Topic: Do you think Bitcoin can end poverty? In a nation today - page 4. (Read 1674 times)

True. of course there is no way. And now what actually needs to be strengthened is a basic understanding of what and what to invest in crypto, especially BTC. I think everything must be balanced and if basic needs have been met indirectly, the presence of cryptocurrency especially Bitcoin can be part of the solution to some aspects of poverty because it is seen as a powerful tool to increase financial inclusion and get out of poverty as you have also mentioned above.

What makes someone get out of poverty is not Bitcoin and I agree with what you say that those who have the skill and patience in collecting Bitcoin will of course be able to make a profit from the Bitcoin they hold, because without patience and skill in collecting Bitcoins, of course they will find it very difficult for them to earn income that can change their lives for the better than before and developing knowledge about Bitcoins is very important so that we can continue to make profits from collecting Bitcoins.

Exactly! We know how bitcoin investment can bs helpful and can be a good source of income in doing different kind of things that is associated with bitcoin or crypto currency, but the thing is that bitcoin also bear with risk, because if not done with enough cautiousness then it is possible that you will lose money or your funds will be liquidated, but of course bitcoinnis free to all, anyone has the rights to invest on it in order to earn but as I said if its not done with proper knowledge, skill or even a basics then expect that you might lose money which might added to your situation, and as we kmow not all of us has the luxury or afford to lose money so it will be a very big risk if a person with just enough to live in daily basis does bitcoin stuffs, its like he will have a very big burden and at stake.

Thinking on public investments in Bitcoin performed by nations nowadays we have the example of El Salvador, which was discovered recently to be holding above 5000BTC, which were moved to a cold wallet. That means more than 318$ million dollars in public funds. But if we divide that total sum for the number of citizens the country has (6.336 million - 2022), we are going to end with 50$ bucks of dollar for each citizen, which is a very similar amount of money compared to the initial giveaway of 30$ the government offered to adopters in the country when they firstly went into Bitcoin legal tender.

It's definitely not enough money to solve the poverty issues of a nation. Maybe it's a powerful boost to improve the quality of public services and infrastructure at some point, but I believe the only way to get rid of poverty is through education, technological development and smartness to offer products and services which will be highly valued by the global societies, which can become potential foreigner customers.

That is how rich nations achieved the status they have today. They influence foreigner countries and make them consume their products and services. Meanwhile, third world countries don't develop anything by themselves. They just sell raw materials to the big ones and purchase the final product from the developed nations for very expensive prices.

3. Does know on how to re-invest and diversify
You would really be needing up that kind of consideration if you are really that trying to aim on getting rich on which you wont really be that limiting yourself on investing on Bitcoin but also
into other altcoins or projects that we do have in the market on which it would really be that a common approach to have.

Ending up poverty isnt something that Bitcoin could be able to globally solving it out on which it would really be needing up that kind of amount on how much you have stashed
because it would really be just that basing up overall whenever the market would really be making out some shooting up into the moon. You cant really just that expect something
on becoming rich or wealthy if your portfolio amount or numbers is really just that peanuts then its better not to make yourself that delusional if you dont like on getting frustrated.

if you think bitcoin is a toll road for someone to be free from poverty then I don't agree with that, bitcoin does help someone financially but that doesn't mean bitcoin can immediately make a poor person rich because being rich is a combination of perseverance - skill - patience - luck

however, Bitcoin is a good alternative if someone who is poor wants to change their economy and become rich, meanwhile knowledge must also be continuously upgraded, this is important because it is impossible for someone to become rich if their insight is not broad.

Well, we need to understand that bitcoin is not a poverty alleviation scheme despite that it has potential to make someone overcome poverty and it should not be seen as one. Let be realistic with ourselves for once. Poor people don't even have what it takes to invest in bitcoins both in knowledge and in finance. These people living in the third world countries don't have reliable internet and stable electricity to connect with the blockchain when necessary. What this people need to eradicate poverty is financial literacy and not bitcoin. It's the key factor for reducing poverty in any given society. People can begin to understand more about bitcoin and it works only if they have good knowledge and understanding of financial education because that's the best way to start from and perhaps bitcoin can be part of the process to break through from poverty. Financial breakthrough is what an individual needs first before thinking of owning a bitcoin.

