Bitcoins and it's potential

[Forever101]

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.

[TheUltraElite]

I still dont see how bitcoin reduces poverty like a silver bullet (Hint: Because it is not). Bitcoin is a currency and a payment method that can only be used if you already own it or received if someone else owns it and sends to you. Same people may be lacking any fiat at hand, does not mean they will magically have bitcoin at hand. On the other hand, it does make sending the money easier, which I agree.

Of course if you are a Nigerian price trying to scam using bitcoin, then its a different question - devilishly, you will get rich from tricking people. But that does not solve a poverty problem.

Fiat will exist as long as people exist because the entire economic system is hardwired to it. Crypto is till now an alternative, maybe in future new things will come in play and the use of both will get balanced.

[_act_]

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.

How? Because it is decentralized. Because bitcoin is decentralized, that does not mean it can reduce poverty because those that invest in bitcoin invested money. But bitcoin can make someone that invested to get richer. That is how I see it.

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.

We can use El Salvador that adopt bitcoin to know that people will always be attracted to fiat. I like it like that because bitcoin is better as an investment. The ones I have I am not ready to sell or transfer but to hold.

[Wiwo]

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.

Less face the reality as it is,  bitcoin gives you freedom and total control of your assets and that is a big enough reason to adopt Bitcoin at the individuals level unless in a situation where Bitcoin is banned by the government and even if van dey,  one can still hold bitcoin since it decentralization features allow total control over asset so long as the Bitcoin is held in you own wallet with it private keys.

Fundamentally,  you were right in your explanation on Bitcoin peer-to-peer payment which does not need exchanges,  but for Bitcoin to reach that stage of global adoption, it will greatly take time.

[Cookdata]

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.

Bitcoin intentions were not to reduce poverty, you said and I quote "Today I begin to think about the whole Idea of Decentralization", decentralization doesn't say anything about poverty, it's say something about been independent, been descrete in way that it doesn't have to depend on any central authority before it can function, it doesn't need anyone permission before it can work like the independence of bitcoin blockchain running on it own by different people across the globe and the absence of a single entity doesn't affect the network, you don't need anyone permission to send Bitcoin value across its network, this is what decentralization described and not elivating people from poverty.

However, looking at how influencial it is to wealth, anyone fortunate enough to bought it when it was still less value and hold till now would have automatically escape poverty, bitcoin build wealth because it grows in value but talking about decentralization and including poverty is misleading and entirely not correct.

[Wapfika]

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.

Can you explain further why Bitcoin can reduce poverty? Poverty is due to the increasing number of population that result to less work for every person on specific country. Bitcoin can't solve or reduce poverty since it's a currency and it can't generate steady source of income because it's value is derived from traders speculation and not with continuos supply of liquidity from money printer like fiat.

Bitcoin can help someone out of poverty if he has money to invest but still it's not guarantee success rate.

[Zaguru12]

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.

It is not right to outrightly say that bitcoin can reduce poverty because the only way poverty can be reduced is through creating job opportunities for people and bitcoin doesn’t do that. The number of opportunities created by bitcoin as an employment is not that much and is limited to only tech oriented people. The only way to earn is by investing and this can be done by some with money not just poor people

[yazher]

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.

[348Judah]

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.

Do you really need to go through an argument parade with others on bitcoin discussions when you know that it's not by force to accept bitcoin but by choice, those that truly needs a change from how we operate overtime with using government regulated financial institutions like banks will understand better why they should prefer something new and better than traditional fiat, those you're arguing with don't actually knows what they are missing and the opportunity they could get when they try out something new with bitcoin adoption.

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.

Bitcoin is already changing lives for better been a decentralized digital currency, we have control over our finances, we can trust the eource to which we store our asset with the use of blockchain technology and the secured p2p network for making payments, the privacy benefits, the lower transaction fee with cross boarder transactions and many other opportunities that had helped improved lives through bitcoin adoption people can point at such as employability and profitability with bitcoin.

[Ahli38]

OP I appreciate your positive thoughts about bitcoin that you even attribute to helping reduce poverty for holders who make it to the goal. Actually I do not understand the whole of your writing. But I would assume the goals you say are like someone who has a strong hold on bitcoin over the long term (Hodler).

Regarding the decentralization presented by bitcoin, it is indeed the main attraction for me personally. Even before, I didn't really think about the knowledge of the financial system that adopted a centralized system. So at that time I felt fine holding fiat and keeping a lot of it in the bank. But after I learned about bitcoin and about how we need a system that is not centralized that makes us have freedom and full control of every asset we own. And the presence of bitcoin has become the answer for everyone who wants the freedom to be in full control of the assets they own.

And in essence Bitcoin has indeed brought awareness to all those who study bitcoin about the importance of privacy and the importance of transparency in transactions and also the importance of having full control over the assets we have.

[komisariatku]

I don't know what you mean, I found no correlation between bitcoin, decentralization and poverty. Bitcoin was not born to reduce poverty. I doubt that you have read and understood the concept of bitcoin in the way you have presented it.

Bitcoin is the opposite of fiat. Bitcoin was born decentralized to fight centralized fiat hegemony. Talking about bitcoin then talking about money. Bitcoin is an investment asset, and you need money to buy bitcoins. There may be a way to get bitcoins for free, by following your signature project but it's not from bitcoin vision. So maybe you better understand bitcoin as a whole before you relate it to eradicating poverty, because I don't think there is any correlation at all.

