Can Bitcoin create an opportunity to reduce poverty?

[milewilda]

It been a big challenge in most country since the fuel subsidy and bad economy some country  are facing.A lot of people find it difficult to feed themselves and families, Now it Christmas season alot of people don’t have transport to go their various stats due to the high cost of transportation,  bad road and insecurities in some nation, some many lose intrest. As a good country the government should have free bus for less privileged to travel home for season like this.that why cryptocurrency should be taught free to individual with serious mind, with the rate of overpopulation and poverty in the country it something everyone or most people suppose to learn because the world is going digital and our currency is not appreciating compared to other currencies and the value is so low.that why am suggesting that Bitcoin and altcoin should be taught free of charge and the knowledge should be pass to the younger ones since they are the leader of tomorrow let see how it can reduce the rate of poverty or eradicate poverty entirely in every Nation. The world is suffering and Bitcoin should be introduced in every nation and should be freely

Bitcoin isnt an internet magic money that could solve out global problems that had been existing since the beginning of time in speaking about poverty but somehow into those people who are aware of its existence and does really know on how to deal up with cryptospace which it isnt only just limited to Bitcoin but also in other cryptocurrency as well. It would really be something that pertains about individual handling when it comes to making income on which it could really potentially resolved out that poverty that you are experiencing or having a life with. This is something not a solution for poverty in a snap but rather it would really be still needing for you to deal with and do some hard work and make some good decisions with it for you to be able to make money. It is really just that a very wrong mindset into those people whom do really believe that Bitcoin would really be the solution on a global problem such as this, without even trying out to realize on what it is, and whats the real purpose of its existence. Investment and making money opportunity is really just that a bonus
and people should be thinking up that way.

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[Fivestar4everMVP]

It is important we all come to terms with the fact that that, there never will be a time when poverty can be completely eradicated from our systems and every one in the world become rich/wealthy, this is not possible and will never happen, and this is because, if everyone becomes rich, or have alot of money at their disposal to spend anyhow they want, money will lose its value, and things will surely become way more expensive than they have ever been, thereby throwing some people back into poverty again.

And besides, believe it or not, the world wasn't created in such a way that every one should be rich, even God said it in the Bible that there will always be poor people amongst us, and it's our duty to help them, for in doing so, we are blessed.

So, in terms of eradicating poverty completely around the globe, bitcoin or altcoins have no such ability to do so, fiat has unlimited supply, and yet many are still thrown into poverty every year, what then can bitcoin and crypto currencies with limited supply in general do?

[terrific]

I'd say yes but this is for individuals not entirely for the poverty that a country is dealing with.
Bitcoin is just like any other assets and opportunities out there. If grabbed, then those people that have believed and spent their money on it will see its appreciation in the future.
But those that are just looking at it and then not doing any actions, nothing will happen to them just like the typical investments too.

[The Cryptovator]

I don't think Bitcoin could help reduce poverty where the entire economy has been facing inflation. Inflation increased globally, so the problem isn't limited to a single jurisdiction where Bitcoin could help. Bitcoin is also part of the economy and can't play any role in reducing poverty. There is no alternative to earning bitcoin if you want to reduce poverty, which is impossible. Otherwise, you have to invest, which isn't possible for poor people. We have to reduce inflation first to reduce poverty. Bitcoin would help, just like any other currency.

[Marvelman]

Times are tough for folks everywhere nowadays.  The economy's in the dumps and money's tight all over and  come Christmastime, lotsa people don't got the scratch to make it home to visit their kin. 

I reckon crypto could be a real blessing for developing countries.  Give access to banks and such that they aint got otherwise.  Help safeguard their savings from inflation too.  Seems to me teaching crypto's a right good notion.  With any luck, more places'll cotton on before long.

[Russlenat]

Bitcoin will not turn poor people into rich but with great opportunities that bitcoin has to offer, I can say that bitcoin could be our future that will help us not to fall on deep poverty. In fact, a lot of bitcoin investors and traders have already experience life's comfort and luxury due to bitcoin but let's not assume that it all happened in an instant, but it really takes couple of years before they come to that position.

Even with my own experience with bitcoin right now, I can say that my life has slowly improved with the help of bitcoin. But let me remind everyone that bitcoin is not a get rich quick scheme, so we should avoid thinking that way like fools and ignorant ones.

[Maslate]

If you are knowledgeable and skillful with bitcoin, then why not? I have known people who have transform their lives from poverty into living comfortable lives right now because they believe in bitcoin and because they make sure to maximize bitcoin opportunities while they are still available. Poverty will never be completely eradicate but with bitcoin's presence, life can be more meaningful and valuable if we make sure to never miss single opportunity from bitcoin.

