Can Bitcoin create an opportunity to reduce poverty?

[AicecreaME]

Bitcoin already created opportunities to help anyone, it's just not everyone of us knows Bitcoin exist and those who knows it exists mostly are nonbelievers.

Poor people also doesn't have the privilege to grasp Bitcoin, that's why maybe they don't even bother to have it, because what they earn daily or even monthly are just enough to feed their families and pay their bills, nothing more, nothing less. Also, the very first cure to poverty is to educate those people who are illiterate about sex education. Those who lives in slums or secluded rural areas mostly produce children because of boredom, since they are unemployed, that's also need to be solved first to eliminate poverty if possible.

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[HelliumZ]

It is never possible to eliminate the poverty of a country through Bitcoin but Bitcoin can bring some economic transparency to a country but it is not possible for Bitcoin to bring economic transparency by crossing the poverty line of that country. But if one thing is implemented, the population of that country can be turned into a public resource through Bitcoin. When the majority of people in a country acquire minimal knowledge of Bitcoin, the people of that country can use Bitcoin to bring economic transparency and help alleviate poverty.

[Kelvinid]

No, actually Bitcoin make rich get richer, Bitcoin is risky asset for most people, when they don't have a lot money, they're not dare to invest in Bitcoin. Although Bitcoin could make you have an opportunity to multiply your capital, poor people don't want to take risk and hold it for long term.

The problem of poverty is education and access to resource, not Bitcoin or other investment.

Indeed, we see opportunity in investing in Bitcoin but yes, this won't make someone's life change if they don't invest. Investing in Bitcoin is just for those who have faith, have money, and are risk-takers. Bitcoin is not the solution to poverty but can be a great tool to improve our living. Solving poverty issues should come from Government projects, not Bitcoin. But also, if we want to uplift our living, we have not relied on the government but rather find ways.

Yes, we need proper education as it is a medium to increase our chances of getting a job and working permanently. Too hard to stop poverty when our country leaders have done nothing to the community.

[Bright Venus]

impossible. Even where they live as socialists.

[bitvalak]

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

Almost all countries are controlled by the interests of policy makers, we don't expect anything more from them.
The simple thing we can do is provide education to our closest family & friends. Let the knowledge you share spread like word of mouth.
People from lower to upper middle class economies are aware of themselves and want to learn about cryptocurrency.
But unfortunately there is always a big wall blocking their interests. Often these big walls are created by the government itself.

[Fara Chan]

Almost all countries are controlled by the interests of policy makers, we don't expect anything more from them.
The simple thing we can do is provide education to our closest family & friends. Let the knowledge you share spread like word of mouth.
People from lower to upper middle class economies are aware of themselves and want to learn about cryptocurrency.
But unfortunately there is always a big wall blocking their interests. Often these big walls are created by the government itself.

When there are still barriers to learning something that is considered important by society, such as the parable of the wall that you said. So everyone must also be able to find ways and solutions so that they can continue to learn more things in order to obtain a fairly independent economic income in their own lives. Because when every policy is controlled through the interests of a group of people, of course it will always be difficult for society to experience progress and prosperity through itself.

[lizarder]

It is never possible to eliminate the poverty of a country through Bitcoin but Bitcoin can bring some economic transparency to a country but it is not possible for Bitcoin to bring economic transparency by crossing the poverty line of that country. But if one thing is implemented, the population of that country can be turned into a public resource through Bitcoin. When the majority of people in a country acquire minimal knowledge of Bitcoin, the people of that country can use Bitcoin to bring economic transparency and help alleviate poverty.

It's still too far to say this in general because involvement in bitcoin is more individual and the issue of poverty alleviation cannot be seen from one aspect, even though bitcoin provides a way for anyone to reach the stage of financial freedom. Talking about poverty cannot be separated from the poor circulation of money which is caused by a lack of stability and may also be influenced by the absence of jobs for the community. Bitcoin can help poverty indirectly when people have the ability to invest. But it also becomes a disaster when people get involved in investing or trading if they don't have the right knowledge.

From this study, try to imagine whether people who don't have money can get involved in investing. Then try to examine through several surveys what poor people think? talk about fulfilling their needs or have they ever thought about prioritizing investment first?

