Topic: Bitcoin and non-formal workers (Read 355 times)

Over the past week I have met 4 of my friends who are currently civil servant. I tried to ask 3 question about whether they know about crypto, are they willing to invest, and what do they think about it.

I know the result will not surprise me because all the friends I tried to ask the question knew nothing about crypto even though they had heard of bitcoin and read about it in the newspapers. No one is interested in investing even though I have explained how price up have occurred over the years since launch. Only 1 important point that I summarize as the reason and that is his fear of investment scam as is happening a lot in my country. Although they explain that there is no prohibition on crypto from their agency they work for, but that reason is one of the determinant why they are not much involved in this investment. Yes I need a lot of data to be able to assume more broadly about this, but this is just an opinion based on people I have met.

For now my thread is locked. Hopefully the market will recover faster after today's correction.

i'm not sure if your data is accurate but based on my observations around me that all circles are currently thinking about investing in crypto, but the most difficult thing to convince to want to invest in crypto is formal employees maybe because they are more obedient/afraid of the government.  bitcoin has become an investment that threatens other investments and both formal and informal workers should start trying to invest in bitcoin.

It's impossible to know precisely such data, because most people dealing with crypto currency don't reveal their identity to surveys which could reach to a conclusion in numbers.

My guess is that formal workers are the main potential investors, because they already have a fixed income that can be easily applied in bitcoin investment.

On the other hand, non-formal workers are the ones who most seek for crypto opportunities to earn an income from, and only later invest on it, when they have a spare amount of money to risk, after paying for all their monthly expenses.

Then, I don't see there are more formal or non-formal workers in crypto universe, because all of them have found opportunities to make profit through bitcoin and altcoins. And no, there isn't any restriction forbidding public employees from dealing with crypto currency.

I would guess that the amount of "anything" that you own is public record in many nations if you are a public servant. That means that you need to reveal the crypto that you own, fiat that you own, the investments, stocks, gold, real estate and whatever else. Which is why I believe that we could probably see some public servants either hiding the crypto that they own, or they just let it be known and that's it.

Since, almost every major exchange has KYC requirements, it would be very hard to hide something like that. This is why I believe that most people actually do have some sort of crypto that they let people know in that sector.

What I believe here is that lack of information and lack of trust is the main cause that hampers people from making investments in the crypto market. A bunch of people had faced scams in their past experiences due to which they aren't willing to invest in crypto markets as well. Also the crypto market isn't affiliated with the government as well due to which it's not getting much trending in many such people.

I think this has to do more than anything with their way of thinking, those that work for the government will support policies and laws the government pushes as they see themselves as part of the government and they see the benefits they can obtain with it.

And even if they do not see themselves in that way it is very difficult for a person to go against their self-interests, and since bitcoin is independent from the government they could see it with bad eyes, which is why most of the people you find trading and using bitcoin on your everyday life are independent workers, as by necessity they have adopted a more flexible way of mind and they see in bitcoin a tool for them to reach their goals.

Formal workers do spend time working in the office for 8 hours, especially if the office is far from where they live, time is up on the trip, be a formal
workers until the house is tired. Meanwhile, on weekends, formal workers spend time with friends or family, then they will have no time to
learn cryptocurrency. I agree with you, it seems like all countries will be like that. So it is not surprising that the majority of crypto investors are not
formal workers. Especially in a country that is a third world country whose economy is still bad, there are still many people who can't afford to pay
internet bills. So they can't get any information regarding crypto, whereas people who can access the internet more easily get opportunities to earn
income. This is one of the reasons why in the world there are still many people who do not know Bitcoin, because most people do not have time to
find information about Bitcoin.

There are definitely no restrictions regarding governmental employees investing, trading, or taking up a second job in crypto (or any other line of work) in my country. However, the safety government employees feel regarding not being able to get fired, having a steady income, and so on, might give those people a false sense of security and when people have that, they tend to not rush or even think about alternative ways to earn money. So that could be the case.

Well, one thing is for sure why most Government employees doesn't usually get involved in cryptocurrency is because they are so focused on their job and they can't even turn their attention to any other investments that has a good percentage of returns.
Even those who are in the corporate world, most of them doesn't even get involved in cryptocurrency (here in my place).
Most people who is invested in crypto are those part time workers and business men who has enough time to check the market and do their due diligence.
These are just some of the most obvious reasons. However, there were still few people who can still find time to get involved in crypto even with the full time day job, I myself are one of those.

In my country there are still few crypto users, but from the local forums that I follow, many who work in cryptocurrencies are mostly not formal workers like you mean, facts like that of course are almost the same in any country because when someone is busy with formal work, they will not have time for cryptocurrencies and cryptocurrencies of course need special skills, especially knowledge about investments such as trading.

