Topic: Bitcoins and it's potential - page 5. (Read 919 times)

As I've said before, only greedy people don't accept Bitcoin.
Those who have never accepted Bitcoin and who do not acknowledge that Bitcoin has done so much good for people have a greater purpose behind their claim.
As wise advice, save positive energy and avoid arguing.

Bitcoin aims to provide freedom of control over assets without any control from anyone other than the owner.
A good hedge is not fiat so that smart people won't switch to fiat.

You can say Bitcoin can reduce poverty for the seleted people who are risk takers. Reducing poverty doesn't mean anything with the machanism of peer to peer transection. To reduce poverty of a country need to reduce unemployed people and convert them to employed. Bitcoin is a digital currency which can be a good investment but when your country have a problem of poverty how they can invest in this for long term and most of them will be discouraged or they will not be able to gather some assets by reducing their daily costs.

But there are some other ways where no investment needed.  they can be expert in crypto and write articles, can be expert on Blockchain technology or be a developer. So Education can reduce poverty with the help of Bitcoin.

Right on. There are priorities set and more important things to spend money rather than to invest in Bitcoin. But if someone from that bracket manage to get into Bitcoin at the same time and DCAs despite the tough situation that he's in, that's an admirable situation and move that he's doing. The latter part is one of the saddest thing, because they're poor, others are taking advantage of them from giving them false stories and explanations by getting into such scams that promises high rates of returns.

Yes, this is a good way for them to their careers as long as they've got the knowledge and skill that's being asked by a company whether they get paid in bitcoin or $. And by that, they'll have a purchasing power unlike before and the rest will become a history.

Not sure why people think that Bitcoin would help poverty at all. I've been seeing such threads back in 2017 if Bitcoin can even eliminate unemployment. Those people might need to look another way to earn money as Bitcoin isn't really made to make money although I understand that you can still earn from investments.

You're 100% right about people not just having Bitcoin magically if they don't have fiat. That's the simplest explanation that Bitcoin cannot really eliminate poverty at all.

Kinda done overthinking on why people still think crypto would replace fiat. We already had banks issuing credit cards as cashless method of paying, but still fiat continued to exist.

If you are poor and in poverty, you have more priorities than invest in Bitcoin. You can not invest in Bitcoin and get rich after one day, it's unrealistic dream. If you understand it, you will use your money to buy food to live first.

Hopefully people are in poverty will not unrealistically think that they will get rich after one night with Bitcoin. I very hope so because if they have such belief, they will be invited to Ponzi that only causes them from poor, poverty to suicide.

The poor can be benefited from Bitcoin even they don't have money to invest. They can learn and work with jobs in blockchain industry as free lancers. They can receive salary in bitcoin or use their salary to buy food till a day their life is good enough to buy bitcoin.

How? How can bitcoin be useful in reducing poverty? Have you read the white paper of bitcoin and Satoshi's true purpose in creating bitcoin? Bitcoin is just a currency, and if you want to make money, you need to work, bitcoin is not free for anyone, so it cannot help alleviate poverty. Even if bitcoin is an investment, it cannot do that because there is no guarantee that a bitcoin investment will always generate a return. Too many people are misinterpreting bitcoin, they are being delusional and exaggerating everything.

You make an analogy with a slightly different context in my opinion, because if the majority of people in this world are willing to accept Bitcoin for many things and for many payments, of course there will be fewer fiat users. This will also happen if everyone in all corners of the world already knows Bitcoin and uses it, because if there are still some of the world's population who don't know Bitcoin. Of course the use of fiat will continue and continue as usual and fiat will not just disappear in all circles of society.

This really isn't something we should be talking about.Topic seems stale and really hold no water. Perhaps you should rephrase your question or just don't say too much

I don't think Bitcoin's purpose, as the op says, is to reduce poverty. Bitcoin appreciates in value, and that can help some people if they are lucky to invest at the right time and wait long enough. But Bitcoin isn't meant to reduce poverty, and I also believe that has nothing to do with decentralization. Decentralization means that people can truly be the owners of their funds, and that nobody can set up monetary policies to try controlling the price of Bitcoin. But that is not related to fighting poverty. It seems that most people in the thread also agree that Bitcoin isn't about reducing poverty, but provide different explanations.

As long as bitcoin is present in this universe, if you look at it from a financial point of view, quite a lot of people have been helped financially. Especially for bitcoin investors who buy bitcoin when the price is really low.
But from what I know so far, even though bitcoin really has made a lot of investors get quite a lot of profit. But if it's for the problem of helping the economy on a global scale or in a world economy, in my opinion, bitcoin still doesn't have much influence or help quite a lot. That's all because bitcoin users in the world are still a very minority of the total human population, and that's why bitcoin is still unable to help significantly for the progress of the world economy.

But even so, I'm always optimistic about bitcoin, because currently bitcoin is still said to be in the process of moving towards that goal and I'm sure that in the future bitcoin will definitely be more able to help the economy on a global scale. Most importantly, current bitcoin investors must be able to support and always make bitcoin viewed positively by all people in the world.

When I look at the financial crisis that has happened in the past,  I agree more that Bitcoin will do a lot of good to everyone that is involved with it. In a world where the government prints limitless amounts of fiat whenever they feel like enriching their pockets, often time spiking inflation and other economic predicaments that hurts the poor even more. This is why governments and centralized authorities don't like the idea of Bitcoin - Especially since it's something they have little to no control over. They'd come after Bitcoin as much as they want (like they have done in the past) but it won't matter any more. What this space needs now, is to address two important concerns for bitcoin to go mainstream and get massive adoption.
- Scalability
- Low tx fees.

