Topic: Bitcoins and it's potential - page 3. (Read 829 times)

In order to understand and grasp the essence of Bitcoin, extensive studying and research are necessary. It is important to recognize that the primary objective of Bitcoin was never centered around generating quick profits or alleviating poverty. In fact, the truth is that Bitcoin emerged with the aim of addressing the challenge of sending money across the globe without the need for intermediaries, a concept known as decentralization. However, in present times, many of us perceive Bitcoin primarily as an investment opportunity. Nevertheless, Bitcoin remains true to its original purpose of revolutionizing global money transfer systems.

Your viewpoint presents an interesting perspective on the potential benefits of investing in Bitcoin. However, as a gentle suggestion, one might consider re-evaluating this viewpoint with a bit more... nuance.

Yes, Bitcoin doesnt discriminate between rich or poor investors. However, it's important to remember that this 'financial democratization' does't necessarily lead to wealth distribution. As an investment, Bitcoin is notably volatile and risky, meaning that those with fewer resources to spare are potentially more susceptible to losses.

True, Bitcoin's growth has been nothing short of spectacular. Nevertheless, the "sky's the limit" mentality might be slightly misguided. Just as a rocket's upward trajectory eventually plateaus, market dynamics also dictate that indefinite exponential growth is... unlikely, to put it mildly.

One possible advantage of this decentralized strategy is the capacity to relieve poverty, particularly in developing nations where access to traditional financial services may be limited. By facilitating peer-to-peer transactions, cryptocurrencies can enable individuals to engage in economic activity and exchange value without depending on centrally managed entities.

However, it is critical to note that cryptocurrencies alone are not a solution to poverty. While they can provide a means of trade, they do not address the underlying economic and social conditions that contribute to poverty. Furthermore, the volatility of cryptocurrencies might pose dangers to investors and restrict their value in some circumstances.

bitcoin can make people rich or even poor. it depends on how we have knowledge about bitcoin or just hunting lust to get rich quick. as the saying goes like a double-edged sword. therefore, before we invest, at least we know how bitcoin works, so that we can calculate the risk and reward that will be received, so it's not random to enter and exit the market, or at least be able to respond to market fluctuations that occur

Since the birth of Bitcoin there have been many debates that occur, and now Bitcoin is getting more and more users because with its decentralized nature it is very difficult to change the flow of Bitcoin's journey, so now Bitcoin is very helpful for the economy of people who already use Bitcoin and know how to overcome it to be able to benefit, although some of the people still doubt the journey of Bitcoin and performance that is difficult for us to predict, So in the future Bitcoin will be a serious threat to fiat currencies.

Actually not in a direction that is not needed, but more to the loss of conversion into fiat when everyone can rely on Bitcoin for all needs on all lines of life. And I also really believe that one day poverty will decrease when there are many people who can become more independent after knowing Bitcoin and benefiting from it, because when everyone can take advantage of certain moments every year and get better profits through Bitcoin, it certainly has become a help for them to be better in life.

I don't agree because in Bitcoin a low salary person can also invest money and it isn't only for the ones who are wealthy. Although, you're right that it can't reduce poverty but it can control the increase of poverty if the poor people and the ones with low income invest in it. We are still not aware of full potential of Bitcoin because we think that its price is already very high and it can't go any further, but we have always been wrong in this regard because Bitcoin has always been breaking its all time high after each halving event.

After doing some research on YouTube I found that a guy in 2013 said in his video that everyone should invest at least $1 dollar in Bitcoin if they want to be financially stable in future. Many people made fun of the guy in those days because they were the skeptical ones who weren't aware of the true potential of Bitcoin. The guy's words became a reality when Bitcoin reached it's all time high in 2021, and many people who followed the advice of that YouTuber might have made a good fortune if they had invested 100-1000$ in Bitcoin at that time.