If we can use bitcoin in a more positive way, like taking advantage of all the opportunities that bitcoin has, then I am more convinced that bitcoin will really reduce the poverty that we are facing at the moment. And if more people will be introduced to bitcoin, then there will be more chances that poverty will slowly eradicate in time.

[panganib999]

It can and it has in the past. Bitcoin is one of those investment ventures you can take with as little money as you have, and with a little bit of stroke of luck and proper timing end up with not necessarily a fortune, but money that would last you for a long enough time. And the even better thing now is that, compared to 6 years ago bitcoin is a much safer cryptocurrency to invest now risk-wise. Cause no matter what happens you have a safety net that's backed with a strong foundation of millions of people and years in the market. So yeah, bitcoin can create wealth and financial stability to anyone willing to take the risk, as with any other type of investment venture out there. Only difference is that you can make the choice even if you're a minimum wage earner.

[jossiel]

It is no doubt that it is one of the best opportunities that each of us got into. So, if you're asking about creating an opportunity and reducing poverty then certainly it is true.

But you don't have to say as if it's the hope of the nations. Maybe but don't make it too dependable with that because not everyone is going to like what you're saying.

Stop also the rants and get all along with your own focus and make your own economy situation way better than before to be a living proof that Bitcoin did all of those for you.

[johnsaributua]

Bitcoin and altcoins can be obtained even in a free way, capitalizing on an internet connection and having social media, if there is a country that does not have it I think the country is very left behind. I'm not talking about people knowing crytpo since 2009 because until now there are still many offers to participate, especially altcoins, I myself still like to hunt. Indeed, we are waiting for the progress of the project but I am greatly helped, one of which can be for emergency funds or buying something useful, one of which is part of the house with the many projects that are followed. Even bitcoins are often distributed for free at events on this forum, and if you are accepted into the siganture campaign you can get weekly.

But if you want to winah and above, you can buy bitcoin and altcoins for daily trading and can even be a long-term investment. people who are currently buying bitcoin can in the future get for many multiples but it is worth the fluctuations in the market the risk is the same, detect when you should sell and buy.

Poverty can still be helped if you want to pursue it, meaning that if there are few jobs and educational standards are a requirement in a country, of course, to start looking for bitcoin and altcoins only requires diligence, many people pursue it until it becomes a job that produces whoever the person is.

[Captain Corporate]

The "fairness" of bitcoin is that if you lose money, we all lose money, if you win money then we all win money. When the price goes %10 up, we all get richer. In fiat world, banks could do whatever the hell they want and they will be recovered with money from our own pockets, and if a company goes down, they will be given a loan from our pockets, whenever a big corporation does badly, they get our money, hell even for "progression" they get money, amazon got 10 billion dollars from government, meaning peoples money, to build a spaceship, at the same time they spent 10 billion to buy james bond catalog all together as well. They didn't need that money, they had 10 billion to build that spaceship, that's the unfair part of the fiat world. Crypto doesn't have that, we are all equals, your 10 million becomes 11 million, my 100 becomes 110, we all get the same results.

[Dr.Bitcoin_Strange]

It been a big challenge in most country since the fuel subsidy and bad economy some country  are facing.A lot of people find it difficult to feed themselves and families, Now it Christmas season alot of people don’t have transport to go their various stats due to the high cost of transportation,  bad road and insecurities in some nation, some many lose intrest. As a good country the government should have free bus for less privileged to travel home for season like this.that why cryptocurrency should be taught free to individual with serious mind, with the rate of overpopulation and poverty in the country it something everyone or most people suppose to learn because the world is going digital and our currency is not appreciating compared to other currencies and the value is so low. that why am suggesting that Bitcoin and altcoin should be taught free of charge and the knowledge should be pass to the younger ones since they are the leader of tomorrow let see how it can reduce the rate of poverty or eradicate poverty entirely in every Nation. The world is suffering and Bitcoin should be introduced in every nation and should be freely

If overpopulation becomes a problem in a country, then the government knows what to do to control the population. There are some countries that have laws on birth control; as such, they have some means by which citizens get educated on childbearing and how to prevent unplanned pregnancy. Some countries approve of abortions and taking some contraceptives to prevent pregnancy, as well as encouraging couples to start family planning.

Like I said above, the problem of overpopulation actually has a solution, and the government of every country knows what to do if they want to tackle the situation of overpopulation in their country. They must not wait for the problem to arise first before looking for a solution to it.

OP, already, Bitcoin adoption is dominating every day, but Bitcoin cannot really make everyone around the world rich. In some developed countries, there are fewer poor people compared to some underdeveloped countries. The reason is that most of these developed countries have a lot of job opportunities or are privileged to earn money, while in the underdeveloped countries, there are only a few means for survival. So, if everyone must be rich, the economic system of such a country must be good, and there should be lots of opportunity for the citizens, which could help them establish themselves.

