Topic: Do you think Bitcoin can end poverty? In a nation today - page 2. (Read 1622 times)

Bitcoin can't literally just  make someone rich, if you put it that way we find ourselves trying to sell off or gamble with her prices,  Bitcoin has promising future for any investor but would take time to build and a maturity stage to before total reliance on it.
How about we take it as an investment (asset), that grows increasingly and overtime yield it value  with our set investment plan, then we can use the profits made and consider it, but can't make someone rich especially from scratch without any source of income, buying, DCA all gears down that you must have a source of income first.
Understanding the key to wealth, then leads you to invest in relative to secure your future rather than regretting for lack of proper money management.

So you mean bitcoin can make you to be rich? No doubt bitcoin is good and has add good value to people financially.  One thing about bitcoin is that you need to have money for bitcoin to give you money. People that are trading and investing in Bitcoin if at all they become financially elevated in the future it is not because Bitcoin did for them without them doing anything.  You must first have something doing first as a source of income before bitcoin will add it own value.  Bitcoin doesn't just make people to be rich just like that , their is a need to get source of income before you can be rich in bitcoin.

Bitcoin can have an effect into poverty but I doubt that it can completely eradicate it given the circumstances being faced by each country.

Remember that developed, developing, and underdeveloped countries have their respective economic and financial struggle that varies depending on their priorities. For example, underdeveloped countries have problems ranging from having no access to basic needs (e.g. clean water, food, infrastructures, etc.); while developing and developed countries may still struggle with having job opportunities, corruption, etc.

Sure, Bitcoin has significantly improve some of the lives of the investors but it being used as a tool to completely eradicate poverty? I doubt so- but it can definitely fix a dent on the economic struggle of some countries if they have laws that align with its interest for its people.

I agree with all of that. But, if we come back to the topic, we were talking about if it's possible to end poverty with Bitcoin. But I disagree because everyone does not have money management skills. We know that money management is the most important part of everything. Not only in investments but it is important in everything like running the business and even running a family.

You have to consider Bitcoin investment as an expense instead of an investment if you want to hold it for a long time. So, you don't need the money once you spend it. But, if you wait eagerly to make profit from your Bitcoin, I am sorry but that is not going to happen in one night. This is why Bitcoin won't be able to end the poverty.

Bitcoins investment and it's prospects for the less privelag and poor in society can't be overemphasized as it has allot of promise to the poor in our society, I can categorically say that Bitcoin is the future of the world economic growth and stability so it has the capacity to end poverty in any society as it value increase progressively over time that means more money to the investor and Bitcoin investment is the antidote to ending poverty especially in economical less privelag places like Africa

That's the problem because checking the price of bitcoin excessively will cause panic when the market experiences a sharp decline. They should have a plan that the bitcoin they own will be held until it reaches the desired price. If the price has not been reached then just wait and there is no need to panic under any circumstances because bitcoin always gives birth to moments of recovery and will always be in an upward condition after a four-year period.

Patience is needed when investing because patience will be a bulwark for anyone not to get involved in panic. The way to do this is don't invest too much and leave some money for your needs, so that when they need money they don't have to sell bitcoin. If people understand the concept of investment then I am sure people will get a chance for financial freedom and wealth will be proportional to the amount of money we put in investments based on the right pattern.

True. I agree with you.
I have said those things because this is a usual and common thing that happens around us. If you ask new Bitcoin investors that how many times do you check the price of Bitcoin in a week? Most of them will say more than ten times. This is their money, I cannot ask them not to check the price. But the fact is, they are new and desperate about their investment.

People who do not have enough patience won't be able to hold their Bitcoin for a long time. They will end up selling their Bitcoin if they need money. People with low capital also won't be able to hold for a long, because they cannot afford to have all their money in a bank for a long time. This is why, Bitcoin won't be able to reduce the poverty. It will make rich people more richer.

There are countries that have produced a lot of finance experts and citizens that have financial education and IMHO that adds a greater gain to the economy of those counties. So, it's about knowledge and not actually the product that they're going to use or the services that they're going to make. As long as most of the citizens are in-depth and well versed to Bitcoin or anything related to money, that can end the poverty from that country. But it also differs per preference of each citizen. Some may not prefer to get into these things even if it's promising and has the potential to end the cycle of their family's poverty.

