Question: How is Bitcoin helping poor people?

[notocactus]

Define poor.

If they can afford to buy Bitcoin, then the answer is simple.  Take a look at the Bitcoin chart.  If they were able to save and invest only a very small amount of money in Bitcoin, they had a lot of opportunities to multiply their money by simply holding over the years.

If they can work for fiat or better bitcoin directly, they can invest in bitcoin. If they receive wage in fiat currency, they can use part of it for Bitcoin investment, and it's DCA with time that is good.

There are many time and chances in bear market with many months and there are opportunities with Bitcoin Bull Market Correction Drawdowns for them to accumulate discount bitcoin.

• Bitcion price history, ATHs and bottoms.
• Are you ready for the Bitcoin bull market? What's your plan? Some ideas for you
  
  • https://studio.glassnode.com/workbench/bf532ce2-a66b-4798-6deb-bf3ba7decc59
  • There are enough drawdowns in bull market, enough chances for them.

Lastly they must have good strategy for withdrawals.

• [ANN] JJG Sustainable Bitcoin Withdrawal Strategy
• https://bitcoindata.science/withdrawal-strategy

[SuperBitMan]

If you don't have money you can't invest in Bitcoin however a poor man who has little can invest because investing in Bitcoin requires finance, op maybe you misunderstood when someone says bitcoin helps the poor, Bitcoin investment is open to anyone and the most interesting thing is that you can buy Bitcoin little by little and hold because Bitcoin is divided into units called Satoshi so you can buy Bitcoin of $1 so as a poor man you can decide to be buying Bitcoin little by little and hold if you do this for some years consistently you can come out from being poor with the profit you can get from Bitcoin and this is only the area I know it helps the poor, just imagine when Bitcoin was $1k a poor man was managing to Accumulate little by little and is still doing it till date consistently I'm sure by now he most have made huge amount of profit so this is how Bitcoin helps poor people, if you are poor the only way you can help yourself to come out of that poverty is going into business or investment in your own little way and hoping you will come out of poverty through it or you go for job hunting, the point is Bitcoin can help anyone who is ready to take advantage of it be it poor or rich.

[NotATether]

I have read many posts about Bitcoin helping the poor people in countries around the World but I would like to find out more about this.

Person earns bitcoin => sells bitcoin to a buyer for their local currency => has a lot of money to spend.

That's it. It's really that simple.

People from poor countries do not "invest" in bitcoin. That is impractical. They earn it instead, which gives them the rates that developed countries would get.

[Despairo]

You said that you've read many posts, you wouldn't ask it again if you've read the posts since you already know what people said instead of just read the topic title and the first post.

Bitcoin not enough to help poor people, poor people needs something that can improve their life instead of an asset to multiply their money.

Bitcoin can only help middle and upper class.

[Mia Chloe]

I have read many posts about Bitcoin helping the poor people in countries around the World but I would like to find out more about this.

There are actually numerous answers to your question. Basically one of the easiest way to make profit from Bitcoin is to actually invest in it. Now when you invest in smaller bits the profits are usually very small when there is even a significant price movement compared to when you invest a larger amount. Also compared to other investment opportunities bitcoin is far easier for anyone to invest in and also access.
So for the context of how it has helped the poor we have both hodling using the DCA method and also trading gradually till you are a eventually able to grow your capital if you have a good analysis.

[sokani]

I have read many posts about Bitcoin helping the poor people in countries around the World but I would like to find out more about this.

Buying Bitcoin does not automatically make you rich. People who hit a fortune are mainly those that bought it very early when it didn't worth much and they may decide not to work the rest of their lives. If you buy now, you can make some money as the price appreciates but hoping on bitcoin to eradicate poverty out of your life within a twinkle of an eye is a lie. If you live in an impoverished country where the inflation rate is high, it's even better to save in Bitcoin because it's an edge against inflation. As fiat looses its purchasing power, the value of Bitcoin increases.

[Awaklara]

I have read many posts about Bitcoin helping the poor people in countries around the World but I would like to find out more about this.

