Bitcoins and it's potential

[usekevin]

The bitcoin based on the decentralised network,it’s main reason for the survival of bitcoin over a couple of years.It was started over a decade,the blockchain was struggle at the time of beginning.But now the bitcoin ruling the investing community.Most of the traders doing their fifty percentage of the investment in the cryptocurrency now.Now the people had huge interest in the cryptocurrency investment.

[teosanru]

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.

Please elaborate how can it eradicate poverty, let it be in any context. I can't understand how do people say that? Yes it does gives some extra opportunities to some people to earn. But so does AI, so does cloud computing and so does every new technology. Bitcoin isn't going to help in re-etablishing world order for sure. Rich are still going to be rich and poor are going to be poor.

[aylabadia05]

I think there will definitely be no reason to convert to fiat.

Bitcoin is not for alleviating poverty because the path is different for each financial capability possessed by groups of people who use Bitcoin as an investment asset.
With the rapid development of information about Bitcoin all over the world with the knowledge gained from reading about the direction and benefits of Bitcoin, various groups of people can use Bitcoin as a means to convert fiat into Bitcoin in the sense of saving for their hard work while working on a real job.

[Forever101]

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

I have been going through every reply. It's not good to give such a remark, you saw everyone giving their point, if don't have anything to say ,it is  better not to send a reply than sending something that makes you look Superior in knowledge, you can not contribute to the platform with such an attack. I have been reading and seen others view of the matter which I really appreciated. If don't understand the topic of discussion you can look away

[taufik123]

Right now we just need to think realistically, don't be too much of a FanBoy.
I do like Bitcoin, all of us in this forum certainly support Bitcoin.
But when Bitcoin is associated with poverty reduction, it is still not in line.

No poverty can be solved with a Digital Asset if the government itself does not provide full regulation.
See how the government treats Bitcoin. some other governments even reject Bitcoin and ban it.

Peer-to-peer transaction mechanism has good advantages in the Bitcoin platform, but will it be a reason to alleviate poverty? of course, it will not be that simple.
Bitcoin adoption is still slow, and people are not fully familiar with Bitcoin.

People who are at a low economic level and are not tech-savvy, find it difficult to understand Bitcoin.

[ChiBitCTy]

I hear you and feel you on all of this, but that's the problem, is that many governments are doing anything they can to try and get their citizens to stop using bitcoin because it goes against their centralized money system, and lets be frank about it, it's hurting them.  Decentralization of money, as a financial advisor, is the best thing to happen to money.  This is what got me interested in bitcoin in the first place back in 2014

[BenCodie]

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.

It reduces poverty because it removes the unnecessary gravity that is attached to money - inflation.

You work for 1000 units of currency around the world and that could deteriorate to a value of 900 units (In terms of goods and services that can be purchased) in a matter of months. After 4 years, it might be worth 500 units.

In some developing countries, this happens at a much more accelerated rate.

This is a gravity effect. You work so hard to move up, only for a force to be pressing you back down. Bitcoin is the opposite.

1000 units of bitcoin over 4 years, historically fluctuates those units between 500 and 10000 units, usually ending positive over a 4-8 year period. All of a sudden "value gravity" goes the other way.

[serjent05]

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.

Same here,  I also think that Bitcoin cannot solve poverty because it is not design to be a poverty dissolver.  Bitcoin is created for freedom of transaction where a person does not need to rely on third-party exchange to process fund transfers.

Bitcoin adoption may create jobs as new companies are emerging to take advantage of Bitcoin as new industry, but it was not Bitcoin that creates jobs for these people, rather the company that was founded in order to take advantage of Bitcoin being a young industry.

[Fivestar4everMVP]

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.

A time when bitcoin will become accepted as a means of exchange, a time when we will no longer have to convert our bitcoin to fiat before we can spend it on goods, services, food stuffs and other basic stuffs is really a time I am personally waiting for, it will be so great to enter sites like Aliexpress, ebay, Amazon etc to order great stuffs and comfortably and conveniently pay with Bitcoin, and receive those items here in my country easily..

I am so so waiting for that times and I hope it happens real soon, I will be the happiest.