And that's why if you're into that stage of thinking if it's going to end poverty of a nation, it possible can. But every nation has their own problems wherein the citizens can't be pushed to the best that they can and we've got different point of views to this regard. We are optimistic but on the otherhand, there goes the pessimistic folks that are thinking oppositely, obviously, that there's no way to end poverty but by just the traditional method that we used to know like in business or high salary jobs.

You seem lost as to what Bitcoin actually is or can do for people. It's a way for people to exchange value, so that people don't have to swap pineapples they harvested for a haircut. A currency does solve any sort of poverty by itself, for that you need to have value creation activities taking place and on a wide enough scale to lift people out of a subsistence style economy. You should explain exactly how you think bitcoin has helped people increase their savings, because most people who were poor before bitcoin are still equally poor now. If people have access to an internet connection then they most likely have access to all sorts of other resources and can get credit, but that's got nothing to do with bitcoin.

Yes this is the big fault of Bitcoin investors that they hold bitcoin longer but wish to earn lots of money in a day due to which their emotions increase which will force them to do something worse that will just spoil their money. Market fluctuations will put wrong impacts on your investment if you get fear about lower price so don't be afraid and trust that Bitcoin will reach to your desired value.

Bitcoin holders should not think emotionally because they have to know about the fact that Bitcoin increase will take longer so regularly checking the price will just put you in a stressful situation. If someone invests in Bitcoin then he should think that taking profit before four years is not possible so by remembering this he will not think emotionally and will be ready for every condition.

Not all minimum wage earners find it unable to hodl bitcoin,  for those who truly understand what bitcoin is all about, no matter what they recieve as allowance they try their best to buy as little they can afford hodl. If you don't really understand bitcoin no matter the high earning you recieve it will be always difficult to invest in bitcoin.  Sometimes investing in Bitcoin is not just about how much you earn but the kind of mindset you have towards bitcoin. Investing bitcoin is never easy for people who don't understand it irrespective of how much you earn.  People who don't have good understanding about bitcoin are always inquisitive of earning money quick in bitcoin.

How can someone who doesn't have money invest in Bitcoin and do you think you can think about investing in conditions of poverty that are affecting most people? The data you collected from shows that around 1.7 million people in your country have been involved in it and what is strange is that they are classified as poor people. It is so difficult to provide for their daily living needs, how can they focus on investing with the inability to buy.

Bitcoin helps anyone but those who have the opportunity to invest. But if people are not involved in it then there is no opportunity to reach the stage of improving poverty levels. Eradicating poverty is not an easy thing, especially if your country does not have jobs that can be done by the wider community so poverty is something that is difficult to eradicate.

Even if a government or a country does utilize Bitcoin to get their economy better, I don't think that will impact the lives of the poor living in that country because we can see all around the world where countries that have very good economies but there are still poor populations in those countries which means that the government doesn't specifically do anything for those who are poor but they only do things on a larger scale which might affect the economy a little bit no individuals.

For individuals, Bitcoin can only do something for them if they can access it and make investments in it, but someone poor won't be able to do any of the two because they can't afford it, a poor can't have an investment capital to start investing in Bitcoin and they also can't buy devices to use Bitcoin.

No country can end poverty without producing goods and investing in education. If no one produces products inside, no one produces food, no one works, how can Bitcoin magically end poverty? Those who think that Bitcoin can end it, they just hope that Bitcoin's value will increase over time and poor countries that have purchased Bitcoins earlier, will have a lot of money in the future and poverty will magically end. That's not true, even if any country follows this plan and Bitcoin will significantly rise for them, they still won't end poverty because it takes more than money for poverty to end. They need to bring highly skilled laborers that will teach local people how to do welding, plumbing and etc. They need highly qualified professors that will teach business management, engineering, medicine and other professions to locals. That's why they'll end poverty, Bitcoin will only give them a little boost financially but I don't think that will be enough for any country with population more than a million people.