Where did you read the post? If what is meant is to help improve someone's economy, it might happen. Bitcoin has value, poor people will not get anything from Bitcoin if they do not have it. More precisely, Bitcoin can be used as one way for people to profit from investment. Of course, it's not that simple.

In another case, if you are someone who saves money in a bank. Bitcoin can be an alternative to one of the good stores of value to avoid inflation that occurs in the fiat that you save in the Bank. I will not say poor people, but people who care about their finances must think about how to store their assets so that they do not experience a decrease in value. Bitcoin is a good alternative for this.

[MusaMohamed]

Where did you read the post? If what is meant is to help improve someone's economy, it might happen. Bitcoin has value, poor people will not get anything from Bitcoin if they do not have it. More precisely, Bitcoin can be used as one way for people to profit from investment. Of course, it's not that simple.

People have their finance, not economy that is for a country or the world.

People, either the rich or the poor, can improve their finance by working to get more money, and invest to enrich their current capital or enrich part of money from their income like wage or passive income too.

Bitcoin can not help if people don't work to receive bitcoin or don't work to have money for purchasing bitcoin and wait for Bitcoin investment to enrich their finance.

In another case, if you are someone who saves money in a bank.

Save money in banks won't make you rich, and inflation rate can make your interest rate from bank saving becomes negatively. In such cases, you lose more by making your bank saving, so investment will be your better choice.

[PX-Z]

Save money in banks won't make you rich, and inflation rate can make your interest rate from bank saving becomes negatively. In such cases, you lose more by making your bank saving, so investment will be your better choice.

True, 2-3 years in bank will obviously observe how the inflation rate will affect its balance. That's why businessmen don't want make their money sleep on their banks for longer time. They better to put it on some business ventures who needs it, or make their very own another business with some partners. Or invest it on stocks but some businessman prefer to  hire a broker and make money for them instead of them. But smart businessman will do it for themselves. While investing in crypto is something they can but need  a huge risks unless they are used to the violent volatile of the price lol.

[Coyster]

People living in extreme poverty cannot buy bitcoin, they do not even know what it is, neither do they care about it, people in that situation care about what they are going to eat, their worry is not bitcoin, but their next meal.

That said, people from poor countries and continents and are skilled, can work remotely and get paid in bitcoin, they will definitely convert most of it to their fiat to meet their basic needs, and they could also invest part of it and earn ROI on it in the long run. Some people erroneously think bitcoin is a currency for the poor, it is not, it is a currency for everybody who can own it.

[btcltcdigger]

I have read many posts about Bitcoin helping the poor people in countries around the World but I would like to find out more about this.

The only way BTC helped poor people, if those poor people bought it 10 years ago, and haven't sold it since.
Those are few and far between. Because mentality of a poor person is "oh i spent $100, but now i got $200", and that just doesn't help in the long run

[bitbollo]

btc helps poor people in many many ways. of course this will not transform people into "baby musks". but it allow people to have a clear advantage...
They can access to a safe and cheap instrument for receiving and sending payments.
In western countries people doesn't understand the value of this innovation. Not all countries allow people to create a bank account (or they have just a reasonable price...)
You don't need also burocracy. Your money can't be seized or robbed by some governments agencies.
Saving in bitcoin (and not buying real easte in a poor country or saving shit FIAT currency) is also a great advantage.
Access to DeFi and other investment innovations provide the access to cheap credit.

[Saint-loup]

I have read many posts about Bitcoin helping the poor people in countries around the World but I would like to find out more about this.

Bitcoin could give them a way to not have to deal with large amount of cash money, because in such countries the unbanking rate of the population is usually high, and most merchants don't even possess electronic payment terminals for credit/debit cards, despite facing large fake money issues with cash money. Bitcoin may solve such problems, in addition to be a currency stronger than many local ones of poor countries.

[GbitG]

I have read many posts about Bitcoin helping the poor people in countries around the World but I would like to find out more about this.