Bitcoin, in my opinion, will not reduce poverty since not everyone is determined to invest in Bitcoin, particularly if your salary is enough to cover your daily expenses. However, there are some people with a strong mindset who are prepared to take risks and find a way to invest in Bitcoin because they feel they will earn tremendously in the future. Unfortunately, those who can afford to invest are primarily those who are already wealthy, while the poor become poorer.

Good. That's the answer that leads to a solution in navigating my version of poverty.
The government is responsible for poverty. I don't know how each country regulates laws or other written regulations related to poverty.
In realizing poverty reduction, the government's role must be seen in the various programs carried out.

That's why I dare to say that Bitcoin is not to reduce poverty, but in terms of its use Bitcoin can be a good solution to increase welfare through long-term investment channels apart from being a good hedge.

@Mr.suevie, some people who sold cheaply or due to volatility pressure did so for Many reasons, although there are people who sold because they had a vision for short-term investment, and some were scared because they thought their asset would melt because of price volatility. Some people also borrow the money they invested with, so they can't stand to see the money dip, although all of these attitudes circle around a lack of full knowledge of what they are doing, just as you said. I told my friend that a successful Bitcoin investment is based on the level of knowledge you have about Bitcoin and also on your source of information, because on the internet there is a lot of confusion and misleading content, but the BTT forum filters it out once such content is brought here, and for someone who is not on this forum and is getting information from the wrong source, they could get misled.


Cheers 🥂, Dr.Bitcoin_Strange 👺👺

I think the cause to this "rush and sell " is the lack of knowledge about what you actually invested in, bitcoin should never be seen as a get-rich-scheme because its actually a currency and was created to solve the issue of centralized money system in the sense that you can actually be the bank to your own money but overtime it has gain fame and popularity due to its increase in value which many people who has and had the knowledge are still benefiting as an investment means.

The purpose of Bitcoin is to serve as a digital currency for p2p transactions; it was never created to end poverty, but since Bitcoin is a store of value, it has made some people millionaires as they accumulated it when price was low while the value increased with time. But Bitcoin should not be seen as what can put an end to poverty; a lot of people are getting it wrong with the motive of getting rich quick if they invest in Bitcoin. With such thoughts in mind, most people have lost their money because they never had enough knowledge of what they were doing. In Bitcoin investment, there's the rule that says, "If you don't sell cheap, then you have no loss." Some people do not live by those rules before investing, and after they have invested and discover that their capital is reducing due to market volatility, they just rush and sell.


Cheers 🥂, Dr.Bitcoin_strange

People see bitcoin's propensity to reel in profits in massive hauls and the first thing they think of is that it helps solve poverty. It's not and it shouldn't be looked at as the one thing that could help you out of that poverty hole you're in. Bitcoin is a tool that could help you reach financial freedom yes, but to get there you actually have to put in money in the first place and start with learning trading disciplines and all that. If you can't afford even coming up with the capital then there's no chance bitcoin could help you even if it tried.

Plus it's not always rainbows and butterflies with bitcoin mind you, there will be times when bear runs will drive you insane and put you on a negative balance, people who can afford to lose money like that are at least able to get by in this industry, at most achieve success, but if you couldn't cause you're impoverished in the first place, how would you be able to?

I agree, it is the government that should be responsible in minimizing poverty in a nation.  Bitcoin is a technology and currency and has no say on the poverty of a country, it is just a tool to be used by the government if they wanted to, to alleviate their country's poverty by taking advantage of the trend of Bitcoin through adoption and approving Bitcoin start-ups that then give job opportunity to its citizen.


Indeed Bitcoin adoption is the key for these Bitcoin investors to get a high ROI but the waiting time will be shorten if the government fully adopt Bitcoin since people who are hesitating will then fully engaged in Bitcoin investment since the government had acknowledge Bitcoin as a legal thing.

What does the OP mean to be able to improve their economy financially when someone already knows bitcoin and invests in it? But if it is to alleviate poverty then it is the government not bitcoin.

