Is Bitcoin Solving inequality?

[Distinctin]

Bitcoin levels the playing field in that both the poor and the rich can buy it on equal terms. But the amount of bitcoins purchased will naturally be different, because people have different opportunities. The idea itself does speak of equality, but the boundaries between the poor and the rich are unlikely to be erased thanks to Bitcoin.

Those who are rich will definitely be buying more while those who are poor can only buy small amount, equal opportunities to buy but the amount of their purchases will greatly differ due to their different status in life. So bitcoin won’t definitely solve the inequality when it comes to buying power.

However, it’s not on the amount that matters when buying bitcoin, but it’s on how far these buyers can hold their coins without getting tempted to sell at some point.

[CTO114]

We can't expressly state a complete yes or no.

To an extent yes, because there's access to making such transactions, remittance costs have been greatly reduced, and the inflationary trends have also been reduced.

A no because, there's still a huge gap in access to technology to make it an even stance. Not everyone has the gadgets alike to use am internet based asset like Bitcoin.

[iBaba]

~~~~

Bitcoin was originally created to make transactions instead of fiat money. Currently, people are holding Bitcoin for the most part, because every person is now experiencing Bitcoin and every person will be able to be more successful in the future by using this Bitcoin to become economically independent.
Every person has learned to predict the future, and the complete method of how to use Bitcoin in the modern era has come to hand. Because whoever has Bitcoin will be more powerful in the future.

While responding outrightly that bitcoin does not pose any form of inequality to anyone but benefits to everyone, it is key to say that bitcoin is more of the future value. Maybe a time will come when bitcoin will not be able to rise so significantly like it's currently doing but by then everyone who used this little opportunity to accumulate gradually but consistently will enjoy from the decisions in the nearest future. I believe bitcoin is bringing such opportunity to people who are patient to invest now to enjoy the fruit of their labor in the future.

[Promocodeudo]

Bitcoin was originally created to make transactions instead of fiat money. Currently, people are holding Bitcoin for the most part, because every person is now experiencing Bitcoin and every person will be able to be more successful in the future by using this Bitcoin to become economically independent.
Every person has learned to predict the future, and the complete method of how to use Bitcoin in the modern era has come to hand. Because whoever has Bitcoin will be more powerful in the future.

That's to tell you that Bitcoin is advancing, you never can tell the problems Bitcoin will be solving in the future, we have seen it being a means of transaction, we have also also seen the investment part which many of us is part of, the technical aspect is also their, don't you think that more functions of Bitcoin will be unfolding soon, I have sat down to think about this, there could be many functions of Bitcoin that has not been figured out, we might be conversant with few of them which I have already mentioned.

As for predicting the for predicting the future price of, we can only keep speculating but as we know the price of Bitcoin is unpredictable, even though you predict then it eventually come that way just know that volatility favoured your prediction and don't think that it just happened because of your prediction that's just it, the reason why people believe that Bitcoin price will upsurge more in the future than it is now, is the history that do exist, for over 10 years Bitcoin price keeps going up which I believe you know and that's why it is been called a futuristics investment.

[Tungbulu]

I believe the  core principles of Bitcoin is Decentralized, Anonymity and privacy. But equality? I don't see how Bitcoin can give people equality. Assuming there was actually a limited number of Bitcoin to which a particular individual can/should buy and everyone has an equal amount of Bitcoin they can purchase, then we can assume  that no one can be able to exceed a the number of Bitcoin that they can buy and thus ensuring equality, but we that's not the case here. There's no way everyone can be equal as it concerns finance, and that's not what Bitcoin is here to do.

[M47AK16]

Bitcoin offers equal opportunities to the people. That’s up to them how they will utilize bitcoin, it may be as an investment or as a currency. But the fact remains that bitcoin is still expensive, and those who have huge amount of earnings will have more chances to maximize their investment, while those who have limited funds, will only start a minimal investment and I don’t see any problem with that. After all, bitcoin will grow in time, as long as you keep hodling your coins.

However, equality in the sense that people will have fair share of investments regarding bitcoin, that will never be possible. Fortunate are those who have unlimited flow of income, but even for those limited amount of income if they won’t stop doing DCA regularly, in time they will still accumulate a good amount of bitcoin in their portfolio.

I think OP is talking about equality in the sense that everyone would have equal banking rights and the opportunity to utilize Bitcoin as a payment system and as a way to become their own banks and need no third-parties such as traditional banks because a very large percentage of world's population is unbanked, which means they don't have a bank account because of the high requirements and rules set by the banking sector. I somehow agree with him but not totally, and I'll explain why.