[Dump3er]

It is never possible to eliminate the poverty of a country through Bitcoin but Bitcoin can bring some economic transparency to a country but it is not possible for Bitcoin to bring economic transparency by crossing the poverty line of that country. But if one thing is implemented, the population of that country can be turned into a public resource through Bitcoin. When the majority of people in a country acquire minimal knowledge of Bitcoin, the people of that country can use Bitcoin to bring economic transparency and help alleviate poverty.

It's still too far to say this in general because involvement in bitcoin is more individual and the issue of poverty alleviation cannot be seen from one aspect, even though bitcoin provides a way for anyone to reach the stage of financial freedom. Talking about poverty cannot be separated from the poor circulation of money which is caused by a lack of stability and may also be influenced by the absence of jobs for the community. Bitcoin can help poverty indirectly when people have the ability to invest. But it also becomes a disaster when people get involved in investing or trading if they don't have the right knowledge.

From this study, try to imagine whether people who don't have money can get involved in investing. Then try to examine through several surveys what poor people think? talk about fulfilling their needs or have they ever thought about prioritizing investment first?

Eliminating poverty in its entirety won't be possible, but since the current system is built such that those with money and power can extract wealth from the poor, BTC can offer the poor an alternative to save their wealth in a place that makes extraction harder, though not impossible through secondary ways. If a poorer person is saving in BTC and needs to use it at some point to make an investment (perhaps pursuing a business idea), those BTC will someone be reinjected into the bad system. But it does give people an option to protect their wealth from being taken away in some of the ways the current system is destined to allow for. Talking about one architecture based on algorithms as the ultimate savior goes too far. But considering BTC as one factor of many to fight poverty is certainly a comprehensible consideration.

[AprilioMP]

Re: Can Bitcoin create an opportunity to reduce poverty?

Bitcoin is not a tool to alleviate poverty.
Bitcoin is a new type of currency or is referred to as a peer-to-peer electronic cash system as I know in the Bitcoin white paper which has 12 parts which are explained in detail in each part.

Of course Bitcoin plays a great role in poverty alleviation. There are many members in this forum and most of the members who have rank are working on various signature campaigns of this forum. Different members get good amount of money at the end of the week according to ID rank and pay rate of different signature campaigns. Those who once had a hard time managing their families are doing well thanks to this forum and Bitcoin is definitely one of the virtues of poverty alleviation. Many people have been able to transform their financial situation by investing in Bitcoin. Many unemployed kids have chosen bitcoin forums as their employment. Apart from doing various jobs on bitcoin forum they are regularly investing and trading which is clearing their financial problems and leading them to live a good life.

It's not Bitcoin that can alleviate poverty, but the bitcointalk.org forum might be able to help someone financially than you intended.
In this forum, I myself felt how I was helped because of the signature campaign. The most real impact I felt because of this forum, I no longer depend on my parents for financial matters because at the exchange rate with my local currency, the pay is enough for me to live my daily life.

This forum is not a job in my opinion. If I'm wrong, correct me.
Why not a job, because many high-ranking members do not participate in signature campaigns but every day they make quality posts on every different discussion topic.
They don't focus on signature campaigns. For them, Bitcoin paid campaigns may or may not exist.

[SOKO-DEKE]

I don't really think that Bitcoin and cryptocurrency in general can reduce poverty in the world or in any country unless we have a good economy. In fact, Bitcoin was not created to eradicate poverty in the world or in any nation; it was created as an alternative to fiat currency in others. We can use it to secure funds so that we can be fully in control of our funds. And one thing I know about Bitcoin again is that it can be a great help to us against inflation because fiat currency losses value in the short term, and when you invest in Bitcoin for a long period of time, it is very possible that money will keep growing when the price of Bitcoin is increasing, but I will advise you not to invest the money you want us between short-term bitcoin investments.

[pawel7777]

I don't really think that Bitcoin and cryptocurrency in general can reduce poverty in the world or in any country unless we have a good economy. In fact, Bitcoin was not created to eradicate poverty in the world or in any nation; it was created as an alternative to fiat currency in others. We can use it to secure funds so that we can be fully in control of our funds. And one thing I know about Bitcoin again is that it can be a great help to us against inflation because fiat currency losses value in the short term, and when you invest in Bitcoin for a long period of time, it is very possible that money will keep growing when the price of Bitcoin is increasing, but I will advise you not to invest the money you want us between short-term bitcoin investments.