Bitcoin has grown rapidly and now almost the whole world has recognized it (not that it's always public) but we already know how the benefits and how bitcoin works and with the technology that is owned, it would be very natural if more people would use bitcoin as their investment asset to get a high ROI over a long period of time.

Yeah I kinda agree with you on the poverty thing. Like if you are truly in poverty, where you have to spend everything you have just to survive, Bitcoin ain't gonna do much for you. In fact if you are at that level of abject poverty you probably won't have access to the internet or any devices with which to use Bitcoin in the first place, or be able to spare the few dollars (cuz in poor countries a few dollars is like a few days worth of food) to get some bitcoin and move it onto the LN to use in transactions.

But at a bit higher level of poverty I could see it helping at least some. For anyone with access to the internet (and indeed plenty of fairly poor area in third world countries do have access to cell phones with probably some sort of internet capability) who can save any amount of money, Bitcoin helps because it is hard money. Even more so in countries with really weak currencies where saving money is barely useful at all since the currency loses value so much. If people in poverty are able to save a little bit of money at a time in Bitcoin, in a generation their kids might be out of poverty with the appreciation of the Bitcoin they saved. Also since Bitcoin is an open system it means people in poor places can transact with this better money.

Anyway, the idea that Bitcoin solved poverty is only somewhat true. Bitcoin is very useful for the unbanked that aren't in abject poverty, for people in countries with horribly debased currencies, for people in any country with money to invest in assets to grow their money, for unbanked areas who want to be able to use digital payments, for anyone able to save money, for people barred from accessing financial services like some countries in the middle east who don't allow women access to traditional finances or banks, and for refugees and immigrants who want to be able to bring their money with them. But yeah it doesn't help those in total abject poverty cuz those people wouldn't be able to get onto, or afford the onboarding into Bitcoin.

Like you, I haven't seen the information on how Bitcoins can solve poverty. Everyone looks at Bitcoin the way they want to look at it and attributes different meanings to it.

Of course, for many of us, the value of bitcoin is priceless, but it has to go through certain paths first. I don't know how many years from now, but bitcoin will make a lot of things better. But first we have to go step by step. We have dreams about Bitcoin and to realize these dreams we must take firm steps and protect Bitcoin at all times.

We everyone have access to bitcoin, as long as we know what we're doing with cryptocurrency; it might be difficult to generate profits at times, but it can also be quite easy; that's simply how we print our gains and record our losses. People have diverse perspectives on bitcoin; for some, it is a retirement plan, while others invest and extract their winnings gradually. However, bitcoin cannot be guaranteed to be 100% available in the future; we act and believe what we believe, and we have our own reasons for supporting the projects.

The post you have written Op has no connection to how Bitcoins can solve poverty. Bitcoins are famous and are heavily used due to it’s decentralised nature. Yes with this decentralised nature, you can avoid paying the unnecessary taxes , that you are forced to pay, but how this gonna end poverty? Bitcoins surely have lot of potential, that’s why it’s one of the biggest digital asset in the market right now. It will definitely grow much bigger than what it is now. We have to just keep patience and watch till the end.

Yes, early adopters of Bitcoin have indeed profited enormously. Yet, this does not discount the potential for Bitcoin to uplift many people from the shadows of financial exclusion. The power of Bitcoin lies in its accessibility, its universal availability without the need for traditional banking infrastructure.

Consider regions with low financial inclusion, where the nearest bank might be hundreds of kilometers away. With just a simple smartphone and an internet connection, Bitcoin can offer these people an avenue for savings, investments, and secure transactions. Is this not, in its own way, a measure to combat poverty?

Admittedly, the initial cost of investment might be a barrier for some. But lets not forget Bitcoin's divisibility - one doesn't need to own a whole Bitcoin. Even a fraction could increase in value significantly. As for government regulation, it might add credibility, encouraging more people to invest, potentially driving the price up, hence benefiting those who already hold Bitcoin, regardless of their economic status.