Bitcoin is not just a thing to make a poor people rich. Because the poverty of the countries depends on their inflation rate, unemployment rate, business plan, etc. Despite Bitcoin is just a good way to make an investment, store a value, etc. it is not a treasure hunt thats makes people rich. It's another synonym for investment, not a treasure.

Bitcoin is just an additional option in the financial sect. It can be used as an alternative option for investment.... Bitcoin is only beneficial for those who have the intense act against government inflation currencies. Like they didn't wanted to investment depreciation due to inflation, then definitely Bitcoin can help him to prevent it. Otherwise there is not much else to do it with Bitcoin rather than investment.

[FatFork]

There's actually a bunch of ways to make money from Bitcoin.  The easiest is probably just buying some.  But that won't make you rich overnight unless you got in super early when hardly anyone knew about it and coins were cheap and  most people who struck it big bought a ton of Bitcoin back when it was worthless and then held on as the price went parabolic. 

Nowadays as Bitcoin has hit the mainstream, buying some is still a decent idea if you think it'll keep going up in value.  But you gotta be smart and set reasonable expectations.  Not sure how much this actually helps the poor if they don't have enough money even for basic needs, let alone for investments. Other options are trading short term to try timing the volatility, which can be done even with small capital.  Or provide some service to Bitcoin users and get paid that way.

[Findingnemo]

I have read many posts about Bitcoin helping the poor people in countries around the World but I would like to find out more about this.

No, it doesn't, that's a false information.

If someone has to buy bitcoin then they needed the money and if they have the money then they are not poor, isn't?

You are convinced by someone who thought bitcoin is a quick rich scheme, but it's different. Definitely, it made people to become millionaires and billionaires but those who are bought or just mined in 2011 and just held with them forever.

[GeorgeJohn]

I have read many posts about Bitcoin helping the poor people in countries around the World but I would like to find out more about this.

We some evidence on some people theory of promoting bitcoin, is bitcoin helping some countries or is helping individuals in some certain countries

It's obvious that it's difficult to know or detect a countries that invested on bitcoin because of economic boasts of the country, but some people will be spreading news without facts, so I know very well that many people has queue into cryptocurrency investment especially Bitcoin but its not necessarily means that a country invested on bitcoin, that's the scenario I want to understand, if a country invest on Bitcoin that country has objectives of investing on bitcoin, but now nobody knows a country that invested on bitcoin.

[Stable090]

I have read many posts about Bitcoin helping the poor people in countries around the World but I would like to find out more about this.

I will be glad if you can post the link to tbe places where you read about that, or maybe if you don’t have access to the link any longer, then you should explain how bitcoin is helping people, because I have no idea if bitcoin is really helping the poor. All I know is that if you want to make money from bitcoin, then is either you trade, buy and hold, or maybe work for someone, and they decide to pay you with bitcoin, but I don’t think you will seat, and you will receive bitcoin with out doing anything, only if someone mistakenly send bitcoin to you, and it’s not something that happen frequently.

[AmaGold70]

I have read many posts about Bitcoin helping the poor people in countries around the World but I would like to find out more about this.

You should have dropped links to those posts emphasizing how Bitcoin has helped the poor because I would have loved to read them. Bitcoin isn't helping the poor but it has taken away poverty in the lives of many, it creates opportunity to people (you can say poor people) who never thought they had a chance to make it in life, talk about life changing, freedom giving and poverty lifting then that's what Bitcoin has done but it doesn't directly help the poor that have no knowledge about it.

[Y3shot]

I have read many posts about Bitcoin helping the poor people in countries around the World but I would like to find out more about this.

I'm not sure if you read any where about bitcoin helping poor people,  there is nothing like thst. If you really want to read about what bitcoin is all about you will rally get the real understanding of bitcoin,  it doesn't help poor people to become rich or give steady source of income, their is nothing like this about bitcoin. People who feels bitcoin helps poor people,  it is just there mindset and I'm sure if they should make research to know what bitcoin is all about , they will get the main knowledge about Bitcoin and not to think otherwise.