Bitcoins and it's potential

[ajiz138]

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.

What does the OP mean to be able to improve their economy financially when someone already knows bitcoin and invests in it? But if it is to alleviate poverty then it is the government not bitcoin.

Bitcoin has grown rapidly and now almost the whole world has recognized it (not that it's always public) but we already know how the benefits and how bitcoin works and with the technology that is owned, it would be very natural if more people would use bitcoin as their investment asset to get a high ROI over a long period of time.

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[BitcoinPanther]

What does the OP mean to be able to improve their economy financially when someone already knows bitcoin and invests in it? But if it is to alleviate poverty then it is the government not bitcoin.

I agree, it is the government that should be responsible in minimizing poverty in a nation.  Bitcoin is a technology and currency and has no say on the poverty of a country, it is just a tool to be used by the government if they wanted to, to alleviate their country's poverty by taking advantage of the trend of Bitcoin through adoption and approving Bitcoin start-ups that then give job opportunity to its citizen.

Bitcoin has grown rapidly and now almost the whole world has recognized it (not that it's always public) but we already know how the benefits and how bitcoin works and with the technology that is owned, it would be very natural if more people would use bitcoin as their investment asset to get a high ROI over a long period of time.

Indeed Bitcoin adoption is the key for these Bitcoin investors to get a high ROI but the waiting time will be shorten if the government fully adopt Bitcoin since people who are hesitating will then fully engaged in Bitcoin investment since the government had acknowledge Bitcoin as a legal thing.

[panganib999]

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.

People see bitcoin's propensity to reel in profits in massive hauls and the first thing they think of is that it helps solve poverty. It's not and it shouldn't be looked at as the one thing that could help you out of that poverty hole you're in. Bitcoin is a tool that could help you reach financial freedom yes, but to get there you actually have to put in money in the first place and start with learning trading disciplines and all that. If you can't afford even coming up with the capital then there's no chance bitcoin could help you even if it tried.

Plus it's not always rainbows and butterflies with bitcoin mind you, there will be times when bear runs will drive you insane and put you on a negative balance, people who can afford to lose money like that are at least able to get by in this industry, at most achieve success, but if you couldn't cause you're impoverished in the first place, how would you be able to?

[Dr.Bitcoin_Strange]

After deep research and discussions on Bitcoin, I strongly believe its inventors have contributed greatly to humanity. If Bitcoin fulfills its purpose, it can significantly reduce poverty through its decentralized peer-to-peer transactions, rendering fiat conversion unnecessary.

The purpose of Bitcoin is to serve as a digital currency for p2p transactions; it was never created to end poverty, but since Bitcoin is a store of value, it has made some people millionaires as they accumulated it when price was low while the value increased with time. But Bitcoin should not be seen as what can put an end to poverty; a lot of people are getting it wrong with the motive of getting rich quick if they invest in Bitcoin. With such thoughts in mind, most people have lost their money because they never had enough knowledge of what they were doing. In Bitcoin investment, there's the rule that says, "If you don't sell cheap, then you have no loss." Some people do not live by those rules before investing, and after they have invested and discover that their capital is reducing due to market volatility, they just rush and sell.


Cheers 🥂, Dr.Bitcoin_strange

[Mr.suevie]

After deep research and discussions on Bitcoin, I strongly believe its inventors have contributed greatly to humanity. If Bitcoin fulfills its purpose, it can significantly reduce poverty through its decentralized peer-to-peer transactions, rendering fiat conversion unnecessary.

The purpose of Bitcoin is to serve as a digital currency for p2p transactions; it was never created to end poverty, but since Bitcoin is a store of value, it has made some people millionaires as they accumulated it when price was low while the value increased with time. But Bitcoin should not be seen as what can put an end to poverty; a lot of people are getting it wrong with the motive of getting rich quick if they invest in Bitcoin. With such thoughts in mind, most people have lost their money because they never had enough knowledge of what they were doing. In Bitcoin investment, there's the rule that says, "If you don't sell cheap, then you have no loss." Some people do not live by those rules before investing, and after they have invested and discover that their capital is reducing due to market volatility, they just rush and sell.


Cheers 🥂, Dr.Bitcoin_strange

I think the cause to this "rush and sell " is the lack of knowledge about what you actually invested in, bitcoin should never be seen as a get-rich-scheme because its actually a currency and was created to solve the issue of centralized money system in the sense that you can actually be the bank to your own money but overtime it has gain fame and popularity due to its increase in value which many people who has and had the knowledge are still benefiting as an investment means.

