Is Bitcoin Solving inequality?

[pancelot]

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. 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.

So is it really solving the problem of inequality or Creating a new generation of people who hold power and shifting the inequality into a new form?( New Elites?)
Would love to hear your thoughts.

Whales do exist, but let's not forget that they aren't the elite chosen by the system, but rather ordinary people like us who took risks in the early days.
Bitcoin doesn't close its doors to anyone. Anyone, from anywhere, can participate without discrimination. This is the difference from the old system, which was full of privilege.
So, in my opinion, Bitcoin isn't creating a new elite; instead, it's dismantling old monopolies and opening up equal opportunities for everyone.

[crwth]

I think it is a limitation that people who do not even have bank accounts can have their own Bitcoin wallets. You don't even need to have passbooks or something, and you could still send and receive Bitcoin. It's most likely that all are equal, but the opportunity to buy it is different for everyone. It depends on what aspect it is, in my opinion.

[jackpotmaster]

Whales do exist, but let's not forget that they aren't the elite chosen by the system, but rather ordinary people like us who took risks in the early days.
Bitcoin doesn't close its doors to anyone. Anyone, from anywhere, can participate without discrimination. This is the difference from the old system, which was full of privilege.
So, in my opinion, Bitcoin isn't creating a new elite; instead, it's dismantling old monopolies and opening up equal opportunities for everyone.

The opportunity to get rich from buying a small amount is gone though. If someone wants to become part of this new elite, they have to work on it and work hard.

I think it is a limitation that people who do not even have bank accounts can have their own Bitcoin wallets. You don't even need to have passbooks or something, and you could still send and receive Bitcoin. It's most likely that all are equal, but the opportunity to buy it is different for everyone. It depends on what aspect it is, in my opinion.

Inequality usually refers to financial inequality, not access to financial services. Sure there are a lot of people who don't have bank accounts, but they are better off without them anyway. If a person can manage to live without an account, they should.

[goldkingcoiner]

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. 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.

So is it really solving the problem of inequality or Creating a new generation of people who hold power and shifting the inequality into a new form?( New Elites?)
Would love to hear your thoughts.

Well, Bitcoin is definitely solving the problem of governments and banks taking money's value away from the people by infinitely printing more money, basically stealing money from their own people in a way...

But there will always be inequality between the rich and the poor, even with Bitcoin. Some people are luckier, more daring, have more opportunity, and so on. There are many reasons for inequality. But Bitcoin definitely solves some of these. So it is definitely helping.

More work has to be done, Bitcoin alone will not be able to handle it.

[Ruttoshi]

Bitcoin does not solve inequality problem between the rich and the poor because the rich will always buy more bitcoin than poor increasing his wealth overtime. The poor can only accumulate bitcoin according to his financial capacity. However, if a rich man doesn't invest in bitcoin, a poor man can invest in bitcoin and multiply his finances up to 50% of a rich man wealth in future.

It was in the early days when bitcoin price was 2-3 digits that a poor man who bought bitcoin and hodli will be in a better position at this time. You should buy bitcoin for your future and nothing else because inequality is a most in life.

[jackpotmaster]

Well, Bitcoin is definitely solving the problem of governments and banks taking money's value away from the people by infinitely printing more money, basically stealing money from their own people in a way...

I would say this is in process. It can be considered a bit solved once we jump on the Bitcoin standard. Printing money is always a scam, there is no justification for it..

More work has to be done, Bitcoin alone will not be able to handle it.

Yeah, it is a wider problem that comes from capitalism but also society. If people were not this greedy and evil, the inequality would never be able to become this huge even if there were no laws to help with redistribution. I don't think that society is evolving fast, so we are likely to see last Bitcoin mined before we see inequality fixed.

[|MINER|]

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. 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.

So is it really solving the problem of inequality or Creating a new generation of people who hold power and shifting the inequality into a new form?( New Elites?)
Would love to hear your thoughts.

The features of Bitcoin will basically maintain equality in the same way for everyone, just like we face in banks, banks provide a little extra good service for high class or the powerfull person, and others provide normal service for common people as usual where one has to wait and face various interrogations, no one will face these issues in Bitcoin because of its decentralized system.