[CoinJoker69]

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.

Bitcoin by itself is not a magical solution to eliminate poverty. However, he helps people to receive money in one country and transfer it to another, which can only simplify life. Also, due to the lack of intermediaries as in offline business, you can develop your small business and run away from taxes in some countries)

[Cantsay]

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.

If you're just beginning to realize and think about the idea of decentralization how and what exactly did you argue about? It doesn't sound what a newbie should do in my own opinion...

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.

Just as you have mentioned Bitcoin is decentralized meaning you have control over the coin you own but as to Bitcoin eliminating poverty I don't really that's the main reason. And since you mentioned "potential" in your post title I thought you were going to provide some advantages of Bitcoin but coming to just see "reducing poverty if allowed to achieve it's purpose" it's purpose it's to get individual the power to control their own finance themselves and you profiting from its price volatility is just an additional stuff.

[tbct_mt2]

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 is not a source of money for everyone to come and withdraw money like a free ATM. It can not help to reduce poverty. Did you read the zero sum game theory?

What is a zero-sum game?

Reducing poverty in my context is not about profit but the peer to peer transaction mechanism.

How can peer to peer transactions help to reduce poverty?

bitcoin is transacted on its blockchain (Bitcoin blockchain), peer to peer and 1 bitcoin is 1 bitcoin. You move 1 bitcoin to another peer and it will be a bit less than 1 bitcoin if minus a transaction fee. No one get rich with two peers in the transaction.

[Agbe]

I thought it is the gain people get from the investment and from trading will make people to move from the poverty zone to average citizens or middle-class. The per to per can not reduce poverty but it only gives the privilege to make free transaction without any obstruction or monitoring by a third party. But the profit made from Bitcoin will reduce poverty. Yes people that are using Bitcoin now is not up to the people that are not using Bitcoin. So by the time when the people that use Bitcoin are more. The poverty rate in the world will reduce significantly. If people use the opportunity well, Bitcoin will be a poverty eradicator in the world.

[michellee]

Wait, how can Bitcoin reduce poverty if the poor can't afford Bitcoin? Maybe Bitcoin can change the life of someone who buys it, holds it for a while, and sells it when the price increases. It will reduce poverty because that person can benefit from investing in Bitcoin.

If, in your country, the government has accepted Bitcoin, you can use it for various purposes because surely many local shops will use it too. This makes Bitcoin even more popular and will be adopted by many people. And if that person can set up a shop and accept Bitcoin as a means of payment, he can benefit from selling his Bitcoin to fiat especially when the price goes up.

I think there is still a lot of hidden Bitcoin potential that we don't know yet. For now, we should use it as an investment or trade and make more profit. And when all countries accept Bitcoin and it can become a means of payment in all countries, we will see the development of Bitcoin.

[Faisal2202]

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 reminded me of a movie called Matrix and the term is mostly used by an influencer on social media to wake up the new generation from the sleep of slavery of the rich. I meant to say, why many are in poverty and some are rich, some will say they are making more efforts and they are hardworking and they take risks so that's why they are millionaires and billionaires but the poor also, do the same but why they aren't rich?

The reason is they have become a slave to a centralized system where governments and institutes want to control them in their favor (to fill their own pockets), But BTC had provided the poor a way to escape from the matrix and many have already been escaped and those centralized authorities didn't like it and that's why they are attacking the Decentralization system of BTC has provided by introducing the tokenized BTC ETFs. (I am not trying to create some kind of fud or fear just stating the fact I have in mind).

The point is, when those centralized authorities will have more BTC under their control then they might control this decentralized system by making a collusion. Which will be terrifying for the poors and rich too. So, till that happens, BTC has a lot of potential and it will keep growing until there are poor in the society and rich too. Because both are using it in their ways to save their money. And in that usage, BTC is getting more adoption.

[DanWalker]

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.

I really doubt it, I'm not pessimistic, but I never thought that bitcoin would be able to become the currency of the world. Although Satoshi's purpose in creating bitcoin was to be a decentralized currency, since the day it was used, people have treated it as an asset for speculation rather than using it as money. Even if bitcoin doesn't volatility and becomes stable, I don't believe governments will accept it as a currency because bitcoin is decentralized. If they accept bitcoin, the government will lose control over its people. Do you think they will let that happen?

[vv181]

I have studied and argue about Bitcoin some topics which I posted and also came across in other board. ~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. ~I think there will definitely be no reason to convert to fiat.

Poverty is not solely about transactions or payment mechanisms. It truly shows your ignorance if you think Bitcoin can solve poverty. Poverty is a complex and multi-faceted problem, by saying the P2P Bitcoin transaction mechanism might solve it, it conveys that you seem not truly comprehend Bitcoin, especially poverty issues.

Also, you are assuming people have financial and digital literacy, a precondition to utilize Bitcoin. Those who are categorized as impoverished people are very likely exempt to have that two things. So, nope, bitcoin won't be able to help reduce poverty in a significant manner.

[tabas]

I think it all boils down to your thought that there are people that are in living in the poverty that holds Bitcoin. There are for sure but if we look at the average people that are holding people, they're also living averagely and more of those that have been holding a lot are the institutions that have always been reported that they've been continuously buying bitcoin. Whilst going straight to what you're pointing out, it is for sure going to give a lot of people financial freedom and the higher the price of Bitcoin, there will be a lot of lives that will be changed forever. But how long can we hold and at what price are we going to sell? It depends to each their own.