Your thread look more like a question but you started stating how Bitcoin can end poverty which I was not satisfied with, Bitcoin created as an easy means of traction between peers before it was later introduced as an investment, do you think that everyone knows about Bitcoin, I must tell you the truth Bitcoin can not end povery because this was meant to exist natural among humans, even though the givernment of different nations decide to adopt bitcoin as a legal tender today, many people may not be interest and my not afford it no matter the amount and the strategy is available for anyone to purchase it, some people are living below one dollar many nations so you don't exepect bitcoin to perform such magic.

I'm not sure if I understand you very well but I want to you to know something. You don't need wide knowledge of Bitcoin to be able to make money from it, if you understand how to buy and how to sell when you are profitable enough, I think you are good to go but if you really want to last here, you need more knowledge so that you don't end up like one guy that used 10 Bitcoin to order pizza or be that guy that forgot the hard drive that contains millions worth in the dump yard.

Bitcoin can't end poverty, it can do that perhaps when it was still cheaper but now it's too expensive to buy, where do you expect a poor person to raise a big amount of money to buy a full bitcoin when they can't afford to buy a plate of food and buying $100 worth wouldn't make you richer because even though Bitcoin do 3x, you would probably would just make money to pay house rent for that month, that's if it will be enough.


The world feel trapped by the government, they wouldn't allow that happen under their eyes, recently JP. Morgan still refer Bitcoin as a scam investment, now imagine if such people that influenced financial system continues to attack Bitcoin in that manner, even the government will support them because they are all involved in their traditional financial system.

As I said, bitcoin will have a significant impact on the individual or organizational economy. But I also need to emphasize again that whether you can leverage bitcoin to improve the economy depends entirely on you, not bitcoin. I mean, to earn good profits from investing in bitcoin, it will depend on one's level and skills. Things will not be as simple as just spending money and investing in bitcoin will make everyone rich or improve their economy. Bitcoin is just a tool and whether we can take advantage of it or not depends on each person.

How exactly? You see, the poor population in an economy is the one that doesn't have access to basic amenities, electronic devices, and internet services is a far thing for them and one can't even know about Bitcoin if they don't have these things. You can't expect someone living in a hut made of plastic bags eating once a day to know anything about technology and innovations such as Bitcoin, and if they don't know anything or have any way to access it, I don't see how they can utilize it to end their poverty.

And, even if they manage to gain access to an internet connection, buy the cheapest device, and gain access to tools and stuff to use Bitcoin and other cryptocurrencies, they wouldn't have the funding to get involved. Bitcoin doesn't do magic, you can't just create a wallet, read some magical lines, and receive Bitcoin in your wallet. You need money to earn money, and Bitcoin and other cryptocurrencies work with the same rule.

So, I don't agree that Bitcoin or any other cryptocurrency can end poverty because they are only available for people who are doing pretty well because others can't utilize them to achieve gains.

To be honest, Bitcoin is not for everyone. Bitcoin is for everyone only if they use this as a payment channel or do not expect any good returns from it. People will low capital always end up losing money by investing in bitcoin because of their poor money management. People can make a profit out of Bitcoin only if they have good money management skills. If you invest $10 in Bitcoin, you should forget about this money. But people invest $10 in Bitcoin and start checking the price every day and check what is their position at this moment.

People should understand that Bitcoin won't give you profit overnight. We don't know how long it may take to give you a good return. Bitcoin is for people who have patience with their investments. They have to wait with their investment instead of checking it every day which is not possible for everyone. A person with a $3 average income a day cannot invest and forget about it.

Agreed that the government system is largely responsible for the country's poverty and economy. But political war is not as simple as we think, politics is what is killing people every day. Even if your government is trying to find ways to move the country forward, if major governments like the US or China seek to embargo or restrict your government just because of some disagreements in the international arena, it is inevitable that your country will fall into deadlock.

Besides corruption, there are other reasons why governments are weak and have difficulty moving the country's economy forward. Small countries and third countries are both strongly influenced by large countries and that is also one of the causes of large inflation in third world countries.