more efficient means of exchanging value may not necessarily reduce poverty. Moreover, the implementation and widespread acceptance of Bitcoin is still a challenge that needs to be faced in various countries.

poverty is determined by many aspects that cause it to happen, I can agree with you that bitcoin is not fully able to reduce poverty, but it is possible that bitcoin is one that will be able to provide relief from this poverty, by providing opportunities to be able to carry out all activities what can be done with bitcoins. but once again it can change if there is an intention to do it but if there is no intention to do so it will be useless even if there is an opportunity. It must also be remembered that bitcoin is still not fully accepted in several countries and this is of course a challenge.

[rikybrosh]

if we compare bitcoin with fiat the transaction mechanism of bitcoin maybe better. paper money need physical effort for long distance transaction and it is costly, because maybe we need to pay service of the third party such as bank and etc, the longer the distance maybe the more cost for it. I think bitcoin has potential to become currency for export and import transaction, maybe it can be more efficient for some transaction. as long as internet is available then bitcoin will not have problem with the transaction. it can reduce unnecessary cost which may reduce the product price. it is just my opinion, maybe its not really correct.

[petulino]

Probably that would be the case in the future, just like the US dollar and some other popular currencies we have today. One day, bitcoins will be used for buying things or services without worrying about converting them first before we can use them, and we are clearly heading that way once they improve the transactions and the security of owning them. Maybe if only we didn't have these negative hostile people that continue making false narratives about bitcoins, we already using it all over the world as an accepted currency, but now, since we have these people and countries that are still hostile, we are far from it today.

Of course, Bitcoin is ruling the entire crypto currency market today. One day Bitcoin will rule other places besides the crypto currency market. People who spread negative news about Bitcoin or the crypto currency market will never succeed. If people who are aware of Bitcoin continue their efforts to attract people to Bitcoin. We should tell people that Bitcoin is a great option to invest for the future. There are many businesses to invest in for the future but I think Bitcoin investment will be the most profitable. I think the time is not far when many countries will use Bitcoin as a currency, and surely that will be the best era of Bitcoin.

[Victan22]

   Well if you ask me I will say eradicating poverty via the assets of bitcoin will be super exciting news but the barrier still remains the fact that it is yet to be a general means of exchange. Secondly on the verge of making your opinion a reality I see a whole lot of persons being depressed and even suicidal as a result of being scammed and that alone is a bench mark of discouragement.

[Weawant]

I don't see Bitcoin being able to reduce poverty, especially through a peer-to-peer transaction mechanism that doesn't depend on third parties. Even if bitcoin becomes widely accepted, it can replace fiat currency and become a more efficient means of exchanging value may not necessarily reduce poverty. Moreover, the implementation and widespread acceptance of Bitcoin is still a challenge that needs to be faced in various countries.

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Bitcoin wasn't invented to solve poverty, it was investment as a more transparent means of exchange that depends on decentralized blockchain. If anyone wants to solve  poverty issues they'll have to do that by investing and it most not necessary be investing in Bitcoin.

Poverty can be eliminated in various ways like nvest in Bitcoin or make other investment that has been proven to be successful in the past. if you have patience you can make profits then those profits has to be used wisely like investing in your businesses or accumulate Bitcoin.

Bitcoin has potential to make the world a better place where no body has control over your money or you been restricted on when you can send out your money or use it for purchases. Bitcoin was never intended to be used for poverty eliminations so OP don't misinform others.

[Blitzboy]

Bitcoin can alleviate poverty, bitcoin can reduce unemployment, or bitcoin can help a country's economy grow if that country accepts bitcoin...too many misconceptions about bitcoin are spreading and passed on in our community. I don't understand why so many market participants without any research just invest in someone's advice and have such serious misconceptions. Bitcoin is just a currency, and to get money, we need to work hard, no one gives us free money.

Yes, that's right, bro, even though bitcoin is a solution, not all things that are considered good can be done by bitcoin. Bitcoin is just an asset and a currency. I am very sad to see that the members of this forum are still wrong in understanding bitcoin, especially people out there who don't know bitcoin, so it's only natural that many people think bitcoin is negative, because they really don't understand bitcoin.