But when we ask who has how much property or how much Bitcoin, then Bitcoin will not be able to solve this problem. Because this gap has been going on since the beginning of the world and it will continue until the end of the world, because the world's population is 8 billion and the 8 billion people cannot be kings at the same time. So these gaps will always remain.

[daxkie]

I get where you’re coming from. The early adopters definitely ended up with a huge advantage, but that’s the same with almost every big innovation whether it was the internet, stocks, or even real estate back in the day. The difference with Bitcoin is that it’s not closed off. Anyone, anywhere, can still start stacking sats without needing permission from banks or governments. I wouldn’t say it erases inequality completely, but it does give more people a fair shot at owning the same asset as the rich. Even a small amount puts you in the same system. That’s why I see Bitcoin less as creating new elites and more as breaking down barriers that used to keep regular people out.

[m2017]

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. 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.

What prevented you from appreciating bitcoin in your early years?

At that time, bitcoin was available to everyone. But, as you can see, after some time, bitcoin was still distributed unevenly. The world is arranged in such a way that any finances "flow" from "weak hands" to "strong hands".

So is it really solving the problem of inequality or Creating a new generation of people who hold power and shifting the inequality into a new form?( New Elites?)
Would love to hear your thoughts.

Who told you that bitcoin was created to solve the problem of inequality? For some reason, many interpret the purpose of bitcoin in completely different ways, while in a white paper everything is clearly spelled out without the need for different interpretations.

In the current situation (strong appreciation of this asset), bitcoin allows for a new redistribution of financial resources, which has created new financial elites (early investors). Also, these elites are now being formed, like big institutional investors. And as it happens, finances in a new form (bitcoin) allow "generating" power for their owners.

Inequality can't be eliminated. Never. Especially not with the help of bitcoin. But bitcoin can be used as a social elevator. Look at the early BTC-investors and everything will become clear.

[MainIbem]

...

So is it really solving the problem of inequality or Creating a new generation of people who hold power and shifting the inequality into a new form?( New Elites?)
Would love to hear your thoughts.

One thing you need to understand is that when it comes to wealth everyone can't be equal, asides Bitcoin there's low income earners, middle class earners and high earners likewise there are shrimp and whales, for the world to be balanced, everyone can't be equal, that's why some are born with silver spoon while some are born into poor homes until they find a way to break poverty and become rich, Bitcoin can only offer equality in the sense that everyone is allowed to own it, including the poor and rich, also it can change someone's financial status from being poor to rich if only they're determined to be patient enough to hold it for long-term.

[Synchronice]

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. 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.

So is it really solving the problem of inequality or Creating a new generation of people who hold power and shifting the inequality into a new form?( New Elites?)
Would love to hear your thoughts.

One of the core principle and aim of Bitcoin has never been to provide equity, there isn't something like that written on Bitcoin Whitepaper. But the truth is that the time when Bitcoin was created, it automatically created that possibility because its market cap was low and as history shows, anyone could become a millionaire and billionaire by mining or buying Bitcoin in its early days or years.
By the way, there is one rule in this world. Rich people always take over everything because they have all the power, resources and connections to take everything from poor people. There will not exist anything that will change that rule in the world.

[Ucy]

It's more about non-restrictive usage than equality. No one has the right to stop you from using Bitcoin the way you want as long as it isn't for evil purposes.

Your good contribution or investment should be according to your ability, or what you can afford or wish to contribute. And your reward would be according to your contribution. Nevertheless that doesn't make you lesser or higher than others when it comes to doing the right things, or adhering to the principles/rules that govern the Bitcoin system.

[JiiBs]

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. 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.

So is it really solving the problem of inequality or Creating a new generation of people who hold power and shifting the inequality into a new form?( New Elites?)
Would love to hear your thoughts.

Bitcoin wasn’t created to solve any inequality problem or be a yardstick to social structures and stratification. Bitcoin was created to be a p2p currency that exists on the blockchain, not having any central authority and to enable individuals transact discretely.

Should you choose not to buy in bulk even with the resources at hand or should you choose to not invest in Bitcoin, it doesn’t stop others from taking the initiative and it doesn’t make them have any power to decide how the network is run or how you spend your Bitcoins. Bitcoin is decentralized and you always have your voice on its network through your portfolio.

[Cookdata]

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. 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.

So is it really solving the problem of inequality or Creating a new generation of people who hold power and shifting the inequality into a new form?( New Elites?)
Would love to hear your thoughts.