Sure, Bitcoin is not some magic pill that would solve all the economic problems only if people start using it - it could actually be the opposite: too many people using it = even more congested blockchain making it unusable. But the protection against inflation aspect is not something to be taken lightly. I don't think people truly realise how destructive high inflation is to the common people. It can wipe out the value of lifetime savings in a very short time. It's like a tax being charged over and over again on the same amount with no limits. So having a censorship-free tool that allows preservation of wealth (or even increases it if the market moves in the right direction) could at least prevent poor people from getting even poorer.

[Vaculin]

This is not just an overstatement but it's certainly true based on my personal experience. I have been with bitcoin for quite a long time and it really brought significant changes in my life. But of course, it doesn't happen instantly, but you need to work for it. Bitcoin definitely create opportunities to reduce poverty, and those who know and understand bitcoin well will gain the advantage but for those who sees and use bitcoin in a wrong way, it will lead them to live a poorer life.

Bitcoin creates opportunities but everything depends on how we established our mindset about bitcoin. The reason why we have to gain prior knowledge about bitcoin so we can deal with it positively.

[Asuspawer09]

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

I dont see Bitcoin as something that is going to solve poverty or reduce poverty at some point, I mean Bitcoin is a digital currency it's a great tool for sure but it wasn't created to solve this kind of problem.

Probably this is up to the government how are they going to solve or this kind of problem also it is a problem around the world and we dont really have a way to completely solve it because the government is just the ones that is doing things that causes poverty.

The way I see how it is going to help reduce poverty is through knowledge and education, with this we could help reduce poverty, if we have Bitcoin knowledge and give education to others we could probably help them to have a positive mindset that we already have as an investor, I mean personally when I learn about Bitcoin my mindset was really change about money and investing, I think it is one problem of the people having the wrong mindset being control by the government being an employee forever or just not having the knowledge on financial and investing.

[bayu7adi]

We can view BTC differently for each individual. Yeah, because up until now, I've seen many people using BTC as a speculative asset, while others use it for transactions. Some even unknowingly use it for investment and savings. If we maximize BTC as a speculative asset and investment, it definitely brings profits, but I don't think it's a great fit for adoption by the poor. I don't want to see them risking their limited wealth on Bitcoin, which is highly risky for short term speculation.

On the other hand, if the poor invest, it's just a waste of time. Small investments will yield small returns, even over a significant period.

In my opinion, the poor need better skills to support their careers and business growth. Yes, it depends on the level of poverty, so the required skills vary. Bitcoin, however, can't foster the proper skills to impact the career or business world.

The use of bitcoin for the poor is more appropriate for later stages. There should be basic stages mastered by the poor for development, and once their foundational skills are strong, Bitcoin can be an advanced option.

So, in my opinion, Bitcoin can help reduce poverty, but it doesn't happen directly or instantly.

[Ayers]

On the other hand, if the poor invest, it's just a waste of time. Small investments will yield small returns, even over a significant period.

I completely disagree with your statement. I agree that poor people will have a lot of difficulty investing in bitcoin but that doesn't mean they shouldn't invest in bitcoin. On the contrary, I even consider bitcoin or cryptocurrency as the biggest opportunity for the poor because besides bitcoin, other investments such as gold or real estate cannot bring them many opportunities, or they do not have enough of the ability to invest in them. But with bitcoin, they can start with whatever capital they have. With a modest amount of capital, poor people will receive very little profit from bitcoin, but if they accumulate bitcoin for a long time, I don't think it will be a small amount.

But I agree with you, poor people should improve their knowledge and skills to get better jobs with higher income, and should not rely only on bitcoin and consider it the only way to get rich.

[1miau]

On the question if bitcoin can reduce poverty. It is no longer a new thing. Bitcoin has done it and will continue to do it. But then, bitcoin is not a get rich quick scheme. For you to benefit from bitcoin, you will have to do any of the following;
...