I think many people don't have enough literacy about bitcoin so bitcoin is considered something negative. Moreover, sometimes the media spreads bad news about cyber crime with bitcoin, money laundering with bitcoin, dark web transactions with bitcoin, etc. Even if they know of the profit opportunities from owning bitcoin assets, they may be able to make huge profits. Currently, many large companies have started to look at the potential of bitcoin, hopefully it can create a positive trend for the growth of the bitcoin community

Bitcoin has been tarnished by mishaps and misunderstandings. I empathize with the public's Bitcoin concerns based on your words. This innovative digital asset is hard to grasp. Bitcoin's hostility may stem from people's fear of the unknown. Education and honest, clear information can modify this impression. Bitcoin's negative uses overshadow its potential as a decentralized, global currency in the media. Bitcoin, like other currencies, is a tool. The user choose how to use it. Large corporations entering the Bitcoin market has legitimized it and increased adoption. This trend may accelerate Bitcoin's mainstream financial integration. Bitcoin's potential impact on the global economy is astounding.

[Minecache]

if we compare bitcoin with fiat the transaction mechanism of bitcoin maybe better. paper money need physical effort for long distance transaction and it is costly, because maybe we need to pay service of the third party such as bank and etc, the longer the distance maybe the more cost for it. I think bitcoin has potential to become currency for export and import transaction, maybe it can be more efficient for some transaction. as long as internet is available then bitcoin will not have problem with the transaction. it can reduce unnecessary cost which may reduce the product price. it is just my opinion, maybe its not really correct.

While I don't believe bitcoin can ever become a currency or a legitimate payment method because of its volatility and decentralization, I agree with your thinking. I also thought about this, bitcoin cannot be more convenient than fiat in daily transaction needs because of transaction fees and confirmation times. I don't want to pay extra fees for a cup of coffee or a loaf of bread so fiat is still a better option. But Bitcoin is well-suited as a means of payment for import and export transactions and cross-border transactions because the use of banks slows things down. But will the banks let that happen because they will lose a huge source of revenue if bitcoin replaces them? That is very difficult to come true.

[Flexystar]

I don't see Bitcoin being able to reduce poverty, especially through a peer-to-peer transaction mechanism that doesn't depend on third parties. Even if bitcoin becomes widely accepted, it can replace fiat currency and become a more efficient means of exchanging value may not necessarily reduce poverty. Moreover, the implementation and widespread acceptance of Bitcoin is still a challenge that needs to be faced in various countries.

I don’t quite understand how that get to come in when you say “can’t reduce poverty especially through a p2p transaction mechanism”. How do you mean or of what relevance it is to the parent sentence?

I agree with you that bitcoin can’t reduce poverty as we like to think because, if you aren’t skilled in some way to either earn them, work and get paid in cryptos or earn well enough money to buy and hodl, your still going to be stock right wheee you are.

It’s a currency and like currencies, it’s used in exchange of values. This means,
You’ve got to have some value to exchange for them btc and vice versa.

Yeah this is the thought I already got in this one. It’s just currency, I mean like dollar and sterling. Why does it make sense to think like this way? I mean come on, if this was gold, silver or anything else that is traded physically or virtually with a value then does it mean it’s gonna make us rich? I don’t think so.

More than that poverty and richness is all associated with the education, employments within the country, international business relations with other countries and much more. It’s a big subject to discuss to be honest.

[awik p]

I don't see Bitcoin being able to reduce poverty, especially through a peer-to-peer transaction mechanism that doesn't depend on third parties. Even if bitcoin becomes widely accepted, it can replace fiat currency and become a more efficient means of exchanging value may not necessarily reduce poverty. Moreover, the implementation and widespread acceptance of Bitcoin is still a challenge that needs to be faced in various countries.

I don’t quite understand how that get to come in when you say “can’t reduce poverty especially through a p2p transaction mechanism”. How do you mean or of what relevance it is to the parent sentence?

I agree with you that bitcoin can’t reduce poverty as we like to think because, if you aren’t skilled in some way to either earn them, work and get paid in cryptos or earn well enough money to buy and hodl, your still going to be stock right wheee you are.

It’s a currency and like currencies, it’s used in exchange of values. This means,
You’ve got to have some value to exchange for them btc and vice versa.

Yeah this is the thought I already got in this one. It’s just currency, I mean like dollar and sterling. Why does it make sense to think like this way? I mean come on, if this was gold, silver or anything else that is traded physically or virtually with a value then does it mean it’s gonna make us rich? I don’t think so.