[Z-tight]

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.

Global and local economics is what is responsible to reduce poverty locally and around the world, BTC was not made for that, BTC was made to be a currency that is permissionless for anyone to use without a central authority. BTC price may be volatile because of its fixed supply and the demand for it, but it cannot reduce poverty significantly or make everybody rich as some people believe, if you buy BTC early and hold it for long it can give you good revenue, but not to the extent of eradicating poverty in the world and not many people can lock up their money in a BTC wallet for years without spending it.

[Dr.Bitcoin_Strange]

Although Bitcoin has helped to elevate some people out of their poor financial condition to a much higher level, some people have benefited from Bitcoin investments to the point where they have made a whopping profit that they might not have made from any other investment. Despite that, I don't suggest that people should see Bitcoin as just something that can bring an end to poverty because if they have that conviction about Bitcoin, they will definitely have the wrong approach to their investment, and it will be a great disappointment if they realize that Bitcoin did not help them archive what they planned. If you go back to your search, then you will realize that Bitcoin was created as a means of P2P payment or transaction currency. Bitcoin was created so that we could have the freedom to take control of every aspect of our finances. I have been in Bitcoin for about five years now. I have not read in any article that Satoshi created Bitcoin for investment purposes, but the truth is that Bitcoin is a store of value, an asset, and if you save your money in Bitcoin, it's likely to generate profit for you instead of deteriorating like fiat money.


Cheers 🥂, Dr.Bitcoin_Strange 👺👺

[Smartvirus]

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 doesn’t make people rich my friend. At the time, most of us have been able to make some money off it because of its volatile nature, serving as an asset and in turns, increase your hodlings when it pumps just as it reduces it when it dumps. The idea that accepting it for a means of exchange and reducing poverty doesn’t go very much as, it’ll be serving as a currency.

For all we know, serving as an asset could be a some worth passive idea that could die away with the times as the price progresses. When that happens, we could just have it as a store of wealth and it serves its currency purpose.
Hence, you don’t get to own what you don’t already have.

[Sakanwa]

 Op the sole aim of bitcoin wasn't to eradicate poverty, because satoshi's intention of bitcoin creation was to serve as a means of sending and receiving money online, it's sole aim was to serve as an alternative money to fiat for making online payments easier, safer and faster, without the control of the government.

 He made it in such a way that there should be no intermediaries  like banks and you can only buy and sell from exchanges but lately there's a peer to peer means where you can buy based on trust from friends or close people who already have  stored bitcoins bought from those exchanges but the selling rate may differ based on your negotiations and it's not advisable due to risk and trust issues.

 However the price of bitcoin varies with time there's loss and yield when it comes to bitcoin investment so it shouldn't be described as a means of poverty alleviation because one could loss a good amount of money when it's price is on the bear run, but there's one very useful benefit of bitcoin I love which is the fact that it doesn't require a very high transaction fee or maintenance fee like banks.
 

[Minhxx]

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.

Most of the world still does not accept bitcoin as a payment for goods transactions, if you want bitcoin to replace fiat money, it is very difficult. Governments always want to control the flow of people's money, so bitcoin is not possible. But bitcoin futures could be a good asset for us to hold

[famososMuertos]

It is the usual, everyone interprets bitcoin as they see fit, but bitcoin does not get anyone out of poverty, perhaps its initial success that placed it in a profitable asset in reference to its initial price, is something that is permanent in the illusion collective, at least of a few.

Regardless of whether its price allows you to consolidate it as an investment asset, Bitcoin is essential to empower the individual right to have control of our assets.

[Blitzboy]

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.

Yes, early adopters of Bitcoin have indeed profited enormously. Yet, this does not discount the potential for Bitcoin to uplift many people from the shadows of financial exclusion. The power of Bitcoin lies in its accessibility, its universal availability without the need for traditional banking infrastructure.

Consider regions with low financial inclusion, where the nearest bank might be hundreds of kilometers away. With just a simple smartphone and an internet connection, Bitcoin can offer these people an avenue for savings, investments, and secure transactions. Is this not, in its own way, a measure to combat poverty?