This is a very good reply. Bitcoin is often praised by maximalists to be a solution for everything - but Bitcoin is not a solution for everything.
Your post is a good start to see that Bitcoin's opportunity to reduce poverty is real - but also limited in reality. Other factors are much more important, like outlined in your post.
In addition, relying only on Bitcoin to reduce poverty can backfire:

Some people even might end up with a loss from Bitcoin for whatever reason, because at some point, Bitcoin might not have anymore these big cycles and losses can become much more frequent. For previous cycles, HODLing 4 years was enough to get into the profit zone, even when buying Bitcoin very overpriced (like December 2017).
This might change in the future as Bitcoin's cycles tend to have a lower all time high but during bear markets, prices can drop 80% or more. Bitcoin is gaining less % every year on average.
Bitcoin's Halving (and therefore the 4 year cycle) will lose importance over time as miner rewards are not a big deal very soon in the future and constant tx fees will create miner rewards.

If our hopes in Bitcoin are too high and we forget to improve anything else, we might end up very disappointed.

In a nutshell, bitcoin cannot turn a poor country to a rich one. It is the government that will create jobs and not bitcoin.

+1

[Uhwuchukwu53]

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

First, this post is more about the agony of your country men and the bad government. I think it is best fit in the Nigerian local board, who knows if the president of Nigeria will decide to join bitcointalk and may one day stumble on this post. This could be by 2035 and they will provide free bus.
On the question if bitcoin can reduce poverty. It is no longer a new thing. Bitcoin has done it and will continue to do it. But then, bitcoin is not a get rich quick scheme. For you to benefit from bitcoin, you will have to do any of the following;

• Have a job and then be investing in bitcoin
• Own a business and DCA with your profits
• Have a skill, offer services and ask people to pay you with bitcoin
• Become a minner
• Maybe the easiest, is to develop a good writing skill, grow your account here and join a signature campaign

In a nutshell, bitcoin cannot turn a poor country to a rich one. It is the government that will create jobs and not bitcoin.

Senior your very correct I think you nailed it all your idea and point of identification Maline with the issue on ground area of Bitcoin changing people story many have testify and many eye have seen what Bitcoin is doing grate in the life of so many poverty can't be eradicated completely but I want to tell from experience Bitcoin has reduced the level of poverty and unemployment in some aspects mostly in youths all over the world that engage on the market and selling process of Bitcoin  no body go into business without profit for people to engage on this Bitcoin really show is capable to reduce poverty and change the situation of hardship into good success  all you need if engage is to use the opportunity very well apply wisdom it will change your level because many refuse to change no matter the level of change that take place around them for me evidence show that Bitcoin is capable to do.

[Inwestour]

Sure, Bitcoin is not some magic pill that would solve all the economic problems only if people start using it - it could actually be the opposite: too many people using it = even more congested blockchain making it unusable. But the protection against inflation aspect is not something to be taken lightly. I don't think people truly realise how destructive high inflation is to the common people. It can wipe out the value of lifetime savings in a very short time. It's like a tax being charged over and over again on the same amount with no limits. So having a censorship-free tool that allows preservation of wealth (or even increases it if the market moves in the right direction) could at least prevent poor people from getting even poorer.

People are very aware of the effects of inflation on their savings, and the poor are also very aware of how inflation can worsen their standard of living. It may not be necessary for everyone to use Bitcoin, and only those who can understand its advantages and take advantage of it will buy Bitcoin. I am convinced that the more expensive Bitcoin becomes, the fewer people will try to buy it, despite the fact that it can be bought in small parts.

[Promocodeudo]

My answer is yes and I have a reason for this answer, there are many people who are here that is from countries with a high level of poverty ( please no one should take it personal is just an analysis) most of these people have in one way or the other come across a job that they are been paid in Bitcoin and mind you their exchange rate can never be compared to the price of bitcoin, so there are people that are into exchange of Bitcoin, if not for the existence of bitcoin they wouldn't have gotten the popularity the have today, if I start recounting, bitcoin has done more good in terms of reduction of poverty than bad, despite that, it is not everyone that's aware of bitcoin, the people that has this information has benefit a lot.

[GeorgeJohn]

Bitcoin is not an office job or government empowerment to reduce poverty, and it's obvious that bitcoin is something that have to do with already made money and I believe that without you having your money to invest in bitcoin you can not make profit, and also two things is involved in bitcoin, and one thing that is more important is ability to study when the bearish season and bullish season will occur in bitcoin investment, so therefore I believe that bitcoin can only make you to escape poverty when the luck of bitcoin investment is on your side.