This isn't about power directly, it's about giving power to equal right to financial freedom and break you away from the chains of the government and their central banks. Bitcoin is more concern about decentralization where there is no sovereignty to any person but to every individual, you get to send Bitcoin without anyone given you command, you receive when you like without anyone approval and you keep without giving it to another person to hold for when they can still charge you for holding it.

The above is equal right to free finance, the inequality you are talking now comes down to how individuals view it, those that invested in Bitcoin before now that still holding are the people that enjoy that financial right, but there are investors today like the institutional with large money that can flow into Bitcoin, you don't expect those people to be the same with an ordinary retailer but that doesn't make them special, we will all be enjoying the same privilege like other people with big investment, it's the way their Bitcoin is decentralized mine is also decentralized, we both can send and receive and many more without any instances.

[Josefjix]

The creation of Bitcoin was to become successful without the influence of any centralized body to dictate a customer financial liberty, the whole essence of being your own bank was the key which creates equality among all users everywhere in the world. The equality I mean here is the ability to own any fraction of Bitcoin no matter the region of the user. No discrimination of any kind, just pure openness to the world to acquire and become rich based on your budget.

[Iranus]

Bitcoin is just money, a peer-to-peer currency that enhances privacy and reduces dependence on third parties, while giving us complete control over our assets. That was the original purpose of bitcoin and today it is used as an investment. That means the more bitcoins a person owns, the richer they are. And to own it requires money, even a lot of money, and those who have no money, do not work, should not expect to get it for free.

Therefore, bitcoin cannot solve inequality, alleviate poverty, or bring world peace. This is just an exaggeration by a segment of investors who are crazy about it and consider it a cult.

[viljy]

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. 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.

So is it really solving the problem of inequality or Creating a new generation of people who hold power and shifting the inequality into a new form?( New Elites?)
Would love to hear your thoughts.

How can Bitcoin solve the global problem of inequality? Because a small group of early adopters got rich? This is not a solution to the global problem of inequality. By the way, having money doesn't automatically give you power. Power is primary, and money is secondary. Any rich man who is not a member of a powerful group can have all his money taken away "according to the law." A person embedded in a power structure cannot be prosecuted criminally, regardless of any of his crimes.

The problem of inequality cannot be solved even if bitcoin, gold, or dollars are distributed equally to everyone. Because the source of the problem does not lie in the uneven distribution of wealth. Inequality is already a consequence of another cause that cannot be solved by technical or economic means.

[mak013]

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. 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.

So is it really solving the problem of inequality or Creating a new generation of people who hold power and shifting the inequality into a new form?( New Elites?)
Would love to hear your thoughts.

Just few percent of people knows about BTC. Less than one percent have BTC. Why do you talk about whales and forget all these people who are far from cryptocurrencies? Your words would be true for people who has no BTC, would they be out of the new generation of people?
As for me, at least 5% of people must have BTC and they must have opportunity to use it for everyday expenses.

[justdimin]

Your post does not make much sense, BTC is a currency, you sound like it is a person or something like that. Take note that institutional investors already hold more BTC than what the average Joe can ever purchase in their lifetime, there are also countries setting up BTC strategic reserves with BTC's they have confiscated or purchasing a large amount of BTC to set it up.

This is not a power struggle. It is a unique kind of currency that is censorship resistant and decentralized, these are some of the solutions it brings and it gives people who want to be their own bank the opportunity to.

That is such a great way to explain the situation. Yeah you are right, it's a currency and not something that we should be considering as a way of making change in the world. I mean as long as humans do not make the change, a currency would not be helpful about it at all. Even though bitcoin has that helpful way, if we do not use it that way, then it can't be that way.

First, we need to make sure that we want it, and by wanting it, we should promote candidates in every part of the country that represents that change, not just president or something that big, I mean like even for local politicians we need that change, and then that roots movement, should change who the president should be and make that nation better.

[Woodie]

If it was 10years ago, we would easily say that it was solving this inequality issue as holders would be cashing out over 10,000X their money 💰, but here is the thing, if both classes of people invested money into crypto chances are that this gap wouldn't be bridged because the rich have the buying power that the lower class lacks... so simply put the inequality issue isn't something that will be solved overnight.