The reason why I agree with him is that anyone who has money can basically buy and use Bitcoin, there are no restrictions or anything like that, but then comes the question of how they are going to use it, because Bitcoin is not like a bank where human operators are sitting doing all the work and helping you with everything, in Bitcoin, a person has to do everything on their own, and one single mistake can cost you all your money when making a transaction. So these challenges are the reason why not everyone can have access to Bitcoin, thus there can never be equality.

[d5000]

Interesting nobody has brought up the topic of the "inflation tax". This is perhaps one aspect Bitcoin can solve which could lead to lower inequality.

The inflation tax concept means that in an inflationary economy, the poorer groups are those who most suffer inflation. Richer groups have the opportunity to invest in assets like stocks which grow with inflation or even more. A poor person who needs all of their salary to buy goods they really need, is affected 100% by the price increases. There is also the Cantillon effect: when fiat money is "printed", then the financial sector (and the government) are usually the most benefitted, while the working people who earn wages are further "down the chain" and the "new money" only reaches them when already an inflationary effect has been recorded.

In a low-inflation society with Bitcoin as a global currency these effects could weaken and thus lead to a slightly less unequal society.

There are also two additional, but probably minor effects: the effect of a "global currency" on comparability of salaries (if there is only one currency in the world, there would be a tendency to pay/require wages nearer the world average "for the same work"). And lastly (I think this was already mentioned) the emergence of a new elite groups which do not come from traditionally wealthy families: those which made money with Bitcoin, either by holding BTC or by operating Bitcoin businesses.

[Japinat]

I believe the  core principles of Bitcoin is Decentralized, Anonymity and privacy. But equality? I don't see how Bitcoin can give people equality. Assuming there was actually a limited number of Bitcoin to which a particular individual can/should buy and everyone has an equal amount of Bitcoin they can purchase, then we can assume  that no one can be able to exceed a the number of Bitcoin that they can buy and thus ensuring equality, but we that's not the case here. There's no way everyone can be equal as it concerns finance, and that's not what Bitcoin is here to do.

Bitcoin can give us equal opportunities to buy and hold bitcoin, but there’s no way it will imposed equality on the amount of bitcoin we are capable to buy and hold. Having good finances still create an edge, because you will be more capable to buy more and hold more, while those who are just earning just quite little amount, they can only manage to buy and hold a small amount of bitcoin.

I guess as long as each portion of bitcoin has certainly an expensive price, people will continue to compete on buying and holding, except if its portion of bitcoin is free to accumulate.

[Mpamaegbu]

I really had this question in my mind and wanted to ask was that one of the core principle and aim of Bitcoin is providing equal services and treat people equally without discrimination.

Nope, creating equality or providing services without discrimination wasn't why Bitcoin was created. It was created to eliminate middlemen brouhaha and all that so users could have seamless P2P transactions. That has nothing to do with discrimination.

But If we look at it from the perspective of "Power" it is creating a new generation of people who hold power I.e the early adaptors of Bitcoin (whales) who hold significant economic influence because they accumulated Bitcoin was undervalued.

For those of them who hedl till Bitcoin became a thing, we say cheers! It's not an easy thing to hodl something one doesn't know what it will worth in future. It's the same way most of us are investing in cheap tokens now but selling off once they do a X2 or X3 and thinking we're in massive profit. We cash out but don't buy back. In a few years to come, most of these cheap tokens now will be worth generational wealth that we may regret selling now.

[TheUltraElite]

Bitcoin is not a silver bullet to everything, however it is natural to think that is might have been the cure to inequality.

There are people who are rich and there are people who are poor. So proportionally only the fiat rich people will also become bitcoin rich and vice versa. Hence there should be very little change in the inequality and it will not get solved by just bitcoin.

Inequality is why the world runs like this, it is like a necessary evil.

[henry_of_skalitz]

Bitcoin is not a silver bullet to everything, however it is natural to think that is might have been the cure to inequality.

There are people who are rich and there are people who are poor. So proportionally only the fiat rich people will also become bitcoin rich and vice versa. Hence there should be very little change in the inequality and it will not get solved by just bitcoin.

Inequality is why the world runs like this, it is like a necessary evil.

It's just the truth, I wouldn't call it evil per se.

If you have a stable income, you can have a stable BTC accumulation, easy as that.

[Juicyhome]

Bitcoin is not a silver bullet to everything, however it is natural to think that is might have been the cure to inequality.

There are people who are rich and there are people who are poor. So proportionally only the fiat rich people will also become bitcoin rich and vice versa. Hence there should be very little change in the inequality and it will not get solved by just bitcoin.

Inequality is why the world runs like this, it is like a necessary evil.

I disagree with you, Bitcoin was initiated to solve the problem of inequality in the society. That is why when it was lunched it started will $0.00003 for both the rich and the poor to acquire it, some poor people that have faith bought same has rich ones, though the only advantage is that rich men, bought in many quantity than the poor, but they both have same equal rate.