For me, it's alright for this government employees to do trading or other crypto related trading as long as it doesn't conflict with their working hours and they don't do it during their work then it's not really not that bad. My standard if it's acceptable is if it doesn't hinder your work and you don't hinder others then you're good to go.

It's also true that people who are involved in cryptocurrency are mostly people who work part time,
Of course it's not without reason because if someone who already has a permanent job either in government or in a company it seems they don't have time for part time in crypto and are really busy

I don't have any info about the amount of public service emplyees interested in crypto in my country.
Actually,I do believe that almost no public service worker is going to reveal that he is investing in cryptocurrencies.Perhaps most of them still think that this is something illegal or shady.
Most of the crypto investors are freelancers,digital nomads and business owners.They are much more tech savvy and more open towards innovation and new technologies.The government clerks and public service employees are usually more conservative and traditionalist(there's nothing wrong with that).

Bitcoin manang is not included in the formal variety, but although the nonformal work done by Bitcoin users has a structured, terms and results that are highly valued by many people in this world and have a tiered value after carrying out the assessment process to the international level.

Although Bitcoin work is included in the nonformal category, Bitcoin is very functional in potential investment values, trading, mining in development, knowledge, in the crypto world as it is today professionally.

Although Bitcoin is an nonformal venture, Bitcoin can serve as an alternative, addition or complement to human beings in supporting people invest all the time, in lieu of formal work.

Majority of the users in my country come from freelancing and take bitcoin as a source of income for part time earning and then sell it on exchanges to get fiat since they dont have any avenue of spending bitcoin directly to a merchant.

Jobs that pay directly in bitcoin are still a dream for the average bitcoin user outside countries like US. For the lower economic countries it will always remain a dream unless there are changes from the side of the government to regulate and become lenient about crypto transactions.

I am hopeful that it will be better in future for those who are willing to get paid in crypto. Since it is deflationary, we might see fiat based salaries to be bigger in amounts and rewards than bitcoin based salaries.

Many of my online friends are making more money than I am, even though they're still in school, and they're also getting a diploma that will help them in the future. Since I have a daughter, I need money, and I have a full-time job online, but I also have a side hustle in crypto, which has been a huge help to me and my family. We all know that a lot of people are in dire need of a job right now, and we should be grateful for our side hustles and our current situation.

Having a full time job and a side hustle at the same time in this time of pandemic is very much needed because of the crisis but it is not already a surprise for me that I have known many of my colleagues and friends associated with bitcoin or cryptocurrency are part time freelancer and some are full time like me. In my case, I am a full time crypto trader and investor and a student at the same time. During pandemic, the surge for the people finding job in internet gets high and what's good about it is the compensation also competitive provided you have a skill that you can offer, also the surge of people aiming to get profited in crypto gets high that's why I feel glad that during this pandemic people have found crypto's value and worth.

Cryptocurrency related services being legal is really good, and I don't think government employees spend on cryptocurrency investment. As per prevailing scenario of my country, government employees were much into mutual funds, stocks and majority were into gold. Maybe now with the easier access more government employees might've got into cryptocurrency investment.

Right now blockchain developers around the globe is very limited. Even the private firms doesn't have adequate number of blockchain developers. For this reason private companies are conducting training sessions to educate employees for the need.

It is interesting you arrived at this generalization. You made me think of my own crypto circle. And I guess I could also jump into the same generalization that considerably many, perhaps around 90% as well, of my crypto friends and acquaintances are also not formally employed. They're either self-employed, or into various businesses, or fully immersed in crypto activities.

I myself am not formally employed. My older brother who is deeply into crypto is also not formally employed. Our close friends who are also well-exposed to crypto are also not formally employed. I could even observe that those who are least exposed to crypto among my friends and acquaintances are those who are formally employed.

Now, I think it is about availability of time and commitment. I could say that when you decide to pursue crypto fully, you would be confronted with the choice whether to remain with your demanding full-time job or resign. That happened to me, my brother, and many of his and my friends. And we chose to resign, got into business where we have a great hold of our time, and went into crypto more or less fully.

Having a full-time job in my country is like a master that demands almost all your time, energy, attention, and so on. It is next to impossible to pursue something else religiously while having a full-time job.

government worker will busy with their job, but im sure if people out there play this game.
im agree with your thought, most of us maybe just part timer, freelancer, or they work on company that dont have any relate with government.
my old school friend play bitcoin after they graduate, or in collage, and im join after knowing more. most of us know that this salary great than you work on company, but you must run on it. people have different survival ways, and this method is one of the other.