[Dr.Bitcoin_Strange]

I think the cause to this "rush and sell " is the lack of knowledge about what you actually invested in, bitcoin should never be seen as a get-rich-scheme because its actually a currency and was created to solve the issue of centralized money system in the sense that you can actually be the bank to your own money but overtime it has gain fame and popularity due to its increase in value which many people who has and had the knowledge are still benefiting as an investment means.

@Mr.suevie, some people who sold cheaply or due to volatility pressure did so for Many reasons, although there are people who sold because they had a vision for short-term investment, and some were scared because they thought their asset would melt because of price volatility. Some people also borrow the money they invested with, so they can't stand to see the money dip, although all of these attitudes circle around a lack of full knowledge of what they are doing, just as you said. I told my friend that a successful Bitcoin investment is based on the level of knowledge you have about Bitcoin and also on your source of information, because on the internet there is a lot of confusion and misleading content, but the BTT forum filters it out once such content is brought here, and for someone who is not on this forum and is getting information from the wrong source, they could get misled.


Cheers 🥂, Dr.Bitcoin_Strange 👺👺

[aylabadia05]

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.

What does the OP mean to be able to improve their economy financially when someone already knows bitcoin and invests in it? But if it is to alleviate poverty then it is the government not bitcoin.

[snip]

Good. That's the answer that leads to a solution in navigating my version of poverty.
The government is responsible for poverty. I don't know how each country regulates laws or other written regulations related to poverty.
In realizing poverty reduction, the government's role must be seen in the various programs carried out.

That's why I dare to say that Bitcoin is not to reduce poverty, but in terms of its use Bitcoin can be a good solution to increase welfare through long-term investment channels apart from being a good hedge.

[jeraldskie11]

After deep research and discussions on Bitcoin, I strongly believe its inventors have contributed greatly to humanity. If Bitcoin fulfills its purpose, it can significantly reduce poverty through its decentralized peer-to-peer transactions, rendering fiat conversion unnecessary.

Bitcoin, in my opinion, will not reduce poverty since not everyone is determined to invest in Bitcoin, particularly if your salary is enough to cover your daily expenses. However, there are some people with a strong mindset who are prepared to take risks and find a way to invest in Bitcoin because they feel they will earn tremendously in the future. Unfortunately, those who can afford to invest are primarily those who are already wealthy, while the poor become poorer.

[SamReomo]

After deep research and discussions on Bitcoin, I strongly believe its inventors have contributed greatly to humanity. If Bitcoin fulfills its purpose, it can significantly reduce poverty through its decentralized peer-to-peer transactions, rendering fiat conversion unnecessary.

Bitcoin, in my opinion, will not reduce poverty since not everyone is determined to invest in Bitcoin, particularly if your salary is enough to cover your daily expenses. However, there are some people with a strong mindset who are prepared to take risks and find a way to invest in Bitcoin because they feel they will earn tremendously in the future. Unfortunately, those who can afford to invest are primarily those who are already wealthy, while the poor become poorer.

I don't agree because in Bitcoin a low salary person can also invest money and it isn't only for the ones who are wealthy. Although, you're right that it can't reduce poverty but it can control the increase of poverty if the poor people and the ones with low income invest in it. We are still not aware of full potential of Bitcoin because we think that its price is already very high and it can't go any further, but we have always been wrong in this regard because Bitcoin has always been breaking its all time high after each halving event.

After doing some research on YouTube I found that a guy in 2013 said in his video that everyone should invest at least $1 dollar in Bitcoin if they want to be financially stable in future. Many people made fun of the guy in those days because they were the skeptical ones who weren't aware of the true potential of Bitcoin. The guy's words became a reality when Bitcoin reached it's all time high in 2021, and many people who followed the advice of that YouTuber might have made a good fortune if they had invested 100-1000$ in Bitcoin at that time.

[superman184]

After deep research and discussions on Bitcoin, I strongly believe its inventors have contributed greatly to humanity. If Bitcoin fulfills its purpose, it can significantly reduce poverty through its decentralized peer-to-peer transactions, rendering fiat conversion unnecessary.