We can't convince the masses that they should stop using fiat to use crypto when the transaction fees are like 2-7x more for the average transaction with average computing units for the execution of the transaction.

I totally agree with you on the power of decentralization. The inventors of Bitcoin have truly made a remarkable contribution to humanity. In my opinion, Bitcoin has the potential to make a significant impact in reducing poverty, mainly through its peer-to-peer transaction system. As more people embrace Bitcoin, there'll be less need to convert it to fiat currency.

How is the whole idea of decentralization linked to the reduction of poverty? And how is reduction of poverty understood as a peer to peer transaction mechanism?

I'm really confused with what you're trying to say here. You seem to be putting too many ideas in a single paragraph that its main point can't be found already.

Although I don't believe that Bitcoin is created to reduce poverty, that it removes third parties or middlemen in transactions means less fees. So Bitcoin users would save a lot.

I don't understand how p2p can reduce poverty. A currency can't reduce poverty because it is not everyone that will be privilege to have bitcoin,especially the poor and needy that don't have enough to eat. How will they have money to buy bitcoin. It is only the government that that reduce poverty in a country through skill acquisitions


Fiat is important in our lives for our daily spending,and for purchase of very cheap items. Imagine that I want to buy a note book,I can't use bitcoin for this because of the transaction fee which might be higher than the price of the note book. Another example is the petty traders,someone selling pepper or candy,it will be impossible to use bitcoin. Bitcoin is an alternative currency that uses p2p payment method in a decentralized form. Bitcoin is limited and will not be enough for everyone to use like fiat because it can't be printed by the government.

Decentralization is a major concern but it is not the only concern considered by the Bitcoin community in my view the self-custody and beauty of the consensus of POW and noble demand and supply control brought more attraction to the investors. We are moving very fast in the field of technology, we dumped the paper currency and fiat currency (Partially) in a rapid mode. It was expected that this economic development won't last long but it is ending more quickly from the expectations.

Bitcoin is a very superior digital asset and mode of payment, it can't be tricked now by the lame excuses of

⚫ Energy consumers,
⚫ Non-legal tender,
⚫ Money Laundering,
⚫ Environmental Impacts,

blaa blaa blaa, we have already explored all the solutions to these above problems, the only issue that they can push more against Bitcoin is now volatility and it's also getting balanced. So stay tuned soon we are gonna hear big news about the Bitcoin which are going to lead BTC to a new glory.

I think it all boils down to your thought that there are people that are in living in the poverty that holds Bitcoin. There are for sure but if we look at the average people that are holding people, they're also living averagely and more of those that have been holding a lot are the institutions that have always been reported that they've been continuously buying bitcoin. Whilst going straight to what you're pointing out, it is for sure going to give a lot of people financial freedom and the higher the price of Bitcoin, there will be a lot of lives that will be changed forever. But how long can we hold and at what price are we going to sell? It depends to each their own.

Poverty is not solely about transactions or payment mechanisms. It truly shows your ignorance if you think Bitcoin can solve poverty. Poverty is a complex and multi-faceted problem, by saying the P2P Bitcoin transaction mechanism might solve it, it conveys that you seem not truly comprehend Bitcoin, especially poverty issues.

Also, you are assuming people have financial and digital literacy, a precondition to utilize Bitcoin. Those who are categorized as impoverished people are very likely exempt to have that two things. So, nope, bitcoin won't be able to help reduce poverty in a significant manner.

I really doubt it, I'm not pessimistic, but I never thought that bitcoin would be able to become the currency of the world. Although Satoshi's purpose in creating bitcoin was to be a decentralized currency, since the day it was used, people have treated it as an asset for speculation rather than using it as money. Even if bitcoin doesn't volatility and becomes stable, I don't believe governments will accept it as a currency because bitcoin is decentralized. If they accept bitcoin, the government will lose control over its people. Do you think they will let that happen?

You reminded me of a movie called Matrix and the term is mostly used by an influencer on social media to wake up the new generation from the sleep of slavery of the rich. I meant to say, why many are in poverty and some are rich, some will say they are making more efforts and they are hardworking and they take risks so that's why they are millionaires and billionaires but the poor also, do the same but why they aren't rich?

The reason is they have become a slave to a centralized system where governments and institutes want to control them in their favor (to fill their own pockets), But BTC had provided the poor a way to escape from the matrix and many have already been escaped and those centralized authorities didn't like it and that's why they are attacking the Decentralization system of BTC has provided by introducing the tokenized BTC ETFs. (I am not trying to create some kind of fud or fear just stating the fact I have in mind).

The point is, when those centralized authorities will have more BTC under their control then they might control this decentralized system by making a collusion. Which will be terrifying for the poors and rich too. So, till that happens, BTC has a lot of potential and it will keep growing until there are poor in the society and rich too. Because both are using it in their ways to save their money. And in that usage, BTC is getting more adoption.

Wait, how can Bitcoin reduce poverty if the poor can't afford Bitcoin? Maybe Bitcoin can change the life of someone who buys it, holds it for a while, and sells it when the price increases. It will reduce poverty because that person can benefit from investing in Bitcoin.

If, in your country, the government has accepted Bitcoin, you can use it for various purposes because surely many local shops will use it too. This makes Bitcoin even more popular and will be adopted by many people. And if that person can set up a shop and accept Bitcoin as a means of payment, he can benefit from selling his Bitcoin to fiat especially when the price goes up.

I think there is still a lot of hidden Bitcoin potential that we don't know yet. For now, we should use it as an investment or trade and make more profit. And when all countries accept Bitcoin and it can become a means of payment in all countries, we will see the development of Bitcoin.