More than that poverty and richness is all associated with the education, employments within the country, international business relations with other countries and much more. It’s a big subject to discuss to be honest.

when there are those who profit from bitcoin, then there are also those who lose money, therefore bitcoin can overcome poverty by having knowledge about bitcoin so that we can respond carefully to the movement of bitcoin and can generate profits according to our thinking. or in investing by investing in bitcoin and being able to hold it, one day its value will rise and can exceed the inflation rate that occurs so that it can save our money. especially now that bitcoiners are still minimal, if later they develop further, then that is an opportunity

[DeathAngel]

Bitcoin has immense potential as a decentralized digital currency. Its underlying technology, blockchain, ensures transparency, security, and immutability. Bitcoin's limited supply and decentralized nature make it resistant to inflation and government interference. Additionally, its borderless nature enables seamless and fast cross-border transactions without the need for intermediaries. Bitcoin also serves as a store of value and an alternative investment option. However, challenges such as scalability, regulatory concerns, and price volatility must be addressed for wider adoption. Despite these challenges, the potential of bitcoin lies in its ability to revolutionize traditional financial systems and empower individuals with financial sovereignty.

[lizarder]

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. 

Bitcoin does not help poverty but the involvement of the people themselves who can use bitcoin for the desired needs. There are still many people who have not accepted bitcoin as an investment and bitcoin is only legal to use as a means of transaction in certain areas such as the example of El Salvador and several other places. Bitcoin can be said as a tool to reach the stage of financial independence and it depends on how far people can develop the investment they are living.

When the involvement of bitcoin for someone is only a small and irregular part of investing, then bitcoin will not be able to bring people to the stage of financial independence and indeed the idea of decentralization is an advantage that it has and makes many people feel free in investing without the need to involve a third party.

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.

Even though the of a peer to peer transaction mechanism applies to most people, fiat is still very much needed for now and there is no excuse when your country still enforces fiat as a legal means of transaction and regulations regarding bitcoin have not been fully accepted.

[Bazzu]

Probably that would be the case in the future, just like the US dollar and some other popular currencies we have today. One day, bitcoins will be used for buying things or services without worrying about converting them first before we can use them, and we are clearly heading that way once they improve the transactions and the security of owning them. Maybe if only we didn't have these negative hostile people that continue making false narratives about bitcoins, we already using it all over the world as an accepted currency, but now, since we have these people and countries that are still hostile, we are far from it today.

bitcoin is a digital currency and can be used to make payments for those who are interested and if the government in that country
allow its people to make payments using btc.

In my opinion, fiat money is what is most needed because with fiat money, transactions will be better, because it can be reached by all people, because in my opinion, in this world not everyone has cellphones or computers, and so on, and also btc transactions must use the internet, if there is no internet, of course, our will not be able to make transactions.
so in my opinion both have advantages and disadvantages.

[Minor Miner]

Probably that would be the case in the future, just like the US dollar and some other popular currencies we have today. One day, bitcoins will be used for buying things or services without worrying about converting them first before we can use them, and we are clearly heading that way once they improve the transactions and the security of owning them. Maybe if only we didn't have these negative hostile people that continue making false narratives about bitcoins, we already using it all over the world as an accepted currency, but now, since we have these people and countries that are still hostile, we are far from it today.

bitcoin is a digital currency and can be used to make payments for those who are interested and if the government in that country
allow its people to make payments using btc.

In my opinion, fiat money is what is most needed because with fiat money, transactions will be better, because it can be reached by all people, because in my opinion, in this world not everyone has cellphones or computers, and so on, and also btc transactions must use the internet, if there is no internet, of course, our will not be able to make transactions.
so in my opinion both have advantages and disadvantages.

Bitcoin will never be able to become a currency and I'm pretty sure of that. We don't need to blame anyone for bitcoin's inability to become a currency because the government will also stop it at all costs if people insist on using bitcoin to replace Fiat completely. Furthermore, how can an asset that is volatile and used for speculative purposes become a currency? Not too many people will accept that. We need to be realistic, not overly delusional about bitcoin.

Honestly, I still prefer using fiat over bitcoin in my daily bill payments because it's fast, and I don't need to pay extra transaction fees to the network when using fiat.

[peter0425]

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.

to replace fiat currency in countries today it is very difficult, most countries want to control our money flow, but with bitcoin it is not possible

why not stop talking about replacing of Fiat currency because that is not the objective of Satoshi Nakamoto in creating Bitcoin (at least for me) because what I do believe is crypto are created for privacy meaning something to choose from fiat as an option.
so it is not to replace Fiat instead to help people and the world.
and also that is it , for the government not to have control over users.