Actually not in a direction that is not needed, but more to the loss of conversion into fiat when everyone can rely on Bitcoin for all needs on all lines of life. And I also really believe that one day poverty will decrease when there are many people who can become more independent after knowing Bitcoin and benefiting from it, because when everyone can take advantage of certain moments every year and get better profits through Bitcoin, it certainly has become a help for them to be better in life.

[ringgo96]

Since the birth of Bitcoin there have been many debates that occur, and now Bitcoin is getting more and more users because with its decentralized nature it is very difficult to change the flow of Bitcoin's journey, so now Bitcoin is very helpful for the economy of people who already use Bitcoin and know how to overcome it to be able to benefit, although some of the people still doubt the journey of Bitcoin and performance that is difficult for us to predict, So in the future Bitcoin will be a serious threat to fiat currencies.

[Xampeuu]

bitcoin can make people rich or even poor. it depends on how we have knowledge about bitcoin or just hunting lust to get rich quick. as the saying goes like a double-edged sword. therefore, before we invest, at least we know how bitcoin works, so that we can calculate the risk and reward that will be received, so it's not random to enter and exit the market, or at least be able to respond to market fluctuations that occur

[Oyidiya]

One possible advantage of this decentralized strategy is the capacity to relieve poverty, particularly in developing nations where access to traditional financial services may be limited. By facilitating peer-to-peer transactions, cryptocurrencies can enable individuals to engage in economic activity and exchange value without depending on centrally managed entities.

However, it is critical to note that cryptocurrencies alone are not a solution to poverty. While they can provide a means of trade, they do not address the underlying economic and social conditions that contribute to poverty. Furthermore, the volatility of cryptocurrencies might pose dangers to investors and restrict their value in some circumstances.

[Blitzboy]

After deep research and discussions on Bitcoin, I strongly believe its inventors have contributed greatly to humanity. If Bitcoin fulfills its purpose, it can significantly reduce poverty through its decentralized peer-to-peer transactions, rendering fiat conversion unnecessary.

Bitcoin, in my opinion, will not reduce poverty since not everyone is determined to invest in Bitcoin, particularly if your salary is enough to cover your daily expenses. However, there are some people with a strong mindset who are prepared to take risks and find a way to invest in Bitcoin because they feel they will earn tremendously in the future. Unfortunately, those who can afford to invest are primarily those who are already wealthy, while the poor become poorer.

I don't agree because in Bitcoin a low salary person can also invest money and it isn't only for the ones who are wealthy. Although, you're right that it can't reduce poverty but it can control the increase of poverty if the poor people and the ones with low income invest in it. We are still not aware of full potential of Bitcoin because we think that its price is already very high and it can't go any further, but we have always been wrong in this regard because Bitcoin has always been breaking its all time high after each halving event.

After doing some research on YouTube I found that a guy in 2013 said in his video that everyone should invest at least $1 dollar in Bitcoin if they want to be financially stable in future. Many people made fun of the guy in those days because they were the skeptical ones who weren't aware of the true potential of Bitcoin. The guy's words became a reality when Bitcoin reached it's all time high in 2021, and many people who followed the advice of that YouTuber might have made a good fortune if they had invested 100-1000$ in Bitcoin at that time.

Your viewpoint presents an interesting perspective on the potential benefits of investing in Bitcoin. However, as a gentle suggestion, one might consider re-evaluating this viewpoint with a bit more... nuance.

Yes, Bitcoin doesnt discriminate between rich or poor investors. However, it's important to remember that this 'financial democratization' does't necessarily lead to wealth distribution. As an investment, Bitcoin is notably volatile and risky, meaning that those with fewer resources to spare are potentially more susceptible to losses.

True, Bitcoin's growth has been nothing short of spectacular. Nevertheless, the "sky's the limit" mentality might be slightly misguided. Just as a rocket's upward trajectory eventually plateaus, market dynamics also dictate that indefinite exponential growth is... unlikely, to put it mildly.

[The Cryptovator]

In order to understand and grasp the essence of Bitcoin, extensive studying and research are necessary. It is important to recognize that the primary objective of Bitcoin was never centered around generating quick profits or alleviating poverty. In fact, the truth is that Bitcoin emerged with the aim of addressing the challenge of sending money across the globe without the need for intermediaries, a concept known as decentralization. However, in present times, many of us perceive Bitcoin primarily as an investment opportunity. Nevertheless, Bitcoin remains true to its original purpose of revolutionizing global money transfer systems.