Inequality is real, but the ability to recognize opportunity make the different, you could be poor and be rich tomorrow if you embrace and take risk today, those that sphere their $50 at when bitcoin was lunched are millionaire today.  Bitcoin has liberated many poor people from poverty.

[krishnaverma]

I do not think crypto or bitcoin is very useful at this front. The majority of bitcoin is held by rich and powerful only. Poor does not have money enough to fulfill their basic needs. They cannot even think of accumulating bitcoin or other costly coins.

[r_victory]

The original goal of Bitcoin and cryptocurrencies in general was to empower all individuals, including the unbanked, and to provide a more democratic means of distributing wealth. Unfortunately, this isn't what we see now; this "inequality" persists, and Bitcoin is increasingly concentrated in the hands of a few. Despite its perceived simplicity, the technology behind blockchain and cryptocurrencies isn't accessible to everyone. I'm referring to the information and knowledge, while many have access to it, few understand it.

[Nwada001]

I do not think crypto or bitcoin is very useful at this front. The majority of bitcoin is held by rich and powerful only. Poor does not have money enough to fulfill their basic needs. They cannot even think of accumulating bitcoin or other costly coins.

And some of the poor have been able to level up their life by getting involved in Bitcoin when it was at its lowest and even earning from mining when it was possible to mine and earn by using just a PC. Now it appears that only the rich can own Bitcoin, but it's not so; with any little amount anyone can buy Bitcoin, but no one should also deny themselves food and other basic things just to buy Bitcoin because wealth comes before thinking about health.

[Royal Cap]

Bitcoin is not a silver bullet to everything, however it is natural to think that is might have been the cure to inequality.

There are people who are rich and there are people who are poor. So proportionally only the fiat rich people will also become bitcoin rich and vice versa. Hence there should be very little change in the inequality and it will not get solved by just bitcoin.

Inequality is why the world runs like this, it is like a necessary evil.

To be honest, Bitcoin will not solve inequality inherently since wealth tends to be concentrated to those who are risk-takers or in an investment position. However, the rules of the game it changes. No central bank can keep your savings low, no government can keep your accounts freeze and no insider will ever have a special access. It does not abolish inequality, but at least it provides ordinary people with a more even opportunity of preserving and developing what is theirs, which is a giant leap, as compared to the old system.

[Sanitough]

As long as there would be uniqueness in everyone and various talents and skills, then it’s also good to say that everyone will have different timeline in achieving their wealth, while some are already on the top, others are still in the process of climbing the ladder of success.

My point is, it’s hard to see equality in this world. Even bitcoin itself who is known to be giving out equally opportunities won’t guarantee that it’s the key towards solving inequality. Bitcoin is just an asset, a currency as well, but it will never be enough to deal with inequality issues.

[DanWalker]

I disagree with you, Bitcoin was initiated to solve the problem of inequality in the society. That is why when it was lunched it started will $0.00003 for both the rich and the poor to acquire it, some poor people that have faith bought same has rich ones, though the only advantage is that rich men, bought in many quantity than the poor, but they both have same equal rate.

Bitcoin was not created to solve world inequality, nor was it created to be the speculative asset it is today. If I remember correctly, no section in the white paper mentions these two things. Bitcoin was created simply to be a peer-to-peer currency and for people who are tired of the traditional fiat currency system. Ideas like bitcoin can solve inequality or be the solution that can save national economies. It's all just hype by some people.

Inequality is real, but the ability to recognize opportunity make the different, you could be poor and be rich tomorrow if you embrace and take risk today, those that sphere their $50 at when bitcoin was lunched are millionaire today.  Bitcoin has liberated many poor people from poverty.

We have a lot of billionaires, millionaires and rich people today but many of them became rich by investing early in real estate and stocks. So can those assets also solve the problem of inequality?

[God Of Thunder]

Bitcoin doesn't solve anything by itself. You guys need to use it for whatever purpose, and only then can you say that Bitcoin solved this and that for me. Bitcoin is supposed to be your own bank. It's supposed to help you keep your money in your own wallet instead of relying on 3rd party. Bitcoin already came with a big solution and now it is upto people if they want to adopt it.

Please don't expect Bitcoin to make you rich. In fact, do not expect anything from Bitcoin. It is just a program, and the community handles it. As I said, it doesn't solve anything by itself. But if the community use it for some purpose, then it can be used.

[Razmirraz]

Bitcoin was designed as a payment system (P2P) that allows direct transactions between related parties without the need for a third party (central authority or intermediary such as a bank). This concept is one of the main innovations of Bitcoin and its users have full control over the transactions they make.

The number of only 21 million units available means that anyone can have it depending on their desires and abilities, you cannot expect equality because each individual financial capabilities are different. Satoshi goal in creating Bitcoin wasn't to solve financial inequality, that's clearly impossible. However, the convenience it offers provides solutions that other intermediaries have never been able to address, such as international transactions without geographical restrictions and lower costs compared to traditional payment systems.