Admittedly, the initial cost of investment might be a barrier for some. But lets not forget Bitcoin's divisibility - one doesn't need to own a whole Bitcoin. Even a fraction could increase in value significantly. As for government regulation, it might add credibility, encouraging more people to invest, potentially driving the price up, hence benefiting those who already hold Bitcoin, regardless of their economic status.

[Nrcewker]

The post you have written Op has no connection to how Bitcoins can solve poverty. Bitcoins are famous and are heavily used due to it’s decentralised nature. Yes with this decentralised nature, you can avoid paying the unnecessary taxes , that you are forced to pay, but how this gonna end poverty? Bitcoins surely have lot of potential, that’s why it’s one of the biggest digital asset in the market right now. It will definitely grow much bigger than what it is now. We have to just keep patience and watch till the end.

[blackened515]

It is the usual, everyone interprets bitcoin as they see fit, but bitcoin does not get anyone out of poverty, perhaps its initial success that placed it in a profitable asset in reference to its initial price, is something that is permanent in the illusion collective, at least of a few.

Regardless of whether its price allows you to consolidate it as an investment asset, Bitcoin is essential to empower the individual right to have control of our assets.

We everyone have access to bitcoin, as long as we know what we're doing with cryptocurrency; it might be difficult to generate profits at times, but it can also be quite easy; that's simply how we print our gains and record our losses. People have diverse perspectives on bitcoin; for some, it is a retirement plan, while others invest and extract their winnings gradually. However, bitcoin cannot be guaranteed to be 100% available in the future; we act and believe what we believe, and we have our own reasons for supporting the projects.

[eightdots]

The post you have written Op has no connection to how Bitcoins can solve poverty. Bitcoins are famous and are heavily used due to it’s decentralised nature. Yes with this decentralised nature, you can avoid paying the unnecessary taxes , that you are forced to pay, but how this gonna end poverty? Bitcoins surely have lot of potential, that’s why it’s one of the biggest digital asset in the market right now. It will definitely grow much bigger than what it is now. We have to just keep patience and watch till the end.

Like you, I haven't seen the information on how Bitcoins can solve poverty. Everyone looks at Bitcoin the way they want to look at it and attributes different meanings to it.

Of course, for many of us, the value of bitcoin is priceless, but it has to go through certain paths first. I don't know how many years from now, but bitcoin will make a lot of things better. But first we have to go step by step. We have dreams about Bitcoin and to realize these dreams we must take firm steps and protect Bitcoin at all times.

[thecodebear]

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.

Yeah I kinda agree with you on the poverty thing. Like if you are truly in poverty, where you have to spend everything you have just to survive, Bitcoin ain't gonna do much for you. In fact if you are at that level of abject poverty you probably won't have access to the internet or any devices with which to use Bitcoin in the first place, or be able to spare the few dollars (cuz in poor countries a few dollars is like a few days worth of food) to get some bitcoin and move it onto the LN to use in transactions.

But at a bit higher level of poverty I could see it helping at least some. For anyone with access to the internet (and indeed plenty of fairly poor area in third world countries do have access to cell phones with probably some sort of internet capability) who can save any amount of money, Bitcoin helps because it is hard money. Even more so in countries with really weak currencies where saving money is barely useful at all since the currency loses value so much. If people in poverty are able to save a little bit of money at a time in Bitcoin, in a generation their kids might be out of poverty with the appreciation of the Bitcoin they saved. Also since Bitcoin is an open system it means people in poor places can transact with this better money.

Anyway, the idea that Bitcoin solved poverty is only somewhat true. Bitcoin is very useful for the unbanked that aren't in abject poverty, for people in countries with horribly debased currencies, for people in any country with money to invest in assets to grow their money, for unbanked areas who want to be able to use digital payments, for anyone able to save money, for people barred from accessing financial services like some countries in the middle east who don't allow women access to traditional finances or banks, and for refugees and immigrants who want to be able to bring their money with them. But yeah it doesn't help those in total abject poverty cuz those people wouldn't be able to get onto, or afford the onboarding into Bitcoin.