[TheUltraElite]

Plus it's not always rainbows and butterflies with bitcoin mind you, there will be times when bear runs will drive you insane and put you on a negative balance, people who can afford to lose money like that are at least able to get by in this industry, at most achieve success, but if you couldn't cause you're impoverished in the first place, how would you be able to?

The question of trading bitcoin comes only after you have an established base of money to bear your bare necessities and doing surplus on top of that. I see the future of Bitcoin trading having a prosperous aspect but the basic needs come first.

However bitcoin does not solve a poverty problem with this. It can help people make money but that money comes from existing money and not out of thin air. There are many who are in this thought process and hence assume that Bitcoin will solve their problems, it's not the case. Rather those who are in stable economic conditions need to segregate their assets in such a way that money can saved for trading to make money. However this is all words and not practical unless you have the capital at hand.

Enthusiastic people should at first try to improve their own conditions first but then grow it with time and gradually collect bitcoin and increase their stash.

[Ultegra134]

After deep research and discussions on Bitcoin, I strongly believe its inventors have contributed greatly to humanity. If Bitcoin fulfills its purpose, it can significantly reduce poverty through its decentralized peer-to-peer transactions, rendering fiat conversion unnecessary.

Bitcoin, in my opinion, will not reduce poverty since not everyone is determined to invest in Bitcoin, particularly if your salary is enough to cover your daily expenses. However, there are some people with a strong mindset who are prepared to take risks and find a way to invest in Bitcoin because they feel they will earn tremendously in the future. Unfortunately, those who can afford to invest are primarily those who are already wealthy, while the poor become poorer.

Bitcoin is not a panacea that will solve worldwide issues; it won't solve poverty in third-world countries, but certainly it can assist economically, but mostly on a personal level. Personally, I've been occupied with cryptocurrencies, specifically Bitcoin, since a young age, which has made a huge difference as an individual. Not only am I investing, but I'm also simultaneously saving money every month without needing to rely on a bank that keeps track of your every move. Bitcoin has proven to have huge potential; the previous ATH suffices to make such a claim, but as I mentioned earlier, it can't solve broader issues, and on top of that, it's not supposed to be an anti-poverty measure just because it's an anti-inflation investment. Those who live in poverty don't have access to Bitcoin or investments.

[Outhue]

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.

[Tony116]

After deep research and discussions on Bitcoin, I strongly believe its inventors have contributed greatly to humanity. If Bitcoin fulfills its purpose, it can significantly reduce poverty through its decentralized peer-to-peer transactions, rendering fiat conversion unnecessary.

Bitcoin, in my opinion, will not reduce poverty since not everyone is determined to invest in Bitcoin, particularly if your salary is enough to cover your daily expenses. However, there are some people with a strong mindset who are prepared to take risks and find a way to invest in Bitcoin because they feel they will earn tremendously in the future. Unfortunately, those who can afford to invest are primarily those who are already wealthy, while the poor become poorer.

Bitcoin is not a panacea that will solve worldwide issues; it won't solve poverty in third-world countries, but certainly it can assist economically, but mostly on a personal level. Personally, I've been occupied with cryptocurrencies, specifically Bitcoin, since a young age, which has made a huge difference as an individual. Not only am I investing, but I'm also simultaneously saving money every month without needing to rely on a bank that keeps track of your every move. Bitcoin has proven to have huge potential; the previous ATH suffices to make such a claim, but as I mentioned earlier, it can't solve broader issues, and on top of that, it's not supposed to be an anti-poverty measure just because it's an anti-inflation investment. Those who live in poverty don't have access to Bitcoin or investments.

I don't know if this is due to the lack of knowledge of the newbies or the spread of a part of the bitcoin fanatic because I see many people looking at bitcoin as the savior of the world, bitcoin can be a panacea for our planet. In my opinion, this is actually more of an alarm than a joy when people are exaggerating about bitcoin.

Quite frankly, bitcoin is just money, nothing more, nothing less. Whether we improve our lives or not is entirely up to us, not bitcoin will do it for us. If we want to get out of poverty and be rich, then work hard and invest anywhere as long as it is profitable, bitcoin is not free, and it will not give us financial freedom if we just sit still and do nothing.

[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.

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