Bitcoin can end poverty but it is very difficult for poor people to hold bitcoin. Poor people cannot meet their basic needs properly and the standard of living is so low that it will not be possible for them to invest in bitcoins as they do not have enough money. Investors who have invested in bitcoin and hold it have seen their standard of living improve as bitcoin prices rise.

it’s really difficult for a minimum wage earner to invest in bitcoin especially if a) their country is a third world country and their minimum wage is barely enough for daily expenses b) they have previous commitments and responsibilities to pay c) the price of bitcoin is already too high

Yes they can buy through dca but even with that and transaction fees nowadays it’s extremely difficult to do so

I agree with you and I want to add that bitcoin is a long-term investment, so being a long-term investment, we are talking about that at least the person should hold it for 4 years so that there are no losses, because historically the price of bitcoin for more If it drops a lot in certain years, it still manages to recover in 4 years. So a poor person would need to have the following conditions:

1 - He would need to have money to invest in bitcoin, and when we talk about money to invest in bitcoin, this poor person would need to have a decent amount of money, something like $500 at least, it turns out that poverty in first world countries is very different from being poor in third world countries, where $500 is a large amount. The minimum wage in my country, for example, is $250. so a poor person would have to work hard to get $500 if they don't have a job

2 - He would need to have a lot of patience, and when we talk about patience, I'm talking about putting the money in bitcoin and waiting for 4 years without using it, it happens that a poor person wants an immediate solution to change their life, they won't wait 4 years . That's why if someone gives her $500 she won't invest in bitcoin, she'll invest in something else that could generate a profit quickly. maybe after she finds a business that makes a profit she could start buying bitcoin

it cannot. Poverty is a systemic issue that something bitcoin alone wouldn't be able to fix. You're basically asking an antibiotic to solve brain cancer for you, which it couldn't do for all obvious reasons.

The fact that I was able to cash in so early in the bitcoin dream was nothing short of a lucky and I must point out, a very risky rendezvous that could've easily went to the other way, and I owe everything that I have to myself for not giving up and always believing in me, as well as my friends and family members who supported me even when I'm down. Not saying you couldn't experience the same thing, but statistically speaking, large baggers like me who are able to become rich or comfortably financed thanks to bitcoin at the very least are an anomaly that you shouldn't take as empirical evidence that bitcoin could change lives and solve poverty.

In my opinion, if you want poverty solved you must implore your government to do something about it, and from there take initiatives as well to change your life for the better. As I said poverty is a systemic problem that runs deep into society, and simply buying off cryptocurrencies on the market wouldn't solve it, you need to cut its roots down, to make sure it gets eradicated. Bitcoin alone wouldn't be able to do that.

Eradicating the entire poverty through Bitcoin is not possible. But if it's going to be each individual's poverty then it's possible that Bitcoin can help through the means of investing and holding it.

Check out those holders that have been holding Bitcoin since year's ago. You don't know how many of them were minimum wage earners and they're able to surprisingly earn through holding Bitcoin and able to uplift their lives and way of living.

Uplifting everyone in poverty isn't the job of Bitcoin. But those that have believed and took the risk buying it surely has been paid off now.

Because what you comprehended in the introduction is what you will work with throughout your adventure, it will influence how your crypto experience unfolds. That's the reason they constantly stress the need of learning new things. It all comes down to how you apply the information to your benefit. There is plenty to discover. You have to take advantage of every chance if you truly want bitcoin to lift you out of poverty.

Everything has risk either it been between or not. Even has bitcoin will help you build wealth the same time it can reck you.  You will decide if you will calm down to learn and make money or make reckless move to lose money.