For example, imagine a country with 500 million people and about 450 million citizens who have very good knowledge of Bitcoin, but only 1 million people have the money to invest in it. Would Bitcoin still make the rest of the population rich? I mean, those who have the knowledge of Bitcoin but no money to invest, would the Bitcoin knowledge make them rich?

Not possible, right? That's to say, Bitcoin cannot make everyone rich. Remember that people still need to work to be able to raise some funds to invest in Bitcoin.

[GreatArkansas]

For me, Bitcoin has some role to play when it comes to poverty but not totally. For me, the main goal of Bitcoin is for us to have banks on our own, using it for payments without third parties or for some inflation problem like the value of fiat keeps losing so more likely if you are saving your money, you losing the value.
But when it comes to poverty, we are the ones who must help ourselves to reduce poverty by making such investments or finding some work.

[hatshepsut93]

There are some success stories of people lifting themselves out of poverty with bitcoin investments or things like bounty campaigns, but this is not scalable - there are billions of poor people and only a little earning opportunities. Holding long term is also not a solution because Bitcoin will not increase in price x100 like did before, and x2 or x3 gains are not enough to make a poor person rich.

El Salvador is a  pretty poor country and they adopted Bitcoin a few year ago - did it improve the lives of average citizens? Most likely not.

[taufik123]

It is difficult to rely on Bitcoin as a poverty alleviation.
This is really the job of the government, Bitcoin is just a revolutionary digital currency tasked with providing transaction security and transaction transparency.

Nothing will change if every country's human resources do not have a good interest in technology.
Moreover, Bitcoin is quite risky with high volatility, this requires special treatment and detailed education.

See how in some countries Bitcoin is banned like in Bangladesh, they don't want to accept Bitcoin in any form and strictly prohibit it.
Even though, the level of corruption there is quite high.

There will be no poverty alleviation if the country does not do it internally first.

[salad daging]

Alleviating poverty is the government's obligation to its country, if the resources are lacking while the human population in each country is large then it will be difficult to alleviate poverty as a whole.

The government will not advise every citizen to have bitcoin as a solution to poverty they do not like this way fiat will still be used so that the government has full control even though the inflation rate continues to rise every year.

I think you can create better opportunities with bitcoin but it is individually where those who have an interest in bitcoin, then you learn how to work and make money here, if someone does not have this ability then he has no chance of a profit.

Bitcoin still has high volatility, volatile prices some people are still reluctant to believe in bitcoin even though many people say bitcoin has affected the world economy.

[pawel7777]

It been a big challenge in most country since the fuel subsidy and bad economy some country  are facing.A lot of people find it difficult to feed themselves and families, (...)

Short answer to the question in the topic: No.
Bitcoin, in its current form is simply too expensive to use as a means of payment, not only for people in developing countries, but even for those in developed ones. Currently, you need to pay >$10 for an average-sized Segwit transaction, but could be much more if your transaction is larger.
Bitcoin, at best, could be a way of preserving wealth and a tool to protect oneself from high inflation (much more common in poorer countries), but it doesn't work as an alternative for fiat money.

[anonimogmr]

By the contrary, if Bitcoin continuous to be seen as simple an investment and with the increasing of the price it will be even more concentrated in a few rich people. The more the price increases, the few people has access to it because of the huge fees and there's no incentive for poor people to use Bitcoin.

[sheenshane]

El Salvador is a  pretty poor country and they adopted Bitcoin a few year ago - did it improve the lives of average citizens? Most likely not.

That's exactly what I'm thinking of.
As an example, the first country adopted Bitcoin as a legal tender, I didn't hear that most of their people improved through Bitcoin.  The fact is, that Bitcoin was created because of financial freedom against banks and to become a peer-to-peer transaction.  It wasn't also promised an earning when it was first introduced.

As they can see Bitcoin has experienced significant price increases since its inception in 2009 (the day was created).  Many early adopters and investors have seen substantial returns on their investments and the historical performance has led to this perception that investing in Bitcoin can be a lucrative opportunity.  That's might their reason.

[dothebeats]

This question has been asked far too many times. Short answer is, no, bitcoin cannot end poverty nor poverty can ever be eradicated. So long as there is money, there will be poor people and there will be rich people. There has to be a working class in order to ensure that things get done. If everyone has the same amount of wealth, no one will work another day in their life again and will just consume goods with what money they have.

Bitcoin offered a chance at wealth redistribution, but with only a handful of people believing in it, plus the highly technical requirements it had prior to being widespread, it didn't have that much effect in today's economic landscape. It may have made new millionaires, and have changed the lives of some people who were once stricken with poverty, but that's just a little drop compared to the sea of poverty that a lot of people are still swimming in.