Bitcoin is a space where you can get rich no matter how poor you are. That is why many view it as the source to end poverty. If you explain and teach others, all you need to have is your knowledge and small capital that you will use to invest in, which with adequate research you can get. All that doesn't mean when you want to invest in bitcoin you don't need to invest with a higher amount but with the amount that you can afford to lose, so you can start with a small amount, which in the future you will get more gain and wish to add more.

So to me, I think bitcoin can bring an end to poverty, but when we look into consideration, we will see that not everyone is meant to be rich, so you might still invest in bitcoin, but you will just be losing because investment deals with holding, and you might still hold the bitcoin when the market is good but end up having an emergency when the market is down, so you will have no option but to sell those bitcoins at the rate because it is an emergency, so you see some will make a profit while you will be losing due to your luck in life.

Bitcoin has been in existence since 2009 but not everyone knows about this stuff especially our parents and some other adults who do not have any interest concerning online business or stuffs.
And Bitcoin is an online stuff right? so for me Bitcoin cannot erase poverty in a nation even if the government make it compulsory for every citizens by organizing tutorials not everybody would attend even if not that am still a young person I don't really find online things interesting so If I had been in the shoes of those adult I won't have been interested as well.

But in conclusion Bitcoin cannot end poverty in nation.
It can only help some number of people.

Bitcoin cannot end poverty, but it can curb it a little bit, not everyone believes in bitcoin, there are still tons of people who still believe that bitcoin is a pyramid scheme, not really knowing what bitcoin is.

Investing in bitcoin is extremely risky, not everyone has the foresight of seeing what bitcoin will do in the future and holding through during the bear season, a lot of people will cut losses if they see that their investment is going down, and there's an adage in crypto currency that if you can't hold you can't be rich, if majority of newbies who are introduce to crypto don't understand this, then curbing poverty might be difficult not to talk about eradicating poverty

Bitcoin can better the lives of people in any country because it's a store of value and one of the best investments that anybody can go into, you don't have to be rich to become a Bitcoin investor, you can adopt the DCA method and increase your hodl. If held on the long term, it's returns on investment will keep increasing and make the holder very rich, so in this regard Bitcoin can end poverty for an individual, increase net worth of a company and increase the reserves of a country.

However Bitcoin can not eradicate poverty for an unemployed person who has no money to invest in it, you'd have to buy it with money and hodl until it's price increases before it can be profitable, also a person without a steady source of income might be tempted to sale prematurely when it's not profitable to do so. The advantage of Bitcoin compared to other forms of investments is that a low income earner can start with a small amount and accumulate till they'll become rich.

No, because bitcoin is an investment, just like when there are rich people with a lot of money, to help poor people get out of poverty there doesn't have to be bitcoin, but the presence of bitcoin will help people who previously didn't have a job. With the presence of bitcoin, people will start to think and explore more. bitcoin until you join, by joining slowly you will start learning until you get income from bitcoin, then that's when you start to feel that the results of bitcoin, even though we can't help other people, at least we can support ourselves.

Bitcoin helps but to get help from it you have to be associated with it. And to be associated with Bitcoin you have to invest in it. But can a poor person afford to invest in Bitcoin or any other business?  No, so even if Bitcoin helps, it is not for the poor. Because a poor man struggles to meet his basic needs. How can he invest in Bitcoin and benefit from Bitcoin?

The best way to solve the problem is to struggle to get the money to look for something to invest, that will be bringing money to you to delete the poverty, and those that have the money to invest in BTC or other cryptocurrencies will not experience the poverty.

I have seen many BTC investors, who have made huge amount of money from BTC investmen because it has been long they have joined BTC investment to achieved huge amount of wealth to establish other businesses to be free from poverty.

Yes, BTC can delete poverty, when the country make it legalize for everybody in the country to have full access to BTC investment legally, and it will make some people to introduce it to their business